AERIES TECHNOLOGY, INC

Red flags

• Management disclosed conditions raising substantial doubt about the company’s ability to continue as a going concern, including Forward Purchase Agreement obligations and termination of a significant customer contract.
• Three customers each represented more than 10% of revenue in FY2026, up from two in FY2025; two customers also represented at least 10% each of accounts receivable at March 31, 2026.
• Revenue declined $0.18 million to $70.01 million despite $18.46 million of new or expanded business, because $20.23 million of existing engagements ramped down or ended.
• The $32.71 million, or 72%, SG&A reduction drove most of the earnings swing from a $28.77 million operating loss to $4.52 million of operating income, raising execution and sustainability questions.
• A previously reported material weakness in internal controls was remediated only as of March 31, 2026; the company also changed auditors after expanded revenue-recognition procedures were requested for Middle East and APAC contracts.
• A Class V share can increase from 1.3% to 51% of voting rights under specified takeover or board events, concentrating control outside ordinary economic ownership.