Aeries Technology reports 13.3% increase in North America revenue, but overall revenue decreased

From GlobeNewswire: 2024-11-19 17:18:00

Aeries Technology reported a 13.3% increase in North America revenue year-over-year. The company is refocusing on its core North American market, with a strong emphasis on private equity-backed portfolio companies. Despite a 4% decrease in total revenue for the second fiscal quarter of 2025, North America revenue increased by 13%.

Income from operations saw a decline of $(4.1) million, while net income for the second fiscal quarter of 2025 was a loss of $(2.3) million. Adjusted EBITDA was negative $(2.3) million, with Core Adjusted EBITDA at $0.2 million, marking an 82% decrease from the previous year. A conference call is scheduled for November 20, 2024, to discuss these financial results.

Aeries Technology, a global professional services and consulting partner, specializes in providing tailored solutions for businesses in transformation mode. The company has over 1,700 professionals focusing on Technology Services, Business Process Management, and Digital Transformation initiatives. Aeries Technology aims to drive business success through deep vertical expertise and digital solutions.

Adjusted EBITDA and Core Adjusted EBITDA are key performance indicators used by Aeries Technology to evaluate operating performance. Adjusted EBITDA excludes stock-based compensation and business combination costs, while Core Adjusted EBITDA further excludes non-core business. The company’s strategic focus is on expanding its core business in North America. Adjusted EBITDA and Core Adjusted EBITDA have limitations, such as not reflecting cash expenditures, capital requirements, changes in working capital, interest expenses, income taxes, or future asset replacement costs. Forward-looking statements in the release highlight Aeries’ future operating results, business strategy, potential acquisitions, and risks related to global economic conditions and the COVID-19 pandemic. Contact Ryan Gardella for more information. Aeries Technology, Inc. and Subsidiaries reported their condensed consolidated balance sheets for September 30, 2024, showing total assets of $51,960, an increase from $49,407 on March 31, 2024. Current assets include $3,627 in cash and cash equivalents, while total liabilities are $53,274, up from $50,587 in March. Shareholders’ equity stands at $(1,999).

In the condensed consolidated statements of operations for the three months ended September 30, 2024, Aeries Technology reported a net loss of $2,306, compared to a net income of $927 for the same period in 2023. Revenue for the quarter was $16,873, while operating expenses were $7,670. The company’s income from operations was a loss of $4,095.

For the six months ended September 30, 2024, Aeries Technology reported a net loss of $17,623, down from a net income of $1,421 in 2023. Adjusted EBITDA for the period was $(1,894), with core adjusted EBITDA at 1,619. Revenue for the six months was $33,540, with an adjusted EBITDA margin of -5.6%.

Revenue breakout by geography shows that for the three months ended September 30, 2024, North America generated $15,728 in revenue, while Asia Pacific and Other regions accounted for $1,145. For the six months ended September 30, 2024, North America contributed $31,235, and Asia Pacific and Other regions contributed $2,305 to the total revenue of $33,540.



Read more at GlobeNewswire:: Aeries Technology Reports Results for Second Fiscal Quarter