vs
Side-by-side financial comparison of Fatpipe Inc (FATN) and SES AI Corp (SES). Click either name above to swap in a different company.
SES AI Corp is the larger business by last-quarter revenue ($4.6M vs $4.1M, roughly 1.1× Fatpipe Inc). Fatpipe Inc runs the higher net margin — 7.6% vs -373.5%, a 381.1% gap on every dollar of revenue.
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
FATN vs SES — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $4.6M |
| Net Profit | $310.7K | $-17.0M |
| Gross Margin | 87.7% | 11.3% |
| Operating Margin | 9.8% | -387.7% |
| Net Margin | 7.6% | -373.5% |
| Revenue YoY | 3.2% | — |
| Net Profit YoY | 816.0% | 50.7% |
| EPS (diluted) | $0.02 | $-0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.1M | $4.6M | ||
| Q3 25 | $4.0M | $7.1M | ||
| Q2 25 | $3.9M | $3.5M | ||
| Q1 25 | — | $5.8M |
| Q4 25 | $310.7K | $-17.0M | ||
| Q3 25 | $-43.4K | $-20.9M | ||
| Q2 25 | $741.2K | $-22.7M | ||
| Q1 25 | — | $-12.4M |
| Q4 25 | 87.7% | 11.3% | ||
| Q3 25 | 92.1% | 51.1% | ||
| Q2 25 | 94.2% | 73.7% | ||
| Q1 25 | — | 78.7% |
| Q4 25 | 9.8% | -387.7% | ||
| Q3 25 | -0.0% | -262.0% | ||
| Q2 25 | 25.5% | -652.3% | ||
| Q1 25 | — | -401.7% |
| Q4 25 | 7.6% | -373.5% | ||
| Q3 25 | -1.1% | -293.9% | ||
| Q2 25 | 18.8% | -642.2% | ||
| Q1 25 | — | -214.6% |
| Q4 25 | $0.02 | $-0.05 | ||
| Q3 25 | $0.00 | $-0.06 | ||
| Q2 25 | $0.05 | $-0.07 | ||
| Q1 25 | — | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $29.5M |
| Total DebtLower is stronger | $4.6M | — |
| Stockholders' EquityBook value | $21.2M | $214.8M |
| Total Assets | $32.4M | $272.6M |
| Debt / EquityLower = less leverage | 0.22× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $29.5M | ||
| Q3 25 | — | $35.3M | ||
| Q2 25 | — | $11.8M | ||
| Q1 25 | — | $56.1M |
| Q4 25 | $4.6M | — | ||
| Q3 25 | $4.8M | — | ||
| Q2 25 | $4.9M | — | ||
| Q1 25 | — | — |
| Q4 25 | $21.2M | $214.8M | ||
| Q3 25 | $21.0M | $228.2M | ||
| Q2 25 | $20.4M | $249.2M | ||
| Q1 25 | — | $269.9M |
| Q4 25 | $32.4M | $272.6M | ||
| Q3 25 | $32.2M | $288.8M | ||
| Q2 25 | $32.0M | $290.5M | ||
| Q1 25 | — | $306.0M |
| Q4 25 | 0.22× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.24× | — | ||
| Q1 25 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $240.9K | $-10.4M |
| Free Cash FlowOCF − Capex | — | $-11.1M |
| FCF MarginFCF / Revenue | — | -243.7% |
| Capex IntensityCapex / Revenue | — | 15.6% |
| Cash ConversionOCF / Net Profit | 0.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-61.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $240.9K | $-10.4M | ||
| Q3 25 | $399.8K | $-14.3M | ||
| Q2 25 | $-508.6K | $-10.8M | ||
| Q1 25 | — | $-22.8M |
| Q4 25 | — | $-11.1M | ||
| Q3 25 | — | $-14.7M | ||
| Q2 25 | $-551.1K | $-11.6M | ||
| Q1 25 | — | $-23.7M |
| Q4 25 | — | -243.7% | ||
| Q3 25 | — | -206.9% | ||
| Q2 25 | -14.0% | -329.6% | ||
| Q1 25 | — | -410.0% |
| Q4 25 | — | 15.6% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | 1.1% | 22.8% | ||
| Q1 25 | — | 15.8% |
| Q4 25 | 0.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.69× | — | ||
| Q1 25 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FATN
| Products | $2.6M | 63% |
| Other | $1.5M | 37% |
SES
Segment breakdown not available.
