Executive Summary
Aeries Technology Inc (AERT) reported a total revenue of $19.05 million for Q4 2025, reflecting a recovery of 8.2% from the previous quarter, although showing a decline of 3.31% year-over-year. The net loss for the quarter was $5.76 million, which is a significant deterioration compared to the same quarter last year, indicating underlying challenges despite cost restructuring efforts. Management underlined a pivotal transformation focused on private equity-backed companies, significantly realigning their business strategy towards core revenue-generating sectors in North America, which now represent 93.3% of total revenues. Positive moves include the achievement of $7.4 million in core adjusted EBITDA, surpassing guidance, which speaks to improved operational efficiencies and strategic focus.
Key Performance Indicators
QoQ: 26.00% | YoY:-19.47%
QoQ: 39.93% | YoY:-34 322.22%
QoQ: -288.54% | YoY:-118.67%
QoQ: -222.75% | YoY:-104.93%
Key Insights
Revenue: $19.05 million, down 3.31% YoY, up 8.2% QoQ; Gross Profit: $5.09 million (Gross Margin: 26.7%); Operating Income: -$3.1 million; Net Income: -$5.76 million (Net Margin: -30.2%); EPS: -$0.0982. Despite the financial losses, core adjusted EBITDA increased by an impressive 365% YoY, reaching $7.4 million, validating the firm’s realignment and operational strategies. Management cited a focused recovery plan and a move away from lower-margin regions leading to a much leaner cost struc...
Financial Highlights
Revenue: $19.05 million, down 3.31% YoY, up 8.2% QoQ; Gross Profit: $5.09 million (Gross Margin: 26.7%); Operating Income: -$3.1 million; Net Income: -$5.76 million (Net Margin: -30.2%); EPS: -$0.0982. Despite the financial losses, core adjusted EBITDA increased by an impressive 365% YoY, reaching $7.4 million, validating the firm’s realignment and operational strategies. Management cited a focused recovery plan and a move away from lower-margin regions leading to a much leaner cost structure, which is expected to contribute positively in FY 2026.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
19.05M |
-3.31% |
8.20% |
| Gross Profit |
5.09M |
-19.47% |
26.00% |
| Operating Income |
-3.10M |
-34 322.22% |
39.93% |
| Net Income |
-5.76M |
-118.67% |
-288.54% |
| EPS |
-0.10 |
-104.93% |
-222.75% |
Management Commentary
Management highlighted the successful exit from Middle Eastern markets, citing the completion of associated write-offs and a significantly tightened cost structure as keys to moving forward. CEO Ajay Khare stated, "Financial year 2025 was a pivotal year for Aeries. We made intentional decisions to sharpen our strategy and focus," pointing to sustained high client retention and deepening of relationships with private equity firms. CFO Daniel Webb noted, "Excluding the discontinued operations, our North America revenue grew 15% year-over-year from $57 million to now $65.5 million," emphasizing core market growth and operational resilience.
"We are excited to bring this new generation of capabilities to our customers as they look to increase the speed of their value creation initiatives." - Ajay Khare
— Ajay Khare
"We closed the year at $7.4 million, exceeding our guidance and reaffirming the strength of our realigned business model." - Daniel S. Webb
— Daniel S. Webb
Forward Guidance
For 2026, Aeries Technology projects revenue growth of $74 million to $80 million and adjusted EBITDA between $6 million and $8 million. Management is optimistic about client traction and sees long-term value in their pivot toward AI-driven services and Global Capability Centers (GCCs) in North America, which are expected to drive further enhancements in operational efficiency and service delivery.