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Unless the context otherwise requires, references in this section to we, us, our, Aeries Technology, Aeries and the Company refer to the business and operations of Aark Singapore Pte. Ltd., a Singapore private company limited by shares ( AARK ) and its consolidated subsidiaries prior to the Business Combination (as defined below)(excluding the associated legacy financial technology and investin…
The business is unprofitable at the operating level (-40.98% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.2% YoY. Margins deteriorated 45.1pp alongside, both lines moving the wrong way.
ROIC dropped from 17.15% to -242.85%, capital efficiency is deteriorating. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$69M
▼ -3.2% YoY
Net Income (TTM)
-$2M
▼ -225.9% YoY
Op. Margin
0.69%
▼ -45.1pp YoY
ROIC
2.20%
▼ -260.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$5M
▲ +57.2% YoY
Op. Cash Flow (TTM)
$6M
▲ +76.5% YoY
Net Debt
$13M
Cash & Equiv.
$3M
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