{"url_path":"/sec/aert/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 Form 10–K Summary.**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-08","source_url":"https://www.sec.gov/Archives/edgar/data/1853044/0001829126-26-006123-index.html","accession_number":"0001829126-26-006123","cik":"0001853044","ticker":"AERT","issuer_name":"Aeries Technology, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1853044/0001829126-26-006123-index.html","primary_entity_key":"0001853044","primary_entity_name":"Aeries Technology, Inc."},"word_count":24599,"has_tables":true,"body_markdown":"**Item 16. Form 10–K Summary.**\n\n \n\nNot applicable.\n\n \n\n96\n\n \n\n \n\n**SIGNATURES**\n\n \n\nPursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on the 8th day of June, 2026.\n\n \n\n \nAERIES TECHNOLOGY, INC.\n\n \n \n\nDate: June 8, 2026\nBy:\n/s/ Bhisham (Ajay) Khare\n\n \nName:\nBhisham (Ajay) Khare\n\n \nTitle:\n\nChief Executive Officer and Director\n\n(Principal Executive Officer)\n\n \n\n**POWER OF ATTORNEY**\n\n \n\nKNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Bhisham (Ajay) Khare or Venu Raman Kumar his or her true and lawful attorney-in-fact and agent, with full power of substitution and, for him or her and in his or her name, place and stead, in any and all capacities to sign any and all amendments to this Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.\n\n \n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:\n\n \n\n**Name**\n \n**Position**\n \n**Date**\n\n \n \n \n \n \n\n/s/ Bhisham (Ajay) Khare\n \nChief Executive Officer and Director\n \nJune 8, 2026\n\nBhisham (Ajay) Khare\n \n(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)\n \n \n\n \n \n \n \n \n\n/s/ Venu Raman Kumar\n \nChairman & Director\n \nJune 8, 2026\n\nVenu Raman Kumar\n \n \n \n \n\n \n \n \n \n \n\n/s/ Alok Kochhar\n \nDirector\n \nJune 8, 2026\n\nAlok Kochhar\n \n \n \n \n\n \n \n \n \n \n\n/s/ Biswajit Dasgupta\n \nDirector\n \nJune 8, 2026\n\nBiswajit Dasgupta\n \n \n \n \n\n \n \n \n \n \n\n/s/ Nina B. Shapiro\n \nDirector\n \nJune 8, 2026\n\nNina B. Shapiro\n\n \n \n \n \n\n \n\n97\n\n \n\n \n\n**AERIES TECHNOLOGY, INC.**\n\n \n\n**INDEX TO FINANCIAL STATEMENTS**\n\n \n\n[Report of Independent Registered Public Accounting Firm](#b_001)\n \nF-2\n\nConsolidated Financial Statements:\n \n \n\n[Consolidated Balance Sheets as of March 31, 2026 and 2025](#b_002)\n \nF-3\n\n[Consolidated Statements of Operations for the Year ended March 31, 2026 and 2025](#b_003)\n \nF-4\n\n[Consolidated Statements of Comprehensive (loss) / Income for the Year ended March 31, 2026 and 2025](#b_004)\n \nF-5\n\n[Consolidated Statements of Changes in Temporary Equity and Shareholders’ Deficit for the Year ended March 31, 2026 and 2025](#b_005)\n \nF-6\n\n[Consolidated Statements of Cash Flows for the Year ended March 31, 2026 and 2025](#b_006)\n \nF-8\n\n[Notes to Consolidated Financial Statements](#b_007)\n \nF-9 to F-49\n\n \n\nF-1\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\n**To the Shareholders and the Board of Directors of**\n\n**Aeries Technology, Inc.**\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying Consolidated balance sheets of Aeries Technology, Inc. and its subsidiaries (the “Company”) as of March 31, 2026 and March 31, 2025, the related consolidated statements of operations, comprehensive (loss) / income, changes in redeemable noncontrolling interest and shareholders’ equity/(deficit) and cash flows, for each of the two years in the period ended March 31, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the Consolidated financial position of the Company as at March 31, 2026 and 2025, and the Consolidated results of its operations and its cash flows for each of the two years in the period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\n**Going Concern Uncertainty**\n\n \n\nThe accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has a significant working capital deficiency and accumulated deficit, and requires additional funding to meet its obligations and sustain operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese Consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s Consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n \n\n**Critical Audit Matters**\n\n \n\nThe critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.\n\n \n\n/s/ Manohar Chowdhry & Associates\n\n \n\nManohar Chowdhry & Associates\n\nChartered Accountants\n\n 5341\n\nWe are serving as the Company’s auditor since fiscal 2024\n\n \n\nChennai, India\n\nJune 8,\n2026\n\n \n\nF-2\n\n \n\n \n\n**AERIES TECHNOLOGY, INC. AND SUBSIDIARIES**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**As of March 31, 2026 and March 31, 2025**\n\n(in thousands of United States dollars, except share and per share amounts)\n\n \n\n \n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**ASSETS**\n \n \n \n \n \n \n \n \n\nCurrent assets:\n \n \n \n \n \n \n \n \n\nCash and cash equivalents\n \n$\n4,878\n \n \n$\n2,764\n \n\nAccounts receivable, net of allowance of $1,335 and $3,574 as of March 31, 2026 and March 31, 2025, respectively\n \n \n12,719\n \n \n \n10,982\n \n\nPrepaid expenses and other current assets, net of allowance of $0 and $0, as of March 31, 2026 and March 31, 2025, respectively\n \n \n6,170\n \n \n \n7,581\n \n\nDeferred transactions costs\n \n \n125\n \n \n \n-\n \n\n**Total current assets**\n \n**$**\n**23,892**\n \n \n**$**\n**21,327**\n \n\nProperty and equipment, net\n \n \n1,750\n \n \n \n1,570\n \n\nOperating right-of-use assets\n \n \n8,608\n \n \n \n9,602\n \n\nDeferred tax assets, net\n \n \n3,689\n \n \n \n4,064\n \n\nLong-term investments, net of allowance of $52 and $76, as of March 31, 2026 and March 31, 2025, respectively\n \n \n1,896\n \n \n \n1,830\n \n\nOther assets\n \n \n2,059\n \n \n \n1,440\n \n\n**Total assets**\n \n**$**\n**41,894**\n \n \n**$**\n**39,833**\n \n\n \n \n \n \n \n \n \n \n \n\n**LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY / (DEFICIT)**\n \n \n \n \n \n \n \n \n\nCurrent liabilities:\n \n \n \n \n \n \n \n \n\nAccounts payable\n \n$\n9,270\n \n \n$\n8,154\n \n\nAccrued compensation and related benefits, current\n \n \n3,568\n \n \n \n2,432\n \n\nOperating lease liabilities, current\n \n \n2,694\n \n \n \n2,543\n \n\nShort-term borrowings\n \n \n4,436\n \n \n \n6,504\n \n\nForward purchase agreement put option liability\n \n \n4,287\n \n \n \n5,034\n \n\nOther current liabilities\n \n \n6,434\n \n \n \n7,753\n \n\n**Total current liabilities**\n \n**$**\n**30,689**\n \n \n**$**\n**32,420**\n \n\nLong term debt\n \n \n798\n \n \n \n1,096\n \n\nOperating lease liabilities, noncurrent\n \n \n6,358\n \n \n \n7,483\n \n\nDerivative warrant liabilities\n \n \n421\n \n \n \n629\n \n\nDeferred tax liabilities, net\n \n \n197\n \n \n \n139\n \n\nOther liabilities\n \n \n6,016\n \n \n \n4,170\n \n\n**Total liabilities**\n \n**$**\n**44,479**\n \n \n**$**\n**45,937**\n \n\n \n \n \n \n \n \n \n \n \n\n**Commitments and contingencies (Note 16)**\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n\n**Redeemable noncontrolling interest**\n \n \n**448**\n \n \n \n**(42**\n**)**\n\n \n \n \n \n \n \n \n \n \n\n**Shareholders’ equity / (deficit)**\n \n \n \n \n \n \n \n \n\nPreference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding\n \n \n-\n \n \n \n-\n \n\nClass A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 48,497,154 shares issued and outstanding as of March 31, 2026; 47,152,626 shares issued and outstanding as of March 31, 2025\n \n \n5\n \n \n \n5\n \n\nClass V ordinary shares, $0.0001 par value; 1 share authorized; 1 share issued and outstanding as of March 31, 2026; 1 share issued and outstanding as of March 31, 2025\n \n \n-\n \n \n \n-\n \n\nNet shareholders’ investment and additional paid-in capital\n \n \n29,115\n \n \n \n27,203\n \n\nLess: Common Stock held in treasury at cost; 2,997,954 shares as on March 31, 2026 and 1,285,392 shares as on March 31, 2025\n \n \n(1,304\n)\n \n \n(724\n)\n\nAccumulated other comprehensive loss\n \n \n(1,977\n)\n \n \n(908\n)\n\nAccumulated deficit\n \n \n(28,873\n)\n \n \n(31,380\n)\n\n**Total Aeries Technology, Inc. shareholders’ equity / (deficit)**\n \n**$**\n**(3,034**\n**)**\n \n**$**\n**(5,804**\n**)**\n\nNoncontrolling interest\n \n \n1\n \n \n \n(258\n)\n\n**Total shareholders’ equity / (deficit)**\n \n \n**(3,033**\n**)**\n \n \n**(6,062**\n**)**\n\n**Total liabilities, redeemable noncontrolling interest and shareholders’ equity / (deficit)**\n \n**$**\n**41,894**\n \n \n**$**\n**39,833**\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-3\n\n \n\n \n\n**AERIES TECHNOLOGY, INC. AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**For the years ended March 31, 2026 and 2025**\n\n(in thousands of United States dollars, except share and per share amounts)\n\n \n\n \n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**Revenue, net**\n \n**$**\n**70,014**\n \n \n**$**\n**70,198**\n \n\nCost of revenue\n \n \n52,715\n \n \n \n53,478\n \n\n**Gross profit**\n \n \n**17,299**\n \n \n \n**16,720**\n \n\n**Operating expenses**\n \n \n \n \n \n \n \n \n\nSelling, general & administrative expenses\n \n \n12,781\n \n \n \n45,490\n \n\n**Total operating expenses**\n \n \n**12,781**\n \n \n \n**45,490**\n \n\n**Income / (loss) from operations**\n \n \n**4,518**\n \n \n \n**(28,770**\n**)**\n\n**Other income / (expense)**\n \n \n \n \n \n \n \n \n\nChange in fair value forward purchase agreement put option liability\n \n \n(51\n)\n \n \n4,585\n \n\nChange in fair value of derivative warrant liabilities\n \n \n208\n \n \n \n738\n \n\nGain on settlement of forward purchase agreement put option liability\n \n \n-\n \n \n \n581\n \n\nInterest income\n \n \n318\n \n \n \n326\n \n\nInterest expense\n \n \n(463\n)\n \n \n(751\n)\n\nOther (expense) / income, net\n \n \n935\n \n \n \n624\n \n\n**Total other income / (expense), net**\n \n \n**947**\n \n \n \n**6,103**\n \n\n**Income / (loss) before income taxes**\n \n \n**5,465**\n \n \n \n**(22,667**\n**)**\n\nIncome tax (expense) / benefit\n \n \n(1,991\n)\n \n \n1,072\n \n\n**Net income / (loss)**\n \n**$**\n**3,474**\n \n \n**$**\n**(21,595**\n**)**\n\nNet income / (loss) attributable to noncontrolling interests\n \n \n278\n \n \n \n(1,163\n)\n\nNet income / (loss) attributable to redeemable noncontrolling interests\n \n \n642\n \n \n \n(718\n)\n\n**Net income / (loss) attributable to shareholders’ of Aeries Technology Inc.**\n \n**$**\n**2,554**\n \n \n**$**\n**(19,714**\n**)**\n\n \n \n \n \n \n \n \n \n \n\nWeighted average shares outstanding of Class A ordinary shares, basic and diluted\n \n \n48,329,709\n \n \n \n43,080,693\n \n\n \n \n \n \n \n \n \n \n \n\n**Basic and diluted net income / (loss) per Class A ordinary share**\n \n**$**\n**0.05**\n \n \n**$**\n**(0.46**\n**)**\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**AERIES TECHNOLOGY, INC. AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)**\n\n**For the years ended March 31, 2026 and 2025**\n\n(in thousands of United States dollars, except share and per share amounts)\n\n \n\n \n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**Net Income / (loss)**\n \n**$**\n**3,474**\n \n \n**$**\n**(21,595**\n**)**\n\nOther comprehensive loss, net of tax\n \n \n \n \n \n \n \n \n\nForeign currency translation adjustments\n \n \n(975\n)\n \n \n(332\n)\n\nUnrecognized actuarial gain / (loss) on defined employee benefit plan obligations\n \n \n(318\n)\n \n \n(85\n)\n\n**Total other comprehensive loss, net of tax**\n \n \n**(1,293**\n**)**\n \n \n**(417**\n**)**\n\n**Comprehensive income / (loss), net of tax**\n \n**$**\n**2,181**\n \n \n**$**\n**(22,012**\n**)**\n\nComprehensive income / (loss) attributable to noncontrolling interests\n \n \n240\n \n \n \n(1,189\n)\n\nComprehensive income / (loss) attributable to redeemable noncontrolling interests\n \n \n489\n \n \n \n(776\n)\n\n**Total comprehensive income / (loss) attributable to shareholders’ of Aeries Technology, Inc.**\n \n**$**\n**1,452**\n \n \n**$**\n**(20,047**\n**)**\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**AERIES TECHNOLOGY, INC. AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE**\n\n**NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY / (DEFICIT)**\n\n**For the year ended March 31, 2026 and 2025**\n\n(in thousands of United States dollars except share and per share amounts)\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \nRedeemable\nnoncontrolling\n \n \nOrdinary Shares\nClass A\n \n \nOrdinary Shares\nClass V\n \n \nOrdinary Shares\nTreasury Shares\n \n \nNet\nshareholders’\ninvestment and\nadditional\npaid-in\n \n \n(Accumulated deficit)\nretained\n \n \nAccumulated other\ncomprehensive\n \n \nTotal Aeries Technology, Inc. shareholders’\nequity\n \n \nNoncontrolling\n \n \nTotal\nShareholders’\nequity\n \n\n \n \ninterest\n \n \nShares\n \n \nAmount\n \n \nShares\n \n \nAmount\n \n \nShares\n \n \nAmount\n \n \ncapital\n \n \nEarnings\n \n \nloss\n \n \n(deficit)\n \n \ninterest\n \n \n(deficit)\n \n\nBalance as of April 1, 2025\n \n$\n(42\n)\n \n \n47,152,626\n \n \n$\n5\n \n \n \n1\n \n \n$\n-\n \n \n \n1,285,392\n \n \n$\n(724\n)\n \n$\n27,203\n \n \n$\n(31,380\n)\n \n$\n(908\n)\n \n$\n(5,804\n)\n \n$\n(258\n)\n \n$\n(6,062\n)\n\nNet income for the period\n \n \n642\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n2,507\n \n \n \n-\n \n \n \n2,507\n \n \n \n324\n \n \n \n2,831\n \n\nOther comprehensive loss for the period\n \n \n(153\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1,069\n)\n \n \n(1,069\n)\n \n \n(72\n)\n \n \n(1,140\n)\n\nIssuance of Class A ordinary shares in connection with private placement\n \n \n-\n \n \n \n50,000\n \n \n \n0\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(0\n)\n \n \n-\n \n \n \n-\n \n \n \n(0\n)\n \n \n-\n \n \n \n(0\n)\n\nIssuance of common stock with respect to share exchange agreement\n \n \n-\n \n \n \n851,184\n \n \n \n0\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n740\n \n \n \n-\n \n \n \n-\n \n \n \n740\n \n \n \n-\n \n \n \n740\n \n\nIssuance of Class A ordinary shares with respect to agreement with FPA holder\n \n \n-\n \n \n \n1,355,906\n \n \n \n0\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n699\n \n \n \n-\n \n \n \n-\n \n \n \n699\n \n \n \n-\n \n \n \n699\n \n\nIssuance of Class A ordinary shares in exchange of professional services\n \n \n-\n \n \n \n300,000\n \n \n \n0\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n180\n \n \n \n-\n \n \n \n-\n \n \n \n180\n \n \n \n-\n \n \n \n180\n \n\nStock based compensation\n \n \n-\n \n \n \n500,000\n \n \n \n0\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n293\n \n \n \n-\n \n \n \n-\n \n \n \n293\n \n \n \n-\n \n \n \n293\n \n\nIssuance of shares under subsidiary MSOP scheme\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n6\n \n \n \n6\n \n\nPurchase of Treasury stock\n \n \n-\n \n \n \n(1,712,562\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n1,712,562\n \n \n \n(580\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(580\n)\n \n \n-\n \n \n \n(580\n)\n\nBalance as of March 31, 2026\n \n$\n448\n \n \n \n48,497,154\n \n \n$\n5\n \n \n \n1\n \n \n$\n-\n \n \n \n2,997,954\n \n \n$\n(1304\n)\n \n$\n29,115\n \n \n$\n(28,873\n)\n \n$\n(1,977\n)\n \n$\n(3,034\n)\n \n$\n1\n \n \n$\n(3,033\n)\n\n \n\nF-6\n\n \n\n \n\n \n \nRedeemable\nnoncontrolling\n \n \nOrdinary Shares\nClass A\n \n \nOrdinary Shares\nClass V\n \n \nOrdinary Shares\nTreasury Shares\n \n \nNet\nshareholders’\ninvestment and\nadditional\npaid-in\n \n \n(Accumulated deficit)\nretained\n \n \nAccumulated other\ncomprehensive\n \n \nTotal Aeries Technology, Inc. shareholders’\nequity\n \n \nNoncontrolling\n \n \nTotal\nShareholders’\nequity\n \n\n \n \ninterest\n \n \nShares\n \n \nAmount\n \n \nShares\n \n \nAmount\n \n \nShares\n \n \nAmount\n \n \ncapital\n \n \nEarnings\n \n \nloss\n \n \n(deficit)\n \n \ninterest\n \n \n(deficit)\n \n\nBalance as of April 1, 2024\n \n$\n734\n \n \n \n15,619,004\n \n \n$\n2\n \n \n \n1\n \n \n$\n0\n \n \n \n-\n \n \n$\n-\n \n \n$\n-\n \n \n$\n(11,668\n)\n \n$\n(574\n)\n \n$\n(12,240\n)\n \n$\n10,326\n \n \n$\n(1,914\n)\n\nNet loss for the period prior to share exchange\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(430\n)\n \n \n-\n \n \n \n(430\n)\n \n \n(244\n)\n \n \n(674\n)\n\nOther comprehensive loss for the period prior to share exchange\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(1\n)\n \n \n(1\n)\n \n \n-\n \n \n \n(1\n)\n\nIssuance of Class A ordinary shares with respect to share exchange agreement\n \n \n-\n \n \n \n21,337,000\n \n \n \n2\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n9,396\n \n \n \n-\n \n \n \n-\n \n \n \n9,398\n \n \n \n(9,396\n)\n \n \n2\n \n\nIssuance of Class A ordinary shares in connection with private placement\n \n \n-\n \n \n \n2,211,778\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n4,675\n \n \n \n-\n \n \n \n-\n \n \n \n4,675\n \n \n \n-\n \n \n \n4,675\n \n\nSettlement of accounts payable through issuance of Class A ordinary shares\n \n \n-\n \n \n \n181,639\n \n \n \n1\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n342\n \n \n \n-\n \n \n \n-\n \n \n \n343\n \n \n \n-\n \n \n \n343\n \n\nStock based compensation\n \n \n-\n \n \n \n9,031,027\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n12,746\n \n \n \n-\n \n \n \n-\n \n \n \n12,746\n \n \n \n-\n \n \n \n12,746\n \n\nNet (loss) / income for the period post share exchange\n \n \n(719\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(19,282\n)\n \n \n-\n \n \n \n(19,282\n)\n \n \n(919\n)\n \n \n(20,201\n)\n\nOther comprehensive loss for the period post share exchange\n \n \n(57\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(333\n)\n \n \n(333\n)\n \n \n(25\n)\n \n \n(358\n)\n\nSettlement of forward purchase agreement put option liability through issuance of Class A ordinary shares\n \n \n-\n \n \n \n57,811\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n44\n \n \n \n-\n \n \n \n-\n \n \n \n44\n \n \n \n-\n \n \n \n44\n \n\nReversal of additional bonus shares issued*\n \n \n-\n \n \n \n(241\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nPurchase of Treasury Stock\n \n \n-\n \n \n \n(1,285,392\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n1,285,392\n \n \n \n(724\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(724\n)\n \n \n-\n \n \n \n(724\n)\n\nBalance as of March 31, 2025\n \n$\n(42\n)\n \n \n47,152,626\n \n \n$\n5\n \n \n \n1\n \n \n$\n0\n \n \n \n1,285,392\n \n \n$\n(724\n)\n \n$\n27,203\n \n \n$\n(31,380\n)\n \n$\n(908\n)\n \n$\n(5,804\n)\n \n$\n(258\n)\n \n$\n(6,062\n)\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**AERIES TECHNOLOGY, INC. AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**For the years ended March 31, 2026, and 2025**\n\n(in thousands of United States dollars except share and per share amounts)\n\n \n\n \n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**Cash flows from operating activities**\n \n \n \n \n \n \n \n \n\nNet Income / (loss)\n \n$\n3,474\n \n \n$\n(21,595\n)\n\nAdjustments\nto reconcile net income/(loss) to net cash provided by/(used in) operating activities:\n \n \n \n \n \n \n \n \n\nDepreciation and amortization expense\n \n \n837\n \n \n \n1,384\n \n\nImpairment Loss\n \n \n-\n \n \n \n1,693\n \n\nStock-based compensation expense\n \n \n293\n \n \n \n12,746\n \n\nDeferred tax expense / (benefit)\n \n \n173\n \n \n \n(2,109\n)\n\nAccrued income from long-term investments\n \n \n(239\n)\n \n \n(216\n)\n\nProvision for expected credit loss\n \n \n(1,954\n)\n \n \n2,091\n \n\nGain on lease termination\n \n \n(1\n)\n \n \n(29\n)\n\n(Profit) / loss on sale of property and equipment\n \n \n(18\n)\n \n \n90\n \n\nSundry balances written back\n \n \n(1,205\n)\n \n \n(699\n)\n\nImpairment in value of investments\n \n \n1\n \n \n \n-\n \n\nChange in fair value of forward purchase agreement put option liability\n \n \n51\n \n \n \n(4,585\n)\n\nChange in fair value of derivative warrant liabilities\n \n \n(208\n)\n \n \n(738\n)\n\nGain on settlement of forward purchase agreement put option liability\n \n \n-\n \n \n \n(581\n)\n\nLoss on issuance of shares against accounts payable\n \n \n-\n \n \n \n342\n \n\nUnrealized exchange (gain) / loss\n \n \n(181\n)\n \n \n44\n \n\nSundry balances written off\n \n \n2,861\n \n \n \n9,479\n \n\n**Changes in operating assets and liabilities:**\n \n \n \n \n \n \n \n \n\nAccounts receivable\n \n \n(3,277\n)\n \n \n261\n \n\nPrepaid expenses and other current assets\n \n \n2,301\n \n \n \n(1,284\n)\n\nOperating right-of-use assets\n \n \n(50\n)\n \n \n(3,470\n)\n\nOther assets\n \n \n(858\n)\n \n \n(89\n)\n\nAccounts payable\n \n \n2,719\n \n \n \n3,699\n \n\nAccrued compensation and related benefits, current\n \n \n1,299\n \n \n \n(581\n)\n\nOther current liabilities\n \n \n(1,242\n)\n \n \n(842\n)\n\nOperating lease liabilities\n \n \n115\n \n \n \n3,555\n \n\nOther liabilities\n \n \n1,881\n \n \n \n425\n \n\n**Net cash provided by/ (used in) operating activities**\n \n \n**6,772**\n \n \n \n**(1,009**\n**)**\n\n \n \n \n \n \n \n \n \n \n\n**Cash flows from investing activities**\n \n \n \n \n \n \n \n \n\nAcquisition of property and equipment\n \n \n(1,113\n)\n \n \n(1,484\n)\n\nSale of property and equipment\n \n \n87\n \n \n \n217\n \n\nIssuance of loans to affiliates\n \n \n(131\n)\n \n \n(1,356\n)\n\nPayments received for loans to affiliates\n \n \n108\n \n \n \n1,765\n \n\nFixed Deposits placed with banks\n \n \n(609\n)\n \n \n-\n \n\nProceeds from maturities of fixed deposits placed with banks\n \n \n250\n \n \n \n-\n \n\nPayment made towards investment in wholly owned subsidiary\n \n \n(10\n)\n \n \n-\n \n\n**Net cash used in investing activities**\n \n \n**(1,418**\n**)**\n \n \n**(858**\n**)**\n\n \n \n \n \n \n \n \n \n \n\n**Cash flows from financing activities**\n \n \n \n \n \n \n \n \n\nNet repayment of short term borrowings\n \n \n(1,833\n)\n \n \n(405\n)\n\nPayment of insurance financing liability\n \n \n(164\n)\n \n \n(491\n)\n\nProceeds from long-term debt\n \n \n-\n \n \n \n1,506\n \n\nRepayment of long-term debt\n \n \n(131\n)\n \n \n(1,777\n)\n\nPayment of finance lease obligations\n \n \n(176\n)\n \n \n(335\n)\n\nPayment of deferred transaction costs\n \n \n(40\n)\n \n \n(20\n)\n\nPayment of FPA liabilities\n \n \n(100\n)\n \n \n-\n \n\nProceeds from issuance of Class A ordinary shares, net of issuance cost\n \n \n-\n \n \n \n4,678\n \n\nProceeds from issuance of subsidiary shares pursuant to MSOP agreement\n \n \n7\n \n \n \n-\n \n\nPayment for purchase of treasury shares\n \n \n(580\n)\n \n \n(724\n)\n\n**Net cash (used in) / provided by financing activities**\n \n \n**(3,017**\n**)**\n \n \n**2,432**\n \n\nEffect of exchange rate changes on cash and cash equivalents\n \n \n(223\n)\n \n \n115\n \n\n**Net increase in cash and cash equivalents**\n \n \n**2,114**\n \n \n \n**680**\n \n\n**Cash and cash equivalents at the beginning of the year**\n \n \n**2,764**\n \n \n \n**2,084**\n \n\n**Cash and cash equivalents at the end of the year**\n \n**$**\n**4,878**\n \n \n**$**\n**2,764**\n \n\n \n \n \n \n \n \n \n \n \n\n**Supplemental cash flow disclosure:**\n \n \n \n \n \n \n \n \n\nCash paid for interest\n \n$\n346\n \n \n$\n910\n \n\nCash paid for income taxes, net of refunds\n \n$\n1,280\n \n \n$\n2,503\n \n\n \n \n \n \n \n \n \n \n \n\n**Supplemental disclosure of non-cash investing and financing activities:**\n \n \n \n \n \n \n \n \n\nUnpaid deferred transaction costs included in accounts payable and other current liabilities\n \n$\n-\n \n \n$\n-\n \n\nEquipment acquired under finance lease obligations\n \n$\n134\n \n \n$\n117\n \n\nProperty and equipment purchase included in accounts payable\n \n$\n-\n \n \n$\n1\n \n\nSettlement of accounts payable through issuance of Class A ordinary shares to vendors\n \n$\n-\n \n \n$\n342\n \n\nIssuance of common stock to vendor in lieu future services\n \n$\n180\n \n \n$\n-\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-8\n\n \n\n \n\n**AERIES TECHNOLOGY, INC. AND SUBSIDIARIES**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n(in thousands of United States dollars except share and per share amounts)\n\n \n\n**Note 1 - Nature of Operations**\n\n \n\nUnless the context otherwise requires, Aeries Technology, Inc. and its subsidiaries, is herein referred to as the “Company”, “ATI”, the “registrant”, “us,” “we” and “our” in these consolidated financial statements.\n\n \n\nThe Company is a global leader in AI enabled value creation, business transformation, and Global Capability Center (GCC) delivery for private equity (PE)portfolio companies, supporting scalable, technology driven execution. Founded in 2012, its commitment to workforce development has earned it the Great Place to Work Certification for two consecutive years. The Company has subsidiaries in India, Mexico, Singapore, and the United States.\n\n \n\n**Business Combination**\n\n \n\nOn March 11, 2023, the Company (formerly Worldwide Webb Acquisition Corp. (“WWAC”)) entered into a Business Combination Agreement (as amended, the “Merger Agreement”) with WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly owned subsidiary of WWAC (“Amalgamation Sub”), and AARK. Pursuant to the Merger Agreement, Amalgamation Sub and AARK amalgamated and continued as one company, with AARK being the surviving entity, and as a result thereof, Aeries Technology Group Business Accelerators Pvt. Ltd. (“ATGBA”), an Indian private company limited by shares became an indirect subsidiary of WWAC (the “Amalgamation” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). Following the closing of the Business Combination, WWAC changed its corporate name to Aeries Technology, Inc.\n\n \n\nPursuant to the Merger Agreement, all AARK ordinary shares that were issued and outstanding prior to the effective time of the Amalgamation remained issued and outstanding following the Amalgamation and continued to be held by the former sole shareholder of AARK. The Company issued a Class V ordinary share to NewGen Advisors and Consultants DWC-LLC (“NewGen”). NewGen is a business associate of Mr. Raman Kumar (the “Former AARK Sole Shareholder”). NewGen has agreed to hold the Class V ordinary share to protect the interest of the Former AARK Sole Shareholder, in the event of certain extraordinary events as described in ATI’s amended and restated memorandum and articles of association, including a hostile takeover or the appointment or removal of directors at ATI level. While the Class V ordinary share does not carry any direct economic rights, it does carry voting rights equal to 1.3% which will ratchet up to 51% voting rights upon occurrence of the extraordinary events: (i) a threatened or actual hostile change of control and/or (ii) the appointment and removal of a director on our board of directors. All of the shares of Amalgamation Sub that were issued and outstanding as of the transaction date were converted into a number of newly issued AARK ordinary shares. In accordance with principles of Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”) and based on the economic interest held by the shareholders post the transaction as well as the underlying rights, it was assessed that AARK is the accounting acquirer and WWAC is the accounting acquiree. The Business Combination closed on November 6, 2023 (“Closing Date”) and resulted in ATI owning 38.24% of the issued and outstanding shares of AARK and the Former AARK Sole Shareholder of AARK owning the balance 61.76%. Pursuant to the Business Combination, ATI has a right to appoint two out of the three directors on the board of directors of AARK and therefore has an ability to control the activities undertaken by AARK in ordinary course of business, resulting in AARK being classified as a subsidiary of ATI. Finally, the Business Combination has been accounted for as reverse recapitalization. Refer to the section *“Reverse Recapitalization”* below for details.\n\n \n\nF-9\n\n \n\n \n\n**Reverse Recapitalization**\n\n \n\nAs mentioned above – *Business Combination*, the Business Combination was closed on November 6, 2023 and has been accounted for as a reverse recapitalization because AARK has been determined to be the accounting acquirer under ASC 805 based on the evaluation of the following facts and circumstances taken into consideration:\n\n \n\n \n●\nThe Former AARK Sole Shareholder, who controlled AARK prior to the Business Combination, will retain a majority of the outstanding shares of ATI after giving effect to the Exchange Agreements. The Exchange Agreements are further discussed in Note 16;\n\n \n\n \n●\nAARK has the ability to elect a majority of the members of ATI’s governing body;\n\n \n\n \n●\nAARK’s executive team makes up the executive team of ATI;\n\n \n\n \n●\nAARK represents an operating entity (group) with operating assets, revenues, and earnings significantly larger than WWAC.\n\n \n\nUnder a reverse recapitalization, while ATI was the legal acquirer, it has been treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of pre-combination AARK issuing stock for the net assets of ATI, accompanied by a recapitalization. The net assets of ATI have been stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of pre-combination AARK and relate to the management consulting business.\n\n \n\nImmediately following the Business Combination, there were 15,257,666 Class A ordinary shares outstanding with a par value of $0.0001. Additionally, there were 9,527,810 Private Placement Warrants (defined below) and 11,499,991 Public Warrants (defined below) outstanding with a right to purchase 21,027,801 Class A ordinary shares.\n\n \n\nUpon closing of the Business Combination, the total number of ATI’s Class A ordinary shares issued and outstanding was 15,257,666. Further, certain Class A ordinary shareholders entered into non-redemption agreements executed on November 3, 2023 and November 5, 2023, to reverse redemptions for an aggregate of 1,652,892 Class A ordinary shares while waiving their right to receive any “Bonus Shares” issued under the Merger Agreement. In connection with the closing, holders of 2,697,052 Class A ordinary shares of ATI were redeemed at a price per share of approximately $10.69. AARK incurred approximately $3,697 in transaction costs relating to the Business Combination and recorded those costs against additional paid-in capital in the consolidated balance sheet.\n\n \n\nThe number of Class A ordinary shares issued and outstanding immediately following the consummation of the Business Combination were:\n\n \n\nSchedule of consummation of business combination\n \n \n \n \n\nPublic Shareholders (Redeemable Class A ordinary shares), including Bonus Shares(1)(7)\n \n \n3,157,228\n \n\nShares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders(2)(3)\n \n \n2,750,000\n \n\nShares held by Innovo Consultancy DMCC(4)\n \n \n5,638,530\n \n\nShares held by FPA (as defined below) Holders(5)\n \n \n3,711,667\n \n\n**Total(6)**\n \n \n**15,257,425**\n \n\n \n\n \n\n(1)\n\nIncludes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement (“FPA”) holders in the open market or via redemption reversals prior to the consummation of the Business Combination.\n\n \n\nF-10\n\n \n\n \n\n(2)\n\nIncludes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.\n\n(3)\n\nDoes not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.\n\n(4)\n\nIncludes (i) 3,000,000 Class A ordinary shares reissued against 3,000,000 Class B ordinary shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.\n\n(5)\n\nRepresents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.\n\n(6)\n\nDoes not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 16.\n\n(7)\n\nReversal of excess bonus shares issued to Cowen and Company, LLC, which was mistakenly credited with 1,209 bonus shares instead of 968. This error has now been rectified. Refer to the Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) for the year ended March 31, 2025.\n\n \n\nAs a result of the Business Combination, the Company’s Class A ordinary shares trade under the ticker symbol “AERT” and its public warrants (the “Public Warrants”) trade under the ticker symbol “AERTW” on the Nasdaq Stock Market. Prior to the consummation of the Business Combination, the Company’s Class A ordinary shares were traded on the Nasdaq Stock Market under the symbol “WWAC.”\n\n \n\n**Note 2 - Summary of Significant Accounting Policies**\n\n \n\n**Basis of Preparation**\n\n \n\nThe Company’s accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with US GAAP have been omitted in accordance with the rules and regulations of the SEC. The results for the year ended March 31, 2026 and 2025 are not necessarily indicative of the results to be expected for any future periods.\n\n \n\nThere have been no changes in accounting policies during the year ended March 31, 2026, from those disclosed in the annual consolidated financial statements and related notes for the year ended March 31, 2025, except for those described below and also as described in “Recently Adopted Accounting Pronouncements” below.\n\n \n\nAll intercompany balances and transactions have been eliminated in consolidation.\n\n \n\n**Emerging Growth Company**\n\n \n\nThe Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.\n\n \n\nF-11\n\n \n\n \n\nFurther, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.\n\n \n\n**Going Concern**\n\n \n\nIn accordance with ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are issued.\n\n \n\nThe accompanying consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Management’s evaluation does not initially take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the financial statements are issued. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.\n\n \n\nThe shareholders’ equity as of March 31, 2026 has a deficit of $(3,034) and the Company had a working capital deficit of $6,797. These factors may raise a doubt regarding the Company’s ability to continue as a going concern for at least 12 months from the date when these financial statements are available to be filed with the SEC.\n\n \n\nIn performing this evaluation, the Company identified that the following conditions that raised substantial doubt about its ability to continue as a going concern:\n\n \n\n \n●\n\nAs of March 31, 2026, the Company had a working capital deficit of $6,797, primarily due to current liabilities related to the Forward Purchase Agreements (“FPAs”) of $4,287 (as defined below), short term borrowings of $4,436 and remaining due to other current liabilities such as accrued compensation benefits and other accruals.\n\n \n\nThe FPAs were liquidity arrangements entered into as part of the Business Combination consummated as of November 6, 2023 (“Closing Date”). Under these liquidity arrangements, certain investors agreed not to redeem their holdings in Worldwide Webb Acquisition Corp. (“WWAC”) in exchange for the Company entering into the FPAs. As of the date of this Annual Report on Form 10-K report, the remaining balance owed to the FPA holders is $4,287. The maturity consideration maybe settled either in cash or equity at the option of the FPA holders. Paying the maturity consideration in cash would reduce the amount of cash on hand or available debt capacity to fund our operations, which could adversely affect our ability to make necessary investments, and, therefore, could affect our results of operations.\n\n \n\nSandia Investment Management LP (“Sandia”), one of the FPA holders agreed to the revised terms where the remaining liability will be settled by adjusting the proceeds from FPA share sales, either via cash or additional share issuance. Further, pursuant to Amendment No. 2 dated January 22, 2026 (Amendment No. 2”) to the Letter Agreement with Sandia dated September 16, 2025 (the “Letter Agreement”) commencing March 2026, the Company will make monthly cash payments toward the outstanding amount, subject to reductions in such outstanding amount resulting from sell-downs of shares in accordance with the terms of the Letter Agreement and Amendment No, 2. The outstanding amount will be subject to 15% per annum interest calculated monthly.\n\n \n\nF-12\n\n \n\n \n\n \n●\nDuring the year ended March 31, 2026, the Company has recognized a $1,860 write off of receivables pertaining to our business. There is a risk of non-collection, leading the Company also to record an allowance for doubtful accounts of approximately $1,335 as of March 31, 2026 compared to $3,574 as of March 31, 2025.\n\n \n\n \n●\nThe Company received a notice, dated April 29, 2025, of non-renewal and buyout from one of its significant customers effective September 26, 2025. This notice also serves as a buyout notice, with a buyout price determined according to the terms and conditions of the contract. The non- renewal is expected to reduce annual revenues by approximately $4,000.\n\n \n\nThe Company has historically financed its operations and expansions primarily with cash generated from operations and the revolving credit facility from Kotak Mahindra Bank. As of March 31, 2026 the Company had a balance of $4,878 in cash and cash equivalents and has reported positive operating cash inflow of $6,772. Management expects to have sufficient cash from the operations, cash reserves and debt capacity for the next 12 months and for the foreseeable future to finance our operations, our growth, expansion plans. However, this expectation assumes that the FPA liabilities will not require immediate cash settlement. If an immediate cash settlement is required for the remaining FPA liabilities, the Company may lack the necessary financial resources to sustain operations during this period.\n\n \n\nThe Company has undertaken or completed the following actions to improve its available cash balances, liquidity, and cash generated from operations:\n\n \n\n \n●\nThe non-renewal of the customer contract requires a one-time buy-out payment from the customer to us of approximately $1,650.\n\n \n\n \n●\n\nThe Company and one of the FPA holders, Meteora Capital Partners LP, have settled the liability through the issuance of shares, and no further amount is owed to Meteora.\n\n \n\nOther FPA holders have sold their shares and the liabilities towards them have been fixed and the aggregate outstanding liability under all FPAs is valued at $4,287 as of March 31, 2026. The Company is actively pursuing capital raising alternatives to pay the remaining balance due.\n\n \n\n \n●\nTargeted cost cutting measures have been instituted, focusing on non-core expenses including those related to inorganic growth strategy, such as reductions in the use of outside vendors and professional services, as well as selective headcount and salary reduction, which are designed to improve our cashflow position without impacting core business operations.\n\n \n\nThe Company’s ability to continue as a going concern is dependent upon, among other things, successfully executing its mitigation plan, which includes, (i) raising additional funds from existing or new credit facilities, (ii) raising equity or equity linked capital, (iii) restructuring current liabilities into equity or long-term obligations, (iv) further negotiating for waivers from vendors, and (v) further reducing non-core expenses with a renewed focus on organic growth in the core geography that has been historically operated in, which is North America.\n\n \n\nThe Company is hopeful of accomplishing its objectives through these measures in the anticipated time frame and also expects that the funds available through the above-mentioned arrangements will be sufficient to alleviate the doubts about the Company’s ability to continue as a going concern. However, there is no guarantee of the success of these efforts. The consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary if the Company is unable to continue as a going concern.\n\n \n\nF-13\n\n \n\n \n\n**Use of Estimates**\n\n \n\nThe preparation of consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, revenue recognition, allowance for credit losses, stock-based compensation, fair valuation of FPA put option liabilities and private warrant liabilities, useful lives of property and equipment, impairment loss, accounting for income taxes, determination of incremental borrowing rates used for operating lease liabilities and right-of-use assets, obligations related to employee benefits and carve-out of financial statements, including the allocation of assets, liabilities and expenses. Management believes that the estimates and judgments upon which it relies, are reasonable based upon information available to the Company at the time that these estimates and judgments were made. Actual results could differ from those estimates.\n\n \n\n**Segment Reporting**\n\n \n\nThe Company operates as one operating segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources.\n\n \n\n**Forward Purchase Agreement**\n\n \n\nOn November 3, 2023, and November 5, 2023, WWAC entered into Forward Purchase Agreements with Sandia Investment Management LP (“Sandia”), Sea Otter Trading, LLC, YA II PN, Ltd and Meteora Capital Partners, LP (collectively known as “FPA holders”) for an over-the-counter (OTC) Equity Prepaid Forward Transaction. A Subscription Agreement (the “Subscription Agreement”) was also executed alongside the FPA for subscription of the underlying FPA shares by the FPA holders either through a new issuance or purchase of shares from existing holders (“Recycled Shares”). The FPAs and Subscription Agreements have been accounted for separately as discussed subsequently.\n\n \n\nOn November 6, 2024, the Company reached an agreement with Meteora to settle the outstanding maturity consideration liability through the issuance of additional shares. As a result, the Company issued 57,811 Class A ordinary shares to Meteora in November 2024, settling its maturity consideration liability with Meteora.\n\n \n\nOn September 16, 2025, the Company entered into a Letter Agreement (the “Letter Agreement”) with Sandia with respect to the Sandia FPA.\n\n \n\n \n●\nThe Letter Agreement primarily (1) provides for sales of Class A ordinary shares held by Sandia issued pursuant to the Sandia FPA (the “FPA Shares”) to offset the Company’s payment obligations to Sandia under the Sandia FPA at a sales price not lower than $1.05 per share continuing through December 31, 2025 (the “Designated Period”), (2) provides for the issuance and registration of additional Class A ordinary shares (the “Additional Shares”) to Sandia in an amount equal to (a) the result of dividing (i) the remaining liability at the end of the Designated Period by (ii)the greater of (x) the 30-day volume-weighted average price per Class A ordinary share on the Nasdaq Capital Market for the 30 trading days immediately preceding the expiration of the Designated Period or (y) $1.00 per share, minus (b) the number of remaining FPA Shares held by Sandia at the end of the Designated Period, provided that the total number of the Additional Shares issued shall not be less than 500,000 Class A ordinary shares, and (3) clarifies the Company’s payment obligations under the Forward Purchase Agreement in the case of a Change in Control (as defined in the Letter Agreement) or the delisting of the Company’s Class A ordinary shares from the Nasdaq Capital Market. On December 30, 2025, 1,355,906 Additional Shares were issued to Sandia pursuant to the Letter Agreement.\n\n \n\nF-14\n\n \n\n \n\n \n●\nOn December 31, 2025, the Company entered into “Amendment No. 1” to the Letter Agreement extending the Designated Period to January 9, 2026.\n\n \n\n \n●\nFurther, on January 22, 2026, the Company and Sandia entered into Amendment No. 2, pursuant to which the Company agreed, commencing March 2026, to make monthly cash payments toward the outstanding amount, subject to reductions in such outstanding amount resulting from sell-downs of shares in accordance with the terms of the Letter Agreement and Amendment No. 2. The outstanding amount will be subject to 15% per annum interest calculated monthly.\n\n \n\nThe remaining FPA holders have sold their shares in the open market, reducing the amount they are owed and have requested cash for the outstanding balance.\n\n \n\n**Derivative Financial Instruments and FPA Put Option Liability**\n\n \n\nThe Company accounts for the Warrants (defined below) in accordance with the guidance contained in ASC 815-40 under which the Instruments (as defined below) do not meet the criteria for equity treatment and must be recorded as liabilities. The Company accounts for the FPA put option liability as a financial liability in accordance with the guidance in ASC 480-10. Warrants and FPA are collectively referred as the “Instruments”. The Instruments are subjected to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated statement of operations. See Note 17 for further discussion of the pertinent terms of the Warrants and Note 20 for further discussion of the methodology used to determine the value of the Warrants and FPA.\n\n \n\nIn December 2023, the Company settled vendor balances mounting to $855 owed to certain vendors by issuing 361,388 Class A ordinary shares. If the volume weighted average price (“VWAP”) of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, additional Class A ordinary shares of ATI would need to be issued for the difference. This represents a derivative financial instrument written by the Company which has been accounted for in accordance with the guidance contained in ASC 815-40 including subsequent re-measurement at fair value with the changes being recognized in Company’s consolidated statement of operations.\n\n \n\n \n●\nFor derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value at inception and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or noncurrent based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.\n\n \n\n**Fair Value Measurements**\n\n \n\nFair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value.\n\n \n\nF-15\n\n \n\n \n\nHierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:\n\n \n\nLevel 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.\n\n \n\nLevel 2 – Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets but corroborated by market data.\n\n \n\nLevel 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.\n\n \n\nA financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.\n\n \n\n**Fair Value of Financial Instruments**\n\n \n\nExcept for the Warrants and FPA as described above, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets.\n\n \n\n**Cash and Cash Equivalents**\n\n \n\nCash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.\n\n \n\n**Concentration of Credit Risk**\n\n \n\nFinancial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans to affiliates, and investments. The Company holds cash at financial institutions that the Company believes are high credit quality financial institutions and limits the amount of credit exposure with any one bank and conducts ongoing evaluations of the creditworthiness of the banks with which it does business. As of March 31, 2026 and March 31, 2025, there were two customers that represented 10% or greater of the Company’s accounts receivable balance, each. The Company expects limited credit risk arising from its long-term investments as these primarily entail investments in the Company’s affiliates that have a credit rating that is above the minimum allowable credit rating defined in the Company’s investment policy. As a part of its risk management process, the Company limits its credit risk with respect to long-term investments by performing periodic evaluations of the credit standing of counterparties to its investments.\n\n \n\nIn respect of the Company’s revenue, there were three and two customers that each accounted for more than 10% of total revenue for the year ended March 31, 2026 and 2025, respectively. The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue during the year ended March 31, 2026 and 2025:\n\n \n\nSchedule of concentration of credit risk\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nCustomer 1\n \n \n16\n%\n \n \n21\n%\n\nCustomer 2\n \n \n12\n%\n \n \n12\n%\n\nCustomer 3\n \n \n11\n%\n \n \nn/a\n \n\n \n\nF-16\n\n \n\n \n\n**Accounts receivable, net**\n\n \n\nThe Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s consolidated balance sheets.\n\n \n\nUnder ASC Topic 326, accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company regularly reviews the adequacy of the allowance for credit losses based on a combination of factors. In establishing any required allowance, management considers historical losses adjusted for current market conditions, the current receivables aging, current payment terms and expectations of forward-looking loss estimates. Allowance for credit losses was $1,335 as of March 31, 2026 and $3,574 as of March 31, 2025, and is classified within “Accounts Receivable, net” in the consolidated balance sheets.\n\n \n\nThe following tables provides details of the Company’s allowance for credit losses on accounts receivable:\n\n \n\nSchedule of allowance for credit losses\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nOpening balance as of April 1\n \n$\n3,574\n \n \n$\n1,263\n \n\n(Reversals) / Additions charged to cost and expense\n \n \n(379\n)\n \n \n11,790\n \n\nWrite-off charged against the allowance\n \n \n(1,860\n)\n \n \n(9,479\n)\n\nClosing balance as of March 31\n \n**$**\n**1,335**\n \n \n**$**\n**3,574**\n \n\n \n\n**Long-Term Investments**\n\n \n\nThe Company’s long-term investments consist of debt and non-marketable equity investments in privately held companies in which the Company does not have a controlling interest or significant influence, which have maturities in excess of one year and the Company does not intend to sell.\n\n \n\nDebt investments of mandatorily redeemable preference shares, which are classified as held-to-maturity since the Company has the intent and contractual ability to hold these securities to maturity. These investments are reported at amortized cost and are subject to an ongoing impairment evaluation. Income from these investments is recorded in “Interest income” in the consolidated statements of operations.\n\n \n\nUnder ASC Topic 326, expected credit losses are recorded and reduced from the amortized cost of the held-to-maturity securities. Expected credit losses for long-term investments are calculated using a probability of default method. Credit losses are recorded within “Selling, general & administrative expenses” in the consolidated statements of operations when an event or circumstance indicates a decline in value has occurred. Allowance for credit losses was $52 as of March 31, 2026 and $76 as of March 31, 2025.\n\n \n\nThe following tables provides details of the Company’s allowance for credit losses on long-term investments:\n\n \n\nSchedule of allowance for credit losses\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nOpening balance as of April 1\n \n$\n76\n \n \n$\n126\n \n\nChange in provision for credit losses\n \n \n(24\n)\n \n \n(50\n)\n\nClosing balance as of March 31\n \n**$**\n**52**\n \n \n**$**\n**76**\n \n\n \n\nThe Company includes these long-term investments in “Long-term investments” on the consolidated balance sheets.\n\n \n\nF-17\n\n \n\n \n\n**Revenue Recognition**\n\n \n\nThe Company determines revenue recognition through the application of the following five step model in accordance with ASC 606: (1) identification of the contract, or contracts, with a customer; (2) identification of the performance obligations in a contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, performance obligations are satisfied.\n\n \n\n*Nature of Services*\n\n \n\nThe Company derives revenues from contracts for management consultancy services, which entail providing customized and integrated advisory and operational management services, each of which constitute a separate performance obligation. These contracts have different terms based on the scope, performance obligations and complexity of the engagement, which frequently requires the Company to make judgments and estimates in recognizing revenues.\n\n \n\nThe Company’s advisory services entail the provision of strategic consulting services at the onset and during the contractual term and are billed on a time-and materials basis. Operational management services entail provision of tailored offshoring services in respect of customers’ business operations and are billed on a cost-plus basis. Revenue on time and material arrangements is recognized based on the actual hours performed at the contracted billable rates for services provided, plus costs incurred on behalf of the customer. Revenue on cost-plus arrangements is recognized to the extent of costs incurred, plus the contractually agreed-upon margin earned. The Company’s performance obligations are satisfied over time and since contractual billings correspond with the value provided to a customer, the Company recognizes revenue in the amount of consideration for which it has the right to invoice using the as-invoiced practical expedient. If there is an uncertainty about the receipt of payment for the services, revenue is recognized to the extent that a significant reversal of revenue would not be probable. We do not have any significant extended payment terms, as payment is received shortly after services are provided.\n\n \n\nRevenue from fixed price contracts is recognized over the period of time, using hours incurred to date relative to total hours estimated at completion to measure progress towards satisfying our performance obligations. Hours incurred to date represents work performed which corresponds with and thereby best depicts, the transfer to control to the client\n\n \n\nIf there is an uncertainty about the receipt of payment for the services, revenue recognition is deferred until the uncertainty is sufficiently resolved. The Company applies a practical expedient and does not assess the existence of a significant financing component if the period between transfer of the service to a customer and when the customer pays for that service is one year or less.\n\n \n\nAll revenues earned from contracts are presented net of discounts, allowances, and applicable taxes. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues.\n\n \n\n*Unbilled Receivables*\n\n \n\nUnbilled receivables represent balances recognized as revenue that have not been billed to the customer.\n\n \n\n**Cost of Revenue**\n\n \n\nCost of revenue primarily consists of personnel-related costs directly associated with the Company’s professional services, including salaries, benefits, bonuses, the costs of contracted third-party partners, travel expenses, depreciation related to the Company’s infrastructure and equipment dedicated for customer use, and other overhead.\n\n \n\n**Selling, General and Administrative Expenses**\n\n \n\nSelling, general and administrative expenses include compensation for executive management, sales and marketing employees, advertising costs, finance administration and human resources, facility costs, personnel-related expenses directly associated with the Company’s IT staff, bad debt expenses, professional service fees, depreciation, and other general overhead costs to support the Company’s operations.\n\n \n\nF-18\n\n \n\n \n\n**Deferred Transaction Costs**\n\n \n\nDeferred transaction\ncosts, which consist of direct incremental legal, consulting and accounting fees related to the Business Combination, are\ncapitalized. The Company has recorded $125\nand Nil 0 deferred transaction costs on the consolidated balance sheet as of March 31, 2026 and 2025, respectively.\n\n \n\n**Stock-Based Compensation**\n\n \n\nIn 2020, ATGBA established a controlled trust called the Aeries Employee Stock Option Trust (“ESOP Trust”). The ESOP Trust purchased shares of ATGBA from funds borrowed from the entity. The entity’s Board of Directors recommends to the ESOP Trust certain employees, officers and key management personnel, to whom the ESOP Trust will be required to grant shares from its holdings at the exercise price. Such shares granted to employees are subject to the vesting conditions of the plans described below.\n\n \n\nThe Company measures compensation expense for all stock-based awards based on the estimated fair value of the awards on the date of grant. Stock-based awards include stock options with service-based and/or performance-based vesting conditions. For awards that vest based on continued service, stock-based compensation is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. The Company reassesses the probability of achieving the performance condition at each reporting date.\n\n \n\nThe fair value of employee stock options are determined using the Black-Scholes Merton (“BSM”) model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the employee which is generally the option vesting term. The Company accounts for forfeitures as they occur.\n\n \n\n*Fair Value of Common Stock* – Given the absence of a public trading market for shares of ATGBA, the Company considers numerous objective and subjective factors to determine the fair value of common stock at each meeting at which awards are approved. These factors include, but are not limited to, contemporaneous valuations of common stock performed by an independent valuation specialist; developments in the Company’s business and stage of development; the Company’s operational and financial performance and condition; current condition of capital markets and the likelihood of achieving a liquidity event, such as sale of the Company; and the lack of marketability of the Company’s common stock.\n\n \n\n*Dividend Yield –*The Company bases the assumed dividend yield on its expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero.\n\n \n\n*Expected Volatility –*The volatility is derived from the average historical stock volatilities of a peer group of public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the share-based grants. The peer group is periodically re-evaluated to properly align to the changes and developments of the Company’s business.\n\n \n\n*Risk-free Interest Rate –*The risk-free interest rate assumption is based upon observed interest rates on U.S. Treasury bonds whose maturity period is appropriate for the term of the options.\n\n \n\n*Expected Term –*The Company calculates the expected term using the simplified method based on the options vesting term and contractual terms as the Company did not have sufficient relevant historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.\n\n \n\nF-19\n\n \n\n \n\n**Income Taxes**\n\n \n\nThe Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company nets the deferred tax assets and deferred tax liabilities from temporary differences arising from a particular tax-paying component of the Company within the same tax jurisdiction and presents the net asset or liability as long term. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. We have elected to account for the tax effects of the global intangible low tax Income provision as a current period expense.\n\n \n\nThe Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company believes that it has adequately reserved for uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustment to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and results of operations.\n\n \n\nThe Company elects to record interest accrued and penalties related to unrecognized tax benefits in the consolidated statements of operations as a component of provision for income taxes.\n\n \n\n**Accumulated Other Comprehensive Loss**\n\n \n\nAccumulated other comprehensive loss consists of changes, net of taxes, in the cumulative foreign currency translation adjustments and actuarial gains and losses on defined benefit plans.\n\n \n\n**Property and Equipment**\n\n \n\nProperty and equipment are stated at cost less accumulated depreciation and amortization, subject to review of impairment. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. Property and equipment include assets that the Company owns and finance lease arrangements. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets as follows:\n\n \n\nSchedule of estimated useful lives\n \n \n\nSoftware and computer equipment\n \n3-6 years\n\nOffice equipment\n \n5 years\n\nFurniture and fixtures\n \n10 years\n\nVehicle\n \n8-10 years\n\nInternal-use software\n \n5 years\n\nLeasehold improvements\n \nShorter of lease term or estimated useful life\n\n \n\nF-20\n\n \n\n \n\n**Internal Use Software Costs**\n\n \n\nThe Company capitalizes\ncertain costs related to internal use software acquired, modified, or developed related to the Company’s platform. These\ncapitalized costs are primarily related to salaries and other personnel costs. Costs incurred in the preliminary stages of\ndevelopment are expensed as incurred. Once the application development stage has been reached, internal and external costs, if\ndirect and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization\nceases upon completion of all substantial testing. Maintenance and training costs are expensed as incurred. For the years ended\nMarch 31, 2026 and 2025, the Company capitalized Nil 0\nand $684,\nrespectively, of technology development costs. The amortization expense is recorded in “Cost of revenue” and\n“Selling, general and administrative expenses” on the consolidated statements of operations. The Company charged\nimpairment loss of Nil 0 and $1,693\nduring the years ended March 31, 2026 and 2025 in “Selling, general and administrative expenses” on the\nconsolidated statements of operations.\n\n \n\nSoftware costs that are expensed are recorded in “Selling, general and administrative expenses” on the consolidated statements of operations.\n\n \n\n**Impairment of Long-Lived Assets**\n\n \n\nThe Company periodically\nreviews the carrying amounts of long-lived assets, such as property and equipment, for impairment whenever events or changes in\ncircumstances indicate that the carrying amount of the assets may not be recoverable. The Company measures the recoverability of\nthese assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate.\nIf any of these assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value\nof the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived assets\nto determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization.\nThe Company charged an impairment loss of Nil 0 and $1,693\nduring the years ended March 31, 2026 and 2025 in “Selling, general and administrative expenses” on the\nconsolidated statements of operations.\n\n \n\n**Leases**\n\n \n\nAt the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset.\n\n \n\nLeases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, (5) the leased asset is so specialized that the asset will have little to no value at the end of the lease term. A lease is classified as an operating lease if it does not meet any one of the above criteria. Assets acquired under finance leases are recorded in property and equipment, net.\n\n \n\nLease liabilities are recognized at the present value of the fixed lease payments, reduced by landlord incentives using a discount rate based on similarly secured borrowings available to us. Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs from executing the leases. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term.\n\n \n\nUpon the adoption of ASC 842, the Company elected the package of practical expedients to not (i) reassess whether any expired or existing contracts are or contain a lease, (ii) reassess historical lease classifications for existing leases, and (iii) reassess initial direct costs for existing leases.\n\n \n\nF-21\n\n \n\n \n\nThe Company also elected the practical expedient to account for lease and non-lease components as a single lease component. Accordingly, the Company shall include non-lease components with lease payments for the purpose of calculating lease assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company does not record leases on the consolidated balance sheet that have a term of 12 months or less at the lease commencement date.\n\n \n\nCosts associated with operating lease assets are recognized on a straight-line basis within “Cost of revenue” and “Selling, general and administrative” expenses over the term of the lease. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term.\n\n \n\n**Commitments and Contingencies**\n\n \n\nCertain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. The Company monitors the arrangements that are subject to guarantees in order to identify if the obligor who is responsible for making the payments fails to do so. If the Company determines it is probable that a loss has occurred, then any such estimable loss would be recognized under those guarantees. The methodology used to estimate potential loss related to guarantees considers the guarantee amount and a variety of factors, which include, depending on the counterparty, latest financial position of counterparty, actual defaults, historical defaults, and other economic conditions. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.\n\n \n\n**Foreign Currency Transactions and Translation**\n\n \n\nThe Company’s consolidated financial statements are reported in U.S. dollars. The functional currency of the Company is the U.S. dollars. The functional currency for the Company’s subsidiaries organized in India, Mexico and the United States are their respective local currencies. The Company translates the assets and liabilities of its non-U.S. Dollar functional currency subsidiaries into U.S. Dollars using exchange rates in effect at the end of each period. Amounts classified in stockholder’s equity are translated at historical exchange rates. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in “Accumulated other comprehensive loss” on the consolidated balance sheets.\n\n \n\nThe Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates prevailing at the date of the transaction. Monetary items denominated in foreign currency remaining unsettled at the end of the year are translated at the closing rates as of the last day of the year. Gains and losses from these remeasurements are recognized within “Other income / (expense), net” in the consolidated statements of operations and were $273 and $(117) for the years ending March 31, 2026 and 2025, respectively.\n\n \n\n**Employee Benefit Plan**\n\n \n\nDefined Contribution Plan: This comprises of contributions to the employees’ provident fund for employees in India, which is a defined contribution plan set up in accordance with local labor and tax laws and 401(k) savings and supplemental retirement plans for employees in the United States. Both the employee and the employer make monthly contributions to the plan at a predetermined rate of the employees’ basic salary. The Company’s monthly contributions to all of these plans are charged to the consolidated statement of operations in the year they are incurred and there are no further obligations under these plans beyond those monthly contributions. The obligation is recognized in other, which is included in “Other current liabilities” on the consolidated balance sheets. The Company contributed $846 and $895 towards both of these defined contribution plans during the fiscal years ended March 31, 2026 and 2025, respectively. This balance is recognized in either “Cost of revenue” or “Selling, general, and administrative expenses”, on an employee-by-employee basis.\n\n \n\nF-22\n\n \n\n \n\n*Defined Benefit Plan:* The Company provides for a gratuity obligation through a defined benefit retirement plan (the “Gratuity Plan”) covering eligible employees in India under Payments of Gratuity Act, 1972 till 20 November 2025. On November 21, 2025, the Government of India implemented four new labour codes—the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020—which consolidate 29 existing labour laws into a unified legislative framework.\n\n \n\nThe plan provides for a lump-sum payment to vested employees at retirement, death, incapacitation, or termination of employment, of an amount equivalent to 15 days (15 days / 26 days) of salary payable to the respective employee for each completed year of service, with a maximum limit prescribed per employee.\n\n \n\nAs of March 31, 2026 and 2025, the entire gratuity plan of the Company was unfunded. The cost of providing benefits under this plan is determined based on an actuarial valuation at each year end. Actuarial valuation is carried out for gratuity using the projected unit credit method. These costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years. The obligation is included in “Accrued compensation and related benefits, current” while the long-term portion is included in “Other liabilities” on the consolidated balance sheets. Changes in fair value of the obligation are recorded in “Other comprehensive loss” in the consolidated statements of other comprehensive income/ (loss) and generally amortized over the average remaining service period of the active employees expected to receive benefits under the plan. According to ASC 715, changes to defined benefit plans, such as the Gratuity Plan in India, are accounted for as plan amendments, with the impact recognized in “Other comprehensive loss” at the amendment date.\n\n \n\n*Compensated Absences:* The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. The obligation is included in “Accrued compensation and related benefits, current” while the long-term portion is included in “Other liabilities” on the consolidated balance sheets. In accordance with ASC 710, the impact of the new labour codes on compensated absences for employees in India in the consolidated statement of income for the year ended March 31, 2026 was not significant. The Company’s total obligation with respect to compensated absences was $3,205 and $2,553 for the years ended March 31, 2026 and 2025, respectively.\n\n \n\n**Net Income / (Loss) per Share**\n\n \n\nBasic net income / (loss) per share is computed by dividing income / (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted net income / (loss) per share is computed using the weighted-average number of ordinary shares and potential dilutive ordinary shares outstanding during the period. The Company has not considered the effect of the Warrants sold in its initial public offering (the “Initial Public Offering”) and private placement to purchase ordinary shares, and impact of FPA put option liability in the calculation of diluted net income / (loss) per share, since the instruments are not dilutive.\n\n \n\n**Recent Accounting Pronouncements not yet Adopted**\n\n \n\nIn November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.\n\n \n\nF-23\n\n \n\n \n\nIn July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date. Early adoption is permitted. We are currently evaluating the provisions of this ASU and do not expect this ASU to have a material impact on our consolidated financial statements.\n\n \n\nIn September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU simplifies the capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout ASC 350-40. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date; or follow a modified transition approach that is based on the status of the respective projects and whether software costs were capitalized before the date of adoption; or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is permitted. We are currently evaluating the provisions of this ASU\n\n \n\nIn December 2025, the FASB issued ASU No. 2025-10, Government Grants (“ASC Topic 832”): Accounting for Government Grants Received by Business Entities. This ASU provides authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants for business entities, creating a framework that previously did not exist under U.S. GAAP. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.\n\n \n\nIn December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (“ASC Topic 270”): Narrow-Scope Improvements. This ASU provides a comprehensive list of interim disclosures that are required by U.S. GAAP and incorporates disclosure principle of material events or changes occurred since the prior year-end. The ASU will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.\n\n \n\nThe Company is currently evaluating the effect of the updates.\n\n \n\n**Recently Adopted Accounting Pronouncements**\n\n \n\nIn December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an annual tabular effective tax rate reconciliation disclosure including information for specified categories and jurisdiction levels, as well as, disclosure of income taxes paid, net of refunds received, disaggregated by federal, state/local, and significant foreign jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has adopted the disclosure requirements on a prospective basis, effective for the year ended March 31, 2026. Refer to Note 12 – Income Taxes to the consolidated financial statements for further details.\n\n \n\nF-24\n\n \n\n \n\n**Note 3 - Prepaids Expenses and Other Current Assets**\n\n \n\nPrepaids and other current assets consists of the following:\n\n \n\nSchedule of prepaid and other current assets\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nAdvance non-income taxes[1]\n \n$\n2,904\n \n \n$\n3,680\n \n\nPrepaid expenses\n \n \n866\n \n \n \n1,196\n \n\nAdvance to vendors\n \n \n390\n \n \n \n838\n \n\nSecurity deposits\n \n \n357\n \n \n \n114\n \n\nOther\n \n \n1,653\n \n \n \n1,753\n \n\nPrepaid Expense and Other Assets\n \n**$**\n**6,170**\n \n \n**$**\n**7,581**\n \n\n \n\n \n\n[1]\n\nAdvance non-income taxes consist of tax credits owed to the Company that were levied by taxing authorities.\n\n \n\n**Note 4 - Property and Equipment, net**\n\n \n\nProperty and equipment, net, consists of the following:\n\n \n\nSchedule of property and equipment\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nSoftware and computer equipment[1][2]\n \n$\n4,577\n \n \n$\n3,972\n \n\nLeasehold improvements[1]\n \n \n891\n \n \n \n944\n \n\nOffice equipment[1]\n \n \n407\n \n \n \n432\n \n\nInternal-use software under development[2]\n \n \n-\n \n \n \n-\n \n\nFurniture and fixtures[1]\n \n \n166\n \n \n \n165\n \n\nVehicles\n \n \n293\n \n \n \n324\n \n\n**Property and equipment, gross**\n \n**$**\n**6,334**\n \n \n**$**\n**5,837**\n \n\nAccumulated depreciation and amortization[1]\n \n \n(4,584\n)\n \n \n(4,266\n)\n\n**Property and equipment, net**\n \n**$**\n**1,750**\n \n \n**$**\n**1,571**\n \n\n \n\n \n\n[1]\n\nProperty and equipment held under finance lease arrangements amounted to $134 and $247 as of March 31, 2026 and 2025, respectively. Accumulated depreciation for property and equipment held under finance lease arrangements was $1,656 and $1,632 as of March 31, 2026 and March 31, 2025, respectively. Depreciation expense in respect to these assets was $192 and $303 for the years ended March 31, 2026 and 2025, respectively.\n\n[2]\nDue to decline in customer marketability and future economic benefits of\nSoftware and computer equipment and Internal-use software under development, the Company assessed the recoverability of the asset\ngroup during the year ended March 31, 2025. Hence, the Company fully impaired the related asset group in the year ended\nMarch 31, 2025. Impairment charge of Nil 0 and $1,693\nhas been included in Selling, General and Administrative Expenses for the year ended March 31, 2026 and March 31, 2025\nrespectively.\n\n \n\nDuring the year ended March 31, 2026 and 2025, the Company acquired Property and equipment of $1,113 and $1,484 respectively.\n\n \n\nDuring the year ended March 31, 2026 and 2025, the Company sold property and equipment for the sale proceeds of $87 and $217, respectively. As a result of the sale, the Company recorded a (gain)/ loss of $(18) and $90 in the year ended March 31, 2026 and 2025, respectively.\n\n \n\nFor the year ended March 31, 2026, and 2025 depreciation and amortization expense was $837 and $1,384, respectively.\n\n \n\nF-25\n\n \n\n \n\n**Note 5 - Long-Term Investments**\n\n \n\n*Common Stock*\n\n \n\nThe Company holds 6,927\nshares of common stock of Boston Systems Private Limited (previously known as Empays Payment Systems India Private Ltd). The Company\nhas fully impaired this investment and recorded an impairment charge of $7.\nAs of March 31, 2026 and 2025, the investment is fully impaired and the carrying value of this investment was Nil 0.\n\n \n\n*10% Cumulative Redeemable Preference Securities*\n\n \n\nThe Company holds 4,500,000 cumulative redeemable preference securities (“CRPS”) of a common control affiliate, Aeries Technology Products and Strategies Private Ltd. The CRPS carry a cumulative dividend of 10% per annum. 3,500,000 CRPS can be redeemed any time before 19 years from the date of issue i.e. June 27, 2017 by giving a 30-day redemption request and 1,000,000 CRPS can be redeemed any time before 20 years from the date of issue i.e. April 7, 2016 by giving a 30-day redemption request. As of March 31, 2026 and 2025, these CRPS held by the Company were classified as a held-to-maturity investment and recorded at amortized cost of $786 and $822, respectively.\n\n \n\n*0.001% Series-A Redeemable Preference Securities*\n\n \n\nThe Company holds 349,173 Series-A cumulative redeemable preference securities (Series-A RPS) of a common control affiliate, Aeries Financial Technologies Private Ltd. and was recorded as a held-to-maturity investment at amortized cost. The Series-A RPS carries a dividend of 0.001 % per annum. Series-A RPS can be redeemed one day before the expiry of 20 years from the date of the allotment of the Series-A RPS with an annualized internal rate of return of 18%. As of March 31, 2026 and 2025, these Series-A RPS held by the Company were classified as a held-to-maturity investment and recorded at amortized cost of $1,110 and $1,008, respectively.\n\n \n\nA reconciliation from amortized cost basis to net carrying amount is provided below for the Company’s held-to-maturity investments:\n\n \n\nSchedule of long-term investments\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nHeld-to-maturity investments, amortized cost basis (net off expected credit losses)\n \n$\n777\n \n \n$\n840\n \n\nInterest earned on investments\n \n \n1,119\n \n \n \n990\n \n\n**Held-to-maturity investments, net carrying amount**\n \n**$**\n**1,896**\n \n \n**$**\n**1,830**\n \n\n \n\n**Note 6 - Short-term borrowings**\n\n \n\nSchedule of short-term borrowings\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nShort-term borrowings\n \n$\n4,344\n \n \n$\n6,480\n \n\nCurrent portion of vehicle loan\n \n \n92\n \n \n \n24\n \n\n \n \n**$**\n**4,436**\n \n \n**$**\n**6,504**\n \n\n \n\nAs of March 31, 2026, the Company had a revolving credit facility with Kotak Mahindra Bank of INR 320,000 (or approximately $3,381 at the exchange rate in effect on March 31, 2026). The revolving facility is available for the Company’s operational requirements.\n\n \n\nF-26\n\n \n\n \n\nThe funded drawdown amount under the Company’s revolving facility as of March 31, 2026 and March 31, 2025, is $1,601 and $3,586 respectively. The interest rate is equal to the 3-months Repo Rate plus a margin of 3.90% and 6-months Marginal Cost of Funds based Lending Rate (“MCLR”) plus a margin of 0.80% as of March 31, 2026, and March 31, 2025, respectively.\n\n \n\nPrior to the Closing Date, WWAC modified the terms of payment owed to Shearman & Sterling LLP, a multinational law firm providing legal consultancy services to WWAC. This resulted in a reduction in the total amount owed by WWAC to Shearman & Sterling LLP from $4,800 of accounts payable to $4,000 promissory note, payable in four equal tranches. Subsequently, the promissory note was amended upon payment of $1,500, wherein the balance $2,500 was promised to be paid in two equal tranches. $2,500 owed to Shearman & Sterling LLP has been disclosed as short-term debt, as ATI has an unconditional obligation to settle it within a period of less than twelve months from March 31, 2026.\n\n \n\nAfter the Closing Date, ATI obtained an insurance policy for its directors and senior officers with $5,000 in coverage. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 was payable in ten equal monthly instalments of $73. The arrangement represented a financing transaction where the premium payable was deferred. The interest rate under the arrangement was 9.2% per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same was recognized as part of the interest expense in the consolidated statement of operations. During the year ended March 31, 2026 and March 31, 2025, the interest expense so recognized was Nil and $9. The balance premium payable as of March 31, 2025 is Nil.\n\n \n\nThe\nCompany obtained an insurance policy for its directors and senior officers to cover $5,000, effective as of November 6, 2024,\nfor a period of 12 months. The total premium payable under the insurance policy was $670, out of which $58 was paid upfront and the\n$612 balance of which is payable in eleven equal monthly installments of $58. The arrangement represents a financing transaction\nwhere the premium payable has been deferred. The interest payable under the arrangement amounts to $23 and the same would be\nrecognized as part of the interest expense through the condensed consolidated statement of operations. During the year ended\nMarch 31, 2026 and March 31, 2025, the interest expense so recognized was $0\nand $16 respectively. The balance\npremium payable as of March 31, 2026 and March 31, 2025 is Nil 0 and $394.\n\n \n\nEffective November 6, 2025, the Company has renewed the insurance for its directors and senior officers to cover $5,000 for the period of 12 months. The total premium payable in relation to this was $577 out of which $144 was paid upfront and balance $433 is payable in nine equal monthly instalments of $50.The arrangement represents a financing transaction where the premium payable has been deferred. The interest payable under the arrangement amounts to $13 and the same would be recognized as part of the interest expense through the condensed consolidated statement of operations. During the year ended March 31, 2026 and March 31, 2025, the interest expense so recognized was $9 and Nil respectively. The balance premium payable as of March 31, 2026 is $243.\n\n \n\nFor additional information on the vehicle loan see Note 8 – Long-term debt.\n\n \n\n**Note 7 - Other Current Liabilities**\n\n \n\nOther current liabilities consists of the following:\n\n \n\nSchedule of other current liabilities\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nTaxes payable\n \n$\n2,697\n \n \n$\n1,431\n \n\nFinance lease obligations, current\n \n \n89\n \n \n \n156\n \n\nAccrued expenses\n \n \n1,641\n \n \n \n5,062\n \n\nDeferred revenue\n \n \n466\n \n \n \n274\n \n\nOther\n \n \n1,541\n \n \n \n830\n \n\nTotal\nother current liabilities\n \n**$**\n**6,434**\n \n \n**$**\n**7,753**\n \n\n \n\nF-27\n\n \n\n \n\n**Note 8 - Long-term debt**\n\n \n\nLong-term debt consists of the following:\n\n \n\nSchedule of long-term debt\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nLoan from the director of ATGBA\n \n$\n734\n \n \n$\n812\n \n\nLoan from an affiliate\n \n \n-\n \n \n \n111\n \n\nNon-current portion of vehicle loan\n \n \n64\n \n \n \n173\n \n\n \n \n**$**\n**798**\n \n \n**$**\n**1,096**\n \n\n \n\nFor additional information on the loan from the director of ATGBA, Mr. Vaibhav Rao, to a subsidiary company and loan from an affiliate, see Note 13 – Related Party Transactions - point (g) and (d), respectively.\n\n \n\n**Vehicle loan**\n\n \n\nOn December 7, 2022, the Company entered into a vehicle loan, secured by the vehicle, for INR 11,450 (or approximately $121 at the exchange rate in effect on March 31, 2026) at 10.75% from Mercedes-Benz Financial Services India Pvt. Ltd. The Company is required to repay the loan in 48 monthly instalments beginning January 4, 2023.\n\n \n\nOn August 2, 2024, the Company entered into a vehicle loan, secured by the vehicle, for INR 8,165 (or approximately $86 at the exchange rate in effect on March 31, 2026) at 10.25% from Mercedes-Benz Financial Services India Pvt. Ltd. The Company is required to repay the loan in 48 monthly instalments beginning September 4, 2024.\n\n \n\nAs of March 31, 2026, the future maturities of debt by fiscal year are as follows:\n\n \n\nSchedule of future maturities of debt\n \n \n \n \n\n2027\n \n$\n826\n \n\n2028\n \n \n11\n \n\n2029\n \n \n53\n \n\n2030\n \n \n-\n \n\n**Total future maturities of debt**\n \n**$**\n**890**\n \n\n \n\n**Note 9 - Other Liabilities**\n\n \n\nOther liabilities consist of the following:\n\n \n\nSchedule of other liabilities\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nAccrued compensation and related benefits\n \n$\n5,703\n \n \n$\n4,086\n \n\nFinance lease obligations, non-current\n \n \n81\n \n \n \n75\n \n\nOther\n \n \n232\n \n \n \n9\n \n\n \n \n**$**\n**6,016**\n \n \n**$**\n**4,170**\n \n\n \n\nF-28\n\n \n\n \n\n**Note 10 - Revenue**\n\n \n\n**Disaggregation of Revenue**\n\n \n\nThe Company presents and discusses revenues by customer location. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factors.\n\n \n\nThe following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon billed client location. Substantially all of the revenue in our North America region relates to operations in the United States.\n\n \n\nSchedule of disaggregation of revenue\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nNorth America\n \n$\n62,873\n \n \n$\n65,486\n \n\nAsia Pacific and Other\n \n \n7,141\n \n \n \n4,712\n \n\n**Total revenue**\n \n**$**\n**70,014**\n \n \n**$**\n**70,198**\n \n\n \n\n**Contract balances**\n\n \n\nContract assets comprise amounts where the Company’s right to bill is contingent on something other than the passage of time. As of March 31, 2026 and March 31, 2025, the Company’s contract assets were $166 and $163, respectively, and were recorded within “Prepaid expenses and other current assets”, net of allowance for credit losses, on the consolidated balance sheets.\n\n \n\nContract liabilities, or deferred revenue, comprise amounts collected from the Company’s customers for revenues not yet earned and amounts which are anticipated to be recorded as revenues when services are performed. The amount of revenue recognized in the year ended March 31, 2026 and 2025 that was included in deferred revenue at the beginning of each period was $249 and $257, respectively.\n\n \n\nAs of March 31, 2026 and March 31, 2025 the Company’s deferred revenue was $466 and $274, respectively, and was recorded within “Other current liabilities” on the consolidated balance sheets. There was no deferred revenue classified as non-current as of March 31, 2026 and March 31, 2025.\n\n \n\n**Contract Acquisition Costs**\n\n \n\nDirect and incremental costs incurred for acquiring contracts, such as sales commissions are contract acquisition costs and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets. Such costs are amortized over the expected duration of the relationship with customers and recorded under Selling and marketing expenses in the consolidated statements of income.\n\n \n\nF-29\n\n \n\n \n\n**Note 11 - Employee Compensation and Benefits**\n\n \n\nThe Company has employee benefit plans in the form of certain statutory and other programs covering its employees.\n\n \n\n**Defined Benefit Plan - Gratuity**\n\n \n\nThe Company has subsidiaries in India and Mexico with employees covered by defined benefit plans. We have defined benefit plans comprised of gratuity under Payments of Gratuity Act, 1972 covering eligible employees in India & Federal Labor Law in Mexico. The present value of the defined benefit obligations and other long-term employee benefits is determined based on actuarial valuation using the projected unit credit method. The rate used to discount defined benefit obligation is determined by reference to market yields at the balance sheet date of government bonds for respective regions for the estimated term of obligations.\n\n \n\nActuarial gains or losses arising on account of experience adjustment and the effect of changes in actuarial assumptions are initially recognized in the consolidated statements of comprehensive income, and the unrecognized actuarial loss is amortized to the consolidated statements of operations over the average remaining service period of the active employees expected to receive benefits under the plan.\n\n \n\nOn November 21, 2025, the Government of India notified provisions of the Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Group continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. The adjustments for the Labour Codes represent an increase in gratuity liability arising out of past service cost by $703 primarily due to change in wage definition which is recognized in the other comprehensive income / (loss), net of tax. Out of the above, $62 is reclassified to Consolidated Statement of Operations for the year ended March 31, 2026.\n\n \n\nThe following table provides the status of the defined benefit plans and the amounts recognized in the Company’s consolidated financial statements based on actuarial valuations carried out for the periods ending March 31, 2026 and March 31, 2025, respectively:\n\n \n\nSchedule of defined benefit plans\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**Changes in employee benefit plan obligations**\n \n \n \n \n \n \n \n \n\nProjected benefit obligation at the beginning of the year\n \n$\n2,545\n \n \n$\n1,906\n \n\nInterest cost\n \n \n259\n \n \n \n158\n \n\nPast service cost\n \n \n703\n \n \n \n-\n \n\nCurrent service cost\n \n \n504\n \n \n \n544\n \n\nActuarial (gains) / loss\n \n \n(114\n)\n \n \n192\n \n\nLiability Transferred In/ Acquisitions\n \n \n1,089\n \n \n \n-\n \n\nBenefits paid directly by employers\n \n \n(765\n)\n \n \n(206\n)\n\nEffect of exchange rate fluctuation\n \n \n(243\n)\n \n \n(49\n)\n\n**Projected employee benefit plan at the end of the year**\n \n**$**\n**3,978**\n \n \n**$**\n**2,545**\n \n\n \n \n \n \n \n \n \n \n \n\n**Amounts recognized in the Consolidated Balance Sheets**\n \n \n \n \n \n \n \n \n\nRecorded in accrued compensation and related benefits, current\n \n \n(599\n)\n \n \n(371\n)\n\nRecorded in other liabilities\n \n \n(3,379\n)\n \n \n(2,174\n)\n\n**Total project benefit obligation**\n \n**$**\n**(3,978**\n**)**\n \n**$**\n**(2,545**\n**)**\n\n \n\nF-30\n\n \n\n \n\nThe change in defined benefit obligation for the years ended March 31, 2026 and 2025 is largely due to change in labour codes during the year and changes in actuarial assumptions pertaining to demographics and financial assumptions.\n\n \n\nAmounts included in the accumulated other comprehensive income as of March 31, 2026 and 2025 were as follows:\n\n \n\nSchedule of accumulated other comprehensive income\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nNet actuarial loss\n \n$\n1,049\n \n \n$\n621\n \n\nDeferred tax\n \n \n(271\n)\n \n \n(161\n)\n\n**Total**\n \n**$**\n**778**\n \n \n**$**\n**460**\n \n\n \n\nChanges in “Other comprehensive loss” during the year ended March 31, 2026 and 2025 were as follows:\n\n \n\nSchedule of other comprehensive income /(loss)\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nNet actuarial (loss) / gain\n \n$\n114\n \n \n$\n(192\n)\n\nNet prior service credit / (cost)\n \n \n(641\n)\n \n \n-\n \n\nAmortization of net actuarial (loss) / gain\n \n \n99\n \n \n \n72\n \n\nDeferred tax benefit / (expense)\n \n \n110\n \n \n \n35\n \n\nUnrecognized actuarial (loss) / gain on defined employee benefit plan obligations\n \n**$**\n**(318**\n**)**\n \n**$**\n**(85**\n**)**\n\n \n\nNet defined benefit plan costs for the year ended March 31, 2026 and 2025 include the following components:\n\n \n\nSchedule of net defined benefit plan costs\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nCurrent Service costs\n \n$\n504\n \n \n$\n544\n \n\nPast service cost\n \n \n62\n \n \n \n-\n \n\nInterest costs\n \n \n259\n \n \n \n158\n \n\nSettlements\n \n \n20\n \n \n \n-\n \n\nAmortization of net actuarial loss\n \n \n79\n \n \n \n72\n \n\n**Net defined benefit plan costs**\n \n**$**\n**924**\n \n \n**$**\n**774**\n \n\n \n\n*Assumptions*\n\n \n\nThe Company uses the Projected Unit Credit Method to measure liabilities and interest costs for defined benefit obligations. Under this method, accrued benefit amount is projected to calculate future expected cashflows, which is in turn discounted back at applicable discount rate assumption to arrive at present value of benefit obligation.\n\n \n\nThe rate used to discount benefit obligations (both funded and unfunded) is determined by reference to market yields on government bonds at the balance sheet date. The currency and term of the government bonds should be consistent with the currency and estimated term of the benefit obligations.\n\n \n\nThe weighted average assumptions used to determine the benefit obligations of the defined benefit plans as of March 31, 2026 and 2025 are presented below:\n\n \n\nSchedule of weighted average assumptions used to determine benefit obligations\n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n\n \n \n**2026**\n \n**2025**\n\nDiscount rate per annum\n \n8.04% - 9.00%\n \n8.28% - 9.10%\n\nRate of compensation increase per annum\n \n7.00% - 10.00%\n \n7.00% - 10.00%\n\nRate of employee turnover per annum\n \n15.00% - 20.00%\n \n20.00%\n\n \n\nF-31\n\n \n\n \n\nThe table below shows the expected benefit plan payments to the current employees of the plan based on the employee’s past service up to the valuation date plus employee’s future service up to the date of payment:\n\n \n\nSchedule of expected benefit payments\n \n \n \n \n\n**Expected benefit payments during**\n \n**As ofMarch 31,2026**\n \n\nYear 1\n \n \n600\n \n\nYear 2\n \n \n713\n \n\nYear 3\n \n \n807\n \n\nYear 4\n \n \n870\n \n\nYear 5\n \n \n934\n \n\nYear 6 to Year 10\n \n \n4,033\n \n\n \n\nThe Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of March 31, 2026.\n\n \n\n**Note 12 - Income Taxes**\n\n \n\nThe Company’s income tax expense majorly pertains to the Indian jurisdiction. Income / (Loss) before income taxes for the year ended March 31, 2026 and 2025, are as follows:\n\n \n\nSchedule of income taxes majorly pertains\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nUnited States\n \n$\n142\n \n \n$\n956\n \n\nIndia\n \n \n4,928\n \n \n \n(8,175\n)\n\nCayman Islands\n \n \n(2,738\n)\n \n \n3,745\n \n\nUAE\n \n \n1,090\n \n \n \n(1,064\n)\n\nSingapore\n \n \n(336\n)\n \n \n(18,701\n)\n\nMexico\n \n \n2,379\n \n \n \n572\n \n\n**Total**\n \n**$**\n**5,465**\n \n \n**$**\n**(22,667**\n**)**\n\n \n\nProvision for income taxes for the year ended March 31, 2026 and March 31, 2025, consisted of the following:\n\n \n\nSchedule of provision for income taxes\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nCurrent tax provision\n \n$\n1,819\n \n \n$\n1,037\n \n\nDeferred tax expense / (benefit)\n \n \n172\n \n \n \n(2,109\n)\n\n**Provision for Income Taxes**\n \n**$**\n**1,991**\n \n \n**$**\n**(1,072**\n**)**\n\n \n\nIncome tax expense / (benefit) for the years ended March 31, 2026 and, 2025 is allocated as follows:\n\n \n\nSchedule of income tax expense\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nIncome / (Loss) from operations\n \n$\n1,991\n \n \n$\n(1,072\n)\n\nOther comprehensive loss\n \n \n \n \n \n \n \n \n\nUnrecognized actuarial (loss) / gain on defined employee benefit plan obligations\n \n \n(110\n)\n \n \n(35\n)\n\n**Total**\n \n**$**\n**1,881**\n \n \n**$**\n**(1,107**\n**)**\n\n \n\nF-32\n\n \n\n \n\nA reconciliation of the provision for income taxes, with the amount computed by applying the income tax rate for the Company to income before provision for income taxes for year ended March 31, 2026 and March 31, 2025, is as follows:\n\n \n\nSchedule of income tax rate\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31, 2026**\n \n\n** **\n** **\n**Amount**\n** **\n** **\n**Percentage**\n** **\n\nIncome tax expense at tax rates applicable to the Company\n \n \n-\n \n \n \n0\n%\n\n \n \n \n \n \n \n \n \n \n\nIncrease (decrease) in income taxes resulting from:\n \n \n \n \n \n \n \n \n\nNon-deductible expenses\n \n \n273\n \n \n \n5\n%\n\nValuation allowance\n \n \n(49\n)\n \n \n(1\n)%\n\nTax of earlier year\n \n \n18\n \n \n \n0\n%\n\nTrue down / up\n \n \n(494\n)\n \n \n(9\n)%\n\nLoss / (income) taxed at different tax rate\n \n \n(3\n)\n \n \n0\n%\n\nAdjustments for change in rates due to different tax jurisdiction\n \n \n1,808\n \n \n \n33\n%\n\nSet off against brought forward losses\n \n \n-\n \n \n \n-\n \n\nGILTI inclusion\n \n \n-\n \n \n \n-\n \n\nForeign Dividends gross-up and additional employee deduction for employee hired-80JJA\n \n \n(3\n)\n \n \n0\n%\n\nFTC Claim\n \n \n \n \n \n \n \n \n\nOthers\n \n \n441\n \n \n \n8\n%\n\n**Provision for income tax**\n \n**$**\n**1,991**\n \n \n \n**36**\n**%**\n\n \n\n \n \n \n \n\n \n \nYear Ended\nMarch 31,\n \n\n \n \n2025\n \n\n(Loss) before income tax expense\n \n$\n(22,667\n)\n\n \n \n \n \n \n\nIncome tax expense at tax rates applicable to the Company (i.e., 0%)\n \n \n-\n \n\n \n \n \n \n \n\nIncrease (decrease) in income taxes resulting from:\n \n \n \n \n\nNon-deductible expenses\n \n \n812\n \n\nValuation allowance\n \n \n2,871\n \n\nTax of earlier year\n \n \n270\n \n\nTrue down / up\n \n \n(85\n)\n\nLoss / (income) taxed at different tax rate\n \n \n(4\n)\n\nAdjustments for change in rates due to different tax jurisdiction\n \n \n(4,931\n)\n\nSet off against brought forward losses\n \n \n(76\n)\n\nGILTI inclusion\n \n \n113\n \n\nForeign Dividends gross-up and additional employee deduction for employee hired-80JJA\n \n \n2\n \n\nFTC Claim\n \n \n(100\n)\n\nOthers\n \n \n56\n \n\nProvision for income tax\n \n$\n(1,072\n)\n\nEffective tax rate\n \n \n4.73\n%\n\n \n\nF-33\n\n \n\n \n\nSignificant components of the Company’s deferred taxes as of March 31, 2026 and 2025, are as follows:\n\n \n\nSchedule of deferred taxes\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**As of March 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n \n \n**India**\n \n \n**Singapore**\n \n \n**USA**\n \n \n**UAE**\n \n \n**Mexico**\n \n \n**India**\n \n \n**Singapore**\n \n \n**USA**\n \n \n**UAE**\n \n \n**Mexico**\n \n\n**Deferred tax assets:**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nProperty and equipment\n \n \n530\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n541\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nGratuity\n \n \n936\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n605\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nTrade Payables\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n178\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nCompensated absences\n \n \n742\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n612\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nExpenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961\n \n \n72\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n83\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nNet operating losses\n \n \n765\n \n \n \n2,749\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n1,245\n \n \n \n2,597\n \n \n \n-\n \n \n \n96\n \n \n \n-\n \n\nFinance lease\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nIntangible assets under development\n \n \n-\n \n\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(5\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nProvision for expenses\n \n \n337\n \n \n \n-\n \n \n \n172\n \n \n \n-\n \n \n \n97\n \n \n \n906\n \n \n \n-\n \n \n \n58\n \n \n \n-\n \n \n \n90\n \n\nOperating lease liabilities\n \n \n2,273\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n2,413\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nOthers\n \n \n2\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n2\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n**Deferred tax asset before valuation allowance**\n \n \n**5,657**\n \n \n \n**2,749**\n** **\n \n \n**172**\n \n \n \n**-**\n \n \n \n**97**\n \n \n \n**6,402**\n \n \n \n**2,775**\n \n \n \n**58**\n \n \n \n**96**\n \n \n \n**90**\n \n\nValuation Allowance\n \n \n-\n \n \n \n(2,749\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(2,775\n)\n \n \n-\n \n \n \n(96\n)\n \n \n-\n \n\n**Deferred tax asset, net of valuation allowance**\n \n \n**5,657**\n \n \n \n**-**\n \n \n \n**172**\n \n \n \n**-**\n \n \n \n**97**\n \n \n \n**6,402**\n \n \n \n**-**\n \n \n \n**58**\n \n \n \n**-**\n \n \n \n**90**\n \n\n \n\n \n \n**As of March 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n \n \n**India**\n \n \n**Singapore**\n \n \n**USA**\n \n \n**UAE**\n \n \n**Mexico**\n \n \n**India**\n \n \n**Singapore**\n \n \n**USA**\n \n \n**UAE**\n \n \n**Mexico**\n \n\n**Deferred tax liabilities:**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInvestments\n \n \n(232\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(192\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nProperty and equipment\n \n \n-\n \n \n \n-\n \n \n \n(1\n)\n \n \n-\n \n \n \n(12\n)\n \n \n-\n \n \n \n-\n \n \n \n(1\n)\n \n \n-\n \n \n \n(3\n)\n\nOperating right-of-use assets\n \n \n(2,161\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(2,306\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nUnbilled Revenue\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(91\n)\n\nOthers\n \n \n(28\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n \n \n(32\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n \n \n\n**Deferred tax liability**\n \n \n**(2,421**\n**)**\n \n \n-\n \n \n \n**(1**\n**)**\n \n \n**-**\n \n \n \n**(12**\n**)**\n \n \n**(2,530**\n**)**\n \n \n-\n \n \n \n**(1**\n**)**\n \n \n**-**\n \n \n \n**(94**\n**)**\n\n**Net deferred tax asset (liability)**\n \n \n**3,236**\n \n \n \n**-**\n \n \n \n**171**\n \n \n \n**-**\n \n \n \n**85**\n \n \n \n**3,872**\n \n \n \n**-**\n \n \n \n**57**\n \n \n \n**-**\n \n \n \n**(4**\n**)**\n\n \n\nComponents of deferred taxes\n \n \n \n \n \n \n \n \n\n \n \n**As ofMarch 31,**\n \n\n**Classified as**\n \n**2026**\n \n \n**2025**\n \n\nDeferred tax assets non-current\n \n$\n3,689\n \n \n$\n4,064\n \n\nDeferred tax liabilities non-current\n \n \n197\n \n \n \n139\n \n\n \n \n**$**\n**3,492**\n \n \n**$**\n**3,925**\n \n\n \n\nF-34\n\n \n\n \n\nNet cash paid (refunds received) for income taxes for the year ended March 31, 2026 are as follows:\n\n \n\nSchedule of net cash paid for income taxes\n \n \n \n \n\n \n \n2026\n \n\nUnited States\n \n$\n292\n \n\nIndia\n \n \n784\n \n\nCayman Islands\n \n \n-\n \n\nUAE\n \n \n-\n \n\nSingapore\n \n \n-\n \n\nMexico\n \n \n203\n \n\nTotal\n \n$\n1,280\n \n\n \n\n*Net operating loss*\n\n \n\nThe Company has carry forward losses of $35, $70 & $2,975 in the Indian jurisdiction, which will get expired in financial years 2028-29; 2029-30 and 2032-33 respectively.\n\n \n\nWith certain immaterial exceptions, the Company is no longer subject to U.S. federal, state and local or other U.S. income tax examinations by taxing authorities for years prior to 2022. The Company’s subsidiaries in India are open to examination by relevant taxing authorities for tax years beginning on or after April 1, 2016. The Company regularly reviews the likelihood of additional tax assessments and adjusts its unrecognized tax benefits as additional information or events require.\n\n \n\nValuation Allowances\n\n \n\nAs of March 31, 2026, the Company maintained valuation allowances of $2,749 for deferred tax assets that are not more likely than not to be realized, which primarily included deferred tax assets towards Net Operating Losses (NOL) in Singapore and UAE jurisdictions. The valuation allowances on our deferred tax assets decreased by $122 in year ended March 31, 2026 as compared to increase by $2,871 during the year ended March 31, 2025, respectively. During the year ended March 2026, based on the relevant weight of positive and negative evidence, including the amount of net operating losses in recent years, and consideration of our future taxable earnings, we concluded most of our Singapore and UAE deferred tax assets are not more like than to be realized. Our deferred tax assets without valuation allowances are more like than not to be realized given the expectation of future earnings in the respective jurisdictions.\n\n \n\n*Unrecognized tax benefits*\n\n \n\nThe Company recognizes financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. As of March 31, 2026 and March 31, 2025, the Company does not have any unrecognized tax benefits with a significant impact on its consolidated financial statements.\n\n \n\nThe Company’s major tax jurisdictions are Singapore, India, the United States, and Mexico. Generally accepted accounting principles requires the Company’s management to evaluate tax positions taken by the Company and recognize a tax liability for any uncertain positions that more likely than not would not be sustained upon examination by the Internal Revenue System (the “IRS”) or a foreign jurisdiction taxing authority. The Company is subject to routine audits by tax authorities.\n\n \n\nDeferred tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such temporary differences totaled approximately $10,435, with an income tax impact of approximately $1,454 as of March 31, 2026.\n\n \n\nF-35\n\n \n\n \n\n**Note 13 - Related Party Transactions**\n\n \n\nSchedule of related party transactions\n \n \n\n**Name of the related party**\n \n**Relationship**\n\nAark II Pte Limited\n \nAffiliate entity\n\nAeries Technology Products And Strategies Private Limited (“ATPSPL”)\n \nAffiliate entity\n\nAeries Financial Technologies Private Limited\n \nAffiliate entity\n\nBhanix Finance And Investment Limited\n \nAffiliate entity\n\nRalak Consulting LLP\n \nAffiliate entity\n\nSqrrl Fintech Private Limited (“Sqrrl”)\n \nAffiliate entity\n\nTSLC Pte Limited\n \nAffiliate entity\n\nVenu Raman Kumar\n \nChairman of ATI’s Board and controlling shareholder\n\nVaibhav Rao\n \nMembers of immediate families of Venu Raman Kumar\n\nSudhir Appukuttan Panikassery\n \nKey managerial personnel (till February 9, 2025) Vice chairman of ATI’s Board (February 10, 2025 through September 18, 2025)\n\nBhisham (Ajay) Khare\n \nKey managerial personnel\n\n \n\nSummary of significant transactions and balances due to and from related parties are as follows:\n\n \n\nSchedule of significant transactions and balances due to and from related parties\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**Cost sharing arrangements**\n \n \n \n \n \n \n \n \n\nAeries Financial Technologies Private Limited (b)\n \n \n-\n \n \n \n177\n \n\nBhanix Finance And Investment Limited (b)\n \n \n103\n \n \n \n120\n \n\n**Interest expense**\n \n \n \n \n \n \n \n \n\nAeries Technology Products And Strategies Private Limited (d)\n \n \n5\n \n \n \n72\n \n\nMr. Vaibhav Rao (g)\n \n \n94\n \n \n \n83\n \n\nSqrrl Fintech Private Limited (k)\n \n \n-\n \n \n \n8\n \n\n**Interest income**\n \n \n \n \n \n \n \n \n\nAeries Financial Technologies Private Limited (f), (h)\n \n \n210\n \n \n \n188\n \n\nAeries Technology Products And Strategies Private Limited (e), (h)\n \n \n64\n \n \n \n125\n \n\n**Legal and professional fees paid**\n \n \n \n \n \n \n \n \n\nRalak Consulting LLP (c)\n \n \n216\n \n \n \n305\n \n\n**Management consultancy service**\n \n \n \n \n \n \n \n \n\nAark II Pte Limited (a)\n \n \n2,256\n \n \n \n2,861\n \n\n**Office management and support services expense**\n \n \n \n \n \n \n \n \n\nAeries Technology Products And Strategies Private Limited (i)\n \n \n3\n \n \n \n36\n \n\n \n\nF-36\n\n \n\n \n\n \n \n**March 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\n**Accounts payable**\n \n \n \n \n \n \n \n \n\nRalak Consulting LLP (c)\n \n \n53\n \n \n \n-\n \n\n**Accounts receivable**\n \n \n \n \n \n \n \n \n\nAark II Pte Limited (a)\n \n \n407\n \n \n \n439\n \n\nAeries Financial Technologies Private Limited (b)\n \n \n-\n \n \n \n102\n \n\nBhanix Finance And Investment Limited (b)\n \n \n16\n \n \n \n105\n \n\nTSLC Pte Limited (a)\n \n \n-\n \n \n \n101\n \n\n**Prepaid expense and other current assets**\n \n \n \n \n \n \n \n \n\nReceivables from Mr. Bhisham (Ajay) Khare (j)\n \n \n741\n \n \n \n-\n \n\nRemittance in transit – Inwards (l)\n \n \n6\n \n \n \n-\n \n\n**Interest payable (classified under other current liabilities)**\n \n \n \n \n \n \n \n \n\nAeries Technology Products And Strategies Private Limited (d)\n \n \n41\n \n \n \n41\n \n\n**Interest receivable (classified under prepaid expenses and other current assets)**\n \n \n \n \n \n \n \n \n\nAeries Technology Products And Strategies Private Limited (e)\n \n \n28\n \n \n \n14\n \n\nAeries Financial Technologies Private Limited (f)\n \n \n-\n \n \n \n1\n \n\n**Investment in 0.001% Series-A Redeemable preference share**\n \n \n \n \n \n \n \n \n\nAeries Financial Technologies Private Limited (h)\n \n \n1,110\n \n \n \n1,008\n \n\n**Investment in 10% Cumulative redeemable preference shares**\n \n \n \n \n \n \n \n \n\nAeries Technology Products And Strategies Private Limited (h)\n \n \n786\n \n \n \n822\n \n\n**Loan from Members of immediate families of Venu Raman Kumar**\n \n \n \n \n \n \n \n \n\nMr. Vaibhav Rao (g)\n \n \n734\n \n \n \n812\n \n\n**Loans from affiliates**\n \n \n \n \n \n \n \n \n\nAeries Technology Products and Strategies Private Limited (d)\n \n \n-\n \n \n \n111\n \n\n**Loans to affiliates (classified under other assets)**\n \n \n \n \n \n \n \n \n\nAeries Financial Technologies Private Limited (f)\n \n \n92\n \n \n \n102\n \n\nAeries Technology Products And Strategies Private Limited (e)\n \n \n148\n \n \n \n129\n \n\n**Advance to Vendor**\n \n \n \n \n \n \n \n \n\nAeries Technology Products And Strategies Private Limited (i)\n \n \n2\n \n \n \n-\n \n\n \n\n \n\n(a)\n\nThe Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.\n\n(b)\n\nThe Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.\n\n(c)\n\nThe Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP via agreement dated April 1, 2022.\n\n(d)\n\nThe Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.\n\n(e)\n\nThe Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.\n\n(f)\n\nThe Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.\n\n(g)\n\nThe Company obtained a loan at 12% per annum interest rate (w.e.f April 1, 2025; 10% per annum till March 31, 2025) from Mr. Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The loan amount was outstanding in entirety as of March 31, 2026.\n\n(h)\n\nThis amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.\n\n(i)\n\nThe Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.\n\n(j)\n\nFor the year ended March 31, 2026, ATI has issued 851,184 shares at a fair value of $0.87 per share to Mr. Bhisham (Ajay) Khare pursuant to the exchange agreement dated November 6, 2023 for his holding in ATGBA. As on March 31, 2026, Mr. Bhisham (Ajay) Khare is yet to transfer the shares to ATI and consequently a receivable of $741.00 has been recognized.\n\n(k)\n\nThe Company incurred interest expense in relation to loans taken from Sqrrl, which were borrowed to meet working capital requirements. The loans were for a 3-month term and were issued at an interest rate of 17% per annum.\n\n(l)\n\nFor the year ended March 31, 2026, Mr. Bhisham (Ajay) Khare has exercised 59,110 options under Aeries Management Stock Option Plan 2019 (“MSOP”) with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options has been recognised.\n\n \n\nThe Company has also executed two Exchange Agreements: (1) with AARK and Mr. Raman Kumar in his capacity as a shareholder of AARK; and (2) with ATGBA and Mr. Sudhir Appukuttan Panikassery, Mr. Ajay Khare, and Mr. Unnikrishnan Balakrishnan Nambiar, key managerial personnel of ATGBA in their capacity as shareholders of ATGBA (together referred to as “counterparties”). Under the Exchange Agreements, the counterparties would have a right to exchange the shares held by them in AARK or ATGBA into shares of ATI or cash subject to the conditions specified in relevant Exchange Agreement. Refer Note 16 for details. Additionally, pursuant to the Business Combination, 5,638,530 Class A ordinary shares were issued to Innovo Consultancy DMCC, which is wholly owned by Mr. Kumar.\n\n \n\nF-37\n\n \n\n \n\n**Note 14 - Stock-Based Compensation**\n\n \n\n**Aeries Technology, Inc. 2023 Equity Incentive Plan**\n\n \n\nThe board of directors of WWAC approved the Aeries Technology, Inc. 2023 Equity Incentive Plan (the “Plan”) on March 11, 2023, subject to approval by WWAC’s shareholders. The Plan was approved by WWAC’s shareholders on November 2, 2023 and the Plan became effective upon the consummation of the Business Combination. The number of Class A ordinary shares authorized for issuance under the Plan is 9,031,027, subject to certain adjustments set forth in the Plan.\n\n \n\nOn March 27, 2025, at the Company’s annual meeting of the shareholders, the Company’s shareholders approved Amendment No. 1 (the “Plan Amendment”) to the Plan. The Plan Amendment provided for (i) increasing the total number of Class A ordinary shares authorized under the Plan to 11,928,287 shares (the “New Share Reserve”), (ii) amending the “evergreen” provision in the Plan to automatically increase the New Share Reserve by 5% on an annual basis or by such lesser amount that the compensation committee of the board of directors may determine (“Evergreen Increase”), and (iii) removing the annual limits on issuing awards to a single individual under Sections 5(d) and 5(e) of the Plan.\n\n \n\nOn December 26, 2025, the Company’s board of directors approved 2,227,899 additional shares to be available for issuance under the Plan pursuant to the Evergreen Increase provision.\n\n \n\n**Restricted Share Unit Award**\n\n \n\nCompensation cost for stock awards, which include restricted stock units (“RSUs”), is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures. The fair value of stock awards is based on the quoted price of our Class A ordinary shares on the grant date. We measure the fair value of RSUs using fair value of our quoted stock due to grant date and vesting date being same. Compensation cost for RSUs is recognized on a straight line over vesting period.\n\n \n\nThe Company’s board of directors approved the below grant of restricted stock unit awards (“RSUs”) under the Plan on September 9, 2025.\n\n \n\n**Non-Employee Director Equity Compensation**\n\n \n\nPursuant to the Plan, the Company granted the non-employee directors, Ms. Nina B. Shapiro, Mr. Biswajit Dasgupta and Mr. Alok Kochhar, 125,000 RSUs each on September 9, 2025, which were fully vested on the grant date.\n\n \n\n**Consultant Equity Compensation**\n\n \n\nPursuant to the Plan, the Company granted Ramesh Venkataraman, a consultant to the Company, 125,000 RSUs on September 9, 2025, which were fully vested on the grant date.\n\n \n\nThe following table summarizes the activities for vested RSUs for the year ending March 31, 2026:\n\n \n\nSchedule of restricted stock units activity\n \n \n \n \n \n \n \n \n\n \n \n**RSUs**\n\n \n \n**Number ofShares**\n \n \n**Grant DateFair Value**\n\n**Unvested as of April 1, 2025**\n \n \n-\n \n \n \n-\n \n\nGranted\n \n \n500,000\n \n \n$\n293\n \n\nVested\n \n \n(500,000\n)\n \n$\n293\n \n\nForfeited / Canceled\n \n \n-\n \n \n \n-\n \n\n**Unvested as of March 31, 2026**\n \n \n**-**\n \n \n \n-\n** **\n\n \n\nF-38\n\n \n\n \n\nThe following table summarizes the activities for vested RSUs for the year ending March 31, 2025:\n\n \n\n \n \nRSUs\n \n\n \n \nNumber of\nShares\n \n \nGrant Date\nFair Value\n \n\nUnvested as of April 1, 2024\n \n \n-\n \n \n \n-\n \n\nGranted\n \n \n3,880,022\n \n \n$\n5,432\n \n\nVested\n \n \n(3,880,022\n)\n \n$\n5,432\n \n\nForfeited / Canceled\n \n \n-\n \n \n \n-\n \n\nUnvested as of March 31, 2025\n \n \n-\n \n \n \n-\n \n\n \n\n**Aeries Employees Stock Option Plan, 2020**\n\n \n\nOn August 1, 2020, ATGBA’s board of directors approved and executed the Aeries Employees Stock Option Plan (“ESOP”), which was subsequently amended on July 22, 2022. Under ESOP, the company is authorized to grant up to 59,900 options to eligible employees in one or more tranches. The company granted 59,900 options to eligible employees during the year ended March 31, 2023.\n\n \n\nThe options issued under the ESOP generally are subject to service conditions. The service condition is typically one year. The stock-based compensation expense is recognized in the consolidated statements of comprehensive income using the straight-line attribution method over the requisite service period.\n\n \n\nThe following table summarizes the ESOP stock option activity for the year ended March 31, 2026:\n\n \n\nSchedule of ESOP stock option activity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**Shares**\n \n \n**Weighted averageexercise price**\n \n \n**Weighted-averageremainingcontractual term (in years)**\n \n \n**Aggregateintrinsic value**\n \n\n**Options outstanding at April 1, 2025 **\n \n \n**59,900**\n \n \n**$**\n**-**\n \n \n \n**-**\n \n \n**$**\n**-**\n \n\nOptions granted\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nOptions exercised\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nOptions canceled, forfeited or expired\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n**Options outstanding at March 31, 2026**\n \n \n**59,900**\n \n \n**$**\n**0.11**\n \n \n \n**2.32**\n \n \n**$**\n**635**\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Vested and exercisable at March 31, 2026**\n \n \n**59,900**\n \n \n**$**\n**0.11**\n \n \n \n**2.32**\n \n \n**$**\n**635**\n \n\n \n\n**Aeries Management Stock Option Plan, 2019**\n\n \n\nOn September 23, 2019, ATGBA’s board of directors approved and executed the Aeries Management Stock Option Plan 2019 (“MSOP”), which was subsequently amended on September 30, 2022. Under MSOP, ATGBA has authorized to grant up to 295,565 options to eligible employees in one or more tranches.\n\n \n\nF-39\n\n \n\n \n\nThe options issued under the MSOP generally are subject to both service and performance conditions. The service condition is typically one year, and the performance conditions are based on the consolidated revenue and adjusted profit before tax of ATGBA. The stock-based compensation expense is recognized in the consolidated statements of comprehensive income using the straight-line attribution method over the requisite service period if it is probable that the performance target will be achieved.\n\n \n\nDuring the year ended March 31, 2026, 236,455 options under MSOP, that were fully vested expired unexercised upon reaching the end of their term. As these options were vested, no reversal of previously recognized share-based compensation expense was recorded upon expiration in the condensed consolidated statement of operations for the year ended March 31, 2026. The excess of previously recognized compensation expense related to these options has been reclassified from stock option reserve classified under additional paid-in capital to additional paid-in capital – other reserve.\n\n \n\nFurther, tor the year ended March 31, 2026, the balance 59,110 options under MSOP were exercised by Mr. Bhisham (Ajay) Khare with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options.\n\n \n\nThe following table summarizes the MSOP stock option activity for the year ended March 31, 2026:\n\n \n\nSchedule of stock option activity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**Shares**\n \n \n**Weighted averageexercise price**\n \n \n**Weighted-averageremainingcontractual term(in years)**\n \n \n**Aggregateintrinsic value**\n \n\n**Options outstanding at April 1, 2025**\n** **\n** **\n**295,565**\n** **\n** **\n**$**\n**-**\n** **\n** **\n** **\n**-**\n** **\n** **\n**$**\n**-**\n** **\n\nOptions granted\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nOptions exercised\n \n \n(59,110\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nOptions cancelled, forfeited or expired\n \n \n(236,455\n)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n**Options outstanding at March 31, 2026**\n** **\n** **\n**-**\n** **\n** **\n**$**\n**-**\n** **\n** **\n** **\n**-**\n** **\n** **\n**$**\n**-**\n** **\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Vested and exercisable at March 31, 2026**\n** **\n** **\n**-**\n** **\n** **\n**$**\n**-**\n** **\n** **\n** **\n**-**\n** **\n** **\n**$**\n**-**\n** **\n\n \n\nThe Company uses the BSM option-pricing model to determine the grant-date fair value of stock options. The determination of the fair value of stock options on the grant date is affected by the estimated underlying share price, as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates, and expected dividends. The grant date fair value of the Company’s stock options granted to employees were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:\n\n \n\nSchedule of weighted average assumptions\n \n \n \n \n\n \n \n**2022Grants**\n \n\nExpected term\n \n \n3.5 years\n \n\nExpected volatility\n \n \n40.80\n%\n\nRisk free interest rate\n \n \n3.01\n%\n\nAnnual dividend yield\n \n \n0.00\n%\n\n \n\nDuring the year ended March 31, 2026, and 2025, the Company recorded stock-based compensation expense of $293 and $12,746 within “Selling, general & administrative expenses” in the consolidated statements of operations, respectively.\n\n \n\nAs of March 31, 2026 and 2025, there was no unrecognized stock-based compensation cost.\n\n \n\nF-40\n\n \n\n \n\n**Note 15 - Leases**\n\n \n\nThe Company has operating and finance leases for real estate, computer equipment, and furniture and fixtures. Assets acquired under finance leases are recorded in “Property and equipment, net” in the carve-out consolidated balance sheets and were $134 and $247 as of March 31, 2026 and March 31, 2025, respectively. Accumulated depreciation associated with finance lease assets was $1,656 and $1,632 as of March 31, 2026 and March 31, 2025, respectively.\n\n \n\nLease cost recognized in our carve-out consolidated statements of operations is summarized as follows:\n\n \n\nSchedule of lease cost\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nFinance lease cost:\n \n \n \n \n \n \n \n \n\nAmortization of lease assets (Note a)\n \n$\n192\n \n \n \n303\n \n\nInterest on lease liabilities (Note b)\n \n \n28\n \n \n \n39\n \n\nOperating lease cost (Note a)\n \n \n4,026\n \n \n \n3,376\n \n\nShort-term and variable lease cost (Note a)\n \n \n113\n \n \n \n61\n \n\n**Total lease cost**\n \n**$**\n**4,359**\n \n \n \n**3,779**\n \n\n \n\n \n\na)\n\nIncluded in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated Statements of Comprehensive Income / (loss).\n\nb)\n\nIncluded in “interest income (expense), net” in the Consolidated Statements of Comprehensive Income / (loss).\n\n \n\nCash flows arising from lease transactions were as follows:\n\n \n\nSchedule of cash flows arising lease transactions\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nCash paid for amounts included in the measurement of lease liabilities:\n \n \n \n \n \n \n \n \n\nOperating cash flows from operating leases\n \n$\n115\n \n \n \n3,555\n \n\nOperating cash flows from finance leases\n \n$\n28\n \n \n \n39\n \n\nFinancing cash flows from finance leases\n \n$\n176\n \n \n \n335\n \n\n \n\nOther information about lease amounts recognized in the consolidated financial statements is summarized as follows:\n\n \n\nSchedule of other information about lease amounts\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nWeighted-average remaining lease term (years):\n \n \n \n \n \n \n \n \n\nOperating lease\n \n \n3.24\n \n \n \n3.97\n \n\nFinance lease\n \n \n1.93\n \n \n \n1.60\n \n\nWeighted-average discount rate:\n \n \n \n \n \n \n \n \n\nOperating lease\n \n \n9.35\n%\n \n \n10.81\n%\n\nFinance lease\n \n \n10.73\n%\n \n \n13.54\n%\n\n \n\nF-41\n\n \n\n \n\nAs of March 31, 2026, the Company’s lease liabilities were as follows:\n\n \n\nSchedule of lease liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**Operating**\n \n \n**Finance**\n \n \n**Total**\n \n\nGross lease liabilities\n \n$\n10,365\n \n \n$\n198\n \n \n$\n10,563\n \n\nLess: imputed interest\n \n \n1,313\n \n \n \n26\n \n \n \n1,339\n \n\n**Present value of lease liabilities**\n \n \n**9,052**\n \n \n \n**172**\n \n \n \n**9,224**\n \n\nLess: current portion of lease liabilities\n \n \n2,694\n \n \n \n89\n \n \n \n2,783\n \n\n**Total long-term lease liabilities**\n \n**$**\n**6,358**\n \n \n**$**\n**83**\n \n \n**$**\n**6,441**\n \n\n \n\nFuture minimum annual lease payments under the Company’s operating and finance leases as of March 31, 2026 are as follows:\n\n \n\nSchedule of annual lease payments\n \n \n \n \n \n \n \n \n\n \n \n**Operating**\n \n \n**Finance**\n \n\n2027\n \n$\n3,608\n \n \n$\n124\n \n\n2028\n \n \n3,076\n \n \n \n49\n \n\n2029\n \n \n2,546\n \n \n \n25\n \n\n2030\n \n \n1,135\n \n \n \n-\n \n\nThereafter\n \n \n-\n \n \n \n-\n \n\n**Total lease payments**\n \n**$**\n**10,365**\n \n \n**$**\n**198**\n \n\nLess: Imputed interest\n \n \n1,313\n \n \n \n26\n \n\n**Total**\n \n**$**\n**9,052**\n \n \n**$**\n**172**\n \n\n \n\n**Note 16 - Commitments and Contingencies**\n\n \n\n**Indemnification obligations**\n\n \n\nIn the normal course of business, the Company is a party to a variety of agreements under which it may be obligated to indemnify the other party for certain matters. These obligations typically arise in contracts where the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations or covenants for certain matters, infringement of third-party intellectual property rights, data privacy violations, and certain tortious conduct in the course of providing services. The duration of these indemnifications varies, and in certain cases, is indefinite.\n\n \n\nThe Company is unable to reasonably estimate the maximum potential amount of future payments under these or similar agreements due to the unique facts and circumstances of each agreement and the fact that certain indemnifications provide for no limitation to the maximum potential future payments under the indemnification. Management is not aware of any such matters that would have a material effect on the consolidated financial statements of the Company.\n\n \n\nF-42\n\n \n\n \n\n**Legal Proceedings**\n\n \n\nFrom time to time, the Company may be involved in proceedings and litigation, claims and other legal matters arising in the ordinary course of business. Some of these claims, lawsuits, and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, nonmonetary sanctions, or relief. Management is not currently aware of any material pending legal proceedings, except for ordinary routine litigation incidental to the business, in which we or any of our subsidiaries are involved, or where our property is subject to such proceedings.\n\n \n\n**Exchange Agreements**\n\n \n\nUpon consummation of the Business Combination, the holders of AARK ordinary shares and ATGBA ordinary shares each entered into the Exchange Agreements. Pursuant to the Exchange Agreements, from and after the date of the Exchange Agreements and prior to April 1, 2024 and subject to certain exercise conditions, each holder of AARK ordinary shares and ATGBA ordinary shares may exchange up to 20% of the number of AARK ordinary shares and ATGBA ordinary shares, as applicable, held by such holder for Class A ordinary shares of the Company or cash, in each case as provided in the Exchange Agreements. From and after April 1, 2024 and subject to certain exercise conditions, the Company shall have the right to acquire all of the AARK or ATGBA ordinary Share for Class A ordinary shares or cash. In addition, after April 1, 2024 and subject to certain exercise condition, each shareholder of ATGBA and AARK ordinary shares shall have the right to require the Company to provide Class A ordinary shares or cash in exchange for up to all of the AARK or ATGBA ordinary share. Each share of AARK may be exchanged for 2,246 Class A ordinary shares the Company and each ATGBA ordinary share may be exchanged for 14.40 Class A ordinary shares of the Company, in each case subject to certain adjustments. The cash exchange payment may only be elected in the event approval from the Reserve Bank of India is not obtained for exchange of shares and provided that the Company has reasonable cash flow to be able to pay the cash exchange payment and such payment would not be prohibited by any then outstanding debt agreements or arrangements of the Company.\n\n \n\n**Class A ordinary shares issuance to certain vendors**\n\n \n\nAs set out in the section on *Derivative Financial Instruments and FPA Put Option Liability* under Note 2, in December 2023, ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference.\n\n \n\nThis represents a derivative financial instrument, fair value of which as of March 31, 2026 has been assessed to be insignificant. Refer Note 20 for details on Fair Value Measurements.\n\n \n\n**Note 17 - Warrant Liabilities**\n\n \n\nOn October 22, 2021, pursuant to the consummation of the Initial Public Offering, the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the Initial Public Offering, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).\n\n \n\nThe Company accounted for the Warrants in accordance with the guidance contained in ASC 815-40 given that certain provisions within the warrant agreement either preclude the warrants from being considered indexed to the ATI’s own stock or the fixed-for-fixed option criteria are not met. On this basis the Public and Private Placement Warrants are classified as a liability and are measured at fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statement of operations.\n\n \n\nEach whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share, for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Warrants will not be able to exercise any fraction of a Warrant. The Warrants will expire at 5:00 p.m. New York City time on November 6, 2028, or earlier upon redemption or liquidation. On the exercise of any Warrant, the Warrant exercise price will be paid directly to us.\n\n \n\nF-43\n\n \n\n \n\nThe Company may redeem the outstanding Warrants:\n\n \n\n \n●\nin whole and not in part;\n\n \n\n \n●\nat a price of $0.01 per Public Warrant;\n\n \n\n \n●\nupon not less than 30 days’ prior written notice of redemption to each Warrant holder; and\n\n \n\n \n●\nif, and only if, the last reported sales price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders (the “Reference Value”) equals or exceeds $18.00 per Class A ordinary share (as adjusted); provided that the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.\n\n \n\nThe Company may also redeem the outstanding Warrants:\n\n \n\n \n●\nin whole and not in part;\n\n \n\n \n●\nat $0.10 per warrant\n\n \n\n \n●\nupon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares;\n\n \n\n \n●\nif, and only if, the Reference Value equals or exceeds $10.00 per Class A ordinary share (as adjusted); provided that if the Reference Value equals or exceeds $18.00 per Class A ordinary share (as adjusted), the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.\n\n \n\nNo fractional Class A ordinary shares will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder.\n\n \n\n**Note 18 - Redeemable Noncontrolling Interest and Shareholders’ Equity / (Deficit)**\n\n \n\nThe consolidated statements of changes in Redeemable Noncontrolling Interest and Shareholders’ Deficit reflect the reverse recapitalization and Business Combination as mentioned in Note 1, on Business Combination, and Reverse Recapitalization. As AARK was deemed to be the acquirer in the Business Combination, all periods prior to the completion of the Business Combination reflect the balances and activity of AARK.\n\n \n\n**Preference shares**\n\n \n\nThe Company is authorized to issue 5,000,000 shares of preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2026, there were no shares of preference shares issued or outstanding.\n\n \n\n**Class A ordinary shares**\n\n \n\nThe Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of March 31, 2026, there were 48,497,154 Class A ordinary shares issued and outstanding, including 1,812,063 Class A ordinary shares subject to the FPAs. Each Class A ordinary share carries one vote and entitles the shareholders to ratable rights in dividends and distributions as well as in the event of liquidation.\n\n \n\nF-44\n\n \n\n \n\n**Treasury Stock**\n\n \n\nAs of March 31, 2026, the Company has 2,997,954 shares of Common Stock held as treasury stock at cost as reduction of shareholder’s equity.\n\n \n\n**Share Repurchase Program**\n\n \n\nA share repurchase program has been approved by the board on February 25, 2026 (the “Repurchase Program”) pursuant to which the Company may repurchase up to $5,000 of the Company’s Class A ordinary shares to be effected over a period of twelve (12) months.\n\n \n\nIn connection therewith, the\nboard approved the adoption of a Rule 10b5-1 issuer share repurchase trading plan on March 23, 2026 (the “Trading Plan”),\npursuant to which the Company may repurchase its ordinary shares from time to time in accordance with applicable laws and regulations,\nincluding Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Maximum amount for cumulative purchases under the Trading\nPlan will not exceed $3,000 (exclusive of commission). The Company’s share repurchase program does not obligate the Company to\nacquire a minimum amount of shares. Under the program, shares may be repurchased in privately negotiated or open market transactions,\nincluding under plans complying with Rule 10b5-1 under the Exchange Act.\n\n \n\nDuring the period ending March 31, 2026, the Company repurchased 1,712,562 shares of its common stock for $580 inclusive of commission to be held as treasury stock at cost according to ASC 505.\n\n \n\n**Shares of Common Stock**\n\n \n\nThe following table shows the changes in shares of common stock for 2026 and 2025:\n\n \n\nSchedule of shares of common stock\n \n \n \n \n \n \n \n \n\n \n \n**2026**\n \n \n**2025**\n \n\nCommon stock outstanding, beginning balances\n \n \n47,152,626\n \n \n \n15,619,004\n \n\nCommon stock repurchased\n \n \n(1,712,562\n)\n \n \n(1,285,392\n)*\n\nCommon stock issued\n \n \n3,057,090\n \n \n \n32,819,014\n \n\nCommon stock outstanding, ending balances\n \n \n**48,497,154**\n \n \n \n**47,152,626**\n \n\n \n\n \n\n*\n\nAs of March 31, 2025, the Company has 1,285,392 shares of Common Stock held as treasury stock which were repurchased by the Company to pay tax withholding obligations on behalf of Mr. Khare, Mr. Webb and Mr. Nambiar, in connection with the vesting of RSUs. The Company records treasury stock using the cost method.\n\n \n\n**Class V ordinary shares**\n\n \n\nThe Company is authorized to issue 1 Class V ordinary share with a par value of $0.0001 per share. As of March 31, 2026, there was 1 Class V ordinary share issued and outstanding. The Class V share does not carry any direct economic rights in dividends and other distributions or in an event of liquidation. It does carry voting rights equal to 1.3% which will ratchet up to 51% voting rights upon occurrence of “extraordinary events” at the ATI level.\n\n \n\n**Common stock**\n\n \n\nPre-combination AARK had only one class of ordinary shares having no par value. Holders of ordinary shares were entitled to one vote per share held. As of June 14, 2023 (immediately prior to the effective date of a stock split), there were 10 ordinary shares outstanding, and the number of ordinary shares outstanding after a stock split was 10,000. As a result of stock split, AARK’s shares were retroactively restated as if the transaction occurred at the beginning of the earliest periods presented. Consequently, as of April 1 2023 and 2022, the AARK’s ordinary shares consisted of 10,000 shares, all of which were issued and fully paid. Upon the liquidation, dissolution or winding up of AARK, ordinary shareholders were entitled to receive a ratable share of the available net assets of AARK after payment of all debts and other liabilities. The ordinary shares had no preemptive, subscription, redemption or conversion rights.\n\n \n\nF-45\n\n \n\n \n\n**Equity financing**\n\n \n\nOn April 8, 2024, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Share Subscription Agreement (the “Subscription Agreement”) with an institutional accredited investor (the “Investor”) for aggregate gross proceeds of $5,000. The Private Placement closed on April 23, 2024. As part of the Private Placement, the Company agreed to sell an aggregate of 2,261,778 Class A ordinary shares, $0.0001 par value per share, at a purchase price of $2.21 per share subject to the Beneficial Ownership Limitation. The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of the Investor at the closing of the Private Placement, 9.99%) of the number of Class A ordinary shares outstanding immediately after giving effect to the issuance of the Class A ordinary shares to the Investor.\n\n \n\nThe Subscription Agreement contains customary representations, warranties and covenants of the parties, and the closing was subject to customary closing conditions. The Company used the net proceeds of approximately $4,675 from the Private Placement, following a deduction of a 6.5% commission paid to a placement agent, for general corporate and working capital purposes.\n\n \n\nAs of the closing of the Private Placement, the Company issued an aggregate of 1,940,958 Class A ordinary shares at a purchase price of $2.21 per share and reserved 320,820 Class A ordinary shares in adherence to the Beneficial Ownership Limitation. On July 10, 2024, and September 25, 2025, the Company issued 270,820 and 50,000 shares, respectively, from the previously reserved pool of 320,820 shares, resulting in no remaining shares available for issuance.\n\n \n\n**Exchange Pursuant to Exchange Agreement**\n\n \n\nUpon consummation of the Business Combination, the holders of AARK ordinary shares and ATGBA ordinary shares each entered into the Exchange Agreements. Pursuant to the Exchange Agreements, from the date of the Exchange Agreements and after April 1, 2024, and subject to certain exercise condition, each shareholder of AARK ordinary shares shall have the right to require the Company to provide Class A ordinary shares or cash in exchange for up to all of the AARK ordinary share. Each share of AARK may be exchanged for 2,246 Class A ordinary shares the Company subject to certain adjustments.\n\n \n\nPursuant to the Exchange Agreements, on April 5, 2024, the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e. 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).\n\n \n\nOn September 22, 2025, the Company issued 851,184 shares at a fair value of $0.87 per share to Mr. Bhisham (Ajay) Khare pursuant to his Exchange Agreement for shares of ATGBA. As of March 31, 2026, Mr. Bhisham (Ajay) Khare is yet to transfer the shares to the Company and consequently a receivable of $741 amount has been recognized.\n\n \n\n**Shares issued to vendors**\n\n \n\nIn December 2023, ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference.\n\n \n\nPursuant to the abovementioned clause, the Company has issued in total 54,074 Class A ordinary shares to the vendors on May 24, 2024.\n\n \n\nIn September 2024, the Company issued 78,947 Class A ordinary shares and 48,618 Class A ordinary shares, each valued on the relevant dates of the respective agreements, to two separate vendors, as compensation for their respective services.\n\n \n\nIn September 2025, the Company, pursuant to a vendor agreement, issued 300,000 Class A ordinary shares valued on the relevant date of the agreement, as compensation for their services.\n\n \n\n**Shares Issued to FPA Holders**\n\n \n\nIn September 2025, the Company entered into a Letter Agreement with Sandia with respect to the Sandia FPA to offset the Company’s payment obligations by the proceeds received from sale of shares issued to Sandia under the Sandia FPA and for issuance of additional Class A ordinary shares, subject to terms provided therein. In December 2025, pursuant to the Letter Agreement, the Company issued 1,355,906 additional Class A ordinary shares to Sandia calculated in accordance with the Letter Agreement.\n\n \n\nF-46\n\n \n\n \n\n**Redeemable noncontrolling interest**\n\n \n\nAs of March 31, 2026, the prior investors of AARK owns 3.09% of the ordinary shares of AARK, and prior investors of ATGBA owned 17.08% of the ordinary shares of ATGBA. The prior investors of AARK and ATGBA have the right to exchange their AARK or ATGBA ordinary shares for Class A ordinary shares of the Company based on the exchange ratio as set out in the Exchange Agreements details of which are set out in Note 16 or cash proceeds based on the VWAP for each of the five consecutive trading days ending on the exchange date, but only if the approval from the Reserve Bank of India or other regulatory approvals are not obtained and subject to other conditions specified in the Exchange Agreements. The exchange is also subject to certain other specified conditions being met, including achieving certain financial and stock price milestones. Given that this is not solely in control of ATI, the noncontrolling interests have been accounted for in accordance with ASC 480-10-S99-1. The redeemable noncontrolling interest has initially been measured at the proportionate share in the net assets of AARK and its subsidiaries in accordance with ASC 805-40-30-3. The cash redemption is not considered to be probable on March 31, 2026 because the specified conditions in relation to EBITDA and revenue have already been met and the Reserve Bank of India and / or applicable regulatory approvals are expected to be received. On this basis the redeemable noncontrolling interest has subsequently been measured by attributing the net income/ loss of AARK pursuant to ASC 810-10.\n\n \n\n**Note 19 - Non-renewal of Customer Contract and Buyout Notice from Significant Customer**\n\n \n\nThe Company received a notice, dated April 29, 2025, of non-renewal and buyout from one of its significant customers effective September 26, 2025. This notice also serves as a buyout notice, with a buyout price determined according to the terms and conditions of the contract.\n\n \n\nThe non-renewal is expected to reduce annual revenues by approximately $4,000. The buy-out resulted in one-time revenue of approximately $1,650.\n\n \n\n**Note 20 - Fair Value Measurements**\n\n \n\nAs of March 31, 2026, the Company had financial instruments which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Significant changes in the inputs could result in a significant change in the fair value measurements. See each respective footnote for information on the assumptions used in calculating the fair value of financial instruments.\n\n \n\nThe following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and March 31, 2025, including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.\n\n \n\nSummary of Liabilities Measured at Fair Value on a Recurring Basis:\n\n \n\nSummary of liabilities measured at fair value on a recurring basis\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**March 31, 2026**\n \n**Level 1**\n \n \n**Level 2**\n \n \n**Level 3**\n \n \n**Total**\n \n\nLiabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nForward Purchase Agreement put option liability\n \n$\n-\n \n \n$\n-\n \n \n$\n4,287\n \n \n$\n4,287\n \n\nPublic Warrants\n \n \n230\n \n \n \n-\n \n \n \n-\n \n \n \n230\n \n\nPrivate Placement Warrants\n \n \n-\n \n \n \n-\n \n \n \n191\n \n \n \n191\n \n\n**Total liabilities**\n \n**$**\n**230**\n \n \n**$**\n**-**\n \n \n**$**\n**4,478**\n \n \n**$**\n**4,708**\n \n\n \n\n**March 31, 2025**\n \n**Level 1**\n \n \n**Level 2**\n \n \n**Level 3**\n \n \n**Total**\n \n\nLiabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nForward Purchase Agreement put option liability\n \n$\n-\n \n \n$\n-\n \n \n$\n5,034\n \n \n$\n5,034\n \n\nPublic Warrants\n \n \n344\n \n \n \n-\n \n \n \n-\n \n \n \n344\n \n\nPrivate Placement Warrants\n \n \n-\n \n \n \n-\n \n \n \n285\n \n \n \n285\n \n\n**Total liabilities**\n \n**$**\n**344**\n \n \n**$**\n**-**\n \n \n**$**\n**5,319**\n \n \n**$**\n**5,663**\n \n\n \n\nF-47\n\n \n\n \n\nThe change in the fair value of the forward purchase agreement put option liability of $51 has been recorded to change in fair value of forward purchase agreement put option liability for the year ended March 31, 2026 and in the Company’s consolidated statements of operations. The forward purchase agreement put option liability was classified as a current liability, as its liquidation is reasonably expected to use or require current assets or the creation of current liabilities. See also Notes 2 and 17. The estimated fair value of the forward purchase agreement put option liability was calculated using a Monte Carlo model and used significant assumptions including the risk-free rate and volatility. The change in fair value of the forward purchase agreement put option liability is primarily driven by a decrease in the price per share of the Company.\n\n \n\nAs of the date of this Form 10-K report, the remaining balance owed to the FPA holders is $4,287, which may be settled either in cash or in equity, at the option of the investors.\n\n \n\nThe valuation of the forward purchase agreement put option liability was made using the following assumptions as of March 31, 2026:\n\n \n\nSchedule of purchase agreement\n \n \n \n \n \n \n \n \n\n \n \n**Year EndedMarch 31,2026**\n \n \n**Year EndedMarch 31,2025**\n \n\nExpected Term (Years)\n \n \n1.92\n \n \n \n0.75\n \n\nRisk free Interest Rate\n \n \n3.7\n%\n \n \n4.0\n%\n\nVolatility\n \n \n80.0\n%\n \n \n80.0\n%\n\nStock price at measurement date\n \n$\n0.3\n \n \n \n0.6\n \n\n \n\nGiven that the Public Warrants have a listed price available, the Company classified them as Level 1. The Company has classified the privately placed warrants within Level 3 of the hierarchy as the fair value derived using the Black-Scholes option pricing model, which uses a combination of observable (Level 2) and unobservable (Level 3) inputs. There were no transfers between fair value levels during the year ended March 31, 2026.\n\n \n\nThe valuation of the liability for the Private Placement Warrants was made using the following assumptions as of March 31, 2026:\n\n \n\nSchedule of derivative contract assumptions\n \n \n \n \n\nTerm (years)\n \n \n2.61\n \n\nRisk-free interest rate\n \n \n3.70\n%\n\nStock price at measurement date\n \n$\n0.3\n \n\n \n\nThe following table presents a summary of the changes in the fair value of Derivative Liabilities:\n\n \n\nSummary of the changes in the fair value of derivative warrant liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**ForwardPurchaseAgreementPut OptionLiability**\n \n \n**PublicWarrantLiability**\n \n \n**PrivatePlacementLiability**\n \n \n**Total**\n \n\nFair value at April 1, 2025\n \n$\n5,034\n \n \n$\n344\n \n \n$\n285\n \n \n$\n5,663\n \n\nChange in fair value (gain) / loss\n \n \n51\n \n \n \n(114\n)\n \n \n(94\n)\n \n \n(157\n)\n\nSettlement of forward purchase agreement put option liability\n \n \n(798\n)\n \n \n-\n \n \n \n-\n \n \n \n(798\n)\n\n**Fair value as of March 31, 2026**\n \n**$**\n**4,287**\n \n \n**$**\n**230**\n \n \n**$**\n**191**\n \n \n**$**\n**4,708**\n \n\n \n\nBased on the expected VWAP as at inception as well as March 31, 2026 it is not expected that ATI would be required to issue additional Class A ordinary shares to certain vendors. On this basis, fair value of the derivative financial instrument representing ATI’s obligation to issue additional Class A ordinary shares has been determined to be insignificant on initial recognition as well as of March 31, 2026 and accordingly the quantitative disclosures in relation to the fair value have not been provided.\n\n \n\nF-48\n\n \n\n \n\n**Note 21 - Net income / (loss) per Share**\n\n \n\nBasic net income / (loss) per share (“EPS”) attributable to Class A ordinary shareholders is calculated by dividing net income / (loss) attributable to Class A ordinary shareholders by the weighted number of Class A ordinary shares outstanding during the reporting period. Diluted EPS is computed using the weighted number of Class A ordinary shares and, when dilutive, potential outstanding shares during the period.\n\n \n\nThe Company’s Class V ordinary share does not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net income / (loss) per Class V ordinary share under the two-class method has not been presented.\n\n \n\nThe following table sets forth the computation of basic and diluted net income / (loss) per share for the year ended March 31, 2026 and March 31, 2025 (in thousands, except share and per share amounts):\n\n \n\nSchedule of reconciliation of net income per share\n \n \n \n \n \n \n \n \n\n \n \n**Year Ended March 31,**\n \n\n \n \n**2026**\n \n \n**2025**\n \n\nNet Income / (Loss) attributable to controlling interest for the period for Basic and Dilutive Earning per share (A)\n \n$\n2,554\n \n \n$\n(19,714\n)\n\nWeighted average shares outstanding of Class A ordinary shares, basic and diluted (B)\n \n \n48,329,709\n \n \n \n43,080,693\n \n\n \n \n \n \n \n \n \n \n \n\n**Profit / (Loss) / Earning per share:**\n \n \n \n \n \n \n \n \n\n**Basic and Diluted (A/B)**\n \n**$**\n**0.05**\n \n \n**$**\n**(0.46**\n**)**\n\n \n\n**Note 22 - Subsequent Events**\n\n \n\n** **\n**1.**\n**Nasdaq hearing**\n\n \n\nOn March 31, 2026, the Company received formal notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s non-compliance with the Bid Price Rule would result in the delisting of the Company’s securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company did file a timely request for a hearing before the Panel, which request stayed any further action by Nasdaq pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing. The Company had its hearing before the Panel on May 7, 2026 and is currently awaiting a decision from the Panel.\n\n \n\n** **\n**2.**\n**Share repurchase and subsequent cancellation**\n\n \n\nSubsequent to March 31, 2026, pursuant to the Company’s share repurchase program and in connection with the adoption of a Rule 10b5-1 issuer share repurchase trading plan, the Company repurchased 2,582,365 Class A ordinary shares, increasing the total number of shares repurchased to 4,294,927 treasury shares held at cost.\n\n \n\nOf the total shares repurchased, 2,898,643 Class A ordinary shares were subsequently cancelled. The remaining shares are held as treasury shares at cost.\n\n \n\n \n**3.**\n**Customer buyout**\n\n \n\nThe Company received a notice, dated April 24, 2026, of non-renewal and buyout from one of its significant customers effective June 30, 2026. This notice also serves as a buyout notice, with a buyout price determined according to the terms and conditions of the contract.\n\n \n\nThe non-renewal is expected to reduce annual revenues by approximately $5,700. The buy-out resulted in one-time revenue of approximately $2,700.\n\n \n\nF-49"}