Aeries Technology, Inc

FY2025 revenue was $70.2 million, down from $72.5 million in FY2024. Gross profit was $16.7 million, with gross margin of 23.8%. Operating loss was $28.8 million, adjusted EBITDA was negative $4.7 million, core adjusted EBITDA was positive $7.4 million, and net loss was $21.6 million. Excluding the discontinued Middle East operations, North America revenue grew 15% year over year from $57 million to $65.5 million. FY2025 core adjusted EBITDA beat the original $6 million to $7 million guide and increased 365% from $1.6 million in the prior year. For FY2026, the company reaffirmed guidance for revenue of $74 million to $80 million and adjusted EBITDA of $6 million to $8 million.

Ajay Khare framed FY2025 as a year of deliberate simplification and focus, saying the company doubled down on private equity-backed clients and stepped away from lower-value noncore geographies. He emphasized that the Middle East exit and associated write-offs are now behind the company, while North America momentum, client retention, and deeper engagements are improving. He also highlighted new growth hires, including a Chief Growth and Strategy Officer, and pointed to an AI-centered GCC framework as a new differentiator.

Daniel Webb highlighted the consolidated numbers and said the revenue decline was anticipated because of the Middle East exit. He noted FY2025 gross profit of $16.7 million at a 23.8% margin, adjusted EBITDA of negative $4.7 million, and core adjusted EBITDA of $7.4 million, with the latter up 365% from $1.6 million last year and above guidance. He also said the company ended the year with $2.8 million in cash and $1.1 million in long-term debt, expects stock-based compensation to be significantly lower, and described FY2026 as on track to be the company's best year yet.

There was no formal analyst Q&A in the transcript. Management’s forward commentary centered on the FY2026 outlook, citing stronger North American demand, a maturing GCC model, expansion of the PE network, and cost structure improvements. They also said AI-led transformation is gaining pace and that modular agents are already active in client environments.