Aeries Technology, Inc (AERT) Cash Flow Statement
Where AERT’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $6.8M
- Capital expenditures
- $1.1M 1.6% of revenue
- Free cash flow
- $5.7M 8.1% margin
- Returned to shareholders
- $580,000 10% of free cash flow
- Change in cash
- $2.1M cash at year-end $4.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AERT operating cash flow, capex and free cash flow
AERT cash flow trends, FY2022–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.2MFY2022 | $6.8MFY2026 | +21.0%/yr | |
| Capital expenditures | $1.7MFY2022 | $1.1MFY2026 | −9.4%/yr | |
| Free cash flow | $1.5MFY2022 | $5.7MFY2026 | +39.1%/yr | |
| Free cash flow margin | 3.7%FY2022 | 8.1%FY2026 | +4.4 pts | |
| Operating cash flow / net income | 0.67FY2022 | 1.95FY2026 | +1.28 | |
| Stock-based compensation | $0FY2022 | $293,000FY2026 | — | |
| Share buybacks (net) | $0FY2024 | $580,000FY2026 | — | |
| Capex / revenue | 4.0%FY2022 | 1.6%FY2026 | −2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AERT cash flow by activity
AERT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AERT cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $3.5M | −$21.6M | $17.3M | $1.7M | $4.7M |
| Depreciation & amortization | $837,000 | $1.4M | $1.4M | $1.2M | $1.1M |
| Stock-based compensation | $293,000 | $12.7M | $1.6M | $3.8M | $0 |
| Change in working capital | $2.9M | $1.7M | −$8.5M | −$4.3M | −$2.9M |
| Other non-cash items | −$720,000 | $4.8M | −$16.0M | −$268,000 | $152,000 |
| Cash from operating activities | $6.8M | −$1.0M | −$4.3M | $2.1M | $3.2M |
| Investing activities | |||||
| Capital expenditures | −$1.1M | −$1.5M | −$1.5M | −$1.6M | −$1.7M |
| Investments (net) | −$369,000 | −$858,000 | −$1.7M | −$1.6M | −$437,000 |
| Acquisitions & other investing | $64,000 | $1.5M | $1.5M | $1.6M | $1.7M |
| Cash from investing activities | −$1.4M | −$858,000 | −$1.7M | −$1.6M | −$437,000 |
| Financing activities | |||||
| Share repurchases & issuance (net) | −$580,000 | −$724,000 | $8.7M | — | — |
| Net borrowing (repayment) | −$2.1M | −$1.0M | $1.1M | $933,000 | −$3.6M |
| Shares issued | $7,000 | $4.7M | $8.7M | $0 | $0 |
| Other financing | −$304,000 | −$511,000 | −$11.4M | −$681,000 | $32,000 |
| Cash from financing activities | −$3.0M | $2.4M | $7.1M | $252,000 | −$3.5M |
| Summary | |||||
| Net change in cash | $2.1M | $680,000 | $953,000 | $780,000 | −$827,000 |
| Cash at end of period | $4.9M | $2.8M | $2.1M | $1.1M | $351,000 |
| Free cash flow | $5.7M | −$2.5M | −$5.8M | $511,000 | $1.5M |
| Free cash flow margin | 8.1% | −3.6% | −8.0% | 1.0% | 3.7% |
| Capex / revenue | 1.6% | 2.1% | 2.1% | 3.0% | 4.0% |
| Operating cash flow / net income | 1.95 | — | −0.25 | 1.24 | 0.67 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.2M | −$83,000 | $1.2M | $644,000 | $1.7M | −$5.8M | $2.0M | −$2.3M | $32.1M | $30.8M | −$16.4M | $819,000 |
| Depreciation & amortization | $224,000 | $217,000 | $210,000 | $205,000 | $205,000 | $291,000 | $348,000 | $371,000 | $348,000 | $348,000 | $343,000 | $334,000 |
| Stock-based compensation | $710,000 | $278,000 | $0 | $293,000 | $0 | $0 | $10.0M | $12.7M | −$1.1M | $0 | — | — |
| Change in working capital | $1.9M | $928,000 | $1.8M | −$689,000 | $805,000 | −$2.0M | −$175,000 | $3.1M | −$3.7M | −$3.7M | −$2.7M | $58,000 |
| Other non-cash items | −$246,000 | $670,000 | −$923,000 | $572,000 | −$1.3M | $8.3M | −$14.3M | −$12.0M | −$32.0M | −$31.8M | $17.4M | $75,000 |
| Cash from operating activities | $4.8M | $2.0M | $2.4M | $1.0M | $1.4M | $864,000 | −$2.1M | $1.9M | −$4.3M | −$4.3M | −$1.4M | $1.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$279,000 | −$259,000 | −$631,000 | −$372,000 | −$259,000 | −$112,000 | −$390,000 | −$612,000 | −$458,000 | −$458,000 | −$328,000 | −$476,000 |
| Investments (net) | $0 | $0 | −$10,000 | −$66,000 | −$868,000 | $416,000 | −$286,000 | −$380,000 | −$608,000 | −$670,000 | — | — |
| Acquisitions & other investing | $1,000 | $19,000 | $397,000 | $372,000 | $259,000 | — | $390,000 | $612,000 | $396,000 | — | $67,000 | $233,000 |
| Cash from investing activities | −$278,000 | −$240,000 | −$244,000 | −$66,000 | −$868,000 | — | −$286,000 | −$380,000 | −$670,000 | — | −$261,000 | −$243,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$2.2M | −$580,000 | — | — | −$724,000 | −$724,000 | — | — | $8.7M | — | — | — |
| Net borrowing (repayment) | −$969,000 | $1.4M | −$1.3M | −$1.0M | −$1.1M | −$187,000 | $1.1M | −$1.9M | — | — | — | — |
| Shares issued | $0 | $7,000 | $0 | $0 | $0 | $0 | $0 | $0 | $4.7M | $0 | $0 | $0 |
| Other financing | −$231,000 | −$100,000 | −$40,000 | −$164,000 | $724,000 | $0 | −$51,000 | −$220,000 | −$12.8M | $582,000 | $6.3M | −$811,000 |
| Cash from financing activities | −$3.4M | $686,000 | −$1.4M | −$1.2M | −$1.1M | −$911,000 | $1.1M | −$2.1M | $582,000 | $582,000 | $6.3M | −$811,000 |
| Summary | ||||||||||||
| Net change in cash | $1.2M | $2.3M | $704,000 | −$271,000 | −$627,000 | $378,000 | −$1.2M | −$570,000 | −$4.5M | −$4.5M | $4.7M | $238,000 |
| Cash at end of period | $6.1M | $4.9M | $2.6M | $1.9M | $2.1M | $2.8M | $2.4M | $3.6M | $2.1M | $2.1M | $6.5M | $1.9M |
| Free cash flow | $4.5M | $1.8M | $3.0M | $653,000 | $1.1M | $752,000 | −$2.5M | $1.3M | −$4.8M | −$4.8M | −$1.7M | $810,000 |
| Free cash flow margin | 20.7% | 8.8% | 17.2% | 3.8% | 7.2% | 3.9% | −14.0% | 7.8% | −24.3% | −24.3% | −8.9% | 4.6% |
| Capex / revenue | 1.3% | 1.3% | 3.6% | 2.1% | 1.7% | 0.6% | 2.2% | 3.6% | 2.3% | 2.3% | 1.7% | 2.7% |
| Operating cash flow / net income | 2.18 | — | 1.91 | 1.59 | 0.82 | — | −1.01 | — | −0.13 | −0.14 | — | 1.57 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AERT cash generation
In fiscal 2026 (ended March 31, 2026), Aeries Technology generated $6.8 million of cash from operations and spent $1.1 million on capital expenditures, leaving free cash flow of $5.7 million, 8.1% of revenue. It returned $0.6 million to shareholders through dividends ($0) and net share buybacks ($0.6 million). Cash and equivalents rose by $2.1 million over the year.
Related: AERT income statement, AERT balance sheet. See the AERT stock overview for the latest quote and news.
AERT cash flow FAQ
What is Aeries Technology's free cash flow?
Aeries Technology's free cash flow was $5.7 million in fiscal 2026: $6.8 million of operating cash flow minus $1.1 million of capital expenditures It was -$2.5 million a year earlier..
How much cash does Aeries Technology generate from operations?
Aeries Technology generated $6.8 million of cash from operating activities in fiscal 2026, 1.95 times its net income of $3.5 million.
How much does Aeries Technology spend on capital expenditures?
Aeries Technology spent $1.1 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $1.5 million the year before.
How much stock does Aeries Technology buy back?
Aeries Technology spent $0.6 million on net share repurchases in fiscal 2026.