Q1 2027 Fatpipe Inc Earnings Call
Ragula Bhaskar: became part of two different large companies, since then, we have been able to win customers who are using those products. I'll show you as a sample here. This is Info-Tech. They are about a 4,000-person data analytics company. As you can see here, the third or fourth year in a row, our products have distinguished themselves sharply compared to everybody else, whether Cisco, VMware, or any of the other big boys. On the right, you see in every category, we have a very good rating. Top of the chart. We also like to pick one competitor and show you the comparison in a Gartner survey. This is a Gartner survey of end customers. We have not paid Gartner for any of this. These are pure rankings by customers.
Ragula Bhaskar: became part of two different large companies, since then, we have been able to win customers who are using those products. I'll show you as a sample here. This is Info-Tech. They are about a 4,000-person data analytics company. As you can see here, the third or fourth year in a row, our products have distinguished themselves sharply compared to everybody else, whether Cisco, VMware, or any of the other big boys.
Speaker #1: Get part of two different large companies, and since then we have been able to win customers who are using those products. I'll show you a sample here.
Speaker #1: This is Infotech, they are about a 4,000-person data analytics company, and as you can see here, the third or fourth year in a row our products have distinguished themselves sharply compared to everybody else, whether it's Cisco, VMware, or any of the other big boys.
Speaker #1: And on the right, you see in every category we have a very good rating—top of the chart. We also like to pick one competitor and show you the comparison.
Ragula Bhaskar: On the right, you see in every category, we have a very good rating. Top of the chart. We also like to pick one competitor and show you the comparison in a Gartner survey. This is a Gartner survey of end customers. We have not paid Gartner for any of this. These are pure rankings by customers.
Speaker #1: In a Gartner survey—this is a Gartner survey of customers, end customers—we have not paid Gartner for any of this. These are pure rankings by customers.
Speaker #1: As you can see here, we beat out Cisco's products in this space, and 97% of customers said they would recommend Fatpipe. So this gives you an idea of our product offering.
Ragula Bhaskar: As you can see here, we beat out Cisco's products in this space, and 97% of customers said they will recommend FatPipe. This gives you an idea of our product offering and what we do in this space. We have been fortunate. We have been developing new products. We earlier released a cybersecurity product, and now that's going into various customers, quotations, and more marketing. This year, this quarter, is one of the first quarters where we spent a significant amount of money in developing our partners, marketing, trade shows, and related travel, and that is helping us a lot. For instance, in Las Vegas at ChannelVision, we hosted a happy hour at one of the bars, and we thought we needed only a quarter of the space. We ended up occupying the entire bar, and about 120 people, partners, showed up.
Ragula Bhaskar: As you can see here, we beat out Cisco's products in this space, and 97% of customers said they will recommend FatPipe. This gives you an idea of our product offering and what we do in this space. We have been fortunate. We have been developing new products. We earlier released a cybersecurity product, and now that's going into various customers, quotations, and more marketing.
Speaker #1: And what we do in this space—we have been fortunate. We have been developing new products. Earlier, we released a cybersecurity product, and now that's going into various customers.
Speaker #1: Quotations, and more marketing. And this year, this quarter, is one of the first quarters where we spent a significant amount of money in developing our partners.
Ragula Bhaskar: This year, this quarter, is one of the first quarters where we spent a significant amount of money in developing our partners, marketing, trade shows, and related travel, and that is helping us a lot. For instance, in Las Vegas at ChannelVision, we hosted a happy hour at one of the bars, and we thought we needed only a quarter of the space. We ended up occupying the entire bar, and about 120 people, partners, showed up.
Speaker #1: Marketing, trade shows, and related travel—and that is helping us a lot. For instance, in Las Vegas at Channel Vision, we hosted a happy hour at one of the bars.
Speaker #1: And we thought we needed only a quarter of the space. We ended up occupying the entire bar, and about 120 people—partners—showed up.
Speaker #1: And that is becoming an event by itself, because last year we had 80, and the previous year we had about 40. So we are finding that our name is getting out there, which also means that more partnerships are to come.
Ragula Bhaskar: That is becoming an event by itself, because last year we had 80, and the previous year we had about 40. We are finding that our name is getting out there, which also means that more partnerships to come. With that, I will open it up for any questions. Vikrant, Kanishka, if you want to add any more to this conversation.
Ragula Bhaskar: That is becoming an event by itself, because last year we had 80, and the previous year we had about 40. We are finding that our name is getting out there, which also means that more partnerships to come. With that, I will open it up for any questions. Vikrant, Kanishka, if you want to add any more to this conversation.
Speaker #1: With that, I will open it up. Any questions, Vikrant? Kanishka, would you like to add anything more to this conversation?
Speaker #2: Yeah, if you have any questions, please feel free to put them in the chat. And raise your hand, and we can answer them live. Looks like the first question is coming from Lisa.
Vikrant Ragula: If you have any questions, please feel free to put them in chat and raise your hand, and we can answer them live. Looks like the first question is coming from Lisa Thompson from Zacks. Let me see if I can bring you into the room.
[Company Representative 1] (FatPipe): If you have any questions, please feel free to put them in chat and raise your hand, and we can answer them live. Looks like the first question is coming from Lisa Thompson from Zacks. Let me see if I can bring you into the room.
Speaker #2: Thompson from Zach's. Let me see if I can bring you into the room.
Speaker #1: Hi Lisa.
Ragula Bhaskar: Hi, Lisa.
Ragula Bhaskar: Hi, Lisa.
Vikrant Ragula: Lisa, you are now unmuted. Please ask your question.
[Company Representative 1] (FatPipe): Lisa, you are now unmuted. Please ask your question.
Speaker #2: You are now unmuted. Please ask your question.
Speaker #3: Yeah, I've got to figure it out now. Hi. So, you've had a great quarter. Could you tell us where the revenues came from?
Lisa Thompson: Yes. Got it figured out now. Hi.
Lisa Thompson: Yes. Got it figured out now. Hi.
Ragula Bhaskar: Hi, Lisa.
Ragula Bhaskar: Hi, Lisa.
Lisa Thompson: You had a great quarter. Could you tell us where the revenues came from? Were there a bunch of large contracts? I know you had the second half of one of them. Are the channel partners doing better? What's happening out there?
Lisa Thompson: You had a great quarter. Could you tell us where the revenues came from? Were there a bunch of large contracts? I know you had the second half of one of them. Are the channel partners doing better? What's happening out there?
Speaker #3: Were there a bunch of large contracts? I know you had the second half of one of them. Are the channel partners doing better? What's happening out there?
Speaker #1: Lisa, we are clicking on all cylinders. Both in terms of market segments as well as various channel partners. Channel partners, as you know, we have started investing in the channel partner program.
Ragula Bhaskar: Lisa, we are clicking on all cylinders, both in terms of market segments as well as various channel partners. Channel partners, as you know, we have started investing in the channel partner program. We signed up TD SYNNEX, used to be called Tech Data, the largest distributor in the world for technology.
Ragula Bhaskar: Lisa, we are clicking on all cylinders, both in terms of market segments as well as various channel partners. Channel partners, as you know, we have started investing in the channel partner program. We signed up TD SYNNEX, used to be called Tech Data, the largest distributor in the world for technology.
Speaker #1: We signed up TD Synnex, the largest tech used to be called Tech Data, the largest distributor in the world for technology. And then the size of the deals have gone up.
Ragula Bhaskar: The size of the deals have gone up, and this is partly because as we develop closer relationships and trust with the partner, the partners are taking us to bigger deals, and that started happening. It's a combination of deal size increasing, more deals, more markets, and more partners bringing in deals. We expect the channel partners to increase the amount of deals and number and amount and size of deals.
Ragula Bhaskar: The size of the deals have gone up, and this is partly because as we develop closer relationships and trust with the partner, the partners are taking us to bigger deals, and that started happening. It's a combination of deal size increasing, more deals, more markets, and more partners bringing in deals. We expect the channel partners to increase the amount of deals and number and amount and size of deals.
Speaker #1: And this is partly because as we develop closer relationships and trust with the partners, the partners are taking us to bigger deals. And that has started happening.
Speaker #1: So it's a combination of deal size increasing, more deals, more markets, and more partners bringing in deals. And we expect the channel partners to increase the amount of deals and number and amount and size of deals.
Speaker #3: So, is the percentage of revenue going to shift more to partners, or is direct sales also growing?
Lisa Thompson: Is the % of revenue going to shift more to partners, or is direct sales also growing?
Lisa Thompson: Is the % of revenue going to shift more to partners, or is direct sales also growing?
Speaker #1: We don't do any direct sales. I can't say any. There's always a few. Where the customers want to deal with us directly. But almost all our sales come through partners.
Ragula Bhaskar: We don't do any direct sales. I can't say any. There's always a few, where the customers want to deal with us directly. Almost all our sales come through partners, and that is our strategy, that partners will be our feet on the street.
Ragula Bhaskar: We don't do any direct sales. I can't say any. There's always a few, where the customers want to deal with us directly. Almost all our sales come through partners, and that is our strategy, that partners will be our feet on the street.
Speaker #1: And that is our strategy: that partners will be our feet on the street.
Speaker #3: And one last question: you did announce a $7 million deal a few weeks ago. How much of that is going to get booked in the September quarter?
Lisa Thompson: One last question was, you did announce a $7 million deal a few weeks ago. How much of that is going to get booked in the Q3?
Lisa Thompson: One last question was, you did announce a $7 million deal a few weeks ago. How much of that is going to get booked in the Q3?
Speaker #1: I will have to find the exact number, but we can get back to you on that.
Ragula Bhaskar: I will have to find that exact number, but we can get back to you on that.
Ragula Bhaskar: I will have to find that exact number, but we can get back to you on that.
Speaker #3: Okay.
Lisa Thompson: Okay. Thank you.
Lisa Thompson: Okay. Thank you.
Speaker #1: It's probably about 30, 35 percent. Probably about 30, 35 percent will probably be booked this quarter as we deliver those units up. In fact, I saw a whole bunch of units going out today.
Ragula Bhaskar: It's probably about 30% to 35%. Probably about 30% to 35% will probably be booked this quarter as we deliver those units out. In fact, I saw a whole bunch of units going out today.
Ragula Bhaskar: It's probably about 30% to 35%. Probably about 30% to 35% will probably be booked this quarter as we deliver those units out. In fact, I saw a whole bunch of units going out today.
Speaker #3: Oh, great. Okay, that's close enough. Thank you.
Lisa Thompson: Oh, great. Okay. That's close enough. Thank you.
Lisa Thompson: Oh, great. Okay. That's close enough. Thank you.
Speaker #1: Thank you.
Ragula Bhaskar: Thank you.
Ragula Bhaskar: Thank you.
Speaker #2: Okay. Thank you, Lisa. I will move you back into attendee for now. Next up, we have two questions: one in the chat, and Nail is raising his hand.
Vikrant Ragula: Yep. Thank you, Lisa. I will move you back into attendee for now. Next up, we have two questions, one in the chat, and Nehal's raising his hand. I will have Nehal ask his questions first, then I will answer the question in chat. Nehal, I am making you a presenter, so you should be able to unmute and ask the question.
[Company Representative 1] (FatPipe): Yep. Thank you, Lisa. I will move you back into attendee for now. Next up, we have two questions, one in the chat, and Nehal's raising his hand. I will have Nehal ask his questions first, then I will answer the question in chat. Nehal, I am making you a presenter, so you should be able to unmute and ask the question.
Speaker #2: I'll have Nail ask his questions first, then I will answer the question in chat. So, Nail, I am making you a presenter, so you should be able to unmute and ask a question.
Speaker #4: Yep.
Speaker #1: Nail, good afternoon. For those who do not know Nail, he is ranked 185th out of 12,000 analysts in the country, and he works for Northland Securities.
Ragula Bhaskar: Nehal, good afternoon. For folks who do not know Nehal is ranked 185 out of 12,000 analysts in the country, and he works for Northland Securities.
Ragula Bhaskar: Nehal, good afternoon. For folks who do not know Nehal is ranked 185 out of 12,000 analysts in the country, and he works for Northland Securities.
Speaker #4: Thank you. Thank you, Oskar. So, congratulations from me on a good quarter here.
[Analyst] (Northland Securities): Thank you. Thank you, Tausar. Congratulations from me on a good quarter here.
Nehal Chokshi: Thank you. Thank you, Tausar. Congratulations from me on a good quarter here.
Speaker #1: Thank you.
Ragula Bhaskar: Thank you.
Ragula Bhaskar: Thank you.
Speaker #4: Can you give us a sense as far as what we're booking in the June quarter?
[Analyst] (Northland Securities): Can you give us a sense as far as what were bookings in the Q2?
Nehal Chokshi: Can you give us a sense as far as what were bookings in the Q2?
Speaker #1: Can you repeat that, Nail?
Ragula Bhaskar: Can you repeat that, Nehal?
Ragula Bhaskar: Can you repeat that, Nehal?
Speaker #4: Can you give us a sense as to what we're the bookings in the June quarter?
[Analyst] (Northland Securities): Can you give us a sense as to what were the bookings in the June Q2?
Nehal Chokshi: Can you give us a sense as to what were the bookings in the June Q2?
Speaker #1: Like where the bookings?
Kanishka Ragula: What were the bookings?
[Company Representative 2] (FatPipe): What were the bookings?
Speaker #4: Can you hear me?
[Analyst] (Northland Securities): Can you hear me?
Nehal Chokshi: Can you hear me?
Speaker #3: Yes, we can. Our bookings are a significantly higher number. However, it is a really forward-looking statement. So at this point, I would like to answer that.
Kanishka Ragula: -for future purposes. Yes, we can. Our bookings is a significantly higher number. However, it is a really forward-looking statement, at this point, I would like to answer that question on one-on-one rather than
[Company Representative 2] (FatPipe): -for future purposes. Yes, we can. Our bookings is a significantly higher number. However, it is a really forward-looking statement, at this point, I would like to answer that question on one-on-one rather than
Speaker #1: So what we do, Nail, as we get the orders and we start getting the units in and assigning it to customers, so there's always a lag between bookings and actual revenue recognition.
Ragula Bhaskar: What we do, Nehal, as we get the orders and we start getting the units in and assigning it to customers, there's always a lag between bookings and actual revenue recognition. There's a little bit of lag. Yeah.
Ragula Bhaskar: What we do, Nehal, as we get the orders and we start getting the units in and assigning it to customers, there's always a lag between bookings and actual revenue recognition. There's a little bit of lag. Yeah.
Speaker #1: So there's a little bit of a lag, yeah. And so those that we didn't fill, fulfill in June, are ending June. There will be starting rolling over to this quarter.
[Analyst] (Northland Securities): Understood.
Nehal Chokshi: Understood.
Ragula Bhaskar: Some of those that we didn't fulfill in June or ending June, they'll be starting rolling over to this quarter, the present one.
Ragula Bhaskar: Some of those that we didn't fulfill in June or ending June, they'll be starting rolling over to this quarter, the present one.
Speaker #1: The present quarter.
Speaker #4: So the $7 million education win disclosed a couple of weeks ago and discussed already. That was booked within the June quarter. Is that correct?
[Analyst] (Northland Securities): The $7 million education win disclosed a couple of weeks ago and discussed already, that was booked within the Q2. Is that correct?
Nehal Chokshi: The $7 million education win disclosed a couple of weeks ago and discussed already, that was booked within the Q2. Is that correct?
Speaker #1: Not all of it. We book as we get the orders processed for and assigned to the customer, the products assigned to the customer either shipped or installed.
Ragula Bhaskar: Not all of it. We book as we get the orders processed for and assigned to the customer. The products are assigned to customers. We either shipped or installed or assigned.
Ragula Bhaskar: Not all of it. We book as we get the orders processed for and assigned to the customer. The products are assigned to customers. We either shipped or installed or assigned.
Speaker #1: Or assigned.
Speaker #4: Got it. Can you discuss can you discuss what are the drivers for winning this very material order?
[Analyst] (Northland Securities): Got it.
Nehal Chokshi: Got it.
Ragula Bhaskar: Not all of it.
Ragula Bhaskar: Not all of it.
[Analyst] (Northland Securities): Can you discuss what are the drivers for winning this very material order?
Nehal Chokshi: Can you discuss what are the drivers for winning this very material order?
Speaker #1: We worked closely with the partner. It was an RFP, and the partner chose us over a major incumbent because we met all the technical criteria.
Ragula Bhaskar: Working closely with the partner. It was an RFP, and partner chose us over a major incumbent. We just met all the technical criteria and of course, made sure we gave a good price to the partner to win the deal. Essentially, product and pricing.
Ragula Bhaskar: Working closely with the partner. It was an RFP, and partner chose us over a major incumbent. We just met all the technical criteria and of course, made sure we gave a good price to the partner to win the deal. Essentially, product and pricing.
Speaker #1: And of course, we made sure we gave a good price to the partner to win the deal. So essentially, product and pricing.
Speaker #4: Okay. Great. Yep, go ahead, please.
[Analyst] (Northland Securities): Okay. Great.
Nehal Chokshi: Okay. Great.
Vikrant Ragula: And then-
[Company Representative 2] (FatPipe): And then-
[Analyst] (Northland Securities): Sorry. Yeah, go ahead, please.
Nehal Chokshi: Sorry. Yeah, go ahead, please.
Speaker #2: Oh, yeah, sorry. One additional detail I wanted to add is that the incumbents we were replacing—as well as the competitors we won against—those companies have recently been acquired.
Vikrant Ragula: Yeah, sorry. One additional detail I wanted to add is that the incumbents who we were replacing as well as the competitors we won against, those companies have recently been acquired. Juniper was acquired by Hewlett Packard Enterprise, and VeloCloud was reacquired for the third time in five years by Arista. As these competitive products have been acquired, support from OEM has dropped significantly, so customers choose that because we still provide first-party support and market-leading support that customers appreciate.
[Company Representative 1] (FatPipe): Yeah, sorry. One additional detail I wanted to add is that the incumbents who we were replacing as well as the competitors we won against, those companies have recently been acquired. Juniper was acquired by Hewlett Packard Enterprise, and VeloCloud was reacquired for the third time in five years by Arista. As these competitive products have been acquired, support from OEM has dropped significantly, so customers choose that because we still provide first-party support and market-leading support that customers appreciate.
Speaker #2: Juniper was acquired by Hewlett Packard Enterprise, and VeloCloud was reacquired for the third time in five years by Arista. So as these competitive products have been acquired, support from OEM has dropped significantly.
Speaker #2: So customers choose Fatpipe because we still provide first-party support and market-leading support. That customers appreciate.
Speaker #4: Got it. Great. And you weren't disclosing monthly recurring revenue for the past two quarters, which was up 50% year over year. Are you disclosing it again this quarter?
[Analyst] (Northland Securities): Got it. Great. You were disclosing monthly recurring revenue for the past two quarters, which was up 50% year-over-year. Are you disclosing it again this quarter? If so, what is it?
Nehal Chokshi: Got it. Great. You were disclosing monthly recurring revenue for the past two quarters, which was up 50% year-over-year. Are you disclosing it again this quarter? If so, what is it?
Speaker #4: And if so, what is it?
Speaker #1: Good point. I didn't check the actual numbers. We will be posting it as we get the numbers together. I don't think we disclosed that this quarter.
Ragula Bhaskar: Good point. I didn't check the actual numbers. We will be posting it as we get the numbers together. I don't think we disclosed that this quarter. Yeah. It does go up. Every quarter it goes up, as you can imagine, as we have new customers being added and renewals happening. Yeah, it does go up.
Ragula Bhaskar: Good point. I didn't check the actual numbers. We will be posting it as we get the numbers together. I don't think we disclosed that this quarter. Yeah. It does go up. Every quarter it goes up, as you can imagine, as we have new customers being added and renewals happening. Yeah, it does go up.
Speaker #1: Yeah, it does go up every quarter. It goes up, as you can imagine, as we have new customers being added and renewals happening. Yeah, it does go up.
Speaker #4: Okay. And then finally, can you give us an update on where you are in sales headcount and where you expect to be at the end of the fiscal year?
[Analyst] (Northland Securities): Okay. Finally, can you give us an update on where you are in sales count and where you expect to be at the end of the fiscal year?
Nehal Chokshi: Okay. Finally, can you give us an update on where you are in sales count and where you expect to be at the end of the fiscal year?
Speaker #1: Yeah, I think we are now up to 30-plus—30, 31. So we were, like, 24 at the end of March, so we are about five more people.
Ragula Bhaskar: Yeah. I think we are now up to 30 plus, 30, 31. We were like 24 at the end of-
Ragula Bhaskar: Yeah. I think we are now up to 30 plus, 30, 31. We were like 24 at the end of-
Kanishka Ragula: March
[Company Representative 2] (FatPipe): March
Ragula Bhaskar: March. We have about five more people. Our goal is, as we had stated before, to get to 36 people by the end of fiscal. We will be recruiting more people. We actually added two, three people couple of weeks ago, we will be adding another five, six people by the end of December. If there's any stragglers or netting out anybody we let go, by end of March, we'll be at 36 to 38. We are on track as we projected last year.
Ragula Bhaskar: March. We have about five more people. Our goal is, as we had stated before, to get to 36 people by the end of fiscal. We will be recruiting more people. We actually added two, three people couple of weeks ago, we will be adding another five, six people by the end of December. If there's any stragglers or netting out anybody we let go, by end of March, we'll be at 36 to 38. We are on track as we projected last year.
Speaker #1: And then our goal is, as we had stated before, to get to 36 people by the end of fiscal. So we will be recruiting more people.
Speaker #1: We actually added two, three people a couple of weeks ago. And then we will be adding another five, six people by the end of December.
Speaker #1: And if there's any stragglers or netting out anybody, we let go. By end of March, we'll be at 36 to 38. So we are on track as we projected last year.
Speaker #4: Okay, great. Can you just remind us what your total sales expectations are? And, presumably, you’re seeing a ramp-up in satisfactory metrics that is driving this healthy pace of sales additions?
[Analyst] (Northland Securities): Okay, great. Can you just remind us what are your sales quota expectations? Presumably you're seeing a ramp-up satisfactory that is driving this healthy pace of sales rep additions.
Nehal Chokshi: Okay, great. Can you just remind us what are your sales quota expectations? Presumably you're seeing a ramp-up satisfactory that is driving this healthy pace of sales rep additions.
Speaker #1: As when we add the sales team, their quota is 2 million. The first year, we can expect between 700 and a million. Those who have a good roller deck will hit that number faster.
Ragula Bhaskar: When we add the sales team, their quota is $2 million. The first year, we can expect between 700 and $1 million. Those who have a good Rolodex will hit that number faster. At the end of the first year, they all become very productive. We always are evaluating those who are not very productive and helping them get to be productive or having them leave. It's a simple concept there. The persons who have a good Rolodex and who have applied themselves very well to the job are doing well.
Ragula Bhaskar: When we add the sales team, their quota is $2 million. The first year, we can expect between 700 and $1 million. Those who have a good Rolodex will hit that number faster. At the end of the first year, they all become very productive. We always are evaluating those who are not very productive and helping them get to be productive or having them leave. It's a simple concept there. The persons who have a good Rolodex and who have applied themselves very well to the job are doing well.
Speaker #1: But at the end of the first year, they all become very productive. And we are always evaluating those who are not very productive, and helping them get to be productive or having them leave.
Speaker #1: So it's a simple concept there. And the persons who have a good Rolodex and who have applied themselves very well to the job are doing well.
Speaker #1: Does that answer your question? I don't have a specific number.
[Analyst] (Northland Securities): Great.
Nehal Chokshi: Great.
Ragula Bhaskar: Does it answer your question?
Ragula Bhaskar: Does it answer your question?
[Analyst] (Northland Securities): Thank you for answering.
Nehal Chokshi: Thank you for answering.
Ragula Bhaskar: I don't have a specific number.
Ragula Bhaskar: I don't have a specific number.
Speaker #4: No, you answered your question beautifully. Thank you.
[Analyst] (Northland Securities): No, you answered the question beautifully. Thank you.
Nehal Chokshi: No, you answered the question beautifully. Thank you.
Speaker #1: Oh, thank you.
Speaker #4: Congratulations.
Ragula Bhaskar: Oh, thank you.
Ragula Bhaskar: Oh, thank you.
Speaker #1: Thank you, sir.
[Analyst] (Northland Securities): Congratulations.
Nehal Chokshi: Congratulations.
Ragula Bhaskar: Thank you, sir.
Ragula Bhaskar: Thank you, sir.
Speaker #2: Thank you, Mail. Yes. Moving into the question chat, we got a question from Rudy. The question is: SAT boost is late and a game changer, especially in the government space.
Vikrant Ragula: Thank you, Nehal. Yes, going into question chat. Got a question from Rudy. Question being, SATBOOST is a latent game changer, especially in the government space, where many agencies are operating in low power and austere environments. Have there been any serious inquiries about adopting it? To answer the question, Rudy, yes. We've already had deployment with state health agencies, with supermarkets, and with other, call it, rurally distributed customers. These deployments have already happened, and customers are live and appreciating the use of the SATBOOST product. In terms of the sales pipeline, I obviously cannot talk too much about the sales pipeline due to it being forward-looking statements. However, we are seeing a strong interest in the SATBOOST product from a variety of end customers across both public sector and private sector.
[Company Representative 1] (FatPipe): Thank you, Nehal. Yes, going into question chat. Got a question from Rudy. Question being, SATBOOST is a latent game changer, especially in the government space, where many agencies are operating in low power and austere environments. Have there been any serious inquiries about adopting it? To answer the question, Rudy, yes. We've already had deployment with state health agencies, with supermarkets, and with other, call it, rurally distributed customers.
Speaker #2: Are many agencies operating in low-power and austere environments? Have there been any serious inquiries about adopting it? To answer the question, Rudy, yes, we've already had deployment with state health agencies, with supermarkets, and with other call it rurally distributed customers.
Speaker #2: These deployments have already happened, and customers are live and appreciating the use of the SAT Boost product in terms of the sales pipeline. I obviously cannot talk too much about the sales pipeline due to it being forward-looking statements.
[Company Representative 1] (FatPipe): These deployments have already happened, and customers are live and appreciating the use of the SATBOOST product. In terms of the sales pipeline, I obviously cannot talk too much about the sales pipeline due to it being forward-looking statements. However, we are seeing a strong interest in the SATBOOST product from a variety of end customers across both public sector and private sector.
Speaker #2: However, we are seeing strong interest in the Sat Boost product from a variety of end customers across both the public sector and private sector. As we get more sales and specific case studies regarding Sat Boost, we will continue to post those on a regular basis, either on the website as case studies or we will mention them in future earnings calls.
Vikrant Ragula: As we get more sales and specific case studies regarding SATBOOST, we will continue to post those on a regular basis, either on the website as case studies, or we will mention it in future earnings calls.
[Company Representative 1] (FatPipe): As we get more sales and specific case studies regarding SATBOOST, we will continue to post those on a regular basis, either on the website as case studies, or we will mention it in future earnings calls.
Speaker #1: And also, in fact, just today, we had a call with a major partner about the product and its application. Interestingly, a variant of the same product is can be also applied for 5G.
Ragula Bhaskar: In fact, just today, we had a call with a major partner about the product and its application. Interestingly, a variant of the same product can be also applied for 5G. We can speed up 5G performance and connectivity. We had a call with a partner who is looking at both for satellite as well as for 5G. Anything wireless, really, in a generic way, anything wireless because of our technology that we can improve the performance of these transmission media or lack of media here. We are able to improve the quality of this transmission as well as the speed of the transmission. We are talking to. There is very good traction. The short answer is yes.
Ragula Bhaskar: In fact, just today, we had a call with a major partner about the product and its application. Interestingly, a variant of the same product can be also applied for 5G. We can speed up 5G performance and connectivity. We had a call with a partner who is looking at both for satellite as well as for 5G.
Speaker #1: So we can speed up 5G performance. And connectivity. So we had a call with a partner who is looking at both for satellite as well as for 5G.
Speaker #1: Anything wireless, really—the generic way. Anything wireless, because of our technology, we can improve the performance of these transmission media, or lack of media here.
Ragula Bhaskar: Anything wireless, really, in a generic way, anything wireless because of our technology that we can improve the performance of these transmission media or lack of media here. We are able to improve the quality of this transmission as well as the speed of the transmission. We are talking to. There is very good traction. The short answer is yes.
Speaker #1: We are able to improve the quality of this transmission as well as the speed of the transmission. So we are talking to—so there is very good traction, and the short answer is yes.
Speaker #2: Okay. And.
Speaker #1: And those of you who are are investors, we appreciate you sending us leads. I know a couple of investors sent us leads, saying, "Hey, you need to talk to this guy and that guy." So those of you who are on the call, if you know any potential opportunities, we would very much appreciate you sending us these leads.
Vikrant Ragula: And-
[Company Representative 1] (FatPipe): And-
Ragula Bhaskar: Those of you who are investors, we appreciate you sending us leads. I know a couple of investors sent us leads saying, "Hey, you need to talk to this guy and that guy." Those of you who are on the call, if you know any potential opportunities, we would very much appreciate you sending us these leads. We'll take leads from anyone, and especially our investors who have a very vested financial interest in this company. You're all a big family for us. What is interesting is some of our original investors, they still have held on to their shares, and they're accumulating shares every time the stock drops. You can imagine that we have a big ecosystem that supports FatPipe.
Ragula Bhaskar: Those of you who are investors, we appreciate you sending us leads. I know a couple of investors sent us leads saying, "Hey, you need to talk to this guy and that guy." Those of you who are on the call, if you know any potential opportunities, we would very much appreciate you sending us these leads.
Speaker #1: We'll take leads from anyone. And especially our investors, who have a very vested financial interest in this company. You're all big family for us.
Ragula Bhaskar: We'll take leads from anyone, and especially our investors who have a very vested financial interest in this company. You're all a big family for us. What is interesting is some of our original investors, they still have held on to their shares, and they're accumulating shares every time the stock drops. You can imagine that we have a big ecosystem that supports FatPipe.
Speaker #1: And what is interesting is some of our original investors, they still have held on to their shares, and they're accumulating shares every time the stock drops.
Speaker #1: So you can imagine that we have a big ecosystem that supports Fatpipe.
Speaker #2: Thanks, Oscar. And one Q&A we've received is, have I reported their strong revenue growth and profitability in Q1? How should investors think about the balance between growth and operating discipline going forward?
Vikrant Ragula: Thanks, Bhaskar. One Q&A we received is, FatPipe report their strong revenue growth and profitability in Q1. How should investors think about the balance between growth and operating discipline going forward?
[Company Representative 1] (FatPipe): Thanks, Bhaskar. One Q&A we received is, FatPipe report their strong revenue growth and profitability in Q1. How should investors think about the balance between growth and operating discipline going forward?
Speaker #1: It's a balancing act, right? When there's growth, you are investing more in growth. I think it was Nehal or somebody who told me, "Focus on growth, and it's okay for margins to come down."
Ragula Bhaskar: It's a balancing act, right? When there's growth, you are investing more in growth, like, I think it was Nehal or somebody had told me, "Focus on growth, and it's okay for margins to come down." We are doing that, as you can see here. Last quarter, we invested a significant amount of money in inventory, because when you get these big orders, you have to lock in the inventory. We locked in the inventory. We spent buying the inventory and also buying RAMs and SSDs and paying it forward in terms of buying those products with a fixed price. The marketing, we spent nearly $400,000 last quarter on marketing. The reason is, that's the time when a lot of trade shows happen. Now, this quarter, we won't have much marketing expenses.
Ragula Bhaskar: It's a balancing act, right? When there's growth, you are investing more in growth, like, I think it was Nehal or somebody had told me, "Focus on growth, and it's okay for margins to come down." We are doing that, as you can see here. Last quarter, we invested a significant amount of money in inventory, because when you get these big orders, you have to lock in the inventory.
Speaker #1: And we are doing that, as you can see here. Also, last quarter, we invested a significant amount of money in inventory because, when you get these big orders, you have to lock in the inventory.
Speaker #1: And so we locked in the inventory. We spent buying the inventory and also buying RAMs and SSDs, and paying it forward in terms of buying those products with a fixed price.
Ragula Bhaskar: We locked in the inventory. We spent buying the inventory and also buying RAMs and SSDs and paying it forward in terms of buying those products with a fixed price. The marketing, we spent nearly $400,000 last quarter on marketing. The reason is, that's the time when a lot of trade shows happen. Now, this quarter, we won't have much marketing expenses.
Speaker #1: And the marketing—I mean, we spent nearly $400,000 last quarter on marketing. The reason is that's the time when a lot of trade shows happen.
Speaker #1: Now, this quarter, we won't have much marketing expenses, but we are investing in all these opportunities to increase the growth of the company.
Ragula Bhaskar: We are investing in all these opportunities to increase the growth of the company.
Ragula Bhaskar: We are investing in all these opportunities to increase the growth of the company.
Speaker #2: Okay, thank you, Dr. Boscar. An additional question we have is: Where are you seeing success in the market? Are there any areas where you've been seeing notable wins or continued momentum?
Vikrant Ragula: Thank you, Dr. Bhaskar. An additional question we have is, where are you seeing success in the market? Are there any areas that you've been seeing notable wins in or continued momentum?
[Company Representative 1] (FatPipe): Thank you, Dr. Bhaskar. An additional question we have is, where are you seeing success in the market? Are there any areas that you've been seeing notable wins in or continued momentum?
Speaker #1: Very similar to the answer that I gave to Lisa. Across the board, there are some segments where the deal sizes are bigger, so obviously we tend to focus on those kinds of deals.
Ragula Bhaskar: Very similar to the answer that I gave to Lisa. Across the board, there are some segments where the deal sizes are bigger. Obviously we tend to focus on those kind of deals. Other than that, we are servicing the economy, regardless of whether it's a hospital or a retail store or a company, a manufacturing, financial, or credit unions. I mean, just across the board.
Ragula Bhaskar: Very similar to the answer that I gave to Lisa. Across the board, there are some segments where the deal sizes are bigger. Obviously we tend to focus on those kind of deals. Other than that, we are servicing the economy, regardless of whether it's a hospital or a retail store or a company, a manufacturing, financial, or credit unions. I mean, just across the board.
Speaker #1: But other than that, we are servicing the economy, regardless of whether it's a hospital, a retail store, or a company in manufacturing, financial, or credit unions.
Speaker #1: I mean, just across the board.
Speaker #2: Okay. Thank you, Dr. Boscar. And one question is, someone is inquiring about our VeloCloud replacement program that we had announced and press releases in the past.
Vikrant Ragula: Great. Thank you, Dr. Bhaskar. One question is, someone is inquiring about our VeloCloud replacement program that we had announced in press releases in the past. How is that VeloCloud replacement program coming along?
[Company Representative 1] (FatPipe): Great. Thank you, Dr. Bhaskar. One question is, someone is inquiring about our VeloCloud replacement program that we had announced in press releases in the past. How is that VeloCloud replacement program coming along?
Speaker #2: How is that VeloCloud replacement program coming along?
Speaker #1: It's actually coming along well. We have a sufficient number of deals that we have closed to turn those customers to our side. And we have a number of opportunities we are working on.
Ragula Bhaskar: It's actually coming along well. We have enough number of deals that we have closed to turn those customers to our side, and we have a number of opportunities we are working on. The way this works is as more and more of those customers, more marketing happens to our partners and bringing awareness, and as time goes by, when those deals come up for renewals, we'll see more happening. We are not just going after VeloCloud. As you know, some of the big companies don't do a great job of taking care of their customers or partners. There's one company that takes 3 weeks to give you a quotation to a partner, so we just snag that partner and that customer. The whole important thing is being a smaller company, we are able to produce products faster, features faster, respond to our partners faster.
Ragula Bhaskar: It's actually coming along well. We have enough number of deals that we have closed to turn those customers to our side, and we have a number of opportunities we are working on. The way this works is as more and more of those customers, more marketing happens to our partners and bringing awareness, and as time goes by, when those deals come up for renewals, we'll see more happening. We are not just going after VeloCloud.
Speaker #1: And the way this works is, as more and more of those customers, more marketing happens to our partners and bringing awareness. And as time goes by, when those deals come up for renewals, we'll see more happening.
Speaker #1: We are not just going after VeloCloud. As you know, some of the big companies don't do a great job of taking care of their customers or partners.
Ragula Bhaskar: As you know, some of the big companies don't do a great job of taking care of their customers or partners. There's one company that takes 3 weeks to give you a quotation to a partner, so we just snag that partner and that customer. The whole important thing is being a smaller company, we are able to produce products faster, features faster, respond to our partners faster.
Speaker #1: There's one company that takes three weeks to give you a quotation, to a partner. So we just snag that partner. And that customer. So the whole important thing is being a smaller company, we are able to produce products faster, features faster, respond to our partners faster, so we are doing all of that at the same time.
Ragula Bhaskar: We are doing all of that at the same time. Like the $7 million order, we displaced a very large company. It was all about product and pricing, and the fact that our partners know we are very responsive. All of that is captured in the awards that InfoTech gives us or the customer feedback on Gartner's website. All of that is captured.
Ragula Bhaskar: We are doing all of that at the same time. Like the $7 million order, we displaced a very large company. It was all about product and pricing, and the fact that our partners know we are very responsive. All of that is captured in the awards that InfoTech gives us or the customer feedback on Gartner's website. All of that is captured.
Speaker #1: Like the $7 million order, we displaced a very large company. So it was all about product and pricing. And the fact that our partners know we are very responsive.
Speaker #1: And all of that is captured in the awards that Infotech gives us, or the customer feedback on Gartner's website. All of that is captured.
Speaker #2: And then one question we got in the chat was describing the equipment spend that we have over competitors and how this edge is defensible. So the way I would characterize that is, Fatpipe is first and foremost a software company.
Vikrant Ragula: One question we got in chat was describing the equipment spend that we have over competitors and how this edge is defensible. The way I would characterize that is, FatPipe is first and foremost a software company. The actual appliances we sell are commodity hardware, and we load our proprietary software onto that. In the vein of that, where some of our competitors have seen significant supply chain price increases as a result of competing needs from their semiconductor manufacturers overseas, where they're now competing with the standard GPU and data center companies for allocation of fab times.
[Company Representative 1] (FatPipe): One question we got in chat was describing the equipment spend that we have over competitors and how this edge is defensible. The way I would characterize that is, FatPipe is first and foremost a software company. The actual appliances we sell are commodity hardware, and we load our proprietary software onto that.
Speaker #2: The actual appliances we sell are commodity hardware and we load our proprietary software onto that. So in the vein of that, where some of our competitors have seen significant supply chain price increases as a result of competing needs from their semiconductor manufacturers, overseas, where they're now competing with the standard GPU and data center companies for allocation of fab times.
[Company Representative 1] (FatPipe): In the vein of that, where some of our competitors have seen significant supply chain price increases as a result of competing needs from their semiconductor manufacturers overseas, where they're now competing with the standard GPU and data center companies for allocation of fab times.
Speaker #2: Fatpipe has continued to use our commodity supply chain for our equipment, which allows us to see less price increases and less increased lead times than what our competitors have seen, which has allowed us to maintain prices as is in terms of the customer-facing prices and partner-facing prices.
Vikrant Ragula: FatPipe has continued to use our commodity supply chain for our equipment, which allows us to see less price increases and less increased lead times than what our competitors have seen, which has allowed us to maintain prices as is, in terms of the customer-facing prices and partner-facing prices, while competitors have had to increase their prices, and we haven't had any increased lead times as a result. That's for both order fulfillment and in general supply chain. In general, we have that advantage versus our competitors, given we are using commodity hardware and loading our proprietary software onto it.
[Company Representative 1] (FatPipe): FatPipe has continued to use our commodity supply chain for our equipment, which allows us to see less price increases and less increased lead times than what our competitors have seen, which has allowed us to maintain prices as is, in terms of the customer-facing prices and partner-facing prices, while competitors have had to increase their prices, and we haven't had any increased lead times as a result.
Speaker #2: While competitors have had to increase their prices, we haven't had any increased lead times as a result. So that's for both order fulfillment and, in general, supply chain. So, in general, we have that advantage versus our competitors, given we are using commodity hardware and loading our proprietary software onto it.
[Company Representative 1] (FatPipe): That's for both order fulfillment and in general supply chain. In general, we have that advantage versus our competitors, given we are using commodity hardware and loading our proprietary software onto it.
Speaker #1: Okay, thanks, everyone. If you have any other questions, please feel free to send them to me, or put them in the Q&A or in the chat.
Vikrant Ragula: Thanks, everyone. If you have any other questions, please feel free to send them to me or put them in Q&A or in chat. One question is, what is FatPipe doing in AI, Dr. Bhaskar?
[Company Representative 1] (FatPipe): Thanks, everyone. If you have any other questions, please feel free to send them to me or put them in Q&A or in chat. One question is, what is FatPipe doing in AI, Dr. Bhaskar?
Speaker #1: And one question is, what is Fatpipe doing in AI, Dr. Boscar? Fatpipe has added AI in all aspects of our business, software coding, fulfillment services, software for fulfillment, pretty much everything.
Ragula Bhaskar: FatPipe has added AI in all aspects of our business, software coding, fulfillment services, software for fulfillment, pretty much everything. In terms of the product, we are a highly deterministic product. We use machine learning. When you say AI, machine learning is a subset of that. Machine learning enables us to do the fastest routing using spanning tree algorithms and allowing for jitter latency, and everything else. Our job is to transmit packets from point A to point B in the fastest route possible with the least latency, and we do that better than everybody else. Now, you cannot apply AI to a very deterministic problem. Where AI comes in is when you have more fuzziness. As you all know, fuzzy logic is where AI came from originally. We are now looking at how to generate reports.
Ragula Bhaskar: FatPipe has added AI in all aspects of our business, software coding, fulfillment services, software for fulfillment, pretty much everything. In terms of the product, we are a highly deterministic product. We use machine learning. When you say AI, machine learning is a subset of that. Machine learning enables us to do the fastest routing using spanning tree algorithms and allowing for jitter latency, and everything else.
Speaker #1: In terms of the product, we are a highly deterministic product. We use machine learning. When you say AI, machine learning is a subset of that.
Speaker #1: And machine learning enables us to do the fastest routing using spanning tree algorithms, allowing for jitter, latency, and everything else. Our job is to transmit packets from point A to point B using the fastest route possible with the least latency.
Ragula Bhaskar: Our job is to transmit packets from point A to point B in the fastest route possible with the least latency, and we do that better than everybody else. Now, you cannot apply AI to a very deterministic problem. Where AI comes in is when you have more fuzziness. As you all know, fuzzy logic is where AI came from originally. We are now looking at how to generate reports.
Speaker #1: And we do that better than everybody else. Now, you cannot apply AI to a very deterministic problem. Where AI comes in is when you have more fuzziness.
Speaker #1: As you all know, fuzzy logic is where AI came from originally. So we are now looking at how to generate reports if you look at HPE and others, their application of AI in the business has been about creating reports using natural language questions.
Ragula Bhaskar: If you look at HPE and others, their application of AI in the business has been about creating reports using natural language questions. That is the easiest thing to do, right? It's not the smartest application of AI. Where we need to apply AI is when we can see how we can take a whole network and then see how to release congestions in the network. That is what we are working on. That is a lot more harder in a real-time space than anything else. I also told you how we have applied AI to content, graphical content. Graphical content, AI is perfect for that because it's fuzzy. When I say fuzzy, meaning, you could have a person in a bikini versus a person who's naked, and the AI has to distinguish between the two.
Ragula Bhaskar: If you look at HPE and others, their application of AI in the business has been about creating reports using natural language questions. That is the easiest thing to do, right? It's not the smartest application of AI. Where we need to apply AI is when we can see how we can take a whole network and then see how to release congestions in the network. That is what we are working on.
Speaker #1: That is the easiest thing to do, right? It's not the smartest application of AI. But where we need to apply AI is when we can see how we can take a whole network and then see how to release congestions in the network.
Speaker #1: That is what we are working on. That is a lot harder in a real-time space than anything else. But I also told you how we have applied AI to contact graphical content.
Ragula Bhaskar: That is a lot more harder in a real-time space than anything else. I also told you how we have applied AI to content, graphical content. Graphical content, AI is perfect for that because it's fuzzy. When I say fuzzy, meaning, you could have a person in a bikini versus a person who's naked, and the AI has to distinguish between the two.
Speaker #1: Graphical content AI is perfect for that because it's fuzzy. When I say fuzzy, meaning you could have a person in a bikini versus a person who's naked and the AI has to distinguish between the two.
Speaker #1: We have developed a software for that. So if you're a school and you want to block graphical images or sexual content, we have the AI technology applied for that.
Ragula Bhaskar: We have developed the software for that, so if you're a school and you want to block graphical images or sexual content, we have the AI technology applied for that. That is a perfect example of a perfect application of AI. Totally fuzzy logic, content that cannot be just described deterministically. Our software is doing a great job on that. That will be applicable more to schools, but obviously, I have to charge more for that.
Ragula Bhaskar: We have developed the software for that, so if you're a school and you want to block graphical images or sexual content, we have the AI technology applied for that. That is a perfect example of a perfect application of AI. Totally fuzzy logic, content that cannot be just described deterministically. Our software is doing a great job on that. That will be applicable more to schools, but obviously, I have to charge more for that.
Speaker #1: And that is a perfect example of a perfect application of AI—totally fuzzy logic content that cannot be just described deterministically. And our software is doing a great job on that.
Speaker #1: And that will be applicable more to schools. But obviously, I have to charge more for that.
Speaker #2: And as CEO, what are the two or three priorities you are most focused on for the rest of the year?
Vikrant Ragula: As CEO, what are the two or three priorities you are most focused on for the rest of the year?
[Company Representative 1] (FatPipe): As CEO, what are the two or three priorities you are most focused on for the rest of the year?
Speaker #1: Okay. I'm going to be a little facetious here. Number one is sales. Number two is sales. Number three, go to the first and number one and number two.
Ragula Bhaskar: Okay. I'm going to be a little too facetious here. Number one is sales. Number two is sales. Number three, go to the person for number one and number two. It's all focused on sales, performance, financial discipline, and trying to help the stock price go up. It's just focused on sales, guys. That's all I tell my team. We have good products. We have a good organization in terms of customer support. The only thing we need to focus on is increasing our sales and keeping our margins as much as possible.
Ragula Bhaskar: Okay. I'm going to be a little too facetious here. Number one is sales. Number two is sales. Number three, go to the person for number one and number two. It's all focused on sales, performance, financial discipline, and trying to help the stock price go up. It's just focused on sales, guys. That's all I tell my team. We have good products. We have a good organization in terms of customer support. The only thing we need to focus on is increasing our sales and keeping our margins as much as possible.
Speaker #1: It's all focused on sales—performance, financial discipline, and trying to help the stock price go up. It's just focus on sales, guys. That's all I tell my team.
Speaker #1: We have good products. We have a good organization in terms of customer support. So the only thing we need to focus on is increasing our sales and keeping our margins as much as possible.
Speaker #2: Great. And one additional question is, regarding our networks: do you have any updates on Fatpipe's Total Security 360 cybersecurity solution that you have mentioned in the past?
Vikrant Ragula: Great. One additional question is, do you have any updates on FatPipe's Total Security 360 cybersecurity solution that you have mentioned in the past?
[Company Representative 1] (FatPipe): Great. One additional question is, do you have any updates on FatPipe's Total Security 360 cybersecurity solution that you have mentioned in the past?
Speaker #1: We have completed the product. We have fully load tested the product, and we have started giving it out to customers. So it's been not as fast to start, but it's happening now.
Ragula Bhaskar: We have completed the product. We have fully load tested the product, we have started giving it out to customers. It's been not as fast to start, but it's happening now. Like anything, customers will change the current products with our product as those contracts come to an end. That is what we are focused on, finding out when the contracts are coming to an end, then pushing our product. Like I again said, our products are a lot more comprehensive. Total 360 is designed to block any type of gaps between when you buy three or four different products from four different vendors, there are gaps, cybersecurity gaps. By we giving a single product that covers all aspects of cybersecurity, we give you a total cocoon in which you can operate your business.
Ragula Bhaskar: We have completed the product. We have fully load tested the product, we have started giving it out to customers. It's been not as fast to start, but it's happening now. Like anything, customers will change the current products with our product as those contracts come to an end. That is what we are focused on, finding out when the contracts are coming to an end, then pushing our product.
Speaker #1: Like anything, customers will change the current products with our product as those contracts come to an end. So that is what we are focused on.
Speaker #1: Finding out when the contracts are coming to an end, then pushing a product. Like I said, our products are a lot more comprehensive. Total 360 is designed to block any type of gaps. When you buy three or four different products from four different vendors, there are gaps—cybersecurity gaps.
Ragula Bhaskar: Like I again said, our products are a lot more comprehensive. Total 360 is designed to block any type of gaps between when you buy three or four different products from four different vendors, there are gaps, cybersecurity gaps. By we giving a single product that covers all aspects of cybersecurity, we give you a total cocoon in which you can operate your business.
Speaker #1: But we’re giving a single product that covers all aspects of cybersecurity, which will give you a total cocoon in which you can operate your business.
Speaker #1: And again, for the price of a latte per employee per month, you get everything, including endpoint detection and response, which itself costs about $5 from CrowdStrike.
Ragula Bhaskar: Again, for the price of a latte per employee per month, you get everything, including endpoint detection and response, which itself costs about $5 from CrowdStrike. For that, I give you all the other aspects of cybersecurity.
Ragula Bhaskar: Again, for the price of a latte per employee per month, you get everything, including endpoint detection and response, which itself costs about $5 from CrowdStrike. For that, I give you all the other aspects of cybersecurity.
Speaker #1: For that, I give you all the other aspects of cybersecurity.
Speaker #2: Great. I think then we are at 3:00 PM.
Vikrant Ragula: Great. I think we are at 3:00 PM.
[Company Representative 1] (FatPipe): Great. I think we are at 3:00 PM.
Speaker #1: Okay, thank you, everyone. I really appreciate you taking the time to listen to this presentation and also being a shareholder. It's a great privilege to have you as a shareholder.
Ragula Bhaskar: Okay. Thank you, everyone. I really appreciate you taking the time to listen to this presentation and also being a shareholder. It's a great privilege to have you as a shareholder.
Ragula Bhaskar: Okay. Thank you, everyone. I really appreciate you taking the time to listen to this presentation and also being a shareholder. It's a great privilege to have you as a shareholder.
Speaker #2: And if you have any additional questions, please feel free to email the investor relations email. I believe it is investors.ir@fatpipeinc.com, and that email can also be found on the website.
Vikrant Ragula: If you have any additional questions, please feel free to email the investor relations email. I believe it is investor.ir@fatpipeinc.com, and that email can also be found on the website, and we'll be happy to respond to your questions over email if you weren't able to get them answered on today's call. With that, thank you everyone for joining the Q1 fiscal 2027 FatPipe earnings call. We hope you all have a great rest of your day. Thank you, everyone.
[Company Representative 1] (FatPipe): If you have any additional questions, please feel free to email the investor relations email. I believe it is investor.ir@fatpipeinc.com, and that email can also be found on the website, and we'll be happy to respond to your questions over email if you weren't able to get them answered on today's call. With that, thank you everyone for joining the Q1 fiscal 2027 FatPipe earnings call. We hope you all have a great rest of your day. Thank you, everyone.
Speaker #2: And we'll be happy to respond to your questions over email if you weren't able to get them answered on today's call. And with that, thank you, everyone, for joining the first quarter fiscal 27 Fatpipe earnings call.
Speaker #2: We hope you all have a great rest of your day. Thank you, everyone.
Ragula Bhaskar: Thank you.
Ragula Bhaskar: Thank you.
