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Yahoo
8 hours ago
- Business
- Yahoo
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, New York--(Newsfile Corp. - July 2, 2025) - Aeries Technology, Inc. (NASDAQ: AERT) ("Aeries" or "the Company"), 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 About Aeries Technology Aeries Technology (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. ContactIR@ CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands, except percentages) Year Ended March 31, 2025 2024 $ Change % Change Revenues, net $ 70,198 $ 72,509 $ (2,311)(3)% Cost of Revenue 53,47850,868 2,610 5% Gross Profit $ 16,720 $ 21,641 $ (4,921)(23)% Gross Profit Margin 24% 30 % Operating expenses Selling, general & administrative expenses 45,490 18,654 26,836144% Total operating expenses $ 45,490 $ 18,654 $ 26,836144% (Loss) / income from operations $ (28,770)$ 2,987 $ (31,757)(1,063)% Other income / (expense) Change in fair value of forward purchase agreement put option liability 4585 14,765 (10,180)(69)% Change in fair value of derivative liabilities 738 1,402 (664)(47)% Gain on settlement of forward purchase agreement put option liability 581 - 581 100% Interest income 326 275 51 19% Interest expense (751)(462) (289)63% Other income, net 624 160 464 290% Total other income 6,10316,140 (10,037)(62)% (Loss) / income before income taxes (22,667)19,127 (41,794)(219)% Income tax benefit / (expenses) 1,072 (1,871) 2,943 (157)% Net (loss) / income $ (21,595)$ 17,256 $ (38,851)(225)% Less: Net (loss) / income attributable noncontrolling interest (1,163)202 (1,365)(676)% Less: Net (loss) / income attributable to redeemable noncontrolling interests (718)1.397 (2,115)(151)% Net (loss) / income attributable to the shareholders of Aeries Technology, Inc. $ (19,714)$ 15,657 $ (35,371)(226)% RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(In thousands, except percentages) Year Ended March 31, 2025 2024 Net (loss) / income $ (21,595)$ 17,256 Income tax (benefit) / expense (1,072)1,871 Interest income (326)(275) Interest expense 751 462 Depreciation and amortization 1,384 1,352 Impairment loss 1,693 - EBITDA $ (19,165)$ 20,666 Adjustments (+) Stock-based compensation 12,746 1,626 (+) Business Combination and M&A transaction related costs 6,993 3,067 (+) Severance Pay 678 - (-) Change in fair value of derivative liabilities (5,323)(16,167) (-) Gain on settlement of forward purchase agreement put option liability (581)- Adjusted EBITDA $ (4,652)$ 9,192 Revenue 70,198 72,509 Adjusted EBITDA margin [Adjusted EBITDA / Revenue] (6.6)% 12.7% ADJUSTED EBITDA TO CORE ADJUSTED EBITDA (In thousands) Year Ended March 31, 2025 2024 Adjusted EBITDA $ (4,652)$ 9,192 (+) Loss / (Profit) from non-core business 12,058 (7,600) Core adjusted EBITDA $ 7,406 $ 1,592 Revenue 70,198 72,509 Core adjusted EBITDA margin [Core adjusted EBITDA / Revenue] 10.6% 2.2% CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW(In thousands) Year Ended March 31, 2025 2024 $ Change % Change Cash and Cash Equivalent at the beginning of period $ 2,084 $ 1,131 $ 953 84 % Net cash used in operating activities (1,009)(4,299)3,290 77 % Net cash used in investing activities (858)(1,740)882 51 % Net cash provided by financing activities 2,432 7,056 (4,624)(66)% Effects of exchange rates on cash 115 (64)179 280 % Cash and Cash Equivalent at the end of period $ 2,764 $ 2,084 $ 680 33 % CONSOLIDATED BALANCE SHEET(In thousands) As ofMarch 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 2,764 $ 2,084 Accounts receivable, net of allowance of $3,574 and $1,263 as of March 31, 2025 and March 31, 2024, respectively 10,982 23,757 Prepaid expenses and other current assets, net of allowance of $0 and $1, as of March 31, 2025 and March 31, 2024, respectively 7,581 6,995 Total current assets $ 21,327 $ 32,836 Property and equipment, net 1,570 3,579 Operating right-of-use assets 9,602 7,318 Deferred tax assets, net 4,064 1,933 Long-term investments, net of allowance of $76 and $126, as of March 31, 2025 and March 31, 2024, respectively 1,830 1,612 Other assets, net of allowance of $0 and $1, as of March 31, 2025 and March 31, 2024, respectively 1,440 2,129 Total assets $ 39,833 $ 49,407 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY / (DEFICIT) Current liabilities: Accounts payable $ 8,154 $ 6,616 Accrued compensation and related benefits, current 2,432 3,119 Operating lease liabilities, current 2,543 2,080 Short-term borrowings 6,504 6,778 Forward purchase agreement put option liability 5,034 10,244 Other current liabilities 7,753 9,288 Total current liabilities $ 32,420 $ 38,125 Long term debt 1,096 1,440 Operating lease liabilities, noncurrent 7,483 5,615 Derivative warrant liabilities 629 1,367 Deferred tax liabilities 139 92 Other liabilities 4,170 3,948 Total liabilities $ 45,937 $ 50,587 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 27,203 - 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 (31,380)(11,668) Total Aeries Technology, Inc. shareholders' deficit $ (5,804)$ (12,240) Noncontrolling interest (258)10,326 Total shareholders' deficit (6,062)(1,914) Total liabilities, redeemable noncontrolling interest and shareholders' deficit $ 39,833 $ 49,407 To view the source version of this press release, please visit
Zawya
10 hours ago
- Business
- Zawya
OneMagnify India earns Best Place to Work certification for the fourth consecutive year
CHENNAI, INDIA - Media OutReach Newswire - 2 July 2025 - OneMagnify, a global leader in marketing, data, and technology solutions, has once again been recognized as a Best Place to Work in India for 2025 — marking our fourth consecutive year of being certified. This prestigious recognition is a testament to the culture of trust, collaboration, and excellence that our teams continue to nurture and elevate year after year. The certification is based on a comprehensive assessment of workplace culture, employee engagement, and organizational practices. OneMagnify India scored significantly above the market average in key areas such as purpose, belonging, leadership, and opportunities for growth. Daniel Raj, Managing Director of OneMagnify India, shared: "It is truly humbling and energizing to see OneMagnify India named a Best Place to Work for the fourth year in a row. This recognition belongs to each and every member of our team, past and present, whose passion, integrity, and commitment to excellence fuel our progress. As we continue to scale, transform, and evolve as a global capability center, we remain grounded in what matters most: our people. I am proud of what we have built, and even more excited about what we will create together in the years ahead. Congratulations to our team, and thank you for making OneMagnify not just a workplace, but a place where people thrive." The Best Places to Work certification is a highly coveted achievement that reflects consistent and intentional dedication to enhancing the employee experience. By earning this recognition, OneMagnify India stands out as one of the top employers in the country, providing a positive and engaging workplace for all its employees. Each year, the Best Places to Work program partners with leading organizations across India and various other countries to help them measure, benchmark, and improve their HR practices. Through this certification, organizations gain access to insights, tools, and expertise needed to drive meaningful and sustainable change in their workplace culture. For more information, visit For more information about the certification program, please visit Hashtag: #BestPlacesToWork The issuer is solely responsible for the content of this announcement. Best Places to Work
Business Standard
19-06-2025
- Business
- Business Standard
Bhilwara Infotechnology Announces Strategic Spin-off of Talent Solutions Business into Texnere to Drive AI-enabled Workforce Transformation
NewsVoir New Delhi [India], June 19: Bhilwara Infotechnology Limited has announced the successful spin-off of its talent solutions (staffing) business into a newly formed company, 'Texnere India Pvt. Ltd. This strategic move is designed to accelerate innovation and expand global reach in the talent acquisition space by leveraging advanced artificial intelligence and technology. With India's rapidly growing IT sector and the expanding Global Capability Center (GCC) ecosystem driving strong demand for agile, technology-enabled talent partners, Bhilwara Infotechnology is enabling sharper focus and greater specialization by creating Texnere as a dedicated entity. This will allow for faster, higher-quality, and more personalized hiring experiences for both clients and candidates. Texnere will initially concentrate on permanent hiring and contract-to-hire solutions, with plans to expand into managed services across IT, HR, and finance operations over the next 6 to 12 months. The company will also introduce Build-Operate-Transfer (BOT) services tailored for GCCs. As part of this transition, Texnere has launched a digital platform for upskilling, reskilling, and internal mobility to support employee development. Official Spokesperson of Bhilwara Infotechnology Limited, stated, "This strategic spin-off reflects our commitment to innovation and technology-driven business models that deliver long-term value. We are proud of the foundation we have built and confident that Texnere, under the leadership of Tej, will carry this legacy forward with a bold and future-ready vision." Tej Bhat, CEO of Texnere India Pvt. Ltd., added, "Our mission is to combine AI and human expertise to create smarter, faster, and more human-centered talent solutions. We see technology as a tool that enhances human potential and improves every stage of the hiring journey." Texnere will initially focus on the Indian market, with planned expansion into the USA and UAE. Its targeted sectors include IT services, technology companies, and Global Capability Centers. This spin-off represents a significant milestone for Bhilwara Infotechnology Limited as it redefines its growth strategy and positions itself for continued success in a rapidly evolving industry. Bhilwara Infotechnology Limited engaged in Talent Solutions is wholly owned subsidiary of HEG Ltd, a part of LNJ Bhilwara Group which is recognized as one of India's credible and influential conglomerates. Leveraging on its rich legacy spanning over six decades, the group has successfully diversified its portfolio, generating an annual revenue of USD 1.2 billion. From a humble beginning in the textiles sector, the group has expanded its presence in various sectors, including graphite electrodes, power generation, IT-enabled services, and power engineering consultancy, energy storage solutions, and skill development. At present, the LNJ Bhilwara group encompasses 22 companies across sectors, with 5 of them listed on the Indian stock exchanges. Its production units and corporate offices are spread across 41 locations in India, employing over 25,000 proficient workforce.
Fashion Value Chain
19-06-2025
- Business
- Fashion Value Chain
Bhilwara Infotechnology Announces Strategic Spin-off of Talent Solutions Business into Texnere to Drive AI-enabled Workforce Transformation
Bhilwara Infotechnology Limited has announced the successful spin-off of its talent solutions (staffing) business into a newly formed company, Texnere India Pvt. Ltd. This strategic move is designed to accelerate innovation and expand global reach in the talent acquisition space by leveraging advanced artificial intelligence and technology. With India's rapidly growing IT sector and the expanding Global Capability Center (GCC) ecosystem driving strong demand for agile, technology-enabled talent partners, Bhilwara Infotechnology is enabling sharper focus and greater specialization by creating Texnere as a dedicated entity. This will allow for faster, higher-quality, and more personalized hiring experiences for both clients and candidates. Texnere will initially concentrate on permanent hiring and contract-to-hire solutions, with plans to expand into managed services across IT, HR, and finance operations over the next 6 to 12 months. The company will also introduce Build-Operate-Transfer (BOT) services tailored for GCCs. As part of this transition, Texnere has launched a digital platform for upskilling, reskilling, and internal mobility to support employee development. Official Spokesperson of Bhilwara Infotechnology Limited, stated, 'This strategic spin-off reflects our commitment to innovation and technology-driven business models that deliver long-term value. We are proud of the foundation we have built and confident that Texnere, under the leadership of Tej, will carry this legacy forward with a bold and future-ready vision.' Tej Bhat, CEO of Texnere India Pvt. Ltd., added, 'Our mission is to combine AI and human expertise to create smarter, faster, and more human-centered talent solutions. We see technology as a tool that enhances human potential and improves every stage of the hiring journey.' Texnere will initially focus on the Indian market, with planned expansion into the USA and UAE. Its targeted sectors include IT services, technology companies, and Global Capability Centers. This spin-off represents a significant milestone for Bhilwara Infotechnology Limited as it redefines its growth strategy and positions itself for continued success in a rapidly evolving industry. About LNJ Bhilwara Group Bhilwara Infotechnology Limited engaged in Talent Solutions is wholly owned subsidiary of HEG Ltd, a part of LNJ Bhilwara Group which is recognized as one of India's credible and influential conglomerates. Leveraging on its rich legacy spanning over six decades, the group has successfully diversified its portfolio, generating an annual revenue of USD 1.2 billion. From a humble beginning in the textiles sector, the group has expanded its presence in various sectors, including graphite electrodes, power generation, IT-enabled services, and power engineering consultancy, energy storage solutions, and skill development. At present, the LNJ Bhilwara group encompasses 22 companies across sectors, with 5 of them listed on the Indian stock exchanges. Its production units and corporate offices are spread across 41 locations in India, employing over 25,000 proficient workforce.
New Indian Express
14-06-2025
- Business
- New Indian Express
Bengaluru ranks 14 in global startups, fifth in AI and big data
BENGALURU: Bengaluru has jumped seven spots to rank 14 in the Global Startup Ecosystem Report (GSER) 2025, up from 21 last year. The city ranked fifth globally in AI & Big Data. The GSER 2025, published by Startup Genome and released at VivaTech 2025 in Paris, evaluates ecosystems across key parameters, performance, funding, market reach, talent and experience, and knowledge along with a new focus on AI-native capabilities. At VivaTech 2025, Karnataka IT-BT Minister Priyank Kharge spoke at a high-level panel discussion on AI disruption and startup ecosystem futures. 'This ranking is not just a number; it reflects the structural resilience and readiness of Karnataka's innovation economy,' Kharge stated. He detailed Karnataka's multi-pronged strategy; including Innoverse open innovation platform, Beyond Bengaluru regional startup mission, and Nipuna Karnataka, a skilling initiative targeting over a million professionals. The state is also fostering enterprise-startup collaboration via its growing Global Capability Center (GCC) network and supporting Deep Tech with dedicated funding for AI, biotech and robotics. Bengaluru now stands shoulder-to-shoulder with global hubs like Paris (rank 12), Philadelphia (13), and Seattle (15), marking a significant shift in global innovation trends and placing Karnataka firmly on the global Deep Tech map.
