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Today, and welcome to Aeries Technology third quarter and fiscal year 2026 earnings call. Joining us today on the call are Aeries Chief Executive Officer Ajay Khare and Chief Financial Officer Daniel Webb. The call will review the results for the quarter ended December 31st, 2025, and outline strategic priorities that are shaping the next stage of our growth. Before we begin, please note that today's discussion contains forward-looking statements, including Aeries' expectations regarding future performance and market opportunities. Actual results may differ materially. Please refer to the SEC filings and the earnings press release for a full discussion of risks and uncertainties. Additionally, this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings release and on our website. With that, I'll now turn the call over to Ajay.

Thank you. Good morning, and thank you for joining our third quarter fiscal 2026 earnings call. Quarter three financial year 2026, that is the quarter ended December 2025, was another strong quarter for Aeries. We delivered stable revenue, improving margins, and disciplined execution, with a significant improvement in Adjusted EBITDA compared to prior year quarters. Our results reflect continued stability across our client base and strong delivery performance in India and Mexico. The quarter also benefited from ongoing efficiency improvements, scaled GCC operations, and increasing adoption of our AI and automation capabilities across both new and existing clients. For the quarter, revenue was $17.5 million, Adjusted EBITDA was $2.5 million, and Adjusted EBITDA margin was approximately 14.1%, representing a meaningful turnaround from a negative Adjusted EBITDA in the prior year quarter.

These results are consistent with our expectations and reinforce the progress we have made in creating a more predictable and efficient operating model. We continue to show positive operating cash flow for the third consecutive quarter, which speaks to the strong trajectory we have built over the past year and the discipline we are applying in cost management. Our automation initiatives continue to improve throughput and productivity across clients. During the quarter, we also saw continued momentum across our AI-led transformation and GCC practices. We made several announcements on the significant strides we have made in automation, advancements in our AI implementations, and recognition of our GCC setup capabilities by analyst firms. These reinforce themes we have consistently discussed with our investors over the past several quarters: the dual strength of our GCC delivery model and our targeted AI execution.

Together, they build trust with our clients and support both revenue visibility and long-term margin expansion. We also continue to see strong engagement across the Private Equity ecosystem and multiple industry sectors. The pattern remains consistent with what we have shared past quarter. When we deliver measurable value to portfolio company or enterprise client, it strengthens our position across our broader portfolio network and creates additional opportunities. Several of the client deals we have signed this year are still in their ramp-up phase. As they move towards steady state, we expect a more meaningful contribution in financial year 2027. This growing base of multi-function and multi-year engagement gives us confidence in our forward visibility. Our nearshore presence in Mexico continues to scale as well, and recent engagements within the Private Equity ecosystem further strengthen our long-term positioning.

We continue to forge strategic relationships with our clients, and some of them have now matured into multi-year engagement across multiple business functions. These examples highlight the durability of our client relations and the recurring nature of our model. Operationally, we continue to streamline our delivery model and strengthen the capabilities needed for our next phase of growth. These improvements position us well as existing client engagement expand into scope and size, and as more programs move into steady state. Our ability to execute consistently at scale is also supported by the stability of our delivery teams, highlighted by our third Great Place to Work certification, which reflects strong and consistent talent retention and engagement across our core delivery locations. Looking ahead to fiscal 2027, which runs from April 2026 to March 2027, we believe we have strong visibility into our revenue and profitability profile.

A significant portion of next year's revenue is anchored in multi-year contracts which have been signed already: GCC expansion and AI implementation transitioning into production. Based on this visibility, we expect fiscal 2027 revenue in the $80 million-$84 million range with Adjusted EBITDA of $10 million-$12 million. This outlook reflects the current scale of our contracted programs, the ramp-up of recently signed engagement, and operating leverage we are seeing in the business today. With that, I will hand over to Daniel for further details.

Thanks, Ajay. Q3 was a quarter where the underlying operating improvements in our business became more visible in our financial results. While revenue remained broadly stable year-over-year, our profitability and cash generation improved meaningfully, reflecting stronger utilization, automation-driven productivity, and continued cost discipline across the organization. Financial results for the third quarter fiscal year 2026 quarter ended December 30th, 2025: revenue $17.5 million compared to $17.6 million in the prior year period, net income $1.2 million versus $2.0 million in Q3 FY 2025, reflecting non-operating and below EBITDA items. Adjusted EBITDA $2.5 million compared to adjusted EBITDA loss of $2 million in Q3 of fiscal year 2025, marking a significant year-over-year improvement. Gross margin 19.1%, adjusted EBITDA margin 14.1%. Operating cash flow positive for the third consecutive quarter at $2.4 million.

This margin expansion reflects the operating leverage in our model as delivery utilization improved and automation scaled across active client programs. Incremental efficiency gains translated into profitability. Importantly, these improvements were achieved while maintaining service quality and execution discipline across both India and Mexico. We also delivered positive Operating Cash Flow for the third consecutive quarter, underscoring improved conversion of earnings into cash and greater stability in working capital. This consistent cash generation reinforces the durability of improvements we are making across our delivery and operating model. Based on our performance for the third quarter and execution momentum we're seeing across the business, we're increasing our current full year fiscal 2026 Adjusted EBITDA guidance to a range of $7 million-$8 million compared to our prior guidance of $6 million-$8 million. This reflects strong operating performance, improved delivery utilization, and continued benefits from automation-driven productivity initiatives.

Looking ahead, our visibility continues to strengthen. A significant portion of our fiscal 2027 outlook is supported by signed contracts with clients that are actively expanding with us. Several programs are still in their early phases, and as they progress towards steady state, we expect further contribution to both revenue and profits. As Ajay noted, our fiscal 2027 outlook covering the period from April 2026 through March 2027 is in the $80 million-$84 million range, with Adjusted EBITDA of $10 million-$12 million. This outlook is supported by signed contracts, active program ramp-ups, and improved margin profile we are demonstrating in fiscal 2026. Importantly, many of the programs contributing to fiscal 2027 are already operational or in advanced stages of ramp-up, which lessens execution risk and supports the durability of this outlook.

Our balance sheet remains healthy, and we are well positioned to continue executing our growth strategy while improving profitability and cash flow as the business scales. Thank you.

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Good morning, and welcome to the Aeries Technology Full Year 2025 Earnings and Business Update Call. Joining us today are Aeries Chief Executive Officer, Ajay Khare; and Chief Financial Officer, Daniel Webb. This call will review the results for the year ended March 31, 2025, and discuss strategic and priorities moving forward. Before we begin, please note that today's discussion contains forward-looking statements, including Aeries' expectations regarding future performance and market opportunities. Actual results may differ materially. Please refer to the SEC filings and the earnings press release for a full discussion of risks and uncertainties. Additionally, this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most comparable GAAP measures are available in our earnings press release and on our website. With that, I'll now turn the call over to Ajay.

Thank you, operator. Good morning, everyone, and thank you for joining us. I'm Ajay Khare, CEO of Aeries Technology. Today, we will review our performance for fiscal year 2025 and walk through the initiatives that are shaping the next phase of growth for Aeries. After that, I will hand it over to Daniel to take you through the detailed financial and forward outlook. For financial year 2025, we guided to $6 million to $7 million in core adjusted EBITDA. I'm pleased to report that we ended the year having achieving $7.4 million beating our guidance. The outperformance underscores the strength of our focused execution and results of our realignment efforts. Financial year 2025 was a pivotal year for Aeries. We made intentional decisions to sharpen our strategy and focus. That meant doubling down on our core business, that is helping private equity-backed companies, build and scale global capability center, GCCS, and stepping away from lower-value noncore geographies. We exited the Middle East consulting markets, completed all the associated write-offs and significantly tightened our cost structure. Those legacy issues are now fully behind us. Our focus on private equity firms and portfolio companies with a presence in North America has created a resilient and focused business for us. We have built deep relationships with leading private equity funds and our value proposition that is transformation through innovation, speed, efficiency and flexibility has started to resonate strongly. We continue to see high client retention, long tenured engagements and increased adoption of large-scale digital transformation missions. North America now represents over 93.3% of our revenue base and we continue -- and we see continued momentum through both new logos and deeper engagements with existing clients. We expect our momentum to accelerate now that we have hired a Chief Growth and Strategy Officer. We will continue to make key hires with the relationships in the PE industry to expand our pipeline and network. Excluding the discontinued Middle East operations, our North America revenue grew 15% year-over-year from $57 million to now $65.5 million for financial year 2025, highlighting the strength of our core markets. At the heart of our delivery is our GCC model, also known as Global Capability Centers model. GCCs are no longer optional. They have become the preferred way for companies to gain scalable capabilities in technology, operations and transformation, which they can then leverage throughout their business. With over 13 years of GCC expertise, we are now seeing that experience convert into competitive advantage and real deal momentum. Recently, we began partnering with a leading global cybersecurity software and services provider to establish and scale global capability centers in both India and Mexico to enhance their existing India-based workforce while adding a nearshore hub to support core business function. We are delivering purpose-built solutions that are allowing them to innovate efficiently and to pursue their digital transformation objectives. Consistent with our capabilities, we are working in partnership with this customer from setup to scale up, reflecting the full range of technology and operational capabilities that our team possess. We look forward to a long partnership with this customer. We also signed a recent letter of intent with a leading global SaaS company in the sustainability and compliance space to establish AI-driven GCCs in India and Mexico. These centers will initially support core business functions with a road map to expand as the client scales. This engagement further demonstrate how our GCC model can align with long-term innovation and global growth strategies from day one. Building on our momentum, financial year 2025 marked the launch of our new AI-centered global capability center framework and approach that integrates intelligent automation, generative AI agents and data-driven DCN systems into GCCs that we build and operate. We are excited to bring this new generation of capabilities to our customers as they look to increase the speed of their value creation initiatives, which in turn helps them to successfully innovate, serve their customers and do it in the most cost-effective and technically advanced way possible. We have already deployed this framework within a flagship health care portfolio company, where we scaled a 300-plus member GCC within 15 months, which is starting to see meaningful business results. Our AI-centered GCC framework will serve as the operating system for the next-generation enterprises transformation, and we will continue to build on early success by enhancing it further with more detailed, more domain-specific AI tools, predictive benchmarking and enterprise-grade LLM integration. With that, I will hand it over to Daniel to continue the discussion and walk you through the broader strategy and outlook.

Thanks, Ajay. Let me start with the consolidated financials. For FY 2025, we reported $70.2 million in total revenue compared to $72.5 million in FY 2024. This slight decline was anticipated and driven by our exit from the Middle East business. Excluding that impact, our North America revenue grew 15% year-over-year from $57 million to $65.5 million, demonstrating strong momentum in our core market. As Ajay mentioned, we had originally guided to $6 million to $7 million in core adjusted EBITDA. We closed the year at $7.4 million, exceeding our guidance and reaffirming the strength of our realigned business model. Our financials in fiscal 2025 reflect onetime items that we don't expect to happen in 2026. The majority of our SG&A in 2025 was from onetime items. The Middle East business has now been fully written off. Our restructuring is complete. Stock-based compensation is expected to be significantly lower, we believe 2026 is on track to be our best year yet. Let me now walk you through our full year financial performance. Full year FY 2025, total revenue, $70.2 million; gross profit, $16.7 million, margin of 23.8%. Operating loss, negative $28.8 million; adjusted EBITDA, negative $4.7 million; core adjusted EBITDA, positive $7.4 million; net loss negative $21.6 million. These full year results reflect the structural transition we've made away from noncore and toward a more focused scalable operating model. The core adjusted EBITDA reached $7.4 million, an increase of 365% over the $1.6 million reported in the previous year and above the guidance we have provided. This outperformance marks a clear validation of that strategic shift. We ended the year with $2.8 million in cash and $1.1 million in long-term debt, providing ample flexibility to support our ongoing initiatives. As a final note, we previously shared that FY 2025 would be the last to report core adjusted EBITDA as a separate metric. Going forward, we will rely on adjusted EBITDA and GAAP measures as more representative of our performance. Core adjusted EBITDA was useful during our transition period, but with the noncore business behind us, it is no longer needed to explain underlying trends. FY 2026 outlook. We are reaffirming our guidance. Revenue, $74 million to $80 million; adjusted EBITDA, $6 million to $8 million. These projections are based on our strength and focus on North American market, the maturation of our global capability center, GCC model and the growing demand for digital transformation services among private equity-backed companies. We are confident in this outlook and here's why. We're seeing strong traction with clients. Existing clients are deepening their partnerships. Our PE network is expanding, boosted by the addition of our Chief Growth Officer. Our cost structure is now lean and proven. AI-led transformation is gaining pace and our modular agents are already active in client environments. With strong relationships, a validated delivery model and growing interest from PE portfolio companies, we are excited to be entering FY 2026 with clarity, confidence and momentum. Thank you for your continued support, and we look forward to delivering sustained value in the coming fiscal year.

Thank you. Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Good morning. Welcome to Aeries Technology’s Third Fiscal Quarter 2025 Business Update Call. Joining us on Aeries – joining us today are Aeries’ Chief Executive Officer, Ajay Khare; and Chief Financial Officer, Daniel Webb. This call will review the results of the quarter ended December 31, 2024 and discuss strategic priorities moving forward. Before we begin, please note that today’s discussion contains forward-looking statements, including Aeries’ expectations regarding future performance and market opportunities. Actual results may differ materially. Please refer to the SEC filings and the earnings press release for a full discussion of risks and uncertainties. Additionally, this call will include certain non-GAAP financial measures. Reconciliation of these measures to the most direct comparable GAAP measures are available on our earnings release and on our website. With that, I will now turn the call over to Ajay.

Thank you, and good morning, everyone. I’m Ajay Khare, the newly appointed CEO of Aeries Technology. Many of you know me from my previous role as Chief Operating and Revenue Officer over the past 10 years here at Aeries. I’m honored to step into this role and lead the company into a new phase of transformation and growth. I would like to take this opportunity to appreciate outgoing CEO, Sudhir Panikassery’s leadership, which has set a strong foundation for our growth. I am also pleased to announce that Daniel Webb has been appointed as our Chief Financial Officer, in addition to continuing his role as Chief Investment Officer. Daniel brings extensive experience in public market and investment banking. We believe his strategic insight will be instrumental in strengthening our financial discipline and ensuring that we deploy resources effectively to achieve our long-term objectives. Today, I would want to focus on three key areas: number one, strategic focus on profitable growth. We have realigned our business model to concentrate on high-value, long-term engagement with our core North American clientele, accounts that represent over 93% of our revenue. By exiting non-core segments such as Middle East, we are sharpening our focus on transformation-led partnerships. This approach is designed to not only enhance our service quality, but also support our strategy of achieving profitable growth on both cash flow and adjusted EBITDA basis. Number two, robust cost discipline and financial health. Our recent cost optimization efforts have already delivered significant benefits. This quarter, we further eliminated significant SG&A costs and annual expenses, a saving that is expected to positively impact our bottom line starting next quarter. Combined with our disciplined approach to resource allocation, these measures are designed to put us on a clear path to being cash flow positive for foreseeable future. Lastly, innovation and AI-driven transformation, the industry is evolving from legacy cost-saving models towards transformation-led engagements, our global capability center, GCC model, remains central to our growth strategy. In parallel, we have observed that our AI practice is gaining traction. We now offer a complementary AI assessment to help clients analyze optimal areas for AI automation to drive process optimization and operational efficiency. Some recent examples of AI projects we have done include helping a telecom client achieve 90% accuracy in churn prediction. And in healthcare space, our automation solution for IT support has reduced human intervention by 40%. We believe these initiatives not only differentiate us in the marketplace, but also create tangible value for our clients. In summary, with a strong leadership in place, our focused strategy on high-value engagements and disciplined cost management we believe Aeries is well positioned to drive sustainable profitable growth. We remain committed to excellence and delivering value to our stakeholders as we navigate an evolving market landscape. Now, I will turn the call over to Daniel to discuss our financial performance and outlook in greater detail.

Good morning everyone and thank you for joining us today. As mentioned earlier, I am Daniel Webb, newly appointed as CFO, while continuing in my role as Chief Investment Officer. I am excited to share our financial highlights and strategic outlook for fiscal years 2025 and 2026. For the third fiscal quarter of 2025, our key financial metrics are as follows. Revenues, North American revenue of $16.4 million, representing 13.1% year-over-year growth. Total revenues reached $17.6 million, down 6.8% year-over-year. Importantly, North American revenue now represents over 93% of our business. Gross profit and margins, our gross profit for the quarter was $4.0 million, resulting in a gross margin of 23.0%. Income from operations, income from operations for the third fiscal quarter of 2025 was negative $5.2 million compared to $0.7 million for the third fiscal quarter of 2024. Net income, net income was $2.0 million compared to negative $16.3 million for the third fiscal quarter of 2024. Adjusted EBITDA, adjusted EBITDA for the quarter was negative $2 million. While we experienced some headwinds in this period, our ongoing cost optimization efforts including significant SG&A expense reductions are expected to generate meaningful benefits in the upcoming quarters. Core adjusted EBITDA, core adjusted EBITDA for the third fiscal quarter of 2025 was $1.5 million, compared to negative $0.02 million for the third fiscal quarter of 2024. Balance sheet, at December 31, 2024, we had $2.4 million in cash and cash equivalents, with a total long-term debt at $1.5 million. Looking ahead, the company is reiterating its stated guidance for the fiscal year 2025, revenue between $71 million and $73 million, core adjusted EBITDA between $6 million and $7 million. In addition, we are introducing our fiscal year 2026 outlook with expected revenues between $74 million and $80 million and adjusted EBITDA between $6 million to $8 million. Fiscal 2026 reporting and guidance will not include core adjusted EBITDA as we anticipate that all expected credit losses from prior non-core markets will have been fully addressed this fiscal year. We believe our renewed focus on profitable growth, backed by robust cash flow expectations and stringent cost controls enhances Aeries’ ability to achieve sustained success. We are committed to maintaining a clear strategic focus and leveraging our capabilities in AI, automation and GCC operations to drive value for our clients and shareholders. Thank you for joining the call.

Thank you. This will conclude today’s conference. You may disconnect your lines at this time and thank you for your participation.