Revenue growth remains highly volatile, oscillating between a 30.7% expansion in 2024Q4 and an 8.0% contraction in 2026Q1, while operating margins have reached as low as -98.5% in 2025Q1.
| Sales/Revenue | 70.01M | 70.2M | 72.51M | 53.1M | 41.01M |
| Revenue Growth % | -0.26% | -3.19% | 36.55% | 29.47% | - |
| Cost of Goods Sold | 52.72M | 53.48M | 50.87M | 39.44M | 29.01M |
| COGS % of Revenue | 75.29% | 76.18% | 70.15% | 74.28% | 70.72% |
| Gross Profit | 17.3M | 16.72M | 21.64M | 13.66M | 12.01M |
| Gross Margin % | 24.71% | 23.82% | 29.85% | 25.72% | 29.28% |
| Gross Profit Growth % | 3.46% | -22.74% | 58.46% | 13.74% | - |
| Operating Expenses | 12.78M | 45.49M | 18.65M | 11.33M | 5.42M |
| OpEx % of Revenue | 18.25% | 64.8% | 25.73% | 21.33% | 13.22% |
| Selling, General & Admin | 12.78M | 45.49M | 18.65M | 11.33M | 5.42M |
| SG&A % of Revenue | 18.25% | 64.8% | 25.73% | 21.33% | 13.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.52M | -28.77M | 2.99M | 2.33M | 6.58M |
| Operating Margin % | 6.45% | -40.98% | 4.12% | 4.39% | 16.05% |
| Operating Income Growth % | 115.7% | -1063.17% | 28.14% | -64.6% | - |
| EBITDA | 5.36M | -27.39M | 4.74M | 3.5M | 7.72M |
| EBITDA Margin % | 7.65% | -39.01% | 6.53% | 6.6% | 18.83% |
| EBITDA Growth % | 119.55% | -678.13% | 35.23% | -54.65% | - |
| D&A (Non-Cash Add-back) | 837K | 1.38M | 1.75M | 1.17M | 1.14M |
| EBIT | 5.93M | -21.92M | 19.59M | 2.95M | 6.45M |
| Net Interest Income | -145K | -425K | -187K | 6K | -160K |
| Interest Income | 318K | 326K | 275K | 191K | 284K |
| Interest Expense | 463K | 751K | 462K | 185K | 444K |
| Other Income/Expense | 947K | 6.1M | 16.14M | 435K | -581K |
| Pretax Income | 5.46M | -22.67M | 19.13M | 2.77M | 6M |
| Pretax Margin % | 7.81% | -32.29% | 26.38% | 5.21% | 14.64% |
| Income Tax | 1.99M | -1.07M | 1.87M | 1.06M | 1.27M |
| Effective Tax Rate % | 36.43% | 4.73% | 9.78% | 38.32% | 21.12% |
| Net Income | 2.55M | -19.71M | 15.66M | 1.45M | 4.03M |
| Net Margin % | 3.65% | -28.08% | 21.59% | 2.72% | 9.83% |
| Net Income Growth % | 112.96% | -225.91% | 982.78% | -64.14% | - |
| Net Income (Continuing) | 3.47M | -21.59M | 17.26M | 1.71M | 4.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 448K | -300K | 11.06M | 1.28M | 1.14M |
| EPS (Diluted) | 0.42 | -3.68 | 8.08 | 0.40 | 1.12 |
| EPS Growth % | 111.41% | -145.54% | 1907.95% | -64.07% | - |
| EPS (Basic) | 0.42 | -3.68 | 8.08 | 0.40 | 1.12 |
| Diluted Shares Outstanding | 6.04M | 5.39M | 1.94M | 3.59M | 3.59M |
| Basic Shares Outstanding | 6.04M | 5.39M | 1.94M | 3.59M | 3.59M |
| Dividend Payout Ratio | - | - | - | - | - |
PE deal flow sensitivity
According to the provided quarterly income statements, AERT's revenue growth has exhibited significant volatility, oscillating between a 30.7% expansion in 2024Q4 and a contraction of 8.0% in 2026Q1, suggesting that the firm's top-line trajectory remains highly sensitive to the cyclical nature of private equity deal activity.
The inconsistent revenue performance indicates that AERT struggles to maintain a predictable pipeline, likely due to its heavy reliance on the private equity deal cycle. Investors should monitor whether the recent 4.3% growth in 2026Q4 represents a sustainable recovery or merely a temporary fluctuation in project-based consulting demand.
As reported in financial statements, AERT's gross margin has fluctuated between 19.1% and 32.1% over the last ten quarters, reflecting a labor-intensive delivery model that appears to lack the pricing power necessary to consistently offset wage inflation or shifts in service mix within its consulting portfolio.
The thin gross margins suggest that the company's cost of service is highly sensitive to headcount utilization and offshore labor costs. Without a shift toward higher-margin proprietary solutions, the firm may continue to face difficulty in expanding its profitability profile relative to larger, more diversified industry peers.
Based on the reported figures, AERT's operating income has frequently dipped into negative territory, with operating margins reaching as low as -98.5% in 2025Q1, indicating that the company has yet to achieve the scale required to effectively leverage its SG&A expenses against its gross profit base.
The erratic nature of operating income suggests that management has struggled to maintain expense discipline during periods of revenue volatility. The inability to consistently scale operating profit faster than revenue growth warrants further investigation into the firm's long-term ability to generate sustainable shareholder value.
Analysis of the income statement reveals that net income is frequently impacted by significant non-operating items, such as the $12.7M in stock-based compensation recorded in 2025Q1, which obscures the underlying operational performance and complicates the assessment of the company's true normalized earnings power for investors.
The extreme variance in net income, including a 156.5% net margin in 2024Q4, suggests that reported bottom-line figures are heavily influenced by accounting adjustments rather than core operational efficiency. Investors should focus on adjusted metrics to strip away these distortions and evaluate the firm's actual cash-generating capabilities.
While management positions AERT as a strategic partner to private equity, the persistent volatility in operating margins and the reliance on external deal velocity suggest that the firm's competitive moat may be thinner than the market currently assumes, posing a risk of continued margin compression.
Short-sellers might focus on the company's limited cash position of $4.87M, which may restrict its ability to pivot or invest in automation during a prolonged downturn in the private equity sector. The lack of consistent profitability suggests that the firm's business model may be more vulnerable to macro-economic shocks than its specialized niche status implies.
Quick answers to the most common questions about buying AERT stock.
For fiscal year 2026, Aeries Technology, Inc (AERT) reported total revenue of $70.0M. This represents a 70.7% increase compared to $41.0M in 2022.
Aeries Technology, Inc (AERT) is profitable, generating $2.6M in net income for the fiscal year ending 2026 with a net profit margin of 3.6%.
Aeries Technology, Inc (AERT) reported an operating income of $4.5M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Aeries Technology, Inc (AERT) generated $17.3M in gross profit for the year, representing a gross profit margin of 24.7%. This demonstrates the company's core pricing power and production efficiency.