Cuộc họp công bố kết quả kinh doanh Quý 2 năm tài chính 2027 của FatPipe (FATN): Doanh thu tăng 22%, Doanh số hóa đơn định kỳ tăng 55%

Điểm nhấn chính

• Doanh thu quý 2 năm tài chính 2027 tăng 22% so với cùng kỳ năm trước lên khoảng 4,8 triệu USD, trong khi lợi nhuận ròng đạt 1,2 triệu USD và EBITDA điều chỉnh tăng 60% lên 1,16 triệu USD.
• Biên lợi nhuận gộp duy trì ở mức 90%, và thu nhập trên mỗi cổ phiếu tăng lên 0,09 USD so với mức đi ngang ở quý cùng kỳ năm trước.
• Doanh số hóa đơn định kỳ tăng 55% so với cùng kỳ năm trước và tăng từ 2,4 triệu USD trong quý trước lên 2,9 triệu USD, nhờ các hợp đồng mới, hợp đồng gia hạn và các đợt triển khai quy mô lớn hơn.
• Doanh thu nửa đầu năm tăng 25% lên 9,9 triệu USD. Lợi nhuận ròng tăng 250% lên 2,43 triệu USD, trong khi EBITDA điều chỉnh tăng 34% lên 2,45 triệu USD.
• FatPipe đã ra mắt Constellation, nền tảng giám sát mạng được cung cấp dưới dạng sản phẩm độc lập hoặc nằm trong gói giải pháp mở rộng của công ty. Ban lãnh đạo cho biết các đơn đặt hàng đã bắt đầu xuất hiện và tốc độ tiếp nhận của khách hàng nhanh hơn so với các sản phẩm an ninh mạng.
• Ban lãnh đạo cho biết FatPipe đã đạt điểm hòa vốn vào tháng 10 và dự kiến sẽ hướng tới dòng tiền dương, đồng thời mở rộng đội ngũ bán hàng từ 30 nhân viên lên 36 nhân viên vào cuối tháng 3.

Dữ liệu tài chính quan trọng

Các số liệu nửa đầu năm bao gồm giai đoạn 6 tháng kết thúc vào ngày 30 tháng 9 năm 2026. Ban lãnh đạo cho biết phần lớn doanh thu quý 2 năm tài chính được thúc đẩy bởi các hợp đồng ký mới.

Kết quả kinh doanh và hoạt động

Constellation là bước phát triển sản phẩm trọng tâm trong quý. Nền tảng này giám sát mạng diện rộng và mạng cục bộ, bao gồm từng thiết bị riêng lẻ, cổng chuyển mạch, kết nối cáp quang, danh mục phần mềm, ngày gia hạn và các lỗ hổng phần mềm. Nền tảng tạo ra các cảnh báo, báo động và báo cáo theo thời gian thực.

Khách hàng có thể mua Constellation độc lập hoặc như một phần trong gói giải pháp của FatPipe, với hình thức triển khai tại chỗ hoặc trên đám mây. Giá bán dựa trên số lượng thiết bị hoặc địa chỉ IP được giám sát. Ban lãnh đạo cho biết sản phẩm đã nhận được đơn đặt hàng và dễ tiếp cận hơn do nhìn chung không yêu cầu khách hàng phải thay thế hệ thống hiện có.

FatPipe cho biết việc tiếp nhận các giải pháp an ninh mạng có thể mất nhiều thời gian hơn do khách hàng thường có hợp đồng kéo dài từ 3 đến 5 năm với nhiều nhà cung cấp khác nhau. Ngược lại, Constellation được các khách hàng hiện tại đón nhận nhanh hơn, bao gồm một thành phố ở Tennessee và một ngân hàng.

Doanh số hóa đơn định kỳ được hưởng lợi từ việc triển khai theo từng giai đoạn cho khách hàng, các hợp đồng gia hạn và những hợp đồng quy mô lớn hơn. Đơn hàng trị giá 7 triệu USD trong lĩnh vực giáo dục đã bắt đầu đóng góp vào doanh số hóa đơn định kỳ. Ban lãnh đạo cho biết khi được triển khai đầy đủ, hợp đồng này có thể tạo ra khoảng 118.000 USD mỗi tháng, tương đương khoảng 350.000 USD mỗi quý.

FatPipe cũng báo cáo tiến triển thông qua TD SYNNEX và Carasoft. Ban lãnh đạo cho biết các đề xuất trúng thầu liên quan đến chính phủ và mạng lưới cơ hội từ đối tác đang tăng lên. Công ty gần đây đã đào tạo 72 nhân viên bán hàng tại một đối tác và tiếp tục cung cấp chương trình đào tạo trực tiếp, hỗ trợ định giá cùng các nguồn lực bán hàng.

Vào tháng 10, FatPipe đã mua lại một công ty công nghệ phần mềm nhỏ bằng nguồn lực nội bộ. Doanh nghiệp được mua lại sẽ hỗ trợ FatPipe Technologies, đơn vị cung cấp các dịch vụ phần mềm và công nghệ.

Định hướng của ban lãnh đạo

Ban lãnh đạo tái khẳng định mục tiêu nội bộ tối thiểu là tăng trưởng 18% và tỷ lệ EBITDA đạt 18%, đồng thời ghi nhận khả năng xuất hiện yếu tố mùa vụ liên quan đến kỳ nghỉ lễ trong quý kết thúc vào tháng 12.

FatPipe có kế hoạch tăng quy mô đội ngũ bán hàng từ 30 nhân viên lên 36 nhân viên vào cuối năm tài chính vào tháng 3. Mục tiêu của công ty cho năm tiếp theo là 48 nhân viên bán hàng. Ban lãnh đạo cho biết các nhân viên bán hàng mới tuyển dụng thường cần từ 3 đến 6 tháng để đạt điểm hòa vốn hoặc bắt đầu sinh lời, trong khi các đại diện phụ trách các giao dịch lớn hơn có thể cần từ 6 đến 9 tháng.

Công ty cho biết đã đạt điểm hòa vốn vào tháng 10 và kỳ vọng sẽ hướng tới dòng tiền dương bền vững, trong khi vẫn tiếp tục mua sắm phần cứng để triển khai cho khách hàng và mở rộng hoạt động bán hàng.

FatPipe cũng đã tái tài trợ một khoản vay SBA, giúp giảm lãi suất khoảng 1,85 điểm phần trăm, đồng thời bảo đảm một hạn mức tín dụng 1,5 triệu USD từ một ngân hàng địa phương.

Rủi ro và các yếu tố cần theo dõi

• Hoạt động bán chéo sản phẩm an ninh mạng có thể tiến triển chậm do nhiều khách hàng tiềm năng vẫn bị ràng buộc bởi các hợp đồng kéo dài từ 3 đến 5 năm với các nhà cung cấp khác.
• Tốc độ tiếp nhận SATBoost chậm hơn so với kỳ vọng ban đầu của ban lãnh đạo, do nhiều khách hàng sử dụng kết nối vệ tinh nhằm mục đích dự phòng thay vì để tăng tốc độ.
• Việc mở rộng đội ngũ bán hàng đòi hỏi giai đoạn làm quen và gia tăng hiệu suất từ 3 đến 9 tháng, tùy thuộc vào quy mô giao dịch và năng suất của nhân viên bán hàng.
• Nghĩa vụ thực hiện còn lại gần như đi ngang so với quý trước do mức tăng trưởng từ các hợp đồng định kỳ mới bị triệt tiêu bởi quá trình chuyển đổi của các khách hàng cũ từ giấy phép có thời hạn một lần sang thanh toán định kỳ.
• Việc tiếp tục mua sắm phần cứng phục vụ triển khai có thể làm tiêu hao tiền mặt, ngay cả khi ban lãnh đạo đặt mục tiêu đạt dòng tiền dương.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết khách hàng có thể mua Constellation ngay lập tức mà không cần chờ hợp đồng hiện tại hết hạn. Sản phẩm này hoạt động bên trong mạng của khách hàng và tính phí theo số lượng địa chỉ IP được giám sát.

Về doanh số hóa đơn định kỳ, ban lãnh đạo cho biết mức tăng so với quý trước là nhờ các khách hàng mới, các hợp đồng gia hạn và việc đẩy mạnh các đợt triển khai quy mô lớn hơn. Hợp đồng giáo dục trị giá 7 triệu USD đã bắt đầu đóng góp doanh thu, cùng với các thương vụ lớn khác.

Về các cơ hội trong khu vực công, ban lãnh đạo cho biết việc thực hiện hợp đồng giáo dục đã chứng minh năng lực của FatPipe trong việc xử lý các đợt triển khai quy mô lớn. Nhờ đó, công ty đã giành thêm được các giao dịch khác tại nhiều khu vực trên toàn quốc.

Ban lãnh đạo nhận định các hợp đồng gia hạn là một phần ngày càng quan trọng trong hoạt động kinh doanh khi tệp khách hàng hiện hữu tiếp tục mở rộng. Khách hàng của FatPipe bao gồm các thành phố, quận hạt, lực lượng cảnh sát và dịch vụ khẩn cấp, bệnh viện cùng các hệ thống trường học lớn.

SATBoost vẫn chưa giành được các thỏa thuận lớn, dù ban lãnh đạo ghi nhận sự quan tâm gia tăng gần đây từ các khách hàng đang triển khai kết nối vệ tinh tại 40 đến 50 địa điểm hoặc nhiều hơn. FatPipe cũng cho biết gần đây công ty đã hoàn tất 2 hoặc 3 thương vụ lớn thay thế VeloCloud và hiện có thêm các đề xuất thay thế khác đang chờ xử lý.

Toàn văn biên bản cuộc gọi công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Vikrant Ragula

Hi, everyone. Good afternoon, and thank you for joining FatPipe's earnings conference call.

Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include, but are not limited to, statements regarding FatPipe's expected financial performance, business strategy, growth opportunities, customer demand, product deployment, recurring revenue initiatives, market position and future operating results.

These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.

For a discussion of important factors that could affect FatPipe's actual results, please refer to the risk factors and other disclosures contained in the company's filings with the Securities and Exchange Commission, including its most recent annual report, quarterly reports, current reports and other SEC filings.

Any forward-looking statements made on today's call speak only as of today's date. Except as required by law, FatPipe undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

And during today's call, we may also discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, where applicable, are included in today's earnings release and related materials available through the company's Investor Relations website and SEC filings.

With that, I will turn the call over to management.

Ragula Bhaskar

Good afternoon, everyone. This is Ragula Bhaskar, the CEO of FatPipe Inc. And with me, I have Vikrant and Kanishka.

Vikrant is the one who read the safe harbor announcement. He's our VP for Corp Dev and IR. And then I also have with me our Chief Financial Officer, Kanishka. And Tanishka will join me for this presentation.

I'm excited to have you all on this call. A lot of exciting things are happening. We had a good quarter. And besides that, we also introduced a new product called Constellation.

That is for network monitoring, both on the wide area and on the local area side. And that is an exciting product that is gaining traction. Orders have already started coming in.

We are also working towards positive cash flow. Last quarter, most of our cash went to buy inventory to deliver on the orders we had. And in October, we broke even as a company.

So we hope to continue to be a positive cash flow company, as I promised you at the beginning of the year.

With that, I would like to move to the financial numbers that you have been waiting for. This is for quarter 2 of this year. Kanishka, please take it away.

Kanishka Ragula

Thank you, Dr. Bhaskar. So, as a summary of the financial results from this quarter, for Q2, we had about $4.8 million of revenue, which was a 22% year-over-year growth.

Net income of $1.2 million, which was an increase of $125 million of net income relative to the same quarter last year. Adjusted EBITDA of $1.16 million, which is about a 60% year-over-year increase on the EBITDA side.

Gross margins continue to remain healthy at 90%. And earnings per share were $0.09 a share, which was an increase from flat in last year's same quarter.

Going into the first half results as a whole for Q1 and Q2 combined on the next slide. We had 25% year-over-year growth -- apologies, can this move to the next slide?

Yes. We had $9.9 million of revenue, which is about 25% year-over-year growth for the 6 months ended September 30, '26. relative to the 6 months ended September 30, '25.

Net income grew 250% to $2.43 million. Adjusted EBITDA was up 34% year-over-year to $2.45 million. Gross margin once again remained healthy, 91% blended, and earnings per share was at $0.17 a share, which is up 240% year-over-year.

Next slide. Going to our recurring billings. Our recurring billings continued to be strong year-over-year. Relative to the same quarter last year, our recurring billings grew 55% year-over-year.

As a reminder, recurring billings are those billings that are billed regularly either on a monthly or annual basis. This represents those billings that were collected in the quarter for the 3 months ended September 30, 2026.

And with that, that's the summary of the financial results. I'll pass it back to Dr. Bhaskar to go over product and customer.

Ragula Bhaskar

Thank you, Kanishka. Ladies and gentlemen, when you go to the next slide, Vikrant, I would like to talk to you about the company.

As we always wanted to be, and we'll continue to strive to be, we always want to be the #1 product in our business and also provide the #1 support to our customers so that we have happy customers.

And the entire emphasis here is to make this customer experience the best that can be in the networking business. So with that goal in mind, we have always continued to do well in that arena.

And the customer feedback -- this is one of the charts from a company called InfoTech. I believe it's a $4 billion marketing company. As you can see, we are way ahead of Cisco, Meraki, VMware, and everybody else in the game. And that is because we actually focus on the customer.

If you look at Gartner survey, another company, if you look at independent surveys of customers, we are always rated #1 over all the other majors in every single category. And that will continue to be our goal.

In terms of what we plan to do for the next few quarters, keep up the same production, work on creating more sales. At the beginning of the year, our plan was to have 36 salespeople by the end of the year.

We are midway there. We are at 30 salespeople net, and we plan to add 6 more by the end of March, which is our fiscal year. And in terms of product, as I mentioned, Constellation was a very good product that we brought out.

To give you an idea of what Constellation does, we can monitor every single aspect of your network, every single device in your network, down to every single port in your switch and your fiber connection.

The advantage of that is, from a customer perspective, they don't have to go to multiple vendors. In a single stack, we are able to provide you with cybersecurity, FatPipe, of course, our base product, and complete network analysis.

Now, as a customer, what is the advantage? You have all the data you need, networking data, cybersecurity data and the entire company devices, inventory, in fact, including all the software you have, when the software are coming up for renewals, which software is vulnerable.

We can give you a list of software that has not been updated. So essentially, it's one stop, one call, that's all. And that's our goal: to achieve network singularity, and we are headed there.

That's our biggest achievement in terms of new product last quarter. At the beginning of this, in October, we acquired a small software technology company, and we'll continue to look for more companies to add.

We did not raise any money to buy that company. We are doing it with our internal resources. And again, we had to acquire quite a bit of equipment and hardware to meet our sales obligations.

We are doing that. And in October, we broke even, and we expect to continue to break even and make positive cash flow going forward as we continue to hire people and expand our sales motions.

I don't have any other things to share with you. Vikrant, are there any questions that I can answer? If anyone wants to ask questions, please do raise your hand and ask questions.

And Vikrant, could you transcribe for me.

Vikrant Ragula

Yes. So we have some questions from our equity analysts. So I will start off by pulling in Lisa Thompson to share her question.

I enabled her microphone and camera.

Phần hỏi đáp

Lisa Thompson

Thank you. So just to go back to Constellation, can you tell us a little bit more about how people are charged for that?

Do you have to have already bought cybersecurity? Or is this something you can buy without having all the other pieces? How does this work?

Ragula Bhaskar

Thank you, Lisa, for joining us on this call. Constellation can be bought as part of our FatPipe offering and can also be bought as an independent product.

So we are giving customers that option. And so which way if they want it on-prem or if they want it in the cloud, we are happy to do it either way.

Lisa Thompson

And can you buy it right away? Do you have to wait until your contract ends?

Ragula Bhaskar

Yes. You can buy it right away. It sits quietly in the network, and it monitors the network, generates alerts, generates alarms, and generates reports for you. It's all in real time. And the way we charge is by monitored devices.

So if you have 100 IPs, we will monitor them. We'll charge you for those 100 monitored IPs.

Lisa Thompson

Can you tell me about this little software company you bought? What does that add to you?

Ragula Bhaskar

We have a division called FatPipe Technologies, which provides software services and technology services. And this company is in the same area.

So we thought it would be good to add to that market and that segment.

Lisa Thompson

And how is this quarter looking? Is there seasonality in the business? Or what should we think about the December quarter?

Ragula Bhaskar

Yes. Good question. Our goal is always to do 18% growth rate and 18% EBITDA. So we will work very hard to achieve that minimum base.

The seasonality can be when the holidays kick in sometimes. But this time Christmas, I believe, is on Friday or Thursday, which means the next week after that would be a clean week for us to continue to close deals.

Lisa Thompson

I guess my last question is a big picture thing. So recently, Fortinet had controversies going on about their quarter.

Can you compare and contrast how you're not them?

Ragula Bhaskar

Fortinet is a massive company. So they are affected. They have a lot more wins in different parts of their business in the world.

We are focused on our market, and we are not, hopefully, going to see any of the issues that Fortinet has. And we are also constantly developing new products. As you can see, we introduced cybersecurity last year.

We are introducing Constellation this year. Our goal is to be, like I said, the best product company out there and have a good name in the market, have a good name with customers.

You can't say that about some of the other big companies.

Vikrant Ragula

I will now enable James Kisner to be able to participate as well.

James Kisner

So just a couple of quick ones. I guess talk about the sales force ramp and what you expect there. How long is it going to take, you think, for those folks to be productive?

Like, what does the ramp of a new salesperson look like in your company, do you think?

Ragula Bhaskar

Typically, a salesperson should become break-even to profitable in about 3 to 6 months. Some of them who are in the larger deals business will take about 6 to 9 months. That's typical.

But if they have a great pipeline, we'll work with them. If they're not able to create a pipeline, then we cut loose. Unfortunately, we have to do that.

Yes. And we are hiring senior salespeople who have experience, who have a Rolodex. So we expect them to come with a partner base. So if they're not able to develop that, convert that partner relationship into sales, then we are not the right company for them.

James Kisner

So I think you have a product that can hunt pretty well, too. So that should help. I think a $7 million education contract that you were expecting to land. Just maybe you can kind of update on that. And just in general, is that contract eventually open up other public sector opportunities?

Ragula Bhaskar

It does. It has, and it is. We are very fortunate to land a big contract, and we are executing on that.

So that does get the word out that we can be trusted with a large contract, and we have the resources, the means, and the expertise to execute. So we did land a couple more deals in different parts of the country, and we are looking forward to this coming year to do the same.

Vikrant Ragula

And now I'll let Derek Greenberg ask his questions.

Unknown Analyst

I wanted to start off just by asking about how we can think of revenue this quarter in terms of new customers versus renewals. If you had anything you could share on that?

Ragula Bhaskar

New customers: we are adding new customers. The quarter is still young. We have 60 more days to go, and the pipeline is looking good. We are continuing to build on the pipeline.

In terms of renewals, we have a good renewal clip rate. As the company base of customers increases, the renewal will be a significant and it is already, but it will be a significant portion of our business.

And our goal is, like I said, to keep the customers happy. If I can keep you happy and you're happy with the product and you're happy with the service, there is no reason for you to walk away from us.

Remember that every single customer of ours is a mission-critical customer. We run cities, counties, police, emergency services, hospitals- you name it, big school systems. I mean, school systems with 50,000 and 100,000 students.

That requires expertise, and we have been developing that expertise over the last 25 years. So we know how to take care of those customers. And if the network has an issue, we are on it immediately, and we try to solve it.

We have deep expertise in getting into a customer's network and figuring it out really fast.

Unknown Analyst

And then I was curious what you're seeing at renewal in terms of attach rates for your cybersecurity offerings, if you're seeing good uptake there, if there's anything you can share?

Ragula Bhaskar

We are seeing faster reception to our constellation network management and land management product. And I think part of that is because many customers, as I said in the earlier presentation, have this group of 4 or 5 different cybersecurity products from 4 or 5 different vendors with 3- to 5-year cycles.

Therefore, moving away from those contracts takes a little longer. On the other hand, constellation is easier to install. We are not replacing any system in almost all cases, or the contracts are coming up on an annual basis, so we are able to make presentations.

We have, for instance, a city in Tennessee. We have a customer who is a bank. So we are finding that it's a lot easier to sell. And I also believe that that product is a very exciting product. It has a lot of exciting features.

It's like Raghu peg sauce, if you will. It's in there. The features are in there. And so any time you have a question about Can I monitor this, my answer is yes, we can. And that people like that they can look at every look and training of that network.

So that, I believe, is also going to help us with our revenues going forward. And we are pushing it to our current customers. Our current customers trust us, and it's a lot easier to explain to them the value of another feature in the same product, which they buy separately, but it's a lot easier than saying I'm a new guy in.

Unknown Analyst

One more for me, and then I'll pass it along. I was wondering if you could just talk about how some of your newer distribution and reseller partnerships are progressing, particularly TD SYNNEX and Carasoft.

Ragula Bhaskar

Actually, the best person to answer that is Vikrant. Vikram has been working with TD SYNNEX and Carasoft, and Howard with our sales teams.

So, Vikrant, I don't need to put you on the spot, but if you can answer those questions since you're closer to the actuals that you travel to all these partners.

Vikrant Ragula

Yes. So as Dr. Bastar mentioned, we've been seeing good success with our partners, including with TD SYNNEX and Carasoft.

As with our partnership, it takes a little bit of time to grow it. But in the recent quarter, we have seen more wins coming in with these partners on different proposals to government customers that are looking to purchase solutions.

So we're seeing good traction and continued wins, and the pipeline from these partners is growing. So we are very excited about the partnerships and continue to invest more resources to further grow the revenue and opportunities to work with these partners.

Ragula Bhaskar

And I think this week, you trained like 72 salespeople at one of the partners.

And last month, one of you traveled to the partners and made on-site presentations. And then we also have another partner called Jenny in Ohio, and our sales manager there has been visiting them and training them.

And what is nice is we get very good reception. We are in a business where we have a good product, and our service quality is well known. And therefore, the salespeople are looking for products that can help them sell.

The most important thing is how you can help your partners' salespeople sell and achieve their quota. And a lot of that involves training and providing them the resources and the pricing they need to win the business.

Vikrant Ragula

And then I will bring on Nehal from Northland to also ask his questions.

Nehal Chokshi

Can you go back to the Billings slide? So yes, it looks like your recurring billings ticked up pretty significantly Q-o-Q here from $2.4 million to $2.9 million.

Can you talk about the driver of that big Q-o-Q uptick?

Ragula Bhaskar

Primarily, as we get more new business and circuit products, we have been billing. And then the current customer billing is a layered approach.

You have multiple layers of customers every quarter. And as the billings on each of those customers start, we are seeing growth in the billings. And for the bigger deals, we have been deploying bigger and bigger deals or installations.

And therefore, the monthly billing on those is significantly higher in terms of dollar value. So those are the reasons.

Nehal Chokshi

So the driver of this big Q-over-Q uptick has been a ramp in some large customers?

Ragula Bhaskar

Yes. Also recurring revenue streams from renewals that are also happening. Both.

Actually, if I were to think through it, recurring and renewals will continue to add to the baseline of the previous quarter. So a lot of that is new business. Yes.

Nehal Chokshi

And so that $7 million order, how much is it contributing to that $0.5 million Q-o-Q increase in recurring billings?

Ragula Bhaskar

It has started contributing. I think about 3 months ago, it started happening. Yes.

Nehal Chokshi

It will add about $300,000 a quarter.

Ragula Bhaskar

$300,000 a quarter; it should start contributing. And then we had other additional deals; we got bigger deals. So they are also contributing.

Nehal Chokshi

Okay. And is that $300,000 a quarter the full run rate of that $7 million order? Or is there more still to be deployed?

Ragula Bhaskar

At full run rate, it will be about $1.18 million, approximately $118,000 a month. So that will be about $350,000 a quarter.

Nehal Chokshi

And can you give us some color on how bookings proceeded during the September quarter?

Ragula Bhaskar

September quarter, Kanishka, do you happen to have those specific numbers?

Kanishka Ragula

Yes. The top-line revenue as reported on a GAAP basis is largely reflective of the new bookings for the quarter.

So that continued to be healthy year-over-year. So it did continue to grow. I can follow up with the exact growth on the bookings, but overall, top-line revenue was up 22% to $4.83 million for the quarter, and the majority of that was driven by new bookings.

Nehal Chokshi

Okay. So product RPO would be flattish Q-o-Q from $2.2 million in the June quarter?

Kanishka Ragula

Yes. So product RPO continued to grow. However, as we mentioned, the remaining performance obligation is slightly different relative to the contract receivables.

Remaining performance obligations and deferred revenue are both partially related to our legacy book of customers in addition to the net new bookings.

So remaining performance obligation remaining flat quarter-over-quarter has the benefit of the net new bookings from our recurring customers, but also, as we shift over the legacy customers from the more one-time term license billing to a more recurring basis, does see a decline from that basis.

So remaining performance obligation overall is relatively flat because of that.

Nehal Chokshi

Well, fantastic acceleration in the buildings here. Congratulations.

Vikrant Ragula

And then I think the last question we have in the chat comes from Rudy regarding 2 parts.

First is, how is SATBoost coming along as far as interest from prospective customers?

And then the second question is, are we still acquiring former VeloCloud customers? So, Dr. Bhaskar, would you like to answer those?

Ragula Bhaskar

Yes. SATBoost, it hasn't taken off as fast as we wanted. We are specking in. We have a lot of interest. We haven't done some big deals in SATBoost, but we do have customers using satellite as a backup solution.

SATBoost is the one where we can triple the bandwidth. I guess most of the customers are using satellites for backup, not speed. So that hasn't taken off as much.

However, in terms of VeloCloud replacements, we are doing well. I think we did 2 or 3 bigger deals recently. And then we have a number of quotations out there for replacements whenever those contracts get over.

So yes, we are replacing a significant number of VeloCloud customers.

Kanishka Ragula

And then, Dr. Bhaskar, if I may add on regarding SATBoost. This is more of a recent development in the past months, but we have a number of customers with 40, 50-plus sites who are deploying satellite in addition to terrestrial transport.

So we have seen more reception for SATBoost recently, especially as SpaceX has continued to deploy their Starlink constellation and customers have begun to use that for their primary transport. And this is happening in the last 2 weeks.

And I think that's it for the time we have on the earnings call. Vikrant, I'll pass it back to you.

Ragula Bhaskar

Somebody raised their hand. Did somebody raise their hand just now?

Kanishka Ragula

I think I see Nehal's hand up.

Vikrant Ragula

Yes. With that, I believe we are at the end of the Q2 FatPipe earnings call. So unless there are any final comments -- or sorry, Dr. Bhaskar?

Ragula Bhaskar

I see Nehal's hand up still.

Nehal Chokshi

No, no, that's an accident. Sorry about that.

Ragula Bhaskar

Okay. In terms of the next several quarters ahead, we will continue to work as hard as we can to keep our sales momentum up, our profitability up, and start putting cash in the bank.

We did refinance one of our SBA loans that we had before the IPO. So that helps us reduce our interest rate by about 1.85%. And then we also got a credit line of $1.5 million from a local bank here.

And so that gives us additional resources if we need to drop on them. We will continue to buy hardware for fulfilling our sales obligations or deployments.

But overall, we'll continue to keep the pace. By the end of March, we should have about 36 salespeople, and the goal for the following year is about 48 salespeople.

Vikrant Ragula

So with that, that should be the end of the FatPipe fiscal year Q2 earnings call. So thank you, everyone, for joining and learning more about the fiscal results of FatPipe and how we've been doing this quarter and going forward.

And we will see you again at the Q3 financial results update.

Ragula Bhaskar

Thank you, everyone. I appreciate you taking the time to join us. Thanks, everyone.