AERTHIGH SIGNALFINANCIAL10-K

AERT experienced a substantial decline in net income alongside meaningful improvement in operating cash flow losses, indicating significant earnings quality concerns.

The dramatic drop in net income combined with reduced operating cash flow losses suggests potential one-time items or accounting adjustments significantly impacted reported earnings in the prior period. The improvement in stockholders' equity position and modest cash increase provide some stability, but the overall asset base contraction signals operational challenges.

Comparing 2025-07-02 vs 2024-09-27View on EDGAR →
FINANCIAL ANALYSIS

AERT's financial performance deteriorated substantially with net income falling dramatically while gross profit declined more moderately by 23%. However, the company showed operational improvement with meaningfully reduced operating cash flow losses and a stronger equity position, moving from negative $12.2M to negative $5.8M. The overall picture suggests earnings volatility with some underlying operational stabilization, though the company maintains a challenged balance sheet structure with negative equity.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-82.5%
$9.8M→$1.7M

Net income declined 82.5% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
+76.5%
-$4.3M→-$1.0M

Operating cash flow surged 76.5% — exceptional cash generation, highest quality earnings signal.

Interest Expense
P&L
+62.6%
$462K→$751K

Interest expense surged 62.6% — significant debt increase or rising rates materially impacting earnings.

Stockholders Equity
Balance Sheet
+52.6%
-$12.2M→-$5.8M

Equity base grew 52.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
-35%
$32.8M→$21.3M

Current assets declined 35% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
+32.6%
$2.1M→$2.8M

Cash position surged 32.6% — strong cash generation or capital raise providing significant financial cushion.

Total Debt
Balance Sheet
-22.9%
$1.5M→$1.1M

Debt reduced 22.9% — deleveraging strengthens balance sheet and reduces financial risk.

Gross Profit
P&L
-22.7%
$21.6M→$16.7M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Assets
Balance Sheet
-19.4%
$49.4M→$39.8M

Total assets contracted 19.4% — asset sales, write-downs, or balance sheet optimization underway.

Current Liabilities
Balance Sheet
-15%
$38.1M→$32.4M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2025-07-02
PRIOR — 2024-09-27
ADDED
(Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1587626 (State or other jurisdiction of incorporation or organization) (I.R.S.
See definitions of large accelerated filer , accelerated filer , smaller reporting company , and emerging growth company in Rule 12b-2 of the Exchange Act.
As of July 1, 2025, there were 47,152,626 Class A ordinary shares, $0.0001 par value and 1 Class V ordinary share, $0.0001 par value, issued and outstanding.
Market for Registrant s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 47 Item 6.
Form 10-K Summary 92 SIGNATURES 93 i MARKET AND INDUSTRY DATA Information contained in this report concerning the market and the industry in which Aeries competes, including its market position, general expectations of market opportunity and market size, is based on information from various third-party sources, on assumptions made by Aeries based on such sources and Aeries knowledge of the markets for its services and solutions.
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REMOVED
As of September 27, 2024, there were 44,500,426 Class A ordinary shares, $0.0001 par value and 1 Class V ordinary share, $0.0001 par value, issued and outstanding.
Market for Registrant s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 42 Item 6.[Reserved] 43 Item 7.
Form 10-K Summary 86 SIGNATURES 87 i INTRODUCTORY NOTE Aeries Technology, Inc.
Ltd., a Singapore private company limited by shares ( AARK ), consummated the previously announced business combination pursuant to that certain Business Combination Agreement, dated as of March 11, 2023 (as amended, the Business Combination Agreement ), by and among WWAC, WWAC Amalgamation Sub Pte.
In connection with the Business Combination, the registrant changed its name from Worldwide Webb Acquisition Corp.
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