Aeries Technology (AERT) AI Stock Analysis

• Market Cap: $20.99M
• Dividend Yield: N/A
• Average Volume (3M): 643.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: -3.87%
• EPS Growth: -104.63%
• Country: US
• Employees: 1,700
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): 0.02
• Shares Outstanding: 50,209,717
• 10 Day Avg. Volume: 132,326
• 30 Day Avg. Volume: 643,581
• PEG Ratio: <0.01
• Price to Book (P/B): -4.31
• Price to Sales (P/S): 0.36
• P/FCF Ratio: -10.02
• Enterprise Value/Market Cap: 1.47
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 1.78
• Enterprise Value/Ebitda: 12.30
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $0.36 ▼(-30.58% Downside)
• Action: Reiterated Date: 02/09/26
• Date: Action: Reiterated 02/09/26

The score is driven primarily by weak financial performance (declining revenue, net losses, and negative equity), reinforced by bearish technicals (price below key moving averages and negative MACD). Valuation provides limited support due to negative earnings, and the recent financing-related amendment increases dilution and balance-sheet risk.

Positive Factors

Recurring managed-services revenue

Aeries’ core model is recurring managed-services contracts with private-equity portfolio companies, providing durable, contractually driven cash flows and opportunities for multi-year engagements and cross-sell. This recurring revenue foundation supports predictability and client stickiness over quarters.

Improved operating cash generation

TTM improvement to positive operating and free cash flow materially strengthens near-term liquidity and funds operations or amortization of liabilities without immediate equity raises. Consistent cash generation, if sustained, reduces reliance on dilutive financing and supports operational resilience.

Scale and lower-cost delivery model

Aeries’ offshore/nearshore delivery centers and breadth of operational services create scale and cost advantages versus smaller domestic peers. That delivery footprint enables margin improvement potential, standardized processes, and faster ramping for new portfolio-company clients over time.

Negative Factors

Revenue decline and volatility

A sustained ~21% TTM revenue drop and historical volatility weaken operating leverage and reduce ability to cover fixed delivery costs. Prolonged top-line pressure undermines margin sustainability, cross-sell economics, and the company’s capacity to invest in growth or absorb client attrition.

Negative shareholders' equity and weakened balance sheet

Negative shareholders’ equity signals accumulated losses and constrains financial flexibility. It increases refinancing and covenant risk, raises borrowing costs, and limits the firm's ability to pursue strategic investments or withstand cyclical downturns without dilutive or expensive capital solutions.

Outstanding liability and dilution mechanics from forward amendment

The amended forward arrangement creates recurring interest expense and a repayment schedule tied to equity sell-downs and potential share issuance. That increases dilution risk, elevates cash interest burden, and constrains strategic flexibility until the liability is repaid or refinanced.

Aeries Technology Business Overview & Revenue Model

Company Description

Aeries Technology, Inc. operates as a professional services and consulting partner in the United States and internationally. The company offers management consultancy services for private equity sponsors and their portfolio companies, including software solutions, product management, IT infrastructure, information and cyber security, ERP and CRM platform management, business process management, and digital transformation services. The company was founded in 2012 and is based in Orem, Utah.

How the Company Makes Money

Aeries Technology generates revenue through multiple streams, primarily by selling its software and hardware products to businesses in diverse industries. The company employs a subscription-based model for its cloud-based applications, providing customers with ongoing access to updates and support, which ensures a steady stream of recurring revenue. Additionally, AERT earns income through the sale of IoT devices and related services, as well as through strategic partnerships with other technology firms that enhance its product offerings. These collaborations often result in co-branded solutions or bundled services that appeal to a broader customer base. Furthermore, AERT may engage in consulting and implementation services, which provide additional revenue opportunities by helping clients optimize their technology investments.

Aeries Technology Financial Statement Overview

Summary

Weak fundamentals overall: revenue declined ~21% TTM, profitability swung to deep losses (net loss in TTM), and the balance sheet is strained by negative shareholders’ equity. Improved TTM operating cash flow/free cash flow provides some support but does not offset earnings and capital-structure risks.

Income Statement

Results are volatile. Revenue has declined in TTM (Trailing-Twelve-Months) (down ~21%) after strong growth in 2023–2024, and profitability has swung from strong earnings in FY2024 to deep losses in FY2025 annual. TTM (Trailing-Twelve-Months) margins are thin with a slight operating profit but a net loss, indicating pressured cost structure and limited earnings power at current scale.

Balance Sheet

The balance sheet is strained by negative shareholders’ equity in the most recent periods (TTM and FY2025 annual), which makes leverage riskier and weakens financial flexibility. Total debt remains meaningful versus the asset base, and the move from positive equity in FY2023 to negative equity thereafter signals deterioration in capital structure and resilience.

Cash Flow

Cash generation improved materially in TTM (Trailing-Twelve-Months) with solid positive operating cash flow and free cash flow, a sharp reversal from negative free cash flow in FY2024 and FY2025 annual. However, cash flow quality is mixed given recent net losses and prior-year volatility, suggesting execution risk and less predictable cash conversion across cycles.

Breakdown	TTM	Jun 2025	Sep 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	69.20M	70.20M	72.51M	53.10M	41.01M
Gross Profit	17.23M	16.72M	21.64M	13.66M	12.01M
EBITDA	2.50M	-20.53M	21.34M	4.12M	7.59M
Net Income	-2.93M	-19.71M	15.66M	1.45M	4.03M
Balance Sheet
Total Assets	41.98M	39.83M	49.41M	34.40M	18.86M
Cash, Cash Equivalents and Short-Term Investments	2.57M	2.76M	2.08M	1.13M	351.00K
Total Debt	14.36M	17.86M	16.37M	8.80M	1.99M
Total Liabilities	42.78M	45.94M	50.59M	20.93M	10.17M
Stockholders Equity	-1.19M	-5.80M	-12.24M	12.19M	7.56M
Cash Flow
Free Cash Flow	5.51M	-2.49M	-5.82M	511.00K	1.51M
Operating Cash Flow	5.63M	-1.01M	-4.30M	2.11M	3.16M
Investing Cash Flow	-762.00K	-858.00K	-1.74M	-1.56M	-437.00K
Financing Cash Flow	-4.61M	2.43M	7.06M	252.00K	-3.54M

Aeries Technology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.52
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AERT, the sentiment is Negative. The current price of 0.52 is above the 20-day moving average (MA) of 0.48, below the 50-day MA of 0.52, and below the 200-day MA of 0.70, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 31.80 is Neutral, neither overbought nor oversold. The STOCH value of 20.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AERT.

Aeries Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VCIG	73 Outperform	$11.67M	―	―	―	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FC	58 Neutral	$195.47M	-136.42	-2.08%	―	-7.02%	-86.27%
RGP	47 Neutral	$129.65M	-0.97	-61.44%	6.74%	-10.83%	-1669.11%
FORR	42 Neutral	$109.65M	-0.93	-43.39%	―	-8.73%	-1168.15%
AERT	41 Neutral	$20.99M	-6.21	―	―	-3.87%	-104.63%

Aeries Technology Corporate Events

Aeries Technology Amends Forward Deal, Sets New Repayment Terms

On January 22, 2026, Aeries Technology, Inc. amended its existing letter agreement with Sandia Investment Management LP related to a prior OTC equity prepaid forward transaction, formalizing that Sandia may continue selling its Class A ordinary shares, originally issued under the forward purchase structure, at not less than $1.05 per share to offset Aeries’ payment obligations, while also setting a formula for issuing and registering additional Class A shares if liabilities remain after the designated sales period and clarifying the company’s obligations in the event of a change in control or a Nasdaq delisting. Amendment No. 2 acknowledges an outstanding liability of $1,812,063.23, introduces a structured amortization schedule beginning with a $100,000 payment on March 31, 2026 followed by $75,000 monthly payments, sets a 15% annual interest rate with monthly interest payments starting January 2026, applies proceeds from Sandia’s share sell-downs to reduce the outstanding amount, and extends the designated period until the liability is fully repaid, measures that collectively tighten the framework for settling Aeries’ obligations and managing dilution risk for shareholders.

The most recent analyst rating on (AERT) stock is a Hold with a $0.54 price target. To see the full list of analyst forecasts on Aeries Technology stock, see the AERT Stock Forecast page.

Aeries Technology Extends Equity Forward Sale Agreement Period

On December 31, 2025, Aeries Technology, Inc. amended a prior letter agreement with Sandia Investment Management LP that governs the sale of Aeries’ Class A ordinary shares held by Sandia under an existing OTC Equity Prepaid Forward Transaction and related forward purchase arrangements. The amendment extends the period during which Sandia may sell these shares at a minimum price of $1.05 per share, with proceeds offsetting Aeries’ payment obligations under the forward purchase structure, moving the end date from December 31, 2025 to January 9, 2026 while leaving all other terms unchanged, a limited adjustment that slightly lengthens the window for managing Aeries’ obligations and Sandia’s share disposals without altering the broader financing framework.

The most recent analyst rating on (AERT) stock is a Sell with a $0.53 price target. To see the full list of analyst forecasts on Aeries Technology stock, see the AERT Stock Forecast page.