The company exhibits a vulnerable capital structure with a negative equity position of $3.0M as of 2026Q4 and a total debt load of $14.5M that outweighs its $4.9M cash balance.
| Total Current Assets | 23.89M | 21.33M | 32.84M | 20.59M | 11.93M |
| Cash & Short-Term Investments | 4.88M | 2.76M | 2.08M | 1.13M | 351K |
| Cash Only | 4.88M | 2.76M | 2.08M | 1.13M | 351K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 12.72M | 10.98M | 23.76M | 13.42M | 8.13M |
| Days Sales Outstanding | 66.31 | 57.1 | 119.59 | 92.22 | 72.35 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 6.29M | 1.75M | 786K | 2.11M | 298K |
| Total Non-Current Assets | 18M | 18.51M | 16.57M | 13.81M | 6.93M |
| Property, Plant & Equipment | 10.36M | 11.17M | 10.9M | 8.75M | 2.8M |
| Fixed Asset Turnover | 6.76x | 6.28x | 6.65x | 6.07x | 14.66x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.9M | 1.83M | 1.61M | 1.56M | 1.56M |
| Other Non-Current Assets | 2.06M | 1.44M | 2.13M | 2.26M | 1.5M |
| Total Assets | 41.89M | 39.83M | 49.41M | 34.4M | 18.86M |
| Asset Turnover | 1.67x | 1.76x | 1.47x | 1.54x | 2.17x |
| Asset Growth % | 5.17% | -19.38% | 43.64% | 82.36% | - |
| Total Current Liabilities | 30.69M | 32.42M | 38.13M | 12.52M | 6.61M |
| Accounts Payable | 9.27M | 8.15M | 6.62M | 2.47M | 841K |
| Days Payables Outstanding | 64.19 | 55.65 | 47.47 | 22.89 | 10.58 |
| Short-Term Debt | 4.44M | 6.5M | 6.78M | 1.38M | 220K |
| Deferred Revenue (Current) | 0 | 274K | 261K | 193K | 228K |
| Other Current Liabilities | 11.5M | 8.3M | 15.39M | 124K | 2.97M |
| Current Ratio | 0.78x | 0.66x | 0.86x | 1.64x | 1.80x |
| Quick Ratio | 0.78x | 0.66x | 0.86x | 1.64x | 1.80x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 13.79M | 13.52M | 12.46M | 8.41M | 3.55M |
| Long-Term Debt | 798K | 1.1M | 1.44M | 969K | 917K |
| Capital Lease Obligations | 6.44M | 7.56M | 5.78M | 4.5M | 467K |
| Deferred Tax Liabilities | 197K | 139K | 92K | 168K | 126K |
| Other Non-Current Liabilities | 6.36M | 4.72M | 5.15M | 2.77M | 88K |
| Total Liabilities | 44.48M | 45.94M | 50.59M | 20.93M | 10.17M |
| Total Debt | 14.46M | 17.86M | 16.37M | 8.8M | 1.99M |
| Net Debt | 9.58M | 15.09M | 14.29M | 7.67M | 1.64M |
| Debt / Equity | - | - | - | 0.65x | 0.23x |
| Debt / EBITDA | 2.70x | - | 3.46x | 2.51x | 0.26x |
| Net Debt / EBITDA | 1.79x | - | 3.02x | 2.19x | 0.21x |
| Interest Coverage | 12.80x | -29.18x | 42.40x | 15.95x | 14.52x |
| Total Equity | -2.59M | -6.1M | -1.18M | 13.47M | 8.7M |
| Equity Growth % | 57.63% | -417.29% | -108.76% | 54.89% | - |
| Book Value per Share | -0.43 | -1.13 | -0.61 | 3.75 | 2.42 |
| Total Shareholders' Equity | -3.03M | -5.8M | -12.24M | 12.19M | 7.56M |
| Common Stock | -1.3M | 5K | 2K | 234.62M | 232.3M |
| Retained Earnings | -28.87M | -31.38M | -11.67M | -4.51M | 4.87M |
| Treasury Stock | 0 | -724K | 0 | 0 | 0 |
| Accumulated OCI | -1.98M | -908K | -574K | -1.35M | -644K |
| Minority Interest | 448K | -300K | 11.06M | 1.28M | 1.14M |
Persistent negative equity position
According to the company's quarterly balance sheets, AERT has maintained a negative equity position in nine of the last ten quarters, with the deficit reaching $3.0M in 2026Q4, signaling a structural inability to retain earnings and build a meaningful capital buffer for the business.
The consistent negative retained earnings, which stood at $28.9M in 2026Q4, suggest that the firm's historical operating losses have fundamentally impaired its capital structure. This trajectory indicates that the business model has yet to achieve the self-sustaining profitability required to repair the balance sheet, leaving it reliant on external financing or future operational turnarounds.
Based on reported financial figures, AERT's current ratio has remained consistently below 1.0, hovering at 0.78 in 2026Q4, which indicates that the company lacks sufficient liquid assets to cover its short-term obligations without relying on continuous cash inflows or potential debt refinancing.
The low current ratio, combined with a cash balance of only $4.9M, suggests that the company operates with a very thin margin of safety against unexpected operational shocks. Investors should monitor whether this liquidity profile forces management to prioritize short-term cash preservation over necessary long-term investments in service delivery capabilities.
As disclosed in recent filings, AERT carries $14.5M in total debt as of 2026Q4, a figure that significantly outweighs its cash reserves and highlights a reliance on debt financing that appears disproportionate to the company's current ability to generate consistent free cash flow.
The presence of debt in the context of persistent negative equity suggests that the company is effectively operating on borrowed capital to fund its ongoing operations. This leverage profile warrants further investigation into the maturity schedule of these obligations, as any tightening in credit availability could pose a material risk to the firm's ongoing viability.
Analysis of the balance sheet reveals that PPE net assets of $10.4M represent a significant portion of the $41.9M total asset base, which may be misleading if these assets are not readily convertible to cash during a period of financial distress.
While the company appears asset-light in its consulting model, the concentration of value in PPE suggests that the firm may have higher fixed-cost commitments than a purely virtual service provider. If these assets are specialized to specific client contracts, their liquidation value in a downturn may be substantially lower than the carrying value reported on the balance sheet.
Quick answers to the most common questions about buying AERT stock.
As of 2026, Aeries Technology, Inc (AERT) had total assets of $41.9M including $23.9M in current assets.
Aeries Technology, Inc (AERT) carries total debt of $14.5M, offset by $4.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aeries Technology, Inc (AERT) has total shareholders' equity (book value) of $-3.0M ($-0.43 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aeries Technology, Inc (AERT) reported a current ratio of 0.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.