AERT // Aeries Technology Inc. Class A Ordinary Share

Consumer Discretionary • Professional Services

$6.19 ▼ -0.01 (-0.16%)

MKT CAP: $32.5M • VOL: 14.5K

52W L $2 52W H $8

ALTMAN Z

1.32 RISK

PIOTROSKI

4 / 9

AERT // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

AERT // Aeries Technology Inc. Class A Ordinary Share

GROSS MARGIN

24.7%

OP MARGIN

6.5%

ROIC %

85.0%

MKT CAP

$32.5M

UPSTREAM INPUTS ──► AERT OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
AERT ★	Aeries Technology Inc. Class A Ordinary Share	$6.19	$32.5M	24.7%	6.5%	85.0%	5.6x	-0.3%	SUBJECT ISSUER
AMZN	Amazon.com, Inc.	$243.79	$2.63T	—	—	17.6%	15.8x	—	AERT VS AMZN <GO>
TSLA	Tesla, Inc.	$403.30	$1.59T	19.3%	3.4%	3.4%	199.0x	+8.3%	AERT VS TSLA <GO>
V	Visa Inc.	$410.54	$733.53B	—	60.0%	32.3%	28.9x	+11.3%	AERT VS V <GO>
MA	Mastercard Incorporated	$635.70	$556.88B	—	57.6%	33.5%	29.2x	+16.4%	AERT VS MA <GO>
PG	Procter & Gamble Company	$160.59	$372.21B	51.2%	24.3%	25.4%	16.2x	+0.3%	AERT VS PG <GO>