Aeries Technology Reports Results for the Full Fiscal Year 2024

Core Insights - Aeries Technology reported financial results for the fiscal year ended March 31, 2024, showing significant growth in revenues and net income, driven by expansion in client engagements and new relationships [1][2]. Financial Performance - Revenues for fiscal year 2024 were $72.5 million, representing a 37$53.1 million in fiscal year 2023 [2]. - Income from operations increased by 28% to $3.0 million compared to$2.3 million in the previous year [2]. - Net income surged to $17.3 million from$1.7 million in fiscal year 2023, which included $16.2 million in non-cash income related to Forward Purchase Agreements [2][7]. - Adjusted EBITDA for fiscal year 2024 was$9.2 million, slightly up from $8.7 million in fiscal year 2023 [2][5]. Operational Highlights - The gross profit margin improved to 30$18.7 million, primarily due to increased selling, general, and administrative expenses [7]. Cash Flow and Balance Sheet - Cash at the end of the period increased to $2.1 million from$1.1 million, reflecting an 84% rise [9]. - The company reported net cash used in operating activities of $(4.3) million, a decline from$2.1 million in the previous year [9]. - Total assets grew to $49.4 million from$34.4 million, driven by increases in current assets and property [10][11]. Company Overview - Aeries Technology specializes in providing professional services and consulting for businesses in transformation, focusing on private equity sponsors and mid-size businesses [3]. - The company has over 1,700 professionals and emphasizes a technology-driven, solution-specific approach to enhance client operations [3].