Good morning, and welcome to the Aeries Technology Full Year 2025 Earnings and Business Update Call. Joining us today are Aeries Chief Executive Officer, Ajay Khare; and Chief Financial Officer, Daniel Webb. This call will review the results for the year ended March 31, 2025, and discuss strategic and priorities moving forward. Before we begin, please note that today's discussion contains forward-looking statements, including Aeries' expectations regarding future performance and market opportunities. Actual results may differ materially. Please refer to the SEC filings and the earnings press release for a full discussion of risks and uncertainties. Additionally, this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most comparable GAAP measures are available in our earnings press release and on our website. With that, I'll now turn the call over to Ajay.

Thank you, operator. Good morning, everyone, and thank you for joining us. I'm Ajay Khare, CEO of Aeries Technology. Today, we will review our performance for fiscal year 2025 and walk through the initiatives that are shaping the next phase of growth for Aeries. After that, I will hand it over to Daniel to take you through the detailed financial and forward outlook. For financial year 2025, we guided to $6 million to $7 million in core adjusted EBITDA. I'm pleased to report that we ended the year having achieving $7.4 million beating our guidance. The outperformance underscores the strength of our focused execution and results of our realignment efforts. Financial year 2025 was a pivotal year for Aeries. We made intentional decisions to sharpen our strategy and focus. That meant doubling down on our core business, that is helping private equity-backed companies, build and scale global capability center, GCCS, and stepping away from lower-value noncore geographies. We exited the Middle East consulting markets, completed all the associated write-offs and significantly tightened our cost structure. Those legacy issues are now fully behind us. Our focus on private equity firms and portfolio companies with a presence in North America has created a resilient and focused business for us. We have built deep relationships with leading private equity funds and our value proposition that is transformation through innovation, speed, efficiency and flexibility has started to resonate strongly. We continue to see high client retention, long tenured engagements and increased adoption of large-scale digital transformation missions. North America now represents over 93.3% of our revenue base and we continue -- and we see continued momentum through both new logos and deeper engagements with existing clients. We expect our momentum to accelerate now that we have hired a Chief Growth and Strategy Officer. We…

Thanks, Ajay. Let me start with the consolidated financials. For FY 2025, we reported $70.2 million in total revenue compared to $72.5 million in FY 2024. This slight decline was anticipated and driven by our exit from the Middle East business. Excluding that impact, our North America revenue grew 15% year-over-year from $57 million to $65.5 million, demonstrating strong momentum in our core market. As Ajay mentioned, we had originally guided to $6 million to $7 million in core adjusted EBITDA. We closed the year at $7.4 million, exceeding our guidance and reaffirming the strength of our realigned business model. Our financials in fiscal 2025 reflect onetime items that we don't expect to happen in 2026. The majority of our SG&A in 2025 was from onetime items. The Middle East business has now been fully written off. Our restructuring is complete. Stock-based compensation is expected to be significantly lower, we believe 2026 is on track to be our best year yet. Let me now walk you through our full year financial performance. Full year FY 2025, total revenue, $70.2 million; gross profit, $16.7 million, margin of 23.8%. Operating loss, negative $28.8 million; adjusted EBITDA, negative $4.7 million; core adjusted EBITDA, positive $7.4 million; net loss negative $21.6 million. These full year results reflect the structural transition we've made away from noncore and toward a more focused scalable operating model. The core adjusted EBITDA reached $7.4 million, an increase of 365% over the $1.6 million reported in the previous year and above the guidance we have provided. This outperformance marks a clear validation of that strategic shift. We ended the year with $2.8 million in cash and $1.1 million in long-term debt, providing ample flexibility to support our ongoing initiatives. As a final note, we previously shared that FY 2025 would…

Thank you. Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.