Aeries Technology, Inc. - Class A Ordinary Share

Revenue was stable year over year at ~70 million dollars in FY26, but three customers contributed more than 10 percent each, and two non‑renewals effective September 2025 and June 30, 2026 reduce annualized revenue by about 9.7 million dollars.

Guidance for FY27 (80 to 84 million dollars revenue) suggests backfill and expansion, yet we discount it given concentration risk and limited public track record as a de‑SPAC. Overall we see moderate predictability with contract‑based, recurring service revenue tempered by concentration and early‑stage scale.