Aeries Technology reported higher Q1 earnings year-over-year, with its AI transformation driving revenue growth. Q1 earnings growth paired with AI revenue drivers signals major strategic progress that can shift company trajectory and investor views.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 1 | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 2 | — | — | — | — | — | — | — | — | — | — |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Cash | 2.08 | 2.76 | 4.88 | 6.07 |
| Receivables | 23.76 | 10.98 | 12.72 | 12.43 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 32.84 | 21.33 | 23.89 | 25.01 |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Payables | 6.62 | 8.15 | 9.27 | 8.87 |
| ST’ Debt | — | — | — | — |
| Other | 19.53 | 12.79 | 10.72 | 13.65 |
| 38.13 | 32.42 | 30.69 | 29.44 |
| 10y | 5y | 3y | |
| Sales | — | — | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡ |
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 21.92 | — | — | — |
—
|
| ’26 | 15.33 | 17.36 | 17.46 | 19.87 |
70.01
|
| ’25 | 16.67 | 16.87 | 17.61 | 19.05 |
70.20
|
| ’24 | 16.33 | 17.58 | 18.90 | 19.70 |
72.51
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 4.82 | — | — | — |
—
|
| ’26 | 1.37 | 1.03 | 2.37 | 2.01 |
6.77
|
| ’25 | (1.72) | 1.93 | (2.08) | 0.86 |
(1.01)
|
| ’24 | 0.10 | 1.29 | (1.36) | (4.32) |
(4.30)
|
| ’23 | — | — | — | 0.15 |
2.56
|
| ’22 | (0.36) | (0.04) | (0.04) | (0.23) |
(0.45)
|
| ’21 | (0.02) | 0.02 | (0.84) | — |
(0.84)
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 4.55 | — | — | — |
—
|
| ’26 | 1.11 | 0.74 | 2.13 | 1.77 |
5.75
|
| ’25 | (2.09) | 1.32 | (2.38) | 0.88 |
(2.28)
|
| ’24 | (0.16) | 0.81 | (1.69) | (4.77) |
(5.81)
|
| ’23 | — | — | — | (1.44) |
0.97
|
| ’22 | (0.36) | (0.04) | (0.04) | (0.23) |
(0.45)
|
| ’21 | (0.02) | 0.02 | (0.84) | — |
(0.84)
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 0.27 | — | — | — |
—
|
| ’26 | 0.24 | 0.08 | 0.16 | (0.08) |
0.40
|
| ’25 | (3.12) | (0.40) | 0.56 | (1.04) |
(3.68)
|
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | ‡‡‡‡ | 77.60 | 12.00 | 4.69 | 3.68 | 2.08 | — | — | — |
Low Price
|
| — | — | — | — | ‡‡‡‡‡ | 81.60 | 91.20 | 24.96 | 12.14 | 7.65 | — | — | — |
High Price
|
| — | — | — | — | ‡‡‡ | 1 | — | 1,700 | 1,400 | 1,692 | — | — | — |
Employees
|
| — | — | — | — | ‡‡‡ | 0.00 | 0.00 | 0.04 | 0.05 | 0.04 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | — | 53.10 | 72.51 | 70.20 | 70.01 | — | — | — |
Revenue
|
| — | — | — | — | — | — | 25.72% | 29.85% | 23.82% | 24.71% | — | — | — |
Gross Margin
|
| — | — | — | — | ‡‡‡‡‡ | 9.76 | 2.77 | 19.13 | (22.67) | 5.47 | — | — | — |
EBT
|
| — | — | — | — | ‡‡‡ | 0.00% | 5.21% | 26.38% | (32.29%) | 7.81% | — | — | — |
EBT Margin
|
| ‡‡‡ | — | — | — | ‡‡‡ | 9.76 | (8.05) | 17.26 | (21.59) | 3.47 | — | — | — |
Net Income
|
| — | — | — | — | ‡‡‡ | — | 1.17 | 1.35 | 1.38 | 0.84 | — | — | — |
Depreciation
|
| — | — | — | — | ‡‡‡ | 0.00 | 0.00 | 37.35 | 13.04 | 11.59 | — | — | — |
Revenue/Sh
|
| — | — | — | — | ‡‡‡‡‡ | 0.34 | (0.53) | 7.28 | (3.68) | 0.40 | — | — | — |
Earnings/Sh
|
| — | — | — | — | ‡‡‡ | (0.62) | 0.00 | (2.21) | (0.19) | 1.12 | — | — | — |
Cash Flow/Sh
|
| — | — | — | — | ‡‡‡ | 0.00 | 0.00 | (0.78) | (0.24) | (0.17) | — | — | — |
Capex/Sh
|
| — | — | — | — | ‡‡‡ | (0.62) | 0.00 | (2.99) | (0.42) | 0.95 | — | — | — |
Free CF/Sh
|
| — | — | — | — | ‡‡‡‡‡ | (6.27) | 0.00 | (0.99) | (1.13) | (0.50) | — | — | — |
Book Value/Sh
|
| — | — | — | — | ‡‡‡‡‡ | 0.72 | — | 1.94 | 5.39 | 6.04 | — | — | — |
Shares
|
| — | — | — | — | — | — | 552.00 | 2.72 | 0.00 | 6.25 | — | — | — |
PE Ratio
|
| — | — | — | — | — | — | 0.00 | 0.54 | 0.36 | 0.22 | — | — | — |
PS Ratio
|
| — | — | — | — | — | — | 4.42 | 0.00 | 0.00 | 0.00 | — | — | — |
PB Ratio
|
| — | — | — | — | — | — | 0.00 | 0.54 | 0.34 | 0.17 | — | — | — |
EV/Sales
|
| — | — | — | — | — | — | (199.62) | (6.71) | (10.49) | 2.01 | — | — | — |
EV/FCF
|
| — | — | — | — | ‡‡‡‡‡ | (0.45) | 2.56 | (4.30) | (1.01) | 6.77 | — | — | — |
Op' Cash Flow
|
| — | — | — | — | ‡‡‡ | — | (1.59) | (1.51) | (1.27) | (1.03) | — | — | — |
Capex
|
| — | — | — | — | ‡‡‡‡‡ | (0.45) | 0.97 | (5.81) | (2.28) | 5.75 | — | — | — |
FCF
|
| — | — | — | — | ‡‡‡‡‡ | (3.65) | 8.06 | (5.29) | (11.09) | (6.80) | — | — | — |
Working Cap'
|
| — | — | — | — | — | — | 0.97 | 1.44 | 1.10 | 0.80 | — | — | — |
Total Debt
|
| — | — | — | — | ‡‡‡‡‡ | (0.05) | (0.16) | (0.64) | (1.67) | (4.08) | — | — | — |
Net Debt
|
| — | — | — | — | ‡‡‡‡‡ | (4.51) | 13.47 | (1.91) | (6.06) | (3.03) | — | — | — |
Sh' Equity
|
| — | — | — | — | ‡‡‡ | 4.17% | 1.07% | 37.37% | (44.18%) | 6.25% | — | — | — |
ROA
|
| — | — | — | — | ‡‡‡ | 0.00% | 10.95% | 0.00% | 0.00% | 0.00% | — | — | — |
ROIC
|
| — | — | — | — | ‡‡‡ | (80.31%) | 32.27% | 271.00% | 494.33% | (56.16%) | — | — | — |
ROE
|
Aeries Technology, Inc. (AERT), a post-SPAC tech services player, delivered impressive revenue scaling from near-zero pre-2023 to a peak of $72.5 million in 2024, driven by aggressive acquisitions and employee growth to 1,400, yielding strong revenue per employee at $50,141. However, a 3% revenue dip to $70.2 million in 2025, coupled with gross margins contracting to 23.8%, exposed execution vulnerabilities amid macroeconomic headwinds like softening IT budgets and inflationary pressures—classic risks for high-growth firms chasing digital transformation deals.
Profitability tells a cautionary tale: soaring EBT margins to 26.4% and $19.1 million profit in 2024 flipped to a $22.7 million loss in 2025, exacerbated by 178% share dilution that cratered revenue per share 65% and turned book value negative at -$0.14 per share. Negative cash flows, shrinking equity, and bearish insider selling—led by the CFO offloading nearly 100,000 shares—signal balance sheet strain and eroding confidence, even as valuations appear distressed at sub-0.5x EV/Sales.
With no analyst targets and stock prices hugging yearly lows down 80% from peaks, AERT embodies microcap volatility in a profitability-demanding tech sector. A turnaround via margin recovery and cost discipline could unlock upside, but downside risks from further dilution or client churn loom large—investors should scrutinize upcoming cash flows before betting on this high-beta name.
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