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Side-by-side financial comparison of Fatpipe Inc (FATN) and Token Cat Ltd (TC). Click either name above to swap in a different company.
Fatpipe Inc is the larger business by last-quarter revenue ($4.1M vs $2.8M, roughly 1.5× Token Cat Ltd). Fatpipe Inc runs the higher net margin — 7.6% vs -3.4%, a 11.0% gap on every dollar of revenue. On growth, Fatpipe Inc posted the faster year-over-year revenue change (3.2% vs -37.9%).
FATN vs TC — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $2.8M |
| Net Profit | $310.7K | $-93.0K |
| Gross Margin | 87.7% | 79.0% |
| Operating Margin | 9.8% | -206.9% |
| Net Margin | 7.6% | -3.4% |
| Revenue YoY | 3.2% | -37.9% |
| Net Profit YoY | 816.0% | 98.3% |
| EPS (diluted) | $0.02 | — |
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 | — | ||
| Q3 25 | $4.0M | — | ||
| Q2 25 | $3.9M | $2.8M | ||
| Q2 24 | — | $4.4M | ||
| Q2 23 | — | $12.7M | ||
| Q2 22 | — | $13.3M |
| Q4 25 | $310.7K | — | ||
| Q3 25 | $-43.4K | — | ||
| Q2 25 | $741.2K | $-93.0K | ||
| Q2 24 | — | $-5.6M | ||
| Q2 23 | — | $-4.2M | ||
| Q2 22 | — | $-8.4M |
| Q4 25 | 87.7% | — | ||
| Q3 25 | 92.1% | — | ||
| Q2 25 | 94.2% | 79.0% | ||
| Q2 24 | — | 69.2% | ||
| Q2 23 | — | 63.4% | ||
| Q2 22 | — | 81.0% |
| Q4 25 | 9.8% | — | ||
| Q3 25 | -0.0% | — | ||
| Q2 25 | 25.5% | -206.9% | ||
| Q2 24 | — | -146.9% | ||
| Q2 23 | — | -59.9% | ||
| Q2 22 | — | -49.6% |
| Q4 25 | 7.6% | — | ||
| Q3 25 | -1.1% | — | ||
| Q2 25 | 18.8% | -3.4% | ||
| Q2 24 | — | -125.9% | ||
| Q2 23 | — | -33.3% | ||
| Q2 22 | — | -62.9% |
| Q4 25 | $0.02 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $0.05 | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $150.0K |
| Total DebtLower is stronger | $4.6M | $1.4M |
| Stockholders' EquityBook value | $21.2M | $4.6M |
| Total Assets | $32.4M | $28.4M |
| Debt / EquityLower = less leverage | 0.22× | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $150.0K | ||
| Q2 24 | — | $689.0K | ||
| Q2 23 | — | $3.0M | ||
| Q2 22 | — | $4.8M |
| Q4 25 | $4.6M | — | ||
| Q3 25 | $4.8M | — | ||
| Q2 25 | $4.9M | $1.4M | ||
| Q2 24 | — | $1.8M | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | $21.2M | — | ||
| Q3 25 | $21.0M | — | ||
| Q2 25 | $20.4M | $4.6M | ||
| Q2 24 | — | $-787.0K | ||
| Q2 23 | — | $9.1M | ||
| Q2 22 | — | $21.4M |
| Q4 25 | $32.4M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $32.0M | $28.4M | ||
| Q2 24 | — | $12.5M | ||
| Q2 23 | — | $25.1M | ||
| Q2 22 | — | $40.6M |
| Q4 25 | 0.22× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.24× | 0.30× | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
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 | $-23.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $240.9K | — | ||
| Q3 25 | $399.8K | — | ||
| Q2 25 | $-508.6K | $-23.7M | ||
| Q2 24 | — | $-1.5M | ||
| Q2 23 | — | $-7.2M | ||
| Q2 22 | — | $-8.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-551.1K | — | ||
| Q2 24 | — | $-1.5M | ||
| Q2 23 | — | — | ||
| Q2 22 | — | $-8.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -14.0% | — | ||
| Q2 24 | — | -34.4% | ||
| Q2 23 | — | — | ||
| Q2 22 | — | -62.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.1% | — | ||
| Q2 24 | — | 0.0% | ||
| Q2 23 | — | — | ||
| Q2 22 | — | 0.1% |
| Q4 25 | 0.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.69× | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
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% |
TC
Segment breakdown not available.
