# EDGAR Filing Document

**Accession Number:** 0001853044
**File Stem:** 0001829126-25-004841
**Filing Date:** 2025-7
**Character Count:** 24431
**Document Hash:** d54091a77ecda4e5c1f7e680b83ecf94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-004841.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001829126-25-004841

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250702

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aeries Technology, Inc.
- **CENTRAL INDEX KEY:** 0001853044
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40920
- **FILM NUMBER:** 251098600

**BUSINESS ADDRESS:**
- **STREET 1:** 190 ELGIN AVENUE
- **CITY:** GEORGE TOWN
- **STATE:** E9
- **ZIP:** KY1-9008
- **BUSINESS PHONE:** 415-629-9066

**MAIL ADDRESS:**
- **STREET 1:** 190 ELGIN AVENUE
- **CITY:** GEORGE TOWN
- **STATE:** E9
- **ZIP:** KY1-9008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Worldwide Webb Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210324

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 2, 2025

**Aeries Technology, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-40920** | **98-1587626** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br>Identification No.) |

---

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| | |
|:---|:---|
| **60 Paya Lebar Road, #08-13**<br> **Paya Lebar Square<br>Singapore** | **409051** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: (919) 228-6404

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A ordinary shares, par value $0.0001 per share | AERT | Nasdaq Capital Market |
| Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | AERTW | Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition** |

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On July 2, 2025, Aeries Technology, Inc. (the "Company") issued a press release containing its financial results for the fiscal year ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2025 on July 2, 2025.

The information in this Current Report on Form 8-K and the exhibits attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release dated July 2, 2025](aeriestech_99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Aeries Technology, Inc.** | **Aeries Technology, Inc.** |
|  | **A Cayman Islands exempted company** | **A Cayman Islands exempted company** |
| Date: July 2, 2025 | By: | /s/ Daniel S. Webb |
|  |  | Daniel S. Webb |
|  |  | *Chief Financial Officer* |

---

## Exhibit 99.1

**Exhibit 99.1**

**Aeries Technology, Inc. Reports Results for the Full Fiscal Year 2025**

*Beats Core Adjusted EBITDA Guidance, North America Revenue Up 15% Year-Over-Year.*

**NEW YORK, July 02, 2025** - <u>Aeries Technology</u>, Inc. ("Aeries" or "the Company") (Nasdaq: AERT), a global leader in AI-enabled value creation, business transformation, and Global Capability Center (GCC) delivery for private equity (PE) portfolio companies, today announced financial results for the fiscal year ended March 31, 2025.

As previously communicated, Aeries will discontinue reporting Core Adjusted EBITDA as a financial metric beginning in FY2026. With the company now fully focused on core operations, Adjusted EBITDA and GAAP results will continue to be reported to provide information on the Company's operating performance.

Ajay Khare, Chief Executive Officer of Aeries, commented, "We began the year forecasting $6–7 million in Core Adjusted EBITDA and ended at $7.4 million, a 365% increase over the previous year, and above the guidance we provided. FY2025 was a defining year for Aeries. We exited non-core geographies —including the Middle East— and fully realigned around our core North American market, where our revenue grew 15% year-over-year to $65.5 million. We strengthened cost controls, sharpened our focus on Global Capability Centers and deepened our engagement with PE-backed businesses in North America. With over 13 years of GCC leadership and a growing portfolio of AI-driven transformation engagements, we enter FY2026 with momentum, clarity, and a scalable platform for growth."

**Fiscal Year Ended March 31, 2025 (Fiscal Year 2025) Financial Highlights**

**Revenues:** Revenues for fiscal year 2025 were $70.2 million, down 3.2% compared to $72.5 million for the fiscal year 2024.

**Income/(Loss) from Operations:** Income from operations for fiscal year 2025 was $(28.8) million, compared to $3.0 million for fiscal year 2024.

**Net Income/(Loss):** Net loss for fiscal year 2025 was $(21.6) million, compared to net income of $17.3 million for fiscal year 2024.

**Adjusted EBITDA:** Adjusted EBITDA for fiscal year 2025 was $(4.7) million, compared to $9.2 million for fiscal year 2024.

**Core adjusted EBITDA:** Core adjusted EBITDA for fiscal year 2025 was $7.4 million, compared to $1.6 million for fiscal year 2024.

**Financial Outlook**

The Company is reiterating its stated guidance for fiscal year 2026:

● Revenue between $74 million and $80 million

● Adjusted EBITDA between $6 million and $8 million

**Conference Call Details**

The company will host a conference call to discuss its financial results on Thursday, July 3, 2025, at 8 AM ET. The call will be accessible by telephone at 1-877-407-0792 (domestic) or 1-201-689-8263 (international). The call transcript will also be available on the company's investor relations website at https://ir.aeriestechnology.com

**About Aeries Technology**

<u>Aeries Technology</u> (Nasdaq: AERT) is a global leader in Global Capability Center (GCC) solutions. We establish GCCs for Private Equity's Portfolio Companies and deliver a comprehensive suite of Advisory & Value Creation solutions. Leveraging advanced technologies like AI and automation, Aeries offers tailored engagement models designed to deliver flexible, impact-driven solutions with measurable outcomes.

Founded in 2012, Aeries Technology has grown to over 1,400 professionals, and its commitment to workforce development has earned it the Great Place to Work Certification for two consecutive years.

**Non-GAAP Financial Measures**

The Company uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in its underlying operating results and provide additional insight and transparency on how it evaluates the business. The Company uses non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate its performance. The Company has detailed the non-GAAP adjustments that it makes in the non-GAAP definitions below. The adjustments generally fall within the categories of non-cash items. The Company believes the non-GAAP measures presented herein should always be considered along with, and not as a substitute for or superior to, the related GAAP financial measures. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined. For further information, see "Reconciliation of Non—GAAP Financial Measures" below, including the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

The Company define Adjusted EBITDA as net income from operations before interest, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, M&A transaction-related costs, and changes in fair value of derivative liabilities. The Company define Core Adjusted EBITDA as Adjusted EBITDA less EBITDA from non-core business. Our core business includes GCC services provided to private equity-backed companies, primarily in North America, characterized by long-term relationships, recurring contracts, and multi-year revenue streams. In contrast, our non-core business includes consulting services, primarily for customers in the Middle East, which typically involve one-time engagements with extended collection cycles. Moving forward, we aim for the majority of our revenue to be generated from our core business, and we do not plan to enter into new customer contracts outside North America.

Adjusted EBITDA and Core Adjusted EBITDA are key performance indicators the company uses in evaluating our operating performance and in making financial, operating, and planning decisions. The Company believes these measures are useful to investors in the evaluation of Aeries' operating performance as such information was used by the Company's management for internal reporting and planning procedures, including aspects of our consolidated operating budget and capital expenditures. Some of the limitations of Adjusted EBITDA and Core Adjusted EBITDA include: each of these measures does not reflect (i) our cash expenditures or future requirements for capital expenditures or contractual commitments or foreign exchange gain/loss; (ii) changes in, or cash requirements for, working capital; (iii) significant interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt; (iv) payments made or future requirements for income taxes; (v) cash requirements for future replacement or payment in depreciated or amortized assets; (vi) stock based compensation costs, (vii) severance pay, (viii) Business Combination and M&A transaction related costs, which represent non-recurring legal, professional, personnel and other fees and expenses incurred in connection with potential mergers and acquisitions related activities, and (ix) change in fair value of derivative liabilities. Additionally, the Core Adjusted EBITDA does not reflect the provision for expected credit loss / (profit) from non-core business.

**Forward-Looking Statements**

All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "believe," "continue," "could," "estimate", "expect", "hope", "intend", "may", "might", "should", "would", "will", "understand" and similar words are intended to identify forward looking statements. These forward-looking statements include but are not limited to, statements regarding our future operating results, outlook, guidance and financial position, our business strategy and plans, our objectives for future operations, potential acquisitions and macroeconomic trends. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Aeries and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to continue as a going concern; changes in the business, market, financial, political and legal conditions in India, Singapore, the United States, Mexico, the Cayman Islands and other countries, including developments with respect to inflation, interest rates and the global supply chain, including with respect to economic and geopolitical uncertainty in many markets around the world, the potential of decelerating global economic growth and increased volatility in foreign currency exchange rates; the potential for our business development efforts to maximize our potential value; the ability to maintain the listing of our Class A ordinary shares and our public warrants on Nasdaq, and the potential liquidity and trading of our securities; changes in applicable laws or regulations and other regulatory developments in the United States, India, Singapore, Mexico, the Cayman Islands and other countries; our ability to develop and maintain effective internal controls, including our ability to remediate the material weakness in our internal controls over financial reporting; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our financial performance; our ability to make acquisitions, divestments or form joint ventures or otherwise make investments and the ability to successfully complete such transactions and integrate with our business; the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements; the conflicts between Russia and Ukraine, and Israel and Hamas, and any restrictive actions that have been or may be taken by the U.S. and/or other countries in response thereto, such as sanctions or export controls; risks related to cybersecurity and data privacy; the impact of inflation; the impact of the COVID-19 pandemic and other similar pandemics and disruptions in the future; and the fluctuation of economic conditions, global conflicts, inflation and other global events on Aeries' results of operations and global supply chain constraints. Further information on risks, uncertainties and other factors that could affect our financial results are included in Aeries' periodic and current reports filed with the U.S. Securities and Exchange Commission. Furthermore, Aeries operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Aeries disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.

**Contact**

IR@aeriestechnology.com

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME<br> (In thousands, except percentages)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> March 31,** | **Year Ended<br> March 31,** | |
|  | **2025** | **2024** | **%**<br>**Change** |
| **Revenues, net** | $**70198** | $**72509)** | **(3)%** |
| Cost of Revenue | 53478 | 50868 | 5% |
| **Gross Profit** | $**16720** | $**21641)** | **(23)%** |
| **Gross Profit Margin** | **24%** | **30%** |  |
| **Operating expenses** |  |  |  |
| Selling, general & administrative expenses | 45490 | 18654 | 144% |
| **Total operating expenses** | $**45490** | $**18654** | **144%** |
| **(Loss) / income from operations** | $**(28770)** | $**2987)** | **(1063)%** |
| **Other income / (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of forward purchase agreement put option liability | 4585 | 14765) | (69)% |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liabilities | 738 | 1402) | (47)% |
| &nbsp;&nbsp;&nbsp;Gain on settlement of forward purchase agreement put option liability | 581 |  | 100% |
| &nbsp;&nbsp;&nbsp;Interest income | 326 | 275 | 19% |
| &nbsp;&nbsp;&nbsp;Interest expense | (751) | (462) | 63% |
| &nbsp;&nbsp;&nbsp;Other income, net | 624 | 160 | 290% |
| **Total other income** | **6103** | **16140)** | **(62)%** |
| **(Loss) / income before income taxes** | **(22667)** | **19127)** | **(219)%** |
| &nbsp;&nbsp;&nbsp;Income tax benefit / (expenses) | 1072 | (1871) | (157)% |
| **Net (loss) / income** | $**(21595)** | $**17256)** | **(225)%** |
| Less: Net (loss) / income attributable noncontrolling interest | (1163) | 202) | (676)% |
| Less: Net (loss) / income attributable to redeemable noncontrolling interests | (718) | 1.397) | (151)% |
| **Net (loss) / income attributable to the shareholders of Aeries Technology, Inc.** | $**(19714)** | $**15657)** | **(226)%** |

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**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES<br> (In thousands, except percentages)**

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31,** | **Year Ended<br> March 31,** |
|  | **2025** | **2024** |
| **Net (loss) / income** | $**(21595)** | $**17256** |
| Income tax (benefit) / expense | (1072) | 1871 |
| Interest income | (326) | (275) |
| Interest expense | 751 | 462 |
| Depreciation and amortization | 1384 | 1352 |
| Impairment loss | 1693 | - |
| **EBITDA** | $**(19165)** | $**20666** |
| Adjustments |  |  |
| (+) Stock-based compensation | 12746 | 1626 |
| (+) Business Combination and M&A transaction related costs | 6993 | 3067 |
| (+) Severance Pay | 678 |  |
| (-) Change in fair value of derivative liabilities | (5323) | (16167) |
| (-) Gain on settlement of forward purchase agreement put option liability | (581) | - |
| **Adjusted EBITDA** | $**(4652)** | $**9192** |
| **Revenue** | **70198** | **72509** |
| **Adjusted EBITDA margin [Adjusted EBITDA / Revenue]** | **(6.6)%** | **12.70%** |

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**ADJUSTED EBITDA TO CORE ADJUSTED EBITDA**

**(In thousands)**

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| **Adjusted EBITDA** | $**(4652)** | $**9192** |
| (+) Loss / (Profit) from non-core business | 12058 | (7600) |
| **Core adjusted EBITDA** | $**7406** | $**1592** |
| **Revenue** | **70198** | **72509** |
| **Core adjusted EBITDA margin [Core adjusted EBITDA / Revenue]** | **10.6%** | **2.2%** |

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**CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW<br> (In thousands)**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> March 31,** | **Year Ended<br> March 31,** | |
|  | **2025** | **2024** | **%**<br>**Change** |
| **Cash and Cash Equivalents at the beginning of period** | $**2084** | $**1131** | **84%** |
| Net cash used in operating activities | (1009) | (4299) | 77% |
| Net cash used in investing activities | (858) | (1740) | 51% |
| Net cash provided by financing activities | 2432 | 7056) | (66)% |
| Effects of exchange rates on cash | 115 | (64) | 280% |
| **Cash and Cash Equivalents at the end of period** | $**2764** | $**2084** | **33%** |

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**CONSOLIDATED BALANCE SHEET<br> (In thousands)**

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| | | |
|:---|:---|:---|
|  | **As of<br> March 31,** | **As of<br> March 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2764 | $2084 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $3,574 and $1,263 as of March 31, 2025 and March 31, 2024, respectively | 10982 | 23757 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net of allowance of $0 and $1, as of March 31, 2025 and March 31, 2024, respectively | 7581 | 6995 |
| **Total current assets** | $**21327** | $**32836** |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1570 | 3579 |
| &nbsp;&nbsp;&nbsp;Operating right-of-use assets | 9602 | 7318 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 4064 | 1933 |
| &nbsp;&nbsp;&nbsp;Long-term investments, net of allowance of $76 and $126, as of March 31, 2025 and March 31, 2024, respectively | 1830 | 1612 |
| &nbsp;&nbsp;&nbsp;Other assets, net of allowance of $0 and $1, as of March 31, 2025 and March 31, 2024, respectively | 1440 | 2129 |
| **Total assets** | $**39833** | $**49407** |
| **LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY / (DEFICIT)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $8154 | $6616 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and related benefits, current | 2432 | 3119 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 2543 | 2080 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 6504 | 6778 |
| &nbsp;&nbsp;&nbsp;Forward purchase agreement put option liability | 5034 | 10244 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 7753 | 9288 |
| **Total current liabilities** | $**32420** | $**38125** |
| &nbsp;&nbsp;&nbsp;Long term debt | 1096 | 1440 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, noncurrent | 7483 | 5615 |
| &nbsp;&nbsp;&nbsp;Derivative warrant liabilities | 629 | 1367 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 139 | 92 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 4170 | 3948 |
| **Total liabilities** | $**45937** | $**50587** |
| **Commitments and contingencies** |  |  |
| **Redeemable noncontrolling interest** | **(42)** | **734** |
| **Shareholders' equity / (deficit)** |  |  |
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding |  |  |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 47,152,626 shares issued and outstanding as of March 31, 2025; 15,619,004 shares issued and outstanding as of March 31, 2024 | 5 | 2 |
| Class V ordinary shares, $0.0001 par value; 1 share authorized, issued and outstanding |  |  |
| Net shareholders' investment and additional paid-in capital | 27203 |  |
| Less: Common Stock held in treasury at cost; 1,285,392 shares as on March 31, 2025 and 0 shares as on March 31, 2024 | (724) |  |
| Accumulated other comprehensive loss | (908) | (574) |
| Accumulated deficit | (31380) | (11668) |
| **Total Aeries Technology, Inc. shareholders' deficit** | $**(5804)** | $**(12240)** |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | (258) | 10326 |
| **Total shareholders' deficit** | **(6062)** | **(1914)** |
| **Total liabilities, redeemable noncontrolling interest and shareholders' deficit** | $**39833** | $**49407** |

---