Aeries Technology, Inc. Reports Results for the Full Fiscal Year 2025
Aeries Technology (NASDAQ:AERT), a provider of AI-enabled business transformation services for private equity portfolio companies, reported mixed financial results for FY2025. While the company exceeded its Core Adjusted EBITDA guidance at $7.4 million (365% YoY increase), it posted an overall revenue decline of 3.2% to $70.2 million.
The company's strategic focus on North America showed positive results with 15% YoY growth to $65.5 million in that region. However, Aeries reported an operating loss of $(28.8) million and a net loss of $(21.6) million for FY2025. Looking ahead, the company provided FY2026 guidance of $74-80 million in revenue and $6-8 million in Adjusted EBITDA.
Aeries Technology (NASDAQ:AERT), fornitore di servizi di trasformazione aziendale abilitati dall'IA per società di private equity, ha riportato risultati finanziari contrastanti per l'anno fiscale 2025. Sebbene la società abbia superato la sua previsione di Core Adjusted EBITDA, raggiungendo 7,4 milioni di dollari (un aumento del 365% su base annua), ha registrato un calo complessivo dei ricavi del 3,2%, attestandosi a 70,2 milioni di dollari.
Il focus strategico dell'azienda sul mercato nordamericano ha mostrato risultati positivi con una crescita del 15% su base annua, raggiungendo 65,5 milioni di dollari in quella regione. Tuttavia, Aeries ha riportato una perdita operativa di (28,8) milioni di dollari e una perdita netta di (21,6) milioni di dollari per l'anno fiscale 2025. Guardando al futuro, la società ha fornito previsioni per il 2026 con ricavi compresi tra 74 e 80 milioni di dollari e un Adjusted EBITDA tra 6 e 8 milioni di dollari.
Aeries Technology (NASDAQ:AERT), proveedor de servicios de transformación empresarial habilitados por IA para empresas de cartera de capital privado, reportó resultados financieros mixtos para el año fiscal 2025. Aunque la compañía superó su pronóstico de Core Adjusted EBITDA con 7,4 millones de dólares (un aumento interanual del 365%), registró una disminución general en los ingresos del 3,2%, alcanzando 70,2 millones de dólares.
El enfoque estratégico de la compañía en Norteamérica mostró resultados positivos con un crecimiento interanual del 15% hasta 65,5 millones de dólares en esa región. Sin embargo, Aeries reportó una pérdida operativa de (28,8) millones de dólares y una pérdida neta de (21,6) millones de dólares para el año fiscal 2025. De cara al futuro, la compañía proporcionó una guía para 2026 con ingresos entre 74 y 80 millones de dólares y un Adjusted EBITDA entre 6 y 8 millones de dólares.
Aeries Technology (NASDAQ:AERT)는 사모펀드 포트폴리오 기업을 위한 AI 기반 비즈니스 혁신 서비스를 제공하며, 2025 회계연도에 혼재된 재무 성과를 보고했습니다. 회사는 핵심 조정 EBITDA 가이던스인 740만 달러를 초과 달성하며 전년 대비 365% 증가했지만, 전체 매출은 3.2% 감소하여 7,020만 달러를 기록했습니다.
북미 지역에 대한 회사의 전략적 집중은 전년 대비 15% 증가한 6,550만 달러의 긍정적인 결과를 보였습니다. 그러나 Aeries는 2025 회계연도에 운영 손실 2,880만 달러와 순손실 2,160만 달러를 기록했습니다. 향후 전망으로 회사는 2026 회계연도에 매출 7,400만~8,000만 달러와 조정 EBITDA 600만~800만 달러를 제시했습니다.
Aeries Technology (NASDAQ:AERT), fournisseur de services de transformation d'entreprise assistée par IA pour des sociétés de portefeuille de capital-investissement, a publié des résultats financiers mitigés pour l'exercice 2025. Bien que l'entreprise ait dépassé ses prévisions de Core Adjusted EBITDA à 7,4 millions de dollars (une augmentation de 365 % en glissement annuel), elle a enregistré une baisse globale du chiffre d'affaires de 3,2 %, à 70,2 millions de dollars.
La focalisation stratégique de la société sur l'Amérique du Nord a donné des résultats positifs avec une croissance annuelle de 15 % à 65,5 millions de dollars dans cette région. Cependant, Aeries a enregistré une perte d'exploitation de 28,8 millions de dollars et une perte nette de 21,6 millions de dollars pour l'exercice 2025. Pour l'avenir, la société a fourni des prévisions pour 2026 avec un chiffre d'affaires compris entre 74 et 80 millions de dollars et un EBITDA ajusté entre 6 et 8 millions de dollars.
Aeries Technology (NASDAQ:AERT), ein Anbieter von KI-gestützten Geschäftstransformationsdiensten für Private-Equity-Portfoliounternehmen, meldete gemischte Finanzergebnisse für das Geschäftsjahr 2025. Während das Unternehmen seine Prognose für das Core Adjusted EBITDA mit 7,4 Millionen US-Dollar (365 % Steigerung gegenüber dem Vorjahr) übertraf, verzeichnete es einen Gesamtumsatzrückgang von 3,2 % auf 70,2 Millionen US-Dollar.
Der strategische Fokus des Unternehmens auf Nordamerika zeigte positive Ergebnisse mit einem 15 %igen Umsatzwachstum gegenüber dem Vorjahr auf 65,5 Millionen US-Dollar in dieser Region. Dennoch meldete Aeries für das Geschäftsjahr 2025 einen operativen Verlust von 28,8 Millionen US-Dollar und einen Nettoverlust von 21,6 Millionen US-Dollar. Für das Geschäftsjahr 2026 gab das Unternehmen eine Prognose von 74 bis 80 Millionen US-Dollar Umsatz und einem Adjusted EBITDA von 6 bis 8 Millionen US-Dollar ab.
- Core Adjusted EBITDA exceeded guidance at $7.4 million, up 365% YoY
- North American revenue grew 15% YoY to $65.5 million
- Strategic exit from non-core geographies to focus on core markets
- FY2026 guidance projects revenue growth to $74-80 million
- Overall revenue declined 3.2% YoY to $70.2 million
- Reported operating loss of $(28.8) million compared to $3.0 million profit in FY2024
- Net loss of $(21.6) million versus $17.3 million profit in FY2024
- Adjusted EBITDA declined to $(4.7) million from $9.2 million in FY2024
Insights
Aeries' strategic shift shows mixed results: North America growth offset by wider losses and overall revenue decline.
Aeries Technology's FY2025 results paint a complex picture of a company in transition. While they exceeded their Core Adjusted EBITDA guidance, reaching
The most troubling metrics are the substantial operational losses of
Management's forward guidance for FY2026 projects revenue between
Beats Core Adjusted EBITDA Guidance, North America Revenue Up
NEW YORK, July 02, 2025 (GLOBE NEWSWIRE) -- Aeries Technology, Inc. (“Aeries” or “the Company”) (Nasdaq: AERT), a global leader in AI-enabled value creation, business transformation, and Global Capability Center (GCC) delivery for private equity (PE) portfolio companies, today announced financial results for the fiscal year ended March 31, 2025.
As previously communicated, Aeries will discontinue reporting Core Adjusted EBITDA as a financial metric beginning in FY2026. With the company now fully focused on core operations, Adjusted EBITDA and GAAP results will continue to be reported to provide information on the Company’s operating performance.
Ajay Khare, Chief Executive Officer of Aeries, commented, “We began the year forecasting
Fiscal Year Ended March 31, 2025 (Fiscal Year 2025) Financial Highlights
Revenues: Revenues for fiscal year 2025 were
Income/(Loss) from Operations: Income from operations for fiscal year 2025 was
Net Income/(Loss): Net loss for fiscal year 2025 was
Adjusted EBITDA: Adjusted EBITDA for fiscal year 2025 was
Core adjusted EBITDA: Core adjusted EBITDA for fiscal year 2025 was
Financial Outlook
The Company is reiterating its stated guidance for fiscal year 2026:
- Revenue between
$74 million and$80 million - Adjusted EBITDA between
$6 million and$8 million
Conference Call Details
The company will host a conference call to discuss its financial results on Thursday, July 3, 2025, at 8 AM ET. The call will be accessible by telephone at 1-877-407-0792 (domestic) or 1-201-689-8263 (international). The call transcript will also be available on the company’s investor relations website at https://ir.aeriestechnology.com
About Aeries Technology
Aeries Technology (Nasdaq: AERT) is a global leader in Global Capability Center (GCC) solutions. We establish GCCs for Private Equity’s Portfolio Companies and deliver a comprehensive suite of Advisory & Value Creation solutions. Leveraging advanced technologies like AI and automation, Aeries offers tailored engagement models designed to deliver flexible, impact-driven solutions with measurable outcomes.
Founded in 2012, Aeries Technology has grown to over 1,400 professionals, and its commitment to workforce development has earned it the Great Place to Work Certification for two consecutive years.
Non-GAAP Financial Measures
The Company uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in its underlying operating results and provide additional insight and transparency on how it evaluates the business. The Company uses non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate its performance. The Company has detailed the non-GAAP adjustments that it makes in the non-GAAP definitions below. The adjustments generally fall within the categories of non-cash items. The Company believes the non-GAAP measures presented herein should always be considered along with, and not as a substitute for or superior to, the related GAAP financial measures. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined. For further information, see “Reconciliation of Non—GAAP Financial Measures” below, including the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
The Company define Adjusted EBITDA as net income from operations before interest, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, M&A transaction-related costs, and changes in fair value of derivative liabilities. The Company define Core Adjusted EBITDA as Adjusted EBITDA less EBITDA from non-core business. Our core business includes GCC services provided to private equity-backed companies, primarily in North America, characterized by long-term relationships, recurring contracts, and multi-year revenue streams. In contrast, our non-core business includes consulting services, primarily for customers in the Middle East, which typically involve one-time engagements with extended collection cycles. Moving forward, we aim for the majority of our revenue to be generated from our core business, and we do not plan to enter into new customer contracts outside North America.
Adjusted EBITDA and Core Adjusted EBITDA are key performance indicators the company uses in evaluating our operating performance and in making financial, operating, and planning decisions. The Company believes these measures are useful to investors in the evaluation of Aeries’ operating performance as such information was used by the Company’s management for internal reporting and planning procedures, including aspects of our consolidated operating budget and capital expenditures. Some of the limitations of Adjusted EBITDA and Core Adjusted EBITDA include: each of these measures does not reflect (i) our cash expenditures or future requirements for capital expenditures or contractual commitments or foreign exchange gain/loss; (ii) changes in, or cash requirements for, working capital; (iii) significant interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt; (iv) payments made or future requirements for income taxes; (v) cash requirements for future replacement or payment in depreciated or amortized assets; (vi) stock based compensation costs, (vii) severance pay, (viii) Business Combination and M&A transaction related costs, which represent non-recurring legal, professional, personnel and other fees and expenses incurred in connection with potential mergers and acquisitions related activities, and (ix) change in fair value of derivative liabilities. Additionally, the Core Adjusted EBITDA does not reflect the provision for expected credit loss / (profit) from non-core business.
Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “should”, “would”, “will”, “understand” and similar words are intended to identify forward looking statements. These forward-looking statements include but are not limited to, statements regarding our future operating results, outlook, guidance and financial position, our business strategy and plans, our objectives for future operations, potential acquisitions and macroeconomic trends. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Aeries and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to continue as a going concern; changes in the business, market, financial, political and legal conditions in India, Singapore, the United States, Mexico, the Cayman Islands and other countries, including developments with respect to inflation, interest rates and the global supply chain, including with respect to economic and geopolitical uncertainty in many markets around the world, the potential of decelerating global economic growth and increased volatility in foreign currency exchange rates; the potential for our business development efforts to maximize our potential value; the ability to maintain the listing of our Class A ordinary shares and our public warrants on Nasdaq, and the potential liquidity and trading of our securities; changes in applicable laws or regulations and other regulatory developments in the United States, India, Singapore, Mexico, the Cayman Islands and other countries; our ability to develop and maintain effective internal controls, including our ability to remediate the material weakness in our internal controls over financial reporting; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our financial performance; our ability to make acquisitions, divestments or form joint ventures or otherwise make investments and the ability to successfully complete such transactions and integrate with our business; the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements; the conflicts between Russia and Ukraine, and Israel and Hamas, and any restrictive actions that have been or may be taken by the U.S. and/or other countries in response thereto, such as sanctions or export controls; risks related to cybersecurity and data privacy; the impact of inflation; the impact of the COVID-19 pandemic and other similar pandemics and disruptions in the future; and the fluctuation of economic conditions, global conflicts, inflation and other global events on Aeries’ results of operations and global supply chain constraints. Further information on risks, uncertainties and other factors that could affect our financial results are included in Aeries’ periodic and current reports filed with the U.S. Securities and Exchange Commission. Furthermore, Aeries operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Aeries disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
Contact
IR@aeriestechnology.com
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except percentages) | ||||||||||||||
| Year Ended March 31, | ||||||||||||||
| 2025 | 2024 | $ Change | % Change | |||||||||||
| Revenues, net | $ | 70,198 | $ | 72,509 | $ | (2,311 | ) | (3 | )% | |||||
| Cost of Revenue | 53,478 | 50,868 | 2,610 | 5 | % | |||||||||
| Gross Profit | $ | 16,720 | $ | 21,641 | $ | (4,921 | ) | (23 | )% | |||||
| Gross Profit Margin | 24 | % | 30 | % | ||||||||||
| Operating expenses | ||||||||||||||
| Selling, general & administrative expenses | 45,490 | 18,654 | 26,836 | 144 | % | |||||||||
| Total operating expenses | $ | 45,490 | $ | 18,654 | $ | 26,836 | 144 | % | ||||||
| (Loss) / income from operations | $ | (28,770 | ) | $ | 2,987 | $ | (31,757 | ) | (1,063 | )% | ||||
| Other income / (expense) | ||||||||||||||
| Change in fair value of forward purchase agreement put option liability | 4585 | 14,765 | (10,180 | ) | (69 | )% | ||||||||
| Change in fair value of derivative liabilities | 738 | 1,402 | (664 | ) | (47 | )% | ||||||||
| Gain on settlement of forward purchase agreement put option liability | 581 | - | 581 | 100 | % | |||||||||
| Interest income | 326 | 275 | 51 | 19 | % | |||||||||
| Interest expense | (751 | ) | (462 | ) | (289 | ) | 63 | % | ||||||
| Other income, net | 624 | 160 | 464 | 290 | % | |||||||||
| Total other income | 6,103 | 16,140 | (10,037 | ) | (62 | )% | ||||||||
| (Loss) / income before income taxes | (22,667 | ) | 19,127 | (41,794 | ) | (219 | )% | |||||||
| Income tax benefit / (expenses) | 1,072 | (1,871 | ) | 2,943 | (157 | )% | ||||||||
| Net (loss) / income | $ | (21,595 | ) | $ | 17,256 | $ | (38,851 | ) | (225 | )% | ||||
| Less: Net (loss) / income attributable noncontrolling interest | (1,163 | ) | 202 | (1,365 | ) | (676 | )% | |||||||
| Less: Net (loss) / income attributable to redeemable noncontrolling interests | (718 | ) | 1.397 | (2,115 | ) | (151 | )% | |||||||
| Net (loss) / income attributable to the shareholders of Aeries Technology, Inc. | $ | (19,714 | ) | $ | 15,657 | $ | (35,371 | ) | (226 | )% | ||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except percentages) | ||||||
| Year Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Net (loss) / income | $ | (21,595 | ) | $ | 17,256 | |
| Income tax (benefit) / expense | (1,072 | ) | 1,871 | |||
| Interest income | (326 | ) | (275 | ) | ||
| Interest expense | 751 | 462 | ||||
| Depreciation and amortization | 1,384 | 1,352 | ||||
| Impairment loss | 1,693 | - | ||||
| EBITDA | $ | (19,165 | ) | $ | 20,666 | |
| Adjustments | ||||||
| (+) Stock-based compensation | 12,746 | 1,626 | ||||
| (+) Business Combination and M&A transaction related costs | 6,993 | 3,067 | ||||
| (+) Severance Pay | 678 | - | ||||
| (-) Change in fair value of derivative liabilities | (5,323 | ) | (16,167 | ) | ||
| (-) Gain on settlement of forward purchase agreement put option liability | (581 | ) | - | |||
| Adjusted EBITDA | $ | (4,652 | ) | $ | 9,192 | |
| Revenue | 70,198 | 72,509 | ||||
| Adjusted EBITDA margin [Adjusted EBITDA / Revenue] | (6.6 | )% | 12.7 | % | ||
| ADJUSTED EBITDA TO CORE ADJUSTED EBITDA (In thousands) | ||||||
| Year Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Adjusted EBITDA | $ | (4,652 | ) | $ | 9,192 | |
| (+) Loss / (Profit) from non-core business | 12,058 | (7,600 | ) | |||
| Core adjusted EBITDA | $ | 7,406 | $ | 1,592 | ||
| Revenue | 70,198 | 72,509 | ||||
| Core adjusted EBITDA margin [Core adjusted EBITDA / Revenue] | 10.6 | % | 2.2 | % | ||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (In thousands) | ||||||||||||
| Year Ended | ||||||||||||
| March 31, | ||||||||||||
| 2025 | 2024 | $ Change | % Change | |||||||||
| Cash and Cash Equivalent at the beginning of period | $ | 2,084 | $ | 1,131 | $ | 953 | 84 | % | ||||
| Net cash used in operating activities | (1,009 | ) | (4,299 | ) | 3,290 | 77 | % | |||||
| Net cash used in investing activities | (858 | ) | (1,740 | ) | 882 | 51 | % | |||||
| Net cash provided by financing activities | 2,432 | 7,056 | (4,624 | ) | (66 | )% | ||||||
| Effects of exchange rates on cash | 115 | (64 | ) | 179 | 280 | % | ||||||
| Cash and Cash Equivalent at the end of period | $ | 2,764 | $ | 2,084 | $ | 680 | 33 | % | ||||
| | ||||||
| CONSOLIDATED BALANCE SHEET (In thousands) | ||||||
| As of March 31, | ||||||
| 2025 | 2024 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 2,764 | $ | 2,084 | ||
| Accounts receivable, net of allowance of | 10,982 | 23,757 | ||||
| Prepaid expenses and other current assets, net of allowance of | 7,581 | 6,995 | ||||
| Total current assets | $ | 21,327 | $ | 32,836 | ||
| Property and equipment, net | 1,570 | 3,579 | ||||
| Operating right-of-use assets | 9,602 | 7,318 | ||||
| Deferred tax assets, net | 4,064 | 1,933 | ||||
| Long-term investments, net of allowance of | 1,830 | 1,612 | ||||
| Other assets, net of allowance of | 1,440 | 2,129 | ||||
| Total assets | $ | 39,833 | $ | 49,407 | ||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY / (DEFICIT) | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 8,154 | $ | 6,616 | ||
| Accrued compensation and related benefits, current | 2,432 | 3,119 | ||||
| Operating lease liabilities, current | 2,543 | 2,080 | ||||
| Short-term borrowings | 6,504 | 6,778 | ||||
| Forward purchase agreement put option liability | 5,034 | 10,244 | ||||
| Other current liabilities | 7,753 | 9,288 | ||||
| Total current liabilities | $ | 32,420 | $ | 38,125 | ||
| Long term debt | 1,096 | 1,440 | ||||
| Operating lease liabilities, noncurrent | 7,483 | 5,615 | ||||
| Derivative warrant liabilities | 629 | 1,367 | ||||
| Deferred tax liabilities | 139 | 92 | ||||
| Other liabilities | 4,170 | 3,948 | ||||
| Total liabilities | $ | 45,937 | $ | 50,587 | ||
| Commitments and contingencies | ||||||
| Redeemable noncontrolling interest | (42 | ) | 734 | |||
| Shareholders’ equity / (deficit) | ||||||
| Preference shares, | - | - | ||||
| Class A ordinary shares, | 5 | 2 | ||||
| Class V ordinary shares, | - | - | ||||
| Net shareholders’ investment and additional paid-in capital | 27,203 | - | ||||
| Less : Common Stock held in treasury at cost; 1,285,392 shares as on March 31, 2025 and 0 shares as on March 31, 2024 | (724 | ) | - | |||
| Accumulated other comprehensive loss | (908 | ) | (574 | ) | ||
| Accumulated deficit | (31,380 | ) | (11,668 | ) | ||
| Total Aeries Technology, Inc. shareholders’ deficit | $ | (5,804 | ) | $ | (12,240 | ) |
| Noncontrolling interest | (258 | ) | 10,326 | |||
| Total shareholders’ deficit | (6,062 | ) | (1,914 | ) | ||
| Total liabilities, redeemable noncontrolling interest and shareholders’ deficit | $ | 39,833 | $ | 49,407 | ||
FAQ
What were Aeries Technology's (AERT) key financial results for FY2025?
How did Aeries Technology perform in North America during FY2025?
What is Aeries Technology's financial guidance for FY2026?
Will Aeries Technology (AERT) continue reporting Core Adjusted EBITDA?
What strategic changes did Aeries Technology implement in FY2025?
