WWACU Worldwide Webb Acquisition Corporation

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) November 30, 2023

 

 

Aeries Technology, Inc.

(Exact name of registrant as specified in its charter)

 

 

Cayman Islands		001-40920		98-1587626
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(IRS Employer Identification Number)

 

60 Paya Lebar Road, #08-13 Paya Lebar Square Singapore		409051
(Address of principal executive offices)		(Zip Code)

 

(919) 228-6404

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A ordinary shares, par value $0.0001 per share		AERT		Nasdaq Capital Market
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50		AERTW		Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company  ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On November 30, 2023, Aeries Technology, Inc. (the “Company”) issued a press release announcing certain financial and other results of Aark Singapore Pte. Ltd. for the quarter ended September 30, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release dated November 30, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 30, 2023	AERIES TECHNOLOGY, INC. A Cayman Islands exempted company
	By:	/s/ Sudhir Appukuttan Panikassery
	Name:	Sudhir Appukuttan Panikassery
	Title:	Chief Executive Officer and Director

 

 

 

Exhibit 99.1

 

Aeries Technology Reports Preliminary Results for Second Fiscal Quarter and First Fiscal Half 2024

Revenues for the second fiscal quarter of 2024 were $17.6 million, up 38% year-over-year

Adjusted EBITDA for the second fiscal quarter of 2024 was $2.9 million, up 107% year-over-year

 

NEW YORK Nov. 30, 2023 (GLOBE NEWSWIRE) – Aeries Technology (Nasdaq: AERT), a global professional services and consulting partner, today reported results of Aark Singapore Pte. Ltd. for the second fiscal quarter and first fiscal half 2024 ended September 30, 2023. On November 6, 2023, Aark Singapore Pte. Ltd., the parent company of Aeries Technology Group Business Accelerators Pte. Ltd., completed a business combination with Worldwide Webb Acquisition Corp., a publicly traded special purpose acquisition company. Following the business combination, Aark Singapore Pte. Ltd. became a subsidiary of the resulting public company, now known as Aeries Technology, Inc.

 

“We are happy to have successfully navigated the path to our public listing and are pleased with our results so far this year,” said Sudhir Panikassery, CEO of Aeries Technology. “I am incredibly proud of the entire team’s execution, and excited to have welcomed both Rajeev Nair as CFO and Daniel Webb as CIO this month, adding to our already deep talent pool. We saw a significant acceleration in both top and bottom line results in the second fiscal quarter and believe we are well positioned to execute on our medium to long-term growth strategy.”

Unaudited Three Months Ended September 30, 2023 (Second Fiscal Quarter 2024) Financial Highlights

 

Revenues: Revenues for the second fiscal quarter of 2024 were $17.6 million, up 38% compared to $12.8 million for the second fiscal quarter of 2023.

 

Income (Loss) from Operations: Income from Operations for the second fiscal quarter of 2024 was $1.5 million, up 475% compared to a loss of $(0.4) million for the second fiscal quarter of 2023.

 

Net Income (Loss): Net Income for the second fiscal quarter of 2024 was $926 thousand, up 517% compared to a net loss of $(222) thousand for the second fiscal quarter of 2023.

 

Adjusted EBITDA: Adjusted EBITDA for the second fiscal quarter of 2024 was $2.9 million, up 107% compared to $1.4 million for the second fiscal quarter of 2023.

 

Unaudited Six Months Ended September 30, 2023 (First Fiscal Half 2024) Financial Highlights

 

Revenues, net: Revenues for the first half of fiscal year 2024 was $33.9 million, up 34% compared to $25.3 million for the first half of fiscal year 2023.

 

Income from Operations: Income from Operations for the first half of fiscal year 2024 was $2.3 million, up 92% compared to $1.2 million for the first half of fiscal year 2023.

 

Net Income: Net Income for the first half of fiscal year 2024 was $1.4 million, up 27% compared to $1.1 million for the first half of fiscal year 2023.

 

Adjusted EBITDA: Adjusted EBITDA for the first half of fiscal year 2024 was $5.8 million, up 71% compared to $3.4 million for the first half of fiscal year 2023.

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except percentages)

(Unaudited)

 

		Three months ended September 30,								Six months ended September 30,
		2023				2022				2023				2022
Revenues, net		$	17,578			$	12,799			$	33,908			$	25,337
Cost of revenue			12,755				9,454				24,637				18,312
Gross profit		$	4,823			$	3,345			$	9,271			$	7,025
Gross Margin			27	%			26	%			27	%			28	%
Operating expenses
Selling, general & administrative expenses			3,338				3,765				7,008				5,873
Total operating expenses		$	3,338			$	3,765			$	7,008			$	5,873
Income (loss) from operations		$	1,485			$	(420	)		$	2,263			$	1,152
Operating Margin			8	%			-3	%			7	%			5	%
Other income (expense)
Interest income			70				47				134				96
Interest expense			(76	)			(66	)			(199	)			(114	)
Other income (expense), net			127				197				120				411
Total other income (expense)			120				178				55				393
Income before income taxes			1,605				(242	)			2,318				1,545
Provision for income taxes			(679	)			21				(897	)			(408	)
Net income			926				(222	)			1,421				1,137
Net Margin			5	%			-2	%			4	%			4	%
Less: Net income attributable to noncontrolling interest			108				(30	)			181				170
Net income attributable to Aark Singapore Pte. Ltd.		$	819			$	(192	)		$	1,240			$	967

 

Audited

 

		Year Ended March 31,
		2023				2022
Revenues, net		$	53,099			$	41,014
Cost of revenue			39,442				29,007
Gross profit		$	13,657			$	12,007
Gross Margin			26	%			29	%
Operating expenses
Selling, general & administrative expenses			11,326				5,423
Total operating expenses		$	11,326			$	5,423
Income (loss) from operations		$	2,331			$	6,584
Operating Margin			4	%			16	%
Other income (expense)
Interest income			191				284
Interest expense			(185	)			(444	)
Other income (expense), net			429				(421	)
Total other income (expense)			435				(581	)
Income before income taxes			2,766				6,003
Provision for income taxes			(1,060	)			(1,268	)
Net income			1,706				4,735
Net Margin			3	%			12	%
Less: Net income attributable to noncontrolling interest			260				703
Net income attributable to Aark Singapore Pte. Ltd.		$	1,446			$	4,032

 

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages)

(Unaudited)

 

		Three months ended September 30,								Six months ended September 30,
		2023				2022				2023				2022
Net income		$	926			$	(222	)		$	1,421			$	1,137
Income tax expense			679				(21	)			897				408
Interest income			(70	)			(47	)			(134	)			(96	)
Interest expenses			76				66				199				114
Depreciation and amortization			334				293				661				588
EBITDA		$	1,946			$	70			$	3,044			$	2,151
Adjustments
(+) Stock-based compensation			252				1,057				1,626				1,057
(+) Business combination related costs			741				225				1,171				225
Adjusted EBITDA		$	2,939			$	1,352			$	5,841			$	3,433
(/) Revenue			17,578				12,799				33,908				25,337
Adjusted EBITDA Margin			17	%			11	%			17	%			14	%

 

		Year Ended March 31,
		2023				2022
Net income		$	1,706			$	4,735
Income tax expense			1,060				1,268
Interest income			(191	)			(284	)
Interest expenses			185				444
Depreciation and amortization			1,172				1,140
EBITDA		$	3,932			$	7,303
Adjustments
(+) Stock-based compensation			3,805				-
(+) Business combination related costs			946				-
Adjusted EBITDA		$	8,683			$	7,303
Revenue			53,099				41,014
Adjusted EBITDA Margin			16	%			18	%

 

 

About Aeries Technology

 

Aeries, a global professional and management services partner offering a range of management consultancy services for private equity sponsors and their portfolio companies with engagement models that are designed to provide a mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client’s business operations.

 

Non-GAAP Financial Measures

 

The company uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in its underlying operating results and provide additional insight and transparency on how it evaluates the business. The company uses non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate its performance. The company has detailed the non-GAAP adjustments that it makes in the non-GAAP definitions below. The adjustments generally fall within the categories of non-cash items. The company believes the non-GAAP measures presented herein should always be considered along with, and not as a substitute for or superior to, the related GAAP financial measures. The company has provided the reconciliations between the GAAP and non-GAAP financial measures above.

 

The company defines Adjusted EBITDA as net income from operations before interest, income taxes, depreciation and amortization adjusted to exclude stock-based compensation and business combination related costs. Adjusted EBITDA is one of the key performance indicators the company uses in evaluating our operating performance and in making financial, operating, and planning decisions. The company believes adjusted EBITDA is useful to the investors of this proxy statement in the evaluation of Aeries’ operating performance as such information was used by securities analysts and other interested parties as a measure of financial information and debt service capabilities, and it was used by the company’s management for internal reporting and planning procedures, including aspects of our consolidated operating budget and capital expenditures.

 

Safe Harbor Statement

 

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Aeries and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, global conflicts, inflation and other global events on Aeries’ results of operations and global supply chain constraints, Aeries’ ability to continue to grow its business and execute its strategies and plans, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Aeries’ technology and services, Aeries’ ability to maintain compliance with Nasdaq’s continued listing requirements, the ability to obtain financing if needed, competition, general economic conditions and other factors that are detailed in Aeries’ periodic and current reports available for review at sec.gov. Furthermore, Aeries operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Aeries disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements. 

 

Contacts

 

Ryan Gardella

AeriesIR@icrinc.com

 

 

v3.23.3

Cover	Nov. 30, 2023
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 30, 2023
Entity File Number	001-40920
Entity Registrant Name	Aeries Technology, Inc.
Entity Central Index Key	0001853044
Entity Tax Identification Number	98-1587626
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	60 Paya Lebar Road
Entity Address, Address Line Two	#08-13
Entity Address, Address Line Three	Paya Lebar Square
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	409051
City Area Code	(919)
Local Phone Number	228-6404
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Class A ordinary shares, par value $0.0001 per share
Title of 12(b) Security	Class A ordinary shares, par value $0.0001 per share
Trading Symbol	AERT
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
Trading Symbol	AERTW
Security Exchange Name	NASDAQ

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