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• The Cisco for always-on business internet.
• Like Cloudflare, but for a company's internal internet connections, optimizing for reliability and speed.

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FatPipe Networks (note: FatPipe Networks is a privately held company, not publicly traded with symbol FATN) offers the following major products and services:

• SD-WAN Solutions: These solutions provide network virtualization, centralized control, and optimized traffic management across multiple connections to enhance performance and reliability.
• WAN Load Balancing and Link Aggregation: Products designed to combine multiple internet lines or WAN links into a single, high-bandwidth connection, ensuring efficient traffic distribution and improved network throughput.
• Network Redundancy and Failover: Systems that automatically switch network traffic to a backup link or connection in the event of a primary link failure, preventing downtime and maintaining continuous operations.

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The company symbol FATN corresponds to FAT Brands Inc., a global franchisor and operator of restaurants. While the prompt mentioned "Fatpipe," the symbol FATN is specifically for FAT Brands Inc. This response identifies the major customers for FAT Brands Inc. (symbol: FATN).

FAT Brands Inc. sells primarily to other companies, specifically its numerous franchisees. These franchisees are independent business entities (companies or individuals) that purchase the rights to operate restaurants under one of FAT Brands' many brand names (e.g., Fatburger, Johnny Rockets, Round Table Pizza, Twin Peaks, Marble Slab Creamery, Great American Cookies, etc.). The company's revenue is derived from franchise fees, royalties, and sales of proprietary products to these franchisees.

Due to the decentralized nature of its franchising model, where revenue is generated from a large number of individual franchise agreements, there are no specific "major customer companies" that account for a significant portion of FAT Brands Inc.'s revenue. The company's customer base consists of hundreds of franchisees globally, rather than a few large, identifiable corporate clients. As such, there are no publicly traded customer companies with stock symbols that can be listed as major customers.

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Ragula Bhaskar, Chairman and CEO

Dr. Ragula Bhaskar co-founded FatPipe, Inc. around 1994, and has served as its Chief Executive Officer since October 2009. Before co-founding FatPipe, he established a consulting company, Ragula Systems Development, in 1989. He previously held a tenured associate professorship at the University of Utah, where he has 32 publications in Engineering. FatPipe Networks received $13 million in venture capital funding in three rounds between 1994 and 2003. Dr. Bhaskar earned dual Master of Science degrees in Engineering and Operations Research, a Master of Science in Finance, and a Ph.D. in Engineering from Penn State University.

Eric Sherb, Chief Financial Officer

Eric Sherb was appointed Chief Financial Officer of FatPipe, Inc. on April 24, 2025. He brings over fifteen years of experience in accounting advisory, auditing, and mergers and acquisitions. Prior to joining FatPipe, Mr. Sherb founded EMS Consulting Services LLC in 2019, an accounting advisory firm assisting entrepreneurs, startups, and small businesses. His professional background also includes roles in bookkeeping, financial statement preparation and analysis, management investor reporting, and financial modeling. Mr. Sherb was also associated with PricewaterhouseCoopers and other mid-size audit and consulting firms. He holds a Bachelor of Business Administration in Accounting and Finance from Emory University.

Sanchaita Datta, Co-Founder, President, and Chief Technology Officer

Sanchaita Datta, known as "Sanch," is a Co-Founder, President, and Chief Technology Officer of FatPipe, Inc., and also serves as a Director. She has over 30 years of experience in computer networking and is recognized as the driving force behind FatPipe's core technology and the inventor of Software-Defined Wide Area Networks (SD-WAN). She holds 13 U.S. patents related to core aspects of SD-WAN technology. In 2022, she was honored as the Silicon Slopes Hall of Fame CTO of the Year. Ms. Datta has also made significant contributions to Utah's higher education system through her involvement with the Utah System of Higher Education Board, Utah Board of Regents, Utah Valley University, and Salt Lake Community College. She holds a Master of Science degree in Electrical Engineering from Penn State University.

Tom Aufiero, SVP of Sales, Cybersecurity

Tom Aufiero serves as the Senior Vice President of Sales, Cybersecurity at FatPipe, Inc. He possesses decades of senior sales leadership experience, including his most recent role as Senior Vice President of Cybersecurity Sales at AT&T, where he managed a $600 million sales team. Mr. Aufiero has held several executive sales leadership positions across AT&T's key businesses and played a crucial role in AT&T's market leadership in cloud security, unified communications, and hosted infrastructure services. He holds a Master's degree in Global Technology Management, complemented by advanced business coursework from George Washington University and the Cambridge Institute.

Harish Motwani, Executive Vice President of Strategic Business & Solution Sales

Harish Motwani is the Executive Vice President of Strategic Business & Solution Sales for FatPipe Networks, India. He was a distinguished member of the Indian Telecom Service of the Government of India, where he was responsible for shaping the country's telecom strategy.

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The public company Fatpipe (symbol: FATN) faces several key business risks, primarily stemming from its revenue model and the highly competitive industry in which it operates.

1. Revenue Concentration Risk: A significant portion of Fatpipe's revenue is concentrated among a very small number of distribution partners. Specifically, two distribution partners account for 49.5% of the company's total revenues, with one single partner representing 45.1% of total revenues. This presents a substantial risk, as the loss or renegotiation of terms with one or both of these key partners could severely impact Fatpipe's top line.
2. Intense Competition in the SD-WAN Market: Fatpipe operates in a highly competitive and rapidly evolving Software-Defined Wide Area Network (SD-WAN) market. Major industry players such as Cisco, Fortinet, and VMware offer robust solutions, and Fatpipe's sustained success will depend on its ability to effectively differentiate its technology, customer service, and pricing in this competitive landscape.
3. Operating at a Net Loss and Valuation Concerns: Despite consistent revenue streams, Fatpipe was operating at a net loss at the time of its S-1 filing. The company's post-IPO financial strategy is critical for achieving profitability and sustainable scaling. Furthermore, some analyses suggest that the current valuation of FATN's shares already prices in substantial growth, which could temper bullishness and introduce risk if expected growth rates are not met.

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FatPipe (symbol: FATN) operates in the market for Software-Defined Wide Area Networking (SD-WAN) solutions, Secure Access Service Edge (SASE), and Network Monitoring Services (NMS). Its primary offering is an SD-WAN, WAN Edge software platform.

The global addressable market for Software-Defined Wide Area Network (SD-WAN) solutions is substantial and projected to grow significantly:

• The global SD-WAN market was valued at USD 4.92 billion in 2024 and is expected to reach USD 21.31 billion by 2032, with a compound annual growth rate (CAGR) of 31.40% during the forecast period.
• Another report indicates the global SD-WAN market was valued at USD 4.4 billion in 2024 and is projected to reach USD 24.3 billion by 2030, growing at a CAGR of 33% from 2024 to 2030.
• Additionally, the global SD-WAN market generated USD 4.62 billion in 2023 and is projected to reach USD 49.62 billion by 2034, growing at a CAGR of 34.53% (2024–2034).

Regarding regional market sizes for SD-WAN:

• North America accounted for approximately 45% of the market share in the software-defined wide area network industry in 2022 and is projected to register the largest market size during the forecast period.
• The U.S. market alone was valued at USD 1.3 billion in 2024.
• Asia Pacific is expected to register the fastest CAGR from 2022 to 2030, with China forecasted to grow at an impressive 31.2% CAGR to reach USD 3.5 billion by 2030. India is also a significant growth region for SD-WAN, with a projected CAGR of approximately 34.1%.

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1. Expansion of Sales Organization and Increased Sales Coverage: Fatpipe is actively expanding its sales team, having nearly tripled its sales headcount from the second quarter of fiscal year 2025 to the second quarter of fiscal year 2026. This aggressive focus on adding more salespeople in the United States and other regions is intended to capture a larger share of the growing market.
2. Growth in Enterprise and Public Sector Customers: The company is experiencing strong interest from enterprises and public sector clients. Recent notable achievements include completing a 210+ site SD-WAN deployment for a large U.S. school district and a 108-site deployment for a regional bank, indicating successful penetration and expansion within the education and finance verticals.
3. Expansion of Cybersecurity and SASE Offerings: Fatpipe is strategically positioning itself with its single-stack cybersecurity solutions, including the "Total Security 360" platform, which integrates SD-WAN, NextGen firewall, and cybersecurity. This offering aims to provide secure and high-performance alternatives to legacy vendors, particularly targeting the SMB market. The company also emphasizes its presence in the Secure Access Service Edge (SASE) market.
4. Leveraging and Expanding Reseller Partnerships: A significant portion of Fatpipe's sales are generated through its network of channel partners. The company plans to utilize capital raised to further develop these relationships, enabling partners to sell more Fatpipe products and thus drive revenue growth.
5. Capitalizing on the Growing SD-WAN and Related Markets: Fatpipe operates within the expanding markets of SD-WAN, cybersecurity, and SASE. The overall market for these solutions is projected to exceed $49 billion by 2030, with the SD-WAN market alone expected to reach over $17 billion by 2030. Fatpipe aims to secure a substantial share of this anticipated market growth.

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Share Issuance

• FatPipe completed its Initial Public Offering (IPO) in April 2025, raising $4 million in gross proceeds through the sale of 695,656 shares of common stock at a price of $5.75 per share.
• The net proceeds from the IPO were approximately $3.7 million.
• The company granted underwriters a 45-day over-allotment option to purchase up to an additional 104,348 shares at the public offering price.

Inbound Investments

• The primary inbound investment was the $4 million raised through its Initial Public Offering in April 2025.

Capital Expenditures

• Post-IPO, FatPipe's capital allocation is primarily focused on sales growth and talent expansion.
• The company plans to hire 12 new Regional Sales Managers across the U.S. to support aggressive growth initiatives in SD-WAN, SASE, and cybersecurity.
• Management stated that "pretty much all the money we raise is targeted for sales growth."