Aeries Technology, Inc.

Aeries operates in North America and Asia Pacific, with North America as its primary commercial focus. The company states that substantially all North America revenue relates to customers in the United States, making the U.S. its core demand center. Asia Pacific is also important because the GCC model depends on cost-effective talent locations and delivery capacity outside the client’s home market. The business is therefore exposed to both U.S. client demand and operating conditions in India and other Asia Pacific markets where labor, currency, and compliance factors affect delivery economics.

Aeries faces elevated business risk because management has disclosed substantial doubt about its ability to continue as a going concern, driven in part by obligations under Forward Purchase Agreements and the termination of a significant customer contract. The company is also exposed to client concentration and contract renewal risk because its GCC model depends on long-term relationships and can be disrupted by early terminations or non-renewals. Competitive pressure is high in consulting and outsourced delivery, and the company must continue to prove that its model is differentiated on cost, speed, and execution quality. In addition, the business is exposed to wage inflation, foreign exchange volatility, geopolitical uncertainty, cybersecurity incidents, and AI-related regulatory and reputational risk because it relies on cross-border delivery, client data, and technology systems.