What is Aeries Technology's operating income?

Aeries Technology's total operating income in 2026 was $4.52 million, based on the following breakdown: Total Gross Profit: $17.30 million Total Operating Expenses: $12.78 million

Aeries Technology (AERTW) Financials

$0.01 0.00 (-2.29%)

As of 10/26/2026 03:58 PM Eastern

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Annual Income Statements for Aeries Technology

This table shows Aeries Technology's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025	2026
Period end date	12/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.76	1.45	16	-20	2.55
Consolidated Net Income / (Loss)	9.76	1.71	17	-22	3.47
Net Income / (Loss) Continuing Operations	9.76	1.71	17	-22	3.47
Total Pre-Tax Income	9.56	2.77	19	-23	5.47
Total Operating Income	-4.46	2.33	2.99	-29	4.52
Total Gross Profit	0.00	14	22	17	17
Total Revenue	0.00	53	73	70	70
Operating Revenue	-	53	73	70	70
Total Cost of Revenue	0.00	39	51	53	53
Operating Cost of Revenue	-	39	51	53	53
Total Operating Expenses	4.46	11	19	45	13
Selling, General & Admin Expense	-	11	19	45	13
Total Other Income / (Expense), net	14	0.44	16	6.10	0.95
Interest Expense	-	-0.01	0.19	0.43	0.15
Other Income / (Expense), net	14	0.43	16	6.53	1.09
Income Tax Expense	-	1.06	1.87	-1.07	1.99
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.26	1.60	-1.88	0.92
Basic Earnings per Share	$0.68	$0.00	$0.91	($0.46)	$0.05
Weighted Average Basic Shares Outstanding	28.75M	0.00	15.53M	43.08M	48.33M
Diluted Earnings per Share	$0.68	$0.00	$0.91	($0.46)	$0.05
Weighted Average Diluted Shares Outstanding	28.75M	-	15.53M	43.08M	48.33M
Weighted Average Basic & Diluted Shares Outstanding	28.75M	-	-	-	45.91M

This table shows Aeries Technology's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	0.82	16	-15	-2.19	3.05	-5.76	1.51	0.24	1.08	-0.28	1.78
Consolidated Net Income / (Loss)	0.93	-16	-15	-2.31	2.05	-6.02	1.68	0.64	1.23	-0.08	2.21
Net Income / (Loss) Continuing Operations	0.93	-16	-15	-2.31	2.05	-6.02	1.68	0.64	1.23	-0.08	2.21
Total Pre-Tax Income	1.61	16	-16	-2.83	0.61	-4.04	2.01	1.44	1.60	0.42	3.09
Total Operating Income	1.49	0.73	-16	-4.10	-5.16	-3.10	0.82	1.99	0.77	0.94	3.36
Total Gross Profit	4.82	6.05	4.01	3.58	4.04	5.09	3.78	5.02	3.34	5.16	6.38
Total Revenue	18	19	17	17	18	19	15	17	17	20	22
Operating Revenue	18	19	17	17	18	19	15	17	17	20	22
Total Cost of Revenue	13	13	13	13	14	14	12	12	14	15	16
Operating Cost of Revenue	13	13	13	13	14	14	12	12	14	15	16
Total Operating Expenses	3.34	5.31	20	7.67	9.20	8.19	2.96	3.04	2.57	4.22	3.02
Selling, General & Admin Expense	3.34	5.31	20	7.67	9.20	8.19	2.96	3.04	2.57	4.22	3.02
Total Other Income / (Expense), net	0.12	-16	0.01	1.26	5.77	-0.94	1.19	-0.55	0.83	-0.52	-0.27
Interest Expense	0.01	0.03	0.07	0.05	0.14	0.17	0.10	0.02	-0.01	0.04	0.04
Other Income / (Expense), net	0.13	-16	0.08	1.31	5.91	-0.77	1.29	-0.53	0.82	-0.48	-0.23
Income Tax Expense	0.68	0.56	-1.09	-0.53	-1.44	1.99	0.33	0.79	0.37	0.50	0.88
Net Income / (Loss) Attributable to Noncontrolling Interest	0.11	0.20	-0.50	-0.12	-1.01	-0.26	0.16	0.40	0.16	0.20	0.43
Basic Earnings per Share	$0.00	($1.08)	($0.39)	($0.05)	$0.08	($0.10)	$0.26	$0.01	$0.02	($0.01)	$0.31
Weighted Average Basic Shares Outstanding	0.00	15.39M	37.85M	44.36M	44.52M	43.08M	5.89M	47.31M	48.76M	48.33M	5.79M
Diluted Earnings per Share	$0.00	($1.08)	($0.39)	($0.05)	$0.08	($0.10)	$0.26	$0.01	$0.02	($0.01)	$0.27
Weighted Average Diluted Shares Outstanding	0.00	15.39M	37.85M	44.36M	44.52M	43.08M	5.89M	47.31M	48.76M	48.33M	6.58M
Weighted Average Basic & Diluted Shares Outstanding	-	15.39M	-	44.50M	44.56M	0.00	47.15M	48.85M	50.21M	45.91M	5.25M

This table details how cash moves in and out of Aeries Technology's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025	2026
Period end date	12/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.46	0.78	0.95	0.68	2.11
Net Cash From Operating Activities	-0.45	2.11	-4.30	-1.01	6.77
Net Cash From Continuing Operating Activities	-0.45	2.11	-4.30	-1.01	6.77
Net Income / (Loss) Continuing Operations	9.76	1.71	17	-22	3.47
Consolidated Net Income / (Loss)	9.76	1.71	17	-22	3.47
Depreciation Expense	-	1.17	1.35	1.38	0.84
Non-Cash Adjustments To Reconcile Net Income	-14	4.60	1.42	24	0.65
Changes in Operating Assets and Liabilities, net	4.02	-5.36	-24	-4.44	1.81
Net Cash From Investing Activities	0.00	-1.56	-1.74	-0.86	-1.42
Net Cash From Continuing Investing Activities	0.00	-1.56	-1.74	-0.86	-1.42
Purchase of Property, Plant & Equipment	-	-1.60	-1.52	-1.48	-1.11
Sale of Property, Plant & Equipment	-	0.01	0.01	0.22	0.09
Other Investing Activities, net	-	0.03	-0.23	0.41	-0.39
Net Cash From Financing Activities	-0.01	0.25	7.06	2.43	-3.02
Net Cash From Continuing Financing Activities	-0.01	0.25	7.06	2.43	-3.02
Repayment of Debt	-0.01	-0.62	-2.73	-3.01	-2.30
Repurchase of Common Equity	0.00	-	0.00	-0.72	-0.58
Issuance of Debt	0.00	1.55	3.43	1.51	0.00
Issuance of Common Equity	0.00	0.00	8.67	4.68	0.01
Other Financing Activities, net	-	-0.68	-2.31	-0.02	-0.14
Effect of Exchange Rate Changes	-	-0.03	-0.06	0.12	-0.22
Cash Interest Paid	-	0.27	0.47	0.91	0.35
Cash Income Taxes Paid	-	1.23	1.01	2.50	1.28

This table details how cash moves in and out of Aeries Technology's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	4.66	-4.46	2.11	-0.57	-1.24	0.38	-0.63	-0.27	0.70	2.31	1.19
Net Cash From Operating Activities	-1.36	-4.32	-1.72	1.93	-2.08	0.86	1.37	1.03	2.37	2.01	4.82
Net Cash From Continuing Operating Activities	-1.36	-4.32	-1.72	1.93	-2.08	0.86	1.37	1.03	2.37	2.01	4.82
Net Income / (Loss) Continuing Operations	-16	32	-15	-2.31	2.05	-6.02	1.68	0.64	1.24	-0.08	2.21
Consolidated Net Income / (Loss)	-16	32	-15	-2.31	2.05	-6.02	1.68	0.64	1.24	-0.08	2.21
Depreciation Expense	0.34	0.35	0.37	0.37	0.35	0.29	0.21	0.21	0.21	0.22	0.22
Amortization Expense	-	-	-	-	-	-	-	-	-	-	0.25
Non-Cash Adjustments To Reconcile Net Income	0.62	-0.25	14	1.80	2.59	5.72	-0.69	0.70	-1.03	1.67	-0.65
Changes in Operating Assets and Liabilities, net	14	-37	-0.31	2.06	-7.07	0.88	0.18	-0.53	1.95	0.21	2.79
Net Cash From Investing Activities	-0.26	-0.67	-0.61	-0.38	-0.29	0.42	-0.87	-0.07	-0.24	-0.24	-0.28
Net Cash From Continuing Investing Activities	-0.26	-0.67	-0.61	-0.38	-0.29	0.42	-0.87	-0.07	-0.24	-0.24	-0.28
Purchase of Property, Plant & Equipment	-0.33	-0.46	-0.37	-0.61	-0.39	-0.11	-0.26	-0.37	-0.23	-0.25	-0.28
Sale of Property, Plant & Equipment	-	0.01	0.00	0.01	0.09	0.12	0.00	0.08	-	0.00	0.00
Other Investing Activities, net	0.07	-0.22	-0.24	0.23	0.02	0.40	-0.61	0.22	-0.01	0.01	0.00
Net Cash From Financing Activities	6.28	0.58	4.39	-2.14	1.09	-0.91	-1.15	-1.18	-1.38	0.69	-3.36
Net Cash From Continuing Financing Activities	6.28	0.58	4.39	-2.14	1.09	-0.91	-1.15	-1.18	-1.38	0.69	-3.36
Repayment of Debt	-0.46	-1.78	-0.51	-2.81	0.50	-0.19	-0.04	-1.18	-1.34	1.36	-0.97
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-2.16
Other Financing Activities, net	-2.41	1.26	-0.02	-	-	-	0.00	-	-0.04	-0.10	-0.23
Effect of Exchange Rate Changes	0.01	-0.05	0.06	0.02	0.03	0.01	0.02	-0.05	-0.05	-0.15	0.00
Cash Interest Paid	0.08	0.21	0.12	0.20	0.29	0.30	0.11	0.12	-0.03	0.14	0.07
Cash Income Taxes Paid	0.43	-0.05	0.80	-0.25	0.77	1.18	0.08	0.14	0.73	0.33	1.25

This table presents Aeries Technology's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2024	2025	2026
Period end date	12/31/2021	12/31/2022	3/31/2024	3/31/2025	3/31/2026
Total Assets	234	235	49	40	42
Total Current Assets	0.90	0.36	33	21	24
Cash & Equivalents	0.50	0.05	2.08	2.76	4.88
Accounts Receivable	-	-	24	11	13
Prepaid Expenses	0.40	0.30	7.00	7.58	6.17
Plant, Property, & Equipment, net	0.00	0.00	3.58	1.57	1.75
Total Noncurrent Assets	233	235	13	17	16
Long-Term Investments	-	-	1.61	1.83	1.90
Noncurrent Deferred & Refundable Income Taxes	-	-	1.93	4.06	3.69
Other Noncurrent Operating Assets	233	235	9.45	11	11
Total Liabilities & Shareholders' Equity	234	235	49	40	42
Total Liabilities	21	4.97	51	46	44
Total Current Liabilities	0.39	4.01	38	32	31
Short-Term Debt	0.21	0.20	6.78	6.50	4.44
Accounts Payable	0.00	0.68	6.62	8.15	9.27
Accrued Expenses	0.18	3.13	3.12	2.43	3.57
Other Current Liabilities	-	-	22	15	13
Total Noncurrent Liabilities	21	0.96	12	14	14
Long-Term Debt	-	-	1.44	1.10	0.80
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.09	0.14	0.20
Other Noncurrent Operating Liabilities	21	0.96	11	12	13
Redeemable Noncontrolling Interest	232	235	0.73	-0.04	0.45
Total Equity & Noncontrolling Interests	-20	-4.51	-1.91	-6.06	-3.03
Total Preferred & Common Equity	-20	-4.51	-12	-5.80	-3.03
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-20	-4.51	-12	-5.80	-3.03
Common Stock	0.00	0.00	0.00	27	29
Retained Earnings	-20	-4.51	-12	-31	-29
Treasury Stock	-	-	0.00	-0.72	-1.30
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.57	-0.91	-1.98
Other Equity Adjustments	-	0.00	-	0.00	0.00
Noncontrolling Interest	-	-	10	-0.26	0.00

This table presents Aeries Technology's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026	Q1 2027
Period end date	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Total Assets	50	47	52	52	51	39	40	42	41
Total Current Assets	0.05	32	34	29	25	20	21	21	25
Cash & Equivalents	0.01	6.54	4.20	3.63	2.39	2.14	1.87	2.57	6.07
Accounts Receivable	-	18	22	18	14	9.55	11	10	12
Prepaid Expenses	0.04	7.30	7.20	7.34	8.02	8.41	7.37	8.43	6.38
Plant, Property, & Equipment, net	0.00	3.54	3.55	3.73	3.59	1.67	1.73	1.79	1.81
Total Noncurrent Assets	50	11	14	19	23	17	18	19	14
Long-Term Investments	-	1.56	1.68	1.72	1.73	1.89	1.88	1.92	1.96
Noncurrent Deferred & Refundable Income Taxes	-	1.48	3.20	3.90	5.52	4.06	4.02	4.00	4.12
Other Noncurrent Operating Assets	50	8.13	9.54	13	15	11	12	13	8.29
Total Liabilities & Shareholders' Equity	50	47	52	52	51	39	40	42	41
Total Liabilities	10	80	51	53	50	43	43	43	43
Total Current Liabilities	9.39	68	39	39	35	31	29	29	29
Short-Term Debt	0.56	6.24	6.40	4.48	6.25	5.40	4.37	3.08	3.28
Accounts Payable	6.35	7.77	6.63	7.33	7.82	7.66	7.41	6.44	8.87
Accrued Expenses	2.48	2.78	2.16	2.60	2.61	1.90	1.99	2.39	2.34
Other Current Liabilities	-	51	24	25	18	16	15	17	15
Total Noncurrent Liabilities	1.00	12	12	14	15	13	14	14	14
Long-Term Debt	-	1.14	1.68	1.51	1.48	1.09	0.94	0.84	0.80
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.11	0.12	0.13	0.13	0.17	0.25	0.17	0.21
Other Noncurrent Operating Liabilities	1.00	11	10	12	13	11	13	13	13
Redeemable Noncontrolling Interest	50	9.74	0.74	0.69	0.04	0.06	0.32	0.40	0.76
Total Equity & Noncontrolling Interests	-10	-43	0.19	-2.00	0.62	-4.49	-2.98	-1.19	-2.63
Total Preferred & Common Equity	-10	-43	-0.23	-2.32	0.69	-4.29	-2.91	-1.19	-2.80
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-10	-43	-0.23	-2.32	0.69	-4.29	-2.91	-1.19	-2.80
Common Stock	0.00	0.00	27	27	27	27	28	29	28
Retained Earnings	-10	-42	-26	-29	-26	-30	-30	-29	-27
Treasury Stock	-	-	-	-	-	-0.72	-0.72	-0.72	-2.25
Accumulated Other Comprehensive Income / (Loss)	-	-0.58	-0.64	-0.80	-0.89	-0.91	-0.98	-1.04	-1.74
Other Equity Adjustments	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest	-	0.00	0.42	0.32	-0.07	-0.20	-0.07	0.00	0.17

This table displays calculated financial ratios and metrics derived from Aeries Technology's official financial filings.

Metric	2022	2023	2024	2025	2026
Period end date	12/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	28,750,000.00	28,750,000.00	15,619,005.00	44,557,997.00	50,209,717.00
DEI Adjusted Shares Outstanding	28,750,000.00	28,750,000.00	15,619,005.00	44,557,997.00	50,209,717.00
DEI Earnings Per Adjusted Shares Outstanding	0.34	0.05	1.00	-0.44	0.05
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	36.55%	-3.19%	-0.26%
EBITDA Growth	0.00%	-58.86%	425.58%	-200.93%	130.91%
EBIT Growth	0.00%	-71.12%	599.78%	-215.16%	125.22%
NOPAT Growth	0.00%	132.21%	87.44%	-847.32%	114.26%
Net Income Growth	0.00%	-82.52%	911.49%	-225.14%	116.09%
EPS Growth	0.00%	-100.00%	0.00%	-150.55%	110.87%
Operating Cash Flow Growth	0.00%	572.66%	-303.65%	76.53%	771.16%
Free Cash Flow Firm Growth	0.00%	0.00%	-100.28%	-2,016.70%	129.37%
Invested Capital Growth	0.00%	0.00%	0.00%	-192.70%	-37.19%
Revenue Q/Q Growth	0.00%	318.40%	0.00%	0.00%	1.18%
EBITDA Q/Q Growth	0.00%	284.75%	0.00%	0.00%	194.12%
EBIT Q/Q Growth	0.00%	229.68%	0.00%	0.00%	337.94%
NOPAT Q/Q Growth	0.00%	124.72%	0.00%	0.00%	344.89%
Net Income Q/Q Growth	0.00%	433.85%	0.00%	0.00%	240.76%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	225.00%
Operating Cash Flow Q/Q Growth	0.00%	-7.46%	-2,262.09%	83.72%	20.37%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	-100.00%	0.00%	0.00%	-186.39%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	25.72%	29.85%	23.82%	24.71%
EBITDA Margin	0.00%	7.41%	28.50%	-29.71%	9.21%
Operating Margin	0.00%	4.39%	4.12%	-40.98%	6.45%
EBIT Margin	0.00%	5.20%	26.64%	-31.68%	8.01%
Profit (Net Income) Margin	0.00%	3.21%	23.80%	-30.76%	4.96%
Tax Burden Percent	102.12%	61.68%	90.22%	95.27%	63.57%
Interest Burden Percent	100.00%	100.22%	99.03%	101.91%	97.42%
Effective Tax Rate	0.00%	38.32%	9.78%	0.00%	36.43%
Return on Invested Capital (ROIC)	0.00%	0.00%	161.27%	-16,507.38%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	805.28%	-16,546.06%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-3,086.02%	17,100.32%	0.00%
Return on Equity (ROE)	4.41%	0.00%	-2,924.75%	592.94%	-79.96%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-38.73%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	39.09%	-49.85%	13.73%
Return on Assets (ROA)	0.00%	0.00%	34.93%	-48.40%	8.50%
Return on Common Equity (ROCE)	-0.24%	0.00%	-30,338.04%	1,468.85%	-81.33%
Return on Equity Simple (ROE_SIMPLE)	-216.55%	0.00%	-140.98%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.46	1.44	2.69	-20	2.87
NOPAT Margin	0.00%	2.71%	3.72%	-28.69%	4.10%
Net Nonoperating Expense Percent (NNEP)	-9,365.41%	0.00%	-644.02%	38.68%	-89.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-	42.75%	-1,309.43%	130.49%
Cost of Revenue to Revenue	0.00%	74.28%	70.15%	76.18%	75.29%
SG&A Expenses to Revenue	0.00%	21.33%	25.73%	64.80%	18.25%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	21.33%	25.73%	64.80%	18.25%
Earnings before Interest and Taxes (EBIT)	9.56	2.76	19	-22	5.61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.56	3.93	21	-21	6.45
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	5.60	0.55	0.37	0.22
Price to Earnings (P/E)	30.05	205.78	2.56	0.00	6.15
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.33%	0.49%	39.01%	0.00%	16.25%
Enterprise Value to Invested Capital (EV/IC)	2.29	0.00	16.67	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.77	0.41	0.21
Enterprise Value to EBITDA (EV/EBITDA)	55.25	0.00	2.70	0.00	2.27
Enterprise Value to EBIT (EV/EBIT)	55.25	0.00	2.89	0.00	2.61
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	20.68	0.00	5.09
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	2.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	3.63
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	-6.96	-1.25	-2.02
Long-Term Debt to Equity	0.00	0.00	-1.22	-0.18	-0.31
Financial Leverage	0.00	0.00	-3.83	-1.03	-0.15
Leverage Ratio	1.06	0.00	-41.87	-12.25	-9.41
Compound Leverage Factor	1.06	0.00	-41.46	-12.49	-9.16
Debt to Total Capital	0.09%	0.00%	116.77%	508.02%	197.58%
Short-Term Debt to Total Capital	0.09%	0.00%	96.31%	434.76%	167.46%
Long-Term Debt to Total Capital	0.00%	0.00%	20.46%	73.26%	30.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	101.87%	0.00%	157.15%	-20.05%	16.95%
Common Equity to Total Capital	-1.96%	0.00%	-173.91%	-387.97%	-114.53%
Debt to EBITDA	0.02	0.00	0.40	-0.36	0.81
Net Debt to EBITDA	0.02	0.00	0.22	-0.14	-0.24
Long-Term Debt to EBITDA	0.00	0.00	0.07	-0.05	0.12
Debt to NOPAT	-0.04	0.00	3.05	-0.38	1.82
Net Debt to NOPAT	-0.03	0.00	1.68	-0.15	-0.54
Long-Term Debt to NOPAT	0.00	0.00	0.53	-0.05	0.28
Altman Z-Score	35.51	0.00	2.77	-1.18	1.17
Noncontrolling Interest Sharing Ratio	105.49%	0.00%	-937.29%	-147.72%	-1.71%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.09	0.00	0.86	0.66	0.78
Quick Ratio	0.01	0.00	0.68	0.42	0.57
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	232	-0.65	-14	4.02
Operating Cash Flow to CapEx	0.00%	132.93%	-284.89%	-79.64%	660.04%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-3.46	-32.23	27.75
Operating Cash Flow to Interest Expense	0.00	0.00	-22.99	-2.37	46.70
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-31.06	-5.36	39.63
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	1.47	1.57	1.71
Accounts Receivable Turnover	0.00	0.00	3.05	4.04	5.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	20.26	27.27	42.18
Accounts Payable Turnover	0.00	0.00	7.69	7.24	6.05
Days Sales Outstanding (DSO)	0.00	0.00	119.59	90.31	61.78
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	47.47	50.40	60.32
Cash Conversion Cycle (CCC)	0.00	0.00	72.12	39.91	1.46
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	230	0.00	3.34	-3.10	-4.25
Invested Capital Turnover	0.00	0.00	43.39	575.39	-19.06
Increase / (Decrease) in Invested Capital	0.00	-230	3.34	-6.44	-1.15
Enterprise Value (EV)	528	0.00	56	29	15
Market Capitalization	293	298	40	26	16
Book Value per Share	($0.16)	$0.00	($0.78)	($0.13)	($0.06)
Tangible Book Value per Share	($0.16)	$0.00	($0.78)	($0.13)	($0.06)
Total Capital	230	0.00	7.04	1.50	2.65
Total Debt	0.20	0.00	8.22	7.60	5.23
Total Long-Term Debt	0.00	0.00	1.44	1.10	0.80
Net Debt	0.15	0.00	4.52	3.01	-1.54
Capital Expenditures (CapEx)	0.00	1.59	1.51	1.27	1.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.50	0.00	-0.60	-7.35	-7.24
Debt-free Net Working Capital (DFNWC)	-3.45	0.00	1.49	-4.59	-2.36
Net Working Capital (NWC)	-3.65	0.00	-5.29	-11	-6.80
Net Nonoperating Expense (NNE)	-14	-0.27	-15	1.46	-0.60
Net Nonoperating Obligations (NNO)	0.15	0.00	4.52	3.01	-1.67
Total Depreciation and Amortization (D&A)	0.00	1.17	1.35	1.38	0.84
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-0.82%	-10.47%	-10.34%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	2.05%	-6.54%	-3.37%
Net Working Capital to Revenue	0.00%	0.00%	-7.29%	-15.80%	-9.71%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.68	$0.00	$0.91	($0.46)	$0.05
Adjusted Weighted Average Basic Shares Outstanding	28.75M	0.00	15.53M	43.08M	48.33M
Adjusted Diluted Earnings per Share	$0.68	$0.00	$0.91	($0.46)	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	28.75M	0.00	0.00	43.08M	48.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.75M	0.00	0.00	0.00	45.91M
Normalized Net Operating Profit after Tax (NOPAT)	-3.12	1.44	2.69	-20	2.87
Normalized NOPAT Margin	0.00%	2.71%	3.72%	-28.69%	4.10%
Pre Tax Income Margin	0.00%	5.21%	26.38%	-32.29%	7.81%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	103.28	-52.33	38.69
NOPAT to Interest Expense	0.00	0.00	14.41	-47.39	19.81
EBIT Less CapEx to Interest Expense	0.00	0.00	95.21	-55.32	31.61
NOPAT Less CapEx to Interest Expense	0.00	0.00	6.34	-50.37	12.73
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-3.35%	16.70%

This table displays calculated financial ratios and metrics derived from Aeries Technology's official financial filings.

Metric	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	10,468,054.00	15,257,667.00	15,619,005.00	44,500,426.00	44,500,426.00	44,557,997.00	44,557,997.00	47,152,627.00	48,853,811.00	50,209,717.00	45,914,790.00
DEI Adjusted Shares Outstanding	10,468,054.00	15,257,667.00	15,619,005.00	44,500,426.00	44,500,426.00	44,557,997.00	44,557,997.00	47,152,627.00	48,853,811.00	50,209,717.00	5,739,349.00
DEI Earnings Per Adjusted Shares Outstanding	0.08	1.08	-0.95	-0.05	0.07	-0.13	0.03	0.01	0.02	-0.01	0.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.64%	48.90%	0.00%	-4.01%	-6.83%	0.00%	-8.02%	2.88%	-0.83%	4.27%	42.97%
EBITDA Growth	109.08%	-3,926.82%	0.00%	-249.75%	107.20%	0.00%	114.47%	168.72%	63.79%	118.95%	55.89%
EBIT Growth	109.08%	-4,012.78%	0.00%	-272.77%	104.81%	0.00%	112.88%	152.21%	111.72%	111.92%	48.69%
NOPAT Growth	59.11%	427.12%	0.00%	-434.19%	-2,556.76%	0.00%	105.96%	130.96%	103.43%	91.98%	251.35%
Net Income Growth	87.65%	-5,074.92%	0.00%	-348.76%	112.56%	0.00%	110.94%	127.84%	-39.75%	98.70%	32.10%
EPS Growth	0.00%	0.00%	0.00%	0.00%	107.41%	0.00%	107.69%	120.00%	-75.00%	90.00%	3.85%
Operating Cash Flow Growth	0.00%	-160.51%	0.00%	0.00%	-52.57%	119.98%	179.59%	-46.75%	213.96%	132.64%	252.37%
Free Cash Flow Firm Growth	-76.52%	-60.43%	0.00%	-105.18%	-174.29%	0.00%	0.00%	159.63%	111.39%	0.00%	10.86%
Invested Capital Growth	0.00%	-184.70%	0.00%	0.00%	112.52%	0.00%	-163.07%	-64.50%	-134.81%	-37.19%	-202.85%
Revenue Q/Q Growth	0.00%	7.50%	0.00%	1.24%	4.35%	8.20%	-19.53%	13.24%	0.58%	13.77%	10.33%
EBITDA Q/Q Growth	0.00%	-1,047.21%	0.00%	84.88%	145.53%	-425.48%	164.58%	-28.18%	8.50%	-62.33%	431.12%
EBIT Q/Q Growth	0.00%	-1,068.49%	0.00%	82.96%	126.97%	-615.05%	154.42%	-30.93%	9.35%	-71.01%	578.96%
NOPAT Q/Q Growth	0.00%	-17.57%	0.00%	75.06%	-506.00%	87.52%	131.58%	29.60%	-32.91%	-129.21%	1,483.27%
Net Income Q/Q Growth	0.00%	-1,858.47%	0.00%	84.94%	188.81%	-393.95%	127.84%	-61.69%	92.21%	-106.32%	2,938.46%
EPS Q/Q Growth	0.00%	0.00%	0.00%	87.18%	260.00%	-225.00%	130.00%	-66.67%	100.00%	-150.00%	2,800.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	60.22%	211.92%	-207.95%	141.58%	58.45%	-25.13%	131.02%	-15.12%	140.00%
Free Cash Flow Firm Q/Q Growth	0.00%	76.21%	0.00%	0.00%	-2,425.97%	100.00%	0.00%	-77.21%	382.52%	-84.58%	553.73%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-121.24%	743.96%	-172.67%	36.54%	44.61%	-36.27%	-186.39%	-40.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.44%	31.99%	24.06%	21.19%	22.96%	26.73%	24.64%	28.93%	19.14%	25.96%	29.10%
EBITDA Margin	9.17%	-80.80%	-95.79%	-14.31%	6.24%	-18.78%	15.07%	9.56%	10.31%	3.41%	16.43%
Operating Margin	8.45%	3.88%	-98.52%	-24.27%	-29.29%	-16.26%	5.35%	11.44%	4.42%	4.74%	15.33%
EBIT Margin	9.17%	-82.62%	-98.04%	-16.51%	4.27%	-20.30%	13.73%	8.38%	9.11%	2.32%	14.28%
Profit (Net Income) Margin	5.27%	-86.26%	-91.90%	-13.67%	11.63%	-31.60%	10.93%	3.70%	7.07%	-0.39%	10.10%
Tax Burden Percent	57.72%	-103.54%	93.35%	81.43%	336.84%	149.19%	83.51%	44.71%	77.13%	-18.48%	71.60%
Interest Burden Percent	99.63%	-100.85%	100.42%	101.69%	80.96%	104.32%	95.34%	98.76%	100.63%	91.54%	98.79%
Effective Tax Rate	42.28%	3.54%	0.00%	0.00%	-236.84%	0.00%	16.49%	55.29%	22.88%	118.48%	28.40%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	534.47%	0.00%	169.83%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	577.03%	0.00%	213.61%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-766.42%	0.00%	-4,515.32%	0.00%	0.00%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	0.00%	592.94%	-231.94%	83.37%	-4,345.49%	-79.96%	-127.37%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-31.94%	20.87%	12.57%	13.60%	3.98%	27.34%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-49.71%	16.62%	5.55%	10.56%	-0.67%	19.34%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	0.00%	1,468.85%	-299.14%	109.69%	-15,744.54%	-81.33%	-143.36%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.86	0.71	-11	-2.87	-17	-2.17	0.68	0.89	0.60	-0.17	2.41
NOPAT Margin	4.88%	3.74%	-68.96%	-16.99%	-98.66%	-11.38%	4.47%	5.11%	3.41%	-0.88%	10.98%
Net Nonoperating Expense Percent (NNEP)	0.00%	-19,707.85%	174.09%	-171.93%	-1,347.60%	128.12%	-42.56%	22.14%	-43.78%	-14.31%	-23.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.98%	-139.22%	-71.72%	-208.33%	-141.00%	34.24%	38.06%	21.80%	-7.90%	166.96%
Cost of Revenue to Revenue	72.56%	68.01%	75.94%	78.81%	77.04%	73.27%	75.36%	71.07%	80.86%	74.04%	70.90%
SG&A Expenses to Revenue	18.99%	28.12%	122.58%	45.46%	52.25%	43.00%	19.30%	17.50%	14.72%	21.22%	13.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.99%	28.12%	122.58%	45.46%	52.25%	43.00%	19.30%	17.50%	14.72%	21.22%	13.77%
Earnings before Interest and Taxes (EBIT)	1.61	-16	-16	-2.79	0.75	-3.87	2.11	1.45	1.59	0.46	3.13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.61	-15	-16	-2.41	1.10	-3.58	2.31	1.66	1.80	0.68	3.60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	59.81	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	59.81	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.37	0.79	0.46	0.36	0.22	0.54
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.15	14.73
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.25%	6.79%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	10.54	0.00	10.55	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.41	0.82	0.49	0.36	0.21	0.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.72	11.41	2.27	5.15
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	76.64	19.53	2.61	5.81
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.00	5.09	8.92
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	27.25	28.71	4.45	2.16	3.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.63	4.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-0.22	8.76	-4.56	11.71	-1.25	-1.47	-2.00	-4.92	-2.02	-2.17
Long-Term Debt to Equity	0.00	-0.03	1.82	-1.15	2.24	-0.18	-0.25	-0.35	-1.06	-0.31	-0.42
Financial Leverage	0.00	-0.03	2.38	-0.50	-0.09	-0.49	-1.33	-0.56	-21.14	-0.15	0.26
Leverage Ratio	0.00	15.30	56.21	-39.54	-2.98	-12.25	-25.83	-23.30	-671.46	-9.41	-12.70
Compound Leverage Factor	0.00	-15.43	56.44	-40.21	-2.41	-12.78	-24.63	-23.01	-675.69	-8.61	-12.55
Debt to Total Capital	0.00%	-28.44%	89.76%	128.06%	92.14%	508.02%	314.95%	199.92%	125.50%	197.58%	185.17%
Short-Term Debt to Total Capital	0.00%	-24.04%	71.13%	95.73%	74.53%	434.76%	262.04%	164.68%	98.53%	167.46%	149.00%
Long-Term Debt to Total Capital	0.00%	-4.40%	18.63%	32.34%	17.60%	73.26%	52.91%	35.24%	26.97%	30.12%	36.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-37.55%	12.81%	21.40%	-0.39%	-20.05%	-6.60%	9.45%	12.64%	16.95%	42.17%
Common Equity to Total Capital	0.00%	165.98%	-2.57%	-49.47%	8.26%	-387.97%	-208.35%	-109.38%	-38.13%	-114.53%	-127.34%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.36	-2.51	3.56	1.79	0.81	0.54
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.14	-0.95	1.05	-0.26	-0.24	-0.53
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.05	-0.42	0.63	0.38	0.12	0.11
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.38	-0.80	0.01	-3.35	1.82	0.94
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.15	-0.31	0.00	0.48	-0.54	-0.92
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.05	-0.14	0.00	-0.72	0.28	0.18
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.34	1.30	1.00	0.97	0.76	1.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-147.72%	-28.97%	-31.58%	-262.32%	-1.71%	-12.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.47	0.87	0.75	0.70	0.66	0.65	0.71	0.75	0.78	0.85
Quick Ratio	0.00	0.36	0.69	0.56	0.47	0.42	0.38	0.45	0.45	0.57	0.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	43	75	0.00	-2.20	-56	0.00	5.77	1.31	6.34	0.98	6.39
Operating Cash Flow to CapEx	0.00%	-415.24%	-467.39%	317.13%	-683.55%	0.00%	528.57%	355.90%	1,011.97%	820.41%	1,735.25%
Free Cash Flow to Firm to Interest Expense	7,089.97	2,342.54	0.00	-46.90	-389.41	0.00	58.85	73.02	0.00	25.08	168.26
Operating Cash Flow to Interest Expense	0.00	-42.56	-25.29	40.96	-14.53	5.17	13.97	56.94	0.00	51.54	126.95
Operating Cash Flow Less CapEx to Interest Expense	0.00	-52.81	-30.71	28.04	-16.66	5.25	11.33	40.94	0.00	45.26	119.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	1.57	1.52	1.50	1.49	1.71	1.91
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	4.04	4.31	4.66	5.64	5.91	6.97
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	27.27	26.39	25.42	25.73	42.18	44.02
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	7.24	7.33	6.98	7.29	6.05	6.86
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	90.31	84.68	78.33	64.66	61.78	52.36
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	50.40	49.80	52.32	50.08	60.32	53.20
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	39.91	34.89	26.01	14.58	1.46	-0.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-34	3.12	-0.66	4.26	-3.10	-1.97	-1.09	-1.48	-4.25	-5.95
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	-22.66	119.65	-79.21	49.80	-19.06	-19.34
Increase / (Decrease) in Invested Capital	-42	-74	0.00	-0.66	38	0.00	-5.08	-0.43	-5.75	-1.15	-3.99
Enterprise Value (EV)	0.00	47	33	104	45	29	57	34	25	15	39
Market Capitalization	111	38	30	102	41	26	54	32	25	16	42
Book Value per Share	$0.00	($2.82)	($0.01)	($0.05)	$0.02	($0.13)	($0.10)	($0.06)	($0.02)	($0.06)	($0.06)
Tangible Book Value per Share	$0.00	($2.82)	($0.01)	($0.05)	$0.02	($0.13)	($0.10)	($0.06)	($0.02)	($0.06)	($0.06)
Total Capital	0.00	-26	8.99	4.68	8.38	1.50	2.06	2.66	3.13	2.65	2.20
Total Debt	0.00	7.38	8.07	6.00	7.72	7.60	6.49	5.31	3.92	5.23	4.07
Total Long-Term Debt	0.00	1.14	1.68	1.51	1.48	1.10	1.09	0.94	0.84	0.80	0.80
Net Debt	0.00	-0.72	2.20	0.65	3.60	3.01	2.46	1.57	-0.56	-1.54	-3.96
Capital Expenditures (CapEx)	0.00	0.33	0.37	0.61	0.30	-0.01	0.26	0.29	0.23	0.25	0.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-36	-2.83	-8.92	-6.56	-7.35	-7.36	-5.94	-6.61	-7.24	-7.23
Debt-free Net Working Capital (DFNWC)	0.00	-30	1.37	-5.29	-4.17	-4.59	-5.22	-4.08	-4.04	-2.36	-1.16
Net Working Capital (NWC)	0.00	-36	-5.03	-9.78	-10	-11	-11	-8.45	-7.12	-6.80	-4.43
Net Nonoperating Expense (NNE)	-0.07	17	3.82	-0.56	-19	3.85	-0.99	0.25	-0.64	-0.10	0.19
Net Nonoperating Obligations (NNO)	0.00	-0.72	2.20	0.65	3.60	3.01	2.46	1.57	-0.69	-1.67	-4.08
Total Depreciation and Amortization (D&A)	0.00	0.34	0.37	0.37	0.35	0.29	0.21	0.21	0.21	0.22	0.47
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-10.47%	-10.69%	-8.57%	-9.56%	-10.34%	-9.43%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-6.54%	-7.58%	-5.88%	-5.84%	-3.37%	-1.51%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-15.80%	-15.42%	-12.19%	-10.29%	-9.71%	-5.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.08)	$0.00	($0.05)	$0.08	($0.10)	$0.03	$0.01	$0.02	($0.01)	$0.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	15.62M	37.85M	44.36M	44.52M	43.08M	47.15M	47.31M	48.76M	48.33M	5.79M
Adjusted Diluted Earnings per Share	$0.00	($1.08)	($0.39)	($0.05)	$0.08	($0.10)	$0.03	$0.01	$0.02	($0.01)	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	0.00	15.62M	37.85M	44.36M	44.52M	43.08M	47.15M	47.31M	48.76M	48.33M	6.58M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	15.39M	0.00	44.50M	44.56M	0.00	47.15M	48.85M	50.21M	45.91M	5.25M
Normalized Net Operating Profit after Tax (NOPAT)	0.86	0.71	-11	-2.87	-3.61	-2.17	0.68	1.39	0.60	0.66	2.41
Normalized NOPAT Margin	4.88%	3.74%	-68.96%	-16.99%	-20.50%	-11.38%	4.47%	8.00%	3.41%	3.32%	10.98%
Pre Tax Income Margin	9.14%	83.31%	-98.45%	-16.78%	3.45%	-21.18%	13.09%	8.27%	9.16%	2.12%	14.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	268.67	-487.88	-240.29	-59.26	5.25	-23.16	21.48	80.78	0.00	11.82	82.37
NOPAT to Interest Expense	142.96	22.10	-169.03	-60.99	-121.48	-12.99	6.99	49.30	0.00	-4.46	63.31
EBIT Less CapEx to Interest Expense	0.00	-498.13	-245.71	-72.17	3.13	-23.09	18.84	64.78	0.00	5.54	75.05
NOPAT Less CapEx to Interest Expense	0.00	11.85	-174.44	-73.90	-123.60	-12.91	4.34	33.30	0.00	-10.74	56.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-3.35%	0.00%	0.00%	0.00%	16.70%	68.22%

Financials Breakdown Chart

Key Financial Trends

Aeries Technology’s latest quarter showed a sharp operating rebound. Q1 fiscal 2027 revenue increased to $21.9 million, up from $19.9 million in Q4 fiscal 2026 and $15.3 million in Q1 fiscal 2026. Gross profit rose to $6.4 million, while the gross margin expanded to approximately 29.1% from 26.0% in the prior quarter. Operating income improved to $3.4 million, compared with $941,000 in Q4 fiscal 2026, producing a 15.3% operating margin.

Profitability also recovered meaningfully. Net income attributable to common shareholders was $1.8 million, or $0.31 per basic share, versus a $275,000 loss in Q4 fiscal 2026. However, the company’s reported share counts vary substantially between periods, likely reflecting capital-structure changes or reverse-split effects, so quarter-to-quarter EPS comparisons should be treated cautiously.

Cash generation was a major strength in the latest quarter. Operating cash flow increased to $4.8 million, up from $2.0 million in Q4 fiscal 2026 and $2.4 million in Q3 fiscal 2026. After $278,000 of capital expenditures, implied free cash flow was approximately $4.5 million. A large $2.8 million contribution from changes in operating assets and liabilities helped drive this result, so investors should monitor whether the improvement is sustained.

Revenue momentum improved: Q1 fiscal 2027 revenue grew approximately 10% sequentially and 43% from Q1 fiscal 2026.
Margins expanded: Gross margin rose to about 29.1%, while operating margin increased to approximately 15.3%.
Profitability returned: Common-shareholder earnings improved from a $275,000 loss to $1.8 million of profit sequentially.
Operating cash flow strengthened: Cash generated from operations reached $4.8 million, the strongest result among the recent quarters provided.
Debt has declined from earlier levels: Total short- and long-term debt was approximately $4.1 million at June 30, 2026, compared with $6.5 million at June 30, 2025.
Share repurchases resumed: The company used $2.2 million for common-equity repurchases in Q1 fiscal 2027 while also repaying $969,000 of debt.
Cash increased to $6.1 million: Liquidity improved substantially from $2.6 million at December 31, 2025, although the balance remains modest relative to the company’s obligations.
Cash conversion needs further confirmation: The latest operating cash flow benefited from working-capital changes, making consistency across future quarters important.
Shareholders’ equity remains negative: Total equity and noncontrolling interests stood at negative $2.6 million, reflecting accumulated retained losses and treasury-stock balances.
Short-term liquidity is weak: Current assets of $25.0 million were below current liabilities of $29.4 million, implying a current ratio of roughly 0.85.

Overall, the latest statements point to improving revenue, margins, earnings and cash flow after a volatile period that included substantial losses in fiscal 2025 and a small loss in Q4 fiscal 2026. The main risks are Aeries Technology’s negative equity position, current-liability burden and reliance on working-capital movements to support cash generation. Investors should look for sustained operating profitability and continued debt reduction before concluding that the turnaround is firmly established.

10/28/26 02:11 PM ETAI Generated. May Contain Errors.

Aeries Technology Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Aeries Technology's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

Aeries Technology's net income appears to be on a downward trend, with a most recent value of $3.47 million in 2026, falling from $9.76 million in 2022. The previous period was -$21.60 million in 2025.

Aeries Technology's total operating income in 2026 was $4.52 million, based on the following breakdown:

Total Gross Profit: $17.30 million
Total Operating Expenses: $12.78 million

Over the last 4 years, Aeries Technology's total revenue changed from $0.00 in 2022 to $70.01 million in 2026, a change of 7,001,400,000.0%.

In the past 14 quarters, Aeries Technology's cash and equivalents has ranged from $8.41 thousand in Q3 2023 to $6.54 million in Q3 2024, and is currently $6.07 million as of their latest financial filing in Q1 2027.

Aeries Technology had total debt of $5.23 million at the end of 2026, a 31.1% decrease from 2025, and a 2,517.0% increase since 2022.

Over the last 4 years, Aeries Technology's book value per share changed from -0.16 in 2022 to -0.06 in 2026, a change of 61.5%.

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Financial statements for NASDAQ:AERTW last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Aeries Technology (AERTW) Financials

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Aeries Technology (AERTW) Financials

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