The following is a summary of the Aeries Technology, Inc (AERT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Aeries Technology reported Q3 revenue of $18.9 million, a 49% YoY growth which exceeded expectations with significant contribution from new client acquisitions.

• The adjusted EBITDA came in at $2.4 million, in line with the company outlook.

• Revenue for the first three quarters stood at $52.8 million, a 39% increase compared to the previous year.

• Gross profit for Q3 was marked at $6 million, with gross margin rising to a significant 32% compared to 18% the previous year.

• Despite a 150% rise in Q3 operating income to $733,000, the company reported a GAAP net loss of $16.4 million due to a non-cash charge related to change in fair value of a forward purchase agreement.

• Projected total revenues for 2024 are between $95 million and $105 million with an adjusted EBITDA of between $16 million and $20 million.

Business Progress:

• The company noted strong momentum in new client acquisition, even exceeding its internal forecast for the current quarter.

• An effort to expand presence in North America, contributing 77% of the revenue, was made with a new center of excellence in Mexico.

• The strategic initiative 'Dwell Shoring' is in focus, combining nearby centers of operation and maintaining excellence centers in India.

• Two new centers of excellence were opened in Bangalore focusing on digital transformation and business process optimization.

• The company reported a shift towards digital transformation, AI, and analytics by their new customers, expected to influence gross margins positively.

• Aeries is actively supporting their existing clients in implementing generative AI and natural language processing for robotic process automation.

• Expansion of relationships with 10 private equity stakeholders and portfolio companies is a key plan.

• The company is setting up a sales and marketing team to accelerate growth and attract mid-sized U.S. companies.

• The firm expects to exceed the 10 new clients acquired in 2023 in 2024, while reducing client turnover from 8% to 4%.

• Aeries Technology's dual shoring strategy has resulted in partnerships with a leading investment management solutions provider in Bangalore and a global technology company in Mexico.

More details: Aeries Technology IR

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