How Did Aeries Technology (NASDAQ:AERT) Perform in the Second Quarter of Fiscal 2027?

Sonal Goyal

12 November 2026 12:11 PM AEDT

How Did Aeries Technology (NASDAQ:AERT) Perform in the Second Quarter of Fiscal 2027?

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Key Highlights

Second-quarter Revenue rose 4.5% year over year to $18.1 million, while Net Income reached $1.3 million.
Adjusted EBITDA for the quarter declined to $2.1 million from $2.6 million, narrowing the Margin to 11.6%.
First-half revenue climbed 23% to $40.1 million, including $2.7 million tied to a customer buyout.
Fiscal 2027 guidance of $80 million to $84 million in revenue was reaffirmed.

Aeries Technology, Inc. (NASDAQ:AERT) has reported results for the second quarter of fiscal 2027, the period ended September 30, 2026. The New York-based provider of AI transformation and enterprise operations services posted higher revenue and net income than in the same quarter a year earlier, while adjusted EBITDA moved in the opposite direction. The mixed set of figures shows a company expanding its Top Line and cash generation while adjusted profitability for the quarter declined. The data, published on November 11, 2026, offers a detailed view of how the Business performed during the period. Revenue growth and net income gains are measured here against the same periods a year earlier, while the adjusted EBITDA comparison is set against the prior-year figure as reported.

Second-Quarter Revenue and Earnings

Revenue for the three months reached $18.1 million, up 4.5% from $17.3 million a year earlier. Net income rose to $1.3 million from $0.6 million in the prior-year quarter. Adjusted EBITDA, however, came in at $2.1 million compared with $2.6 million, reducing the margin to 11.6% from 14.7%.

The divergence between reported net income and adjusted EBITDA means the quarter's bottom-line gain did not carry through to the adjusted profit measure. Readers comparing the two figures should keep that difference in view when assessing the quarter.

Margin figures are useful because they show how much of each dollar of revenue remained after the costs the company adjusts for. Net income is a reported measure that can include items that adjusted EBITDA excludes, which helps explain why the two figures moved in different directions this quarter.

First-Half Performance and Cash Flow

For the first six months of fiscal 2027, revenue increased 23% to $40.1 million from $32.7 million. That total includes $2.7 million linked to a customer buyout recognized in the first quarter, which the company reported separately. First-half net income rose to $3.6 million from $2.3 million.

Adjusted EBITDA for the half climbed 72% to $6.2 million, lifting the margin to 15.4% from 11.0%. Operating Cash Flow reached $4.7 million, roughly 98% higher than the $2.4 million recorded a year earlier.

The first-half cash flow figure is worth separating from earnings. Operating Cash Flow measures the cash generated by day-to-day operations, and the company reported that it rose approximately 98% to $4.7 million. Cash generation and accounting profit do not always move together, so the two results are presented separately in the company's disclosure.

Product Activity and the Fiscal 2027 Outlook

During the quarter the company continued developing its AI transformation and enterprise operations offerings. In September it introduced AxAI, an agentic AI solution, alongside its AeriesOne enterprise operations platform.

Aeries reaffirmed fiscal 2027 guidance calling for revenue of $80 million to $84 million and adjusted EBITDA of $10 million to $12 million. With $40.1 million booked in the first half, the revenue range implies second-half revenue of about $39.9 million to $43.9 million, while the adjusted EBITDA range implies roughly $3.8 million to $5.8 million in the second half.

Guidance is a company's own forecast for the full fiscal year. Because the first half is now complete, the reaffirmed ranges give a reference point that allows readers to compare actual results with the company's expectations as the year progresses.

Segment Mix and Client Activity

The company describes its business as a combination of AI transformation work and enterprise operations services. The update focuses on group-level figures, so it does not break out revenue by offering. Without that split, it is not possible to tell how much of the quarter's growth came from AI-related services and how much came from established operations work.

The buyout recognized in the first quarter is a reminder that not all first-half revenue reflects recurring activity. Investors reading the company's results would therefore need to look at second-quarter revenue on its own, which grew 4.5%, to see the underlying pace of the business.

Final Word

Aeries posted higher revenue and net income in both the quarter and the first half, while adjusted EBITDA declined in the quarter and the first-half total included a one-time buyout contribution. The reaffirmed guidance requires a second half with revenue close to the first half and adjusted EBITDA well below the first-half pace. Future quarterly reports will show whether the AxAI offering and the enterprise platform contribute to that pace, and how the buyout effect is reflected in the comparisons. The period also shows how a single item can shape a half-year comparison, which is why the quarterly and first-half figures are best read together.

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