Aeries Technology, Inc. reported its financial results for the third quarter and nine months ended December 31, 2025, revealing a slight decline in revenue but a notable improvement in profitability compared to the previous fiscal period. The company generated $17.46 million in revenue for the quarter, a decrease of 1% from $17.61 million in the same period last year. For the nine-month period, total revenue was $50.15 million, down 2% from $51.15 million. Despite the revenue decline, Aeries achieved a net income of $1.23 million for the quarter, a significant recovery from a net income of $2.05 million in the prior year, while the nine-month net income reached $3.56 million, compared to a loss of $15.58 million in the same period last year.
The company's gross profit for the quarter was $3.34 million, reflecting a gross profit margin of 19.1%, down from 23.0% a year earlier. The increase in cost of revenue, which rose by 4% to $14.12 million, was attributed to higher expenses related to rent, recruitment, and employee compensation. However, Aeries significantly reduced its selling, general, and administrative expenses by 72% to $2.57 million, primarily due to lower stock-based compensation and credit loss provisions. This cost management contributed to an operating income of $0.77 million, a turnaround from an operating loss of $5.16 million in the previous year.
Aeries has also made strategic moves to enhance its operational capabilities, including the issuance of additional Class A ordinary shares to settle obligations under forward purchase agreements (FPAs) and the completion of a business combination with Worldwide Webb Acquisition Corp. in November 2023. As of December 31, 2025, the company had 50,209,716 Class A ordinary shares outstanding, reflecting an increase from 47,152,626 shares as of March 31, 2025. The company continues to focus on expanding its client base, which now includes over 30 clients across various sectors, including e-commerce, telecom, and healthcare.
Operationally, Aeries reported a working capital deficit of $7.12 million, primarily due to current liabilities related to FPAs and short-term borrowings. The company has implemented cost-cutting measures and is exploring capital-raising alternatives to improve liquidity. Management expressed optimism about generating sufficient cash flow from operations to support ongoing business needs, although they acknowledged the risks associated with the FPAs and the potential need for immediate cash settlements. The company is also focused on maintaining compliance with Nasdaq listing requirements, having received a notification regarding its share price falling below the minimum bid requirement.
Looking ahead, Aeries Technology remains committed to leveraging its expertise in AI and digital transformation to drive growth and operational efficiency for its clients. The company is actively pursuing strategies to enhance its financial position and ensure long-term sustainability, while navigating the challenges posed by market conditions and client engagement dynamics.
About Aeries Technology, Inc.
Aeries Technology, Inc. provides professional and technology consulting services focused on designing, establishing, and managing Global Capability Centers (GCCs) for private equity portfolio companies and mid-market enterprises. Its offerings combine strategic advisory, operational management, and AI-driven digital transformation to enhance operational efficiency, cost savings, and scalability. Serving primarily North American and Asia Pacific markets, Aeries delivers flexible, client-aligned GCC models that integrate talent, technology, and governance for sustained business value.
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