Aterian Inc Financials

ATER

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Aterian Inc (ATER) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$99.0M

YoY-55.2%

Aterian Inc generated $99.0M in revenue in fiscal year 2024. This represents a decrease of 55.2% from the prior year.

EBITDA

-$10.1M

YoY+94.1%

Aterian Inc's EBITDA was -$10.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 94.1% from the prior year.

Free Cash Flow

$2.1M

YoY+112.1%

Aterian Inc generated $2.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 112.1% from the prior year.

Net Income

-$11.9M

YoY+94.0%

Aterian Inc reported -$11.9M in net income in fiscal year 2024. This represents an increase of 94.0% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$18.0M

YoY-58.7%

Aterian Inc held $18.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY-89.2%

Aterian Inc had 9M shares outstanding in fiscal year 2024. This represents a decrease of 89.2% from the prior year.

Gross Margin

62.1%

YoY+14.4pp

Aterian Inc's gross margin was 62.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 14.4 percentage points from the prior year.

Operating Margin

-11.9%

YoY+68.6pp

Aterian Inc's operating margin was -11.9% in fiscal year 2024, reflecting core business profitability. This is up 68.6 percentage points from the prior year.

Net Margin

-12.0%

YoY+76.8pp

Aterian Inc's net profit margin was -12.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 76.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

YoY-100.0%

Aterian Inc invested $0 in research and development in fiscal year 2024. This represents a decrease of 100.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$42K

YoY-48.8%

Aterian Inc invested $42K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 48.8% from the prior year.

ATER Income Statement

Metric	FY24	FY23	FY22	FY21	FY19
Revenue	$99.0M-55.2%	$221.2M-10.7%	$247.8M+33.4%	$185.7M+153.4%	$73.3M
Cost of Revenue	$37.5M-67.5%	$115.7M-8.1%	$125.9M+24.7%	$101.0M+113.5%	$47.3M
Gross Profit	$61.5M-41.7%	$105.5M-13.4%	$121.9M+43.8%	$84.7M+226.2%	$26.0M
R&D Expenses	$0-100.0%	$6.0M-38.9%	$9.8M+21.0%	$8.1M+122.4%	$3.7M
SG&A Expenses	$17.3M-54.7%	$38.2M-15.2%	$45.1M+47.2%	$30.6M+171.3%	$11.3M
Operating Income	-$11.8M+93.4%	-$178.2M-422.8%	-$34.1M+1.9%	-$34.8M-18.1%	-$29.4M
Interest Expense	$1.2M-54.8%	$2.7M-79.7%	$13.3M+163.0%	$5.0M+114.0%	$2.4M
Income Tax	-$47K+87.5%	-$376K-170.7%	$532K+1008.3%	$48K-12.7%	$55K
Net Income	-$11.9M+94.0%	-$196.3M+16.8%	-$236.0M-273.9%	-$63.1M-98.4%	-$31.8M
EPS (Diluted)	N/A	$-2.95+55.8%	$-6.67	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$19.0M-2.3%	$19.5M+26.7%	$15.4M-53.1%	$32.8M-17.4%	$39.7M+12.5%	$35.3M+1.1%	$34.9M-36.5%	$54.9M
Cost of Revenue	$8.3M-6.1%	$8.9M+49.9%	$5.9M-63.0%	$16.0M-20.1%	$20.1M-1.4%	$20.4M+29.1%	$15.8M-54.3%	$34.5M
Gross Profit	$10.7M+1.0%	$10.6M+12.1%	$9.4M-43.6%	$16.7M-14.7%	$19.6M+31.5%	$14.9M-22.0%	$19.1M-6.2%	$20.4M
R&D Expenses	$0	$0	$0-100.0%	$808K-5.2%	$852K-50.1%	$1.7M+37.0%	$1.2M-12.9%	$1.4M
SG&A Expenses	$2.9M+6.1%	$2.7M-21.5%	$3.5M-5.3%	$3.7M-15.5%	$4.3M-31.1%	$6.3M+5.4%	$6.0M-32.0%	$8.8M
Operating Income	-$2.0M+54.7%	-$4.5M-21.9%	-$3.7M+55.2%	-$8.2M-26.5%	-$6.5M+82.1%	-$36.4M-45.8%	-$25.0M-9.6%	-$22.8M
Interest Expense	$275K+8.7%	$253K+14.5%	$221K-56.0%	$502K+3.1%	$487K-9.8%	$540K-9.4%	$596K-8.6%	$652K
Income Tax	$19K+72.7%	$11K-45.0%	$20K+102.0%	-$1.0M-1221.1%	$90K+246.2%	$26K0.0%	$26K	N/A
Net Income	-$2.3M+53.1%	-$4.9M-24.7%	-$3.9M+49.4%	-$7.7M-22.9%	-$6.3M+82.0%	-$34.8M-34.8%	-$25.8M-27.1%	-$20.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$-0.45-32.4%	$-0.34-240.0%	$-0.10

ATER Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY19
Total Assets	$49.5M-68.3%	$156.4M-50.1%	$313.6M+99.2%	$157.5M+171.4%	$58.0M
Current Assets	$38.7M-61.3%	$100.0M-19.9%	$124.9M+66.1%	$75.2M+30.9%	$57.4M
Cash & Equivalents	$18.0M-58.7%	$43.6M+43.7%	$30.3M+13.5%	$26.7M+33.4%	$20.0M
Inventory	$13.7M-68.5%	$43.7M-30.7%	$63.0M+99.6%	$31.6M+3.4%	$30.6M
Accounts Receivable	$3.8M-16.2%	$4.5M-56.9%	$10.5M+82.3%	$5.7M+309.6%	$1.4M
Goodwill	$0	$0-100.0%	$119.9M+153.5%	$47.3M	N/A
Total Liabilities	$19.5M-64.2%	$54.5M-39.0%	$89.3M-33.4%	$134.1M+154.7%	$52.6M
Current Liabilities	$19.3M-63.6%	$53.0M-36.7%	$83.7M+12.1%	$74.7M+88.9%	$39.6M
Long-Term Debt	N/A	N/A	N/A	$35.1M+27.6%	$27.5M
Total Equity	$30.0M-70.6%	$102.0M-54.5%	$224.2M+859.0%	$23.4M+335.5%	$5.4M
Retained Earnings	-$711.7M-13.8%	-$625.3M-45.8%	-$429.0M-122.3%	-$192.9M-171.7%	-$71.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$40.1M-11.6%	$45.4M-8.8%	$49.8M-19.5%	$61.9M-24.6%	$82.0M-8.3%	$89.5M-27.0%	$122.6M-21.6%	$156.4M
Current Assets	$30.4M-13.8%	$35.3M-10.3%	$39.4M-20.7%	$49.6M-27.7%	$68.7M-9.2%	$75.7M-10.6%	$84.6M-15.4%	$100.0M
Cash & Equivalents	$7.6M-27.7%	$10.5M-26.8%	$14.3M-28.4%	$20.0M-28.4%	$28.0M-3.2%	$28.9M-14.9%	$33.9M-22.2%	$43.6M
Inventory	$17.2M-7.2%	$18.5M+1.9%	$18.1M-11.0%	$20.4M-35.3%	$31.5M-14.1%	$36.7M-9.2%	$40.4M-7.5%	$43.7M
Accounts Receivable	$2.5M-18.7%	$3.0M-10.6%	$3.4M-19.7%	$4.2M+29.2%	$3.3M-31.6%	$4.8M+37.2%	$3.5M-22.8%	$4.5M
Goodwill	N/A	N/A	N/A	$0	N/A	$0	$0	$0
Total Liabilities	$17.5M-17.1%	$21.1M-7.2%	$22.8M-11.8%	$25.8M-35.6%	$40.1M-5.2%	$42.3M-3.5%	$43.9M-19.5%	$54.5M
Current Liabilities	$17.3M-17.3%	$20.9M-7.4%	$22.6M-11.4%	$25.4M-34.0%	$38.6M-5.3%	$40.8M-3.9%	$42.4M-20.0%	$53.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$22.6M-6.8%	$24.3M-10.2%	$27.0M-25.0%	$36.0M-14.0%	$41.9M-11.1%	$47.2M-40.1%	$78.8M-22.7%	$102.0M
Retained Earnings	-$722.7M-0.3%	-$720.4M-0.7%	-$715.6M-2.3%	-$699.8M-1.1%	-$692.1M-0.9%	-$685.8M-5.3%	-$651.1M-4.1%	-$625.3M

ATER Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY19
Operating Cash Flow	$2.2M+112.4%	-$17.5M+58.4%	-$42.0M-789.0%	$6.1M+120.1%	-$30.3M
Capital Expenditures	$42K-48.8%	$82K+156.3%	$32K-64.0%	$89K+45.9%	$61K
Free Cash Flow	$2.1M+112.1%	-$17.6M+58.2%	-$42.0M-799.8%	$6.0M+119.7%	-$30.4M
Investing Cash Flow	-$242K+64.3%	-$677K+98.5%	-$44.9M-15.0%	-$39.1M-150107.7%	-$26K
Financing Cash Flow	-$4.9M-118.2%	$27.0M-71.8%	$95.6M+195.7%	$32.3M-28.6%	$45.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	N/A	N/A	-$3.9M	N/A	N/A	N/A	-$7.4M	N/A
Capital Expenditures	N/A	N/A	$0	N/A	N/A	N/A	$33K	N/A
Free Cash Flow	N/A	N/A	-$3.9M	N/A	N/A	N/A	-$7.5M	N/A
Investing Cash Flow	N/A	N/A	$0	N/A	N/A	N/A	-$158K	N/A
Financing Cash Flow	N/A	N/A	$440K	N/A	N/A	N/A	-$3.0M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ATER Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY19
Gross Margin	62.1%+14.4pp	47.7%-1.5pp	49.2%+3.6pp	45.6%+10.2pp	35.5%
Operating Margin	-11.9%+68.6pp	-80.5%-66.8pp	-13.8%+5.0pp	-18.7%+21.5pp	-40.2%
Net Margin	-12.0%+76.8pp	-88.8%+6.5pp	-95.3%-61.3pp	-34.0%+9.4pp	-43.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-23.9%+101.5pp	-125.5%-50.2pp	-75.3%-35.2pp	-40.1%+14.8pp	-54.9%
Current Ratio	2.01+0.1	1.89+0.4	1.49+0.5	1.01-0.4	1.45
Debt-to-Equity	0.65+0.1	0.53+0.1	0.40-5.3	5.73+0.6	5.12
FCF Margin	2.1%+10.1pp	-7.9%+9.0pp	-17.0%-20.2pp	3.2%+44.7pp	-41.5%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	56.1%+1.8pp	54.3%-7.1pp	61.4%+10.3pp	51.0%+1.6pp	49.4%+7.1pp	42.2%-12.5pp	54.8%+17.6pp	37.1%
Operating Margin	-10.7%+12.4pp	-23.2%+0.9pp	-24.1%+1.1pp	-25.2%-8.7pp	-16.4%+86.9pp	-103.3%-31.7pp	-71.7%-30.1pp	-41.5%
Net Margin	-12.0%+13.0pp	-25.0%+0.4pp	-25.4%-1.8pp	-23.5%-7.7pp	-15.8%+82.8pp	-98.7%-24.7pp	-74.0%-37.0pp	-37.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.7%+5.0pp	-10.7%-2.9pp	-7.8%+4.6pp	-12.5%-4.8pp	-7.6%+31.2pp	-38.9%-17.8pp	-21.0%-8.1pp	-13.0%
Current Ratio	1.76+0.1	1.69-0.1	1.75-0.2	1.95+0.2	1.78-0.1	1.86-0.1	2.00+0.1	1.89
Debt-to-Equity	0.77-0.1	0.87+0.0	0.84+0.1	0.72-0.2	0.96+0.1	0.90+0.3	0.56+0.0	0.53
FCF Margin	N/A	N/A	-25.2%	N/A	N/A	N/A	-21.4%	N/A

Financial Health Signals

Financial Profile 32/100

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Strong

7/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

-0.18x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

-9.7x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Aterian Inc's annual revenue?

Aterian Inc (ATER) reported $99.0M in total revenue for fiscal year 2024. This represents a -55.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aterian Inc's revenue growing?

Aterian Inc (ATER) revenue declined by 55.2% year-over-year, from $221.2M to $99.0M in fiscal year 2024.

Is Aterian Inc profitable?

No, Aterian Inc (ATER) reported a net income of -$11.9M in fiscal year 2024, with a net profit margin of -12.0%.

What is Aterian Inc's EBITDA?

Aterian Inc (ATER) had EBITDA of -$10.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Aterian Inc's gross margin?

Aterian Inc (ATER) had a gross margin of 62.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Aterian Inc's operating margin?

Aterian Inc (ATER) had an operating margin of -11.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Aterian Inc's net profit margin?

Aterian Inc (ATER) had a net profit margin of -12.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Aterian Inc's free cash flow?

Aterian Inc (ATER) generated $2.1M in free cash flow during fiscal year 2024. This represents a 112.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Aterian Inc's operating cash flow?

Aterian Inc (ATER) generated $2.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Aterian Inc's total assets?

Aterian Inc (ATER) had $49.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Aterian Inc's capital expenditures?

Aterian Inc (ATER) invested $42K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Aterian Inc have outstanding?

Aterian Inc (ATER) had 9M shares outstanding as of fiscal year 2024.

What is Aterian Inc's current ratio?

Aterian Inc (ATER) had a current ratio of 2.01 as of fiscal year 2024, which is generally considered healthy.

What is Aterian Inc's debt-to-equity ratio?

Aterian Inc (ATER) had a debt-to-equity ratio of 0.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aterian Inc's return on assets (ROA)?

Aterian Inc (ATER) had a return on assets of -23.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Aterian Inc's Piotroski F-Score?

Aterian Inc (ATER) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Aterian Inc's earnings high quality?

Aterian Inc (ATER) has an earnings quality ratio of -0.18x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Aterian Inc cover its interest payments?

Aterian Inc (ATER) has an interest coverage ratio of -9.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Aterian Inc?

Aterian Inc (ATER) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.