Aeries Technology, Inc. Files 10-Q for June 30, 2024

TL;DR

Aeries Tech 10-Q filed for Q2 2024. Financials updated.

AI Summary

Aeries Technology, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the company, which was formerly known as Worldwide Webb Acquisition Corp. and changed its name on March 24, 2021. The company's fiscal year ends on March 31.

Why It Matters

This filing provides investors with a quarterly update on Aeries Technology's financial performance and position, crucial for understanding the company's ongoing operations and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 0331 — Fiscal Year End (Indicates when the company's financial year concludes.)
• 11.50 — Warrant Exercise Price (Specifies the price at which redeemable warrants can be exercised.)

Key Players & Entities

• Aeries Technology, Inc. (company) — Filer of the 10-Q
• Worldwide Webb Acquisition Corp. (company) — Former name of Aeries Technology, Inc.
• 20240630 (date) — End of the reporting period
• 20241015 (date) — Filing date
• 001-40920 (dollar_amount) — SEC file number

FAQ

Key Financial Figures

• $0.0001 — ed Class A ordinary shares, par value $0.0001 per share AERT The Nasdaq Stock Mar
• $11.50 — ordinary share at an exercise price of $11.50 AERTW The Nasdaq Stock Market Ind
• $10.69 — d at a price per share of approximately $10.69. AARK incurred approximately $ 3,697 in

Filing Documents

• aeriestech_10q.htm (10-Q) — 1223KB
• aeriestech_ex31-1.htm (EX-31.1) — 14KB
• aeriestech_ex31-2.htm (EX-31.2) — 14KB
• aeriestech_ex32-1.htm (EX-32.1) — 6KB
• aeriestech_ex32-2.htm (EX-32.2) — 6KB
• 0001829126-24-006809.txt ( ) — 6687KB
• aert-20240630.xsd (EX-101.SCH) — 63KB
• aert-20240630_cal.xml (EX-101.CAL) — 68KB
• aert-20240630_def.xml (EX-101.DEF) — 254KB
• aert-20240630_lab.xml (EX-101.LAB) — 409KB
• aert-20240630_pre.xml (EX-101.PRE) — 375KB
• aeriestech_10q_htm.xml (XML) — 980KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 41 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements contained in this report may constitute "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this report are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the market opportunity of Aeries; our ability to maintain the listing of the Class A ordinary shares and the warrants on Nasdaq, and the potential liquidity and trading of such securities; our ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other thin

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements AERIES TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2024 and March 31,2024 (in thousands of United States dollars, except share and per share amounts) JUNE 30, 2024 MARCH 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,197 $ 2,084 Accounts receivable, net of allowance of $ 2,299 and $ 1,263 as of June 30, 2024 and March 31, 2024, respectively 22,406 23,757 Prepaid expenses and other current assets, net of allowance of $ 1 and $ 1 , as of June 30, 2024 and March 31, 2024, respectively 7,196 6,995 Total current assets $ 33,799 $ 32,836 Property and equipment, net 3,552 3,579 Operating right-of-use assets 6,953 7,318 Deferred tax assets 3,203 1,933 Long-term investments, net of allowance of $ 113 and $ 126 , as of June 30, 2024 and March 31, 2024, respectively 1,677 1,612 Other assets, net of allowance of $ 1 and $ 1 , as of June 30, 2024 and March 31, 2024, respectively 2,584 2,129 Total assets $ 51,768 $ 49,407 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 6,633 $ 6,616 Accrued compensation and related benefits, current 2,163 3,119 Operating lease liabilities, current 1,953 2,080 Short-term borrowings 6,395 6,778 Forward purchase agreement put option liability 10,940 10,244 Other current liabilities 10,744 9,288 Total current liabilities $ 38,828 $ 38,125 Long term debt 1,675 1,440 Operating lease liabilities, noncurrent 5,383 5,615 Derivative warrant liabilities 610 1,367 Deferred tax liabilities 118 92 Other liabilities 4,233 3,948 Total liabilities $ 50,847 $ 50,587 Commitments and contingencies (Note 10) Redeemable noncontrolling interest 735 734 Shareholders' equity (deficit) Preference

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