Aterian Inc Financials

ATER

Source SEC Filings (10-K/10-Q) Updated Mar 20, 2026 Currency USD FYE March

This page shows Aterian Inc (ATER) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Aterian Inc has an operating margin of -26.1%, meaning the company retains $-26 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -11.9% the prior year.

Growth

Aterian Inc's revenue declined 30.4% year-over-year, from $99.0M to $69.0M. This contraction results in a growth score of 0/100.

Leverage

Aterian Inc carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Aterian Inc's current ratio of 1.70 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Aterian Inc generated -$10.9M in operating cash flow, capex of $51K consumed most of it, leaving -$10.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Aterian Inc generates a -124.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -39.5% the prior year.

Piotroski F-Score Weak

2/9

Aterian Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.57x

For every $1 of reported earnings, Aterian Inc generates $0.57 in operating cash flow (-$10.9M OCF vs -$19.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-18.8x

Aterian Inc earns $-18.8 in operating income for every $1 of interest expense (-$18.0M vs $957K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$69.0M

YoY-30.4%

5Y CAGR-18.0%

Aterian Inc generated $69.0M in revenue in fiscal year 2025. This represents a decrease of 30.4% from the prior year.

EBITDA

-$16.4M

YoY-61.4%

Aterian Inc's EBITDA was -$16.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 61.4% from the prior year.

Net Income

-$19.0M

YoY-60.0%

Aterian Inc reported -$19.0M in net income in fiscal year 2025. This represents a decrease of 60.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$10.9M

YoY-615.6%

Aterian Inc generated -$10.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 615.6% from the prior year.

Cash & Debt

$4.9M

YoY-73.0%

5Y CAGR-28.9%

Aterian Inc held $4.9M in cash against $4.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+23.7%

Aterian Inc had 11M shares outstanding in fiscal year 2025. This represents an increase of 23.7% from the prior year.

Margins & Returns

Gross Margin

56.8%

YoY-5.3pp

5Y CAGR+11.1pp

Aterian Inc's gross margin was 56.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.3 percentage points from the prior year.

Operating Margin

-26.1%

YoY-14.1pp

5Y CAGR-7.4pp

Aterian Inc's operating margin was -26.1% in fiscal year 2025, reflecting core business profitability. This is down 14.1 percentage points from the prior year.

Net Margin

-27.5%

YoY-15.5pp

5Y CAGR+6.5pp

Aterian Inc's net profit margin was -27.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 15.5 percentage points from the prior year.

Return on Equity

-124.8%

YoY-85.3pp

5Y CAGR+145.2pp

Aterian Inc's ROE was -124.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 85.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$51K

YoY+21.4%

5Y CAGR-10.5%

Aterian Inc invested $51K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.4% from the prior year.

ATER Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$69.0M-30.4%	$99.0M-30.5%	$142.6M-35.5%	$221.2M-10.7%	$247.8M+33.4%	$185.7M
Cost of Revenue	$29.8M-20.6%	$37.5M-48.0%	$72.3M-37.5%	$115.7M-8.1%	$125.9M+24.7%	$101.0M
Gross Profit	$39.1M-36.3%	$61.5M-12.5%	$70.3M-33.4%	$105.5M-13.4%	$121.9M+43.8%	$84.7M
R&D Expenses	N/A	$0-100.0%	$4.6M-23.2%	$6.0M-38.9%	$9.8M+21.0%	$8.1M
SG&A Expenses	$11.8M-31.7%	$17.3M-14.2%	$20.2M-47.1%	$38.2M-15.2%	$45.1M+47.2%	$30.6M
Operating Income	-$18.0M-52.0%	-$11.8M+84.5%	-$76.2M+57.2%	-$178.2M-422.8%	-$34.1M+1.9%	-$34.8M
Interest Expense	$957K-21.4%	$1.2M-42.7%	$2.1M-21.2%	$2.7M-79.7%	$13.3M+163.0%	$5.0M
Income Tax	$41K+187.2%	-$47K+94.6%	-$867K-130.6%	-$376K-170.7%	$532K+1008.3%	$48K
Net Income	-$19.0M-60.0%	-$11.9M+84.1%	-$74.6M+62.0%	-$196.3M+16.8%	-$236.0M-273.9%	-$63.1M
EPS (Diluted)	N/A	N/A	N/A	$-2.95+55.8%	$-6.67	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$19.0M-2.3%	$19.5M+26.7%	$15.4M-37.6%	$24.6M-6.2%	$26.2M-6.2%	$28.0M+38.4%	$20.2M-38.3%	$32.8M
Cost of Revenue	$8.3M-6.1%	$8.9M+49.9%	$5.9M-34.0%	$9.0M-13.6%	$10.4M-6.1%	$11.1M+57.4%	$7.0M-56.1%	$16.0M
Gross Profit	$10.7M+1.0%	$10.6M+12.1%	$9.4M-39.6%	$15.6M-1.4%	$15.8M-6.3%	$16.9M+28.3%	$13.2M-21.2%	$16.7M
R&D Expenses	N/A	N/A	N/A	$0	$0	$0	$0-100.0%	$808K
SG&A Expenses	$2.9M+6.1%	$2.7M-21.5%	$3.5M-1.9%	$3.5M-3.3%	$3.6M-26.1%	$4.9M-5.7%	$5.2M+43.2%	$3.7M
Operating Income	-$2.0M+54.7%	-$4.5M-21.9%	-$3.7M-129.6%	-$1.6M+6.9%	-$1.7M+46.0%	-$3.2M+39.3%	-$5.3M+36.0%	-$8.2M
Interest Expense	$275K+8.7%	$253K+14.5%	$221K-14.0%	$257K-5.5%	$272K-8.1%	$296K-24.7%	$393K-21.7%	$502K
Income Tax	$19K+72.7%	$11K-45.0%	$20K+117.7%	-$113K+46.2%	-$210K-202.4%	$205K+188.7%	$71K+107.0%	-$1.0M
Net Income	-$2.3M+53.1%	-$4.9M-24.7%	-$3.9M-200.2%	-$1.3M+26.8%	-$1.8M+51.1%	-$3.6M+29.7%	-$5.2M+33.0%	-$7.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ATER Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.6M-40.3%	$49.5M-19.9%	$61.9M-60.5%	$156.4M-50.1%	$313.6M+99.2%	$157.5M
Current Assets	$24.1M-37.8%	$38.7M-22.0%	$49.6M-50.4%	$100.0M-19.9%	$124.9M+66.1%	$75.2M
Cash & Equivalents	$4.9M-73.0%	$18.0M-10.1%	$20.0M-54.0%	$43.6M+43.7%	$30.3M+13.5%	$26.7M
Inventory	$13.8M+0.2%	$13.7M-32.6%	$20.4M-53.3%	$43.7M-30.7%	$63.0M+99.6%	$31.6M
Accounts Receivable	$2.5M-35.0%	$3.8M-10.5%	$4.2M-6.4%	$4.5M-56.9%	$10.5M+82.3%	$5.7M
Goodwill	N/A	N/A	$0	$0-100.0%	$119.9M+153.5%	$47.3M
Total Liabilities	$14.4M-26.5%	$19.5M-24.4%	$25.8M-52.6%	$54.5M-39.0%	$89.3M-33.4%	$134.1M
Current Liabilities	$14.1M-26.8%	$19.3M-24.2%	$25.4M-52.0%	$53.0M-36.7%	$83.7M+12.1%	$74.7M
Long-Term Debt	$4.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	$15.2M-49.3%	$30.0M-16.7%	$36.0M-64.7%	$102.0M-54.5%	$224.2M+859.0%	$23.4M
Retained Earnings	-$730.7M-2.7%	-$711.7M-1.7%	-$699.8M-11.9%	-$625.3M-45.8%	-$429.0M-122.3%	-$192.9M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$40.1M-11.6%	$45.4M-8.8%	$49.8M+0.6%	$49.5M-5.0%	$52.1M-12.9%	$59.9M+7.5%	$55.7M-10.0%	$61.9M
Current Assets	$30.4M-13.8%	$35.3M-10.3%	$39.4M+1.7%	$38.7M-5.2%	$40.9M-15.2%	$48.2M+10.6%	$43.6M-12.2%	$49.6M
Cash & Equivalents	$7.6M-27.7%	$10.5M-26.8%	$14.3M-20.3%	$18.0M+12.0%	$16.1M-20.9%	$20.3M+15.9%	$17.5M-12.4%	$20.0M
Inventory	$17.2M-7.2%	$18.5M+1.9%	$18.1M+32.0%	$13.7M-17.0%	$16.6M-9.9%	$18.4M-0.8%	$18.5M-9.2%	$20.4M
Accounts Receivable	$2.5M-18.7%	$3.0M-10.6%	$3.4M-10.3%	$3.8M+16.0%	$3.3M-13.4%	$3.8M+58.0%	$2.4M-43.6%	$4.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Total Liabilities	$17.5M-17.1%	$21.1M-7.2%	$22.8M+16.7%	$19.5M-9.2%	$21.5M-25.7%	$29.0M+27.5%	$22.7M-12.1%	$25.8M
Current Liabilities	$17.3M-17.3%	$20.9M-7.4%	$22.6M+16.9%	$19.3M-9.2%	$21.3M-25.9%	$28.7M+28.4%	$22.3M-12.2%	$25.4M
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-9.9%	$30.0M-2.0%	$30.6M-0.8%	$30.9M-6.3%	$33.0M-8.6%	$36.0M
Retained Earnings	-$722.7M-0.3%	-$720.4M-0.7%	-$715.6M-0.5%	-$711.7M-0.2%	-$710.4M-0.3%	-$708.6M-0.5%	-$705.0M-0.7%	-$699.8M

ATER Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$10.9M-603.2%	$2.2M+116.2%	-$13.4M+23.4%	-$17.5M+58.4%	-$42.0M-789.0%	$6.1M
Capital Expenditures	$51K+21.4%	$42K-64.7%	$119K+45.1%	$82K+156.3%	$32K-64.0%	$89K
Free Cash Flow	-$10.9M-615.6%	$2.1M+115.7%	-$13.5M+23.1%	-$17.6M+58.2%	-$42.0M-799.8%	$6.0M
Investing Cash Flow	-$51K+78.9%	-$242K+0.8%	-$244K+64.0%	-$677K+98.5%	-$44.9M-15.0%	-$39.1M
Financing Cash Flow	-$2.5M+48.8%	-$4.9M+55.8%	-$11.1M-141.1%	$27.0M-71.8%	$95.6M+195.7%	$32.3M
Dividends Paid	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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$1.6M+64.6%	-$4.4M-14.2%	-$3.9M-42877.8%	-$9K+98.8%	-$722K-124.9%	$2.9M+48466.7%	-$6K+99.9%	-$4.9M
Capital Expenditures	$40K+566.7%	$6K	$0	$0	$0-100.0%	$6K-83.3%	$36K-7.7%	$39K
Free Cash Flow	-$1.6M+63.7%	-$4.4M-14.4%	-$3.9M-42877.8%	-$9K+98.8%	-$722K-124.9%	$2.9M+6995.2%	-$42K+99.2%	-$5.0M
Investing Cash Flow	-$40K-566.7%	-$6K	$0	$0	$0+100.0%	-$6K+97.5%	-$236K-505.1%	-$39K
Financing Cash Flow	-$1.3M-2313.5%	-$52K-111.8%	$440K-45.5%	$807K+123.8%	-$3.4M-2352.9%	-$138K+93.7%	-$2.2M+39.0%	-$3.6M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	56.8%-5.3pp	62.1%+12.8pp	49.3%+1.6pp	47.7%-1.5pp	49.2%+3.6pp	45.6%
Operating Margin	-26.1%-14.1pp	-11.9%+41.5pp	-53.4%+27.1pp	-80.5%-66.8pp	-13.8%+5.0pp	-18.7%
Net Margin	-27.5%-15.5pp	-12.0%+40.3pp	-52.3%+36.4pp	-88.8%+6.5pp	-95.3%-61.3pp	-34.0%
Return on Equity	-124.8%-85.3pp	-39.5%+167.4pp	-206.9%-14.4pp	-192.5%-87.3pp	-105.3%+164.7pp	-270.0%
Return on Assets	-64.2%-40.3pp	-23.9%+96.6pp	-120.5%+5.0pp	-125.5%-50.2pp	-75.3%-35.2pp	-40.1%
Current Ratio	1.70-0.3	2.01+0.1	1.95+0.1	1.89+0.4	1.49+0.5	1.01
Debt-to-Equity	0.28-0.4	0.65-0.1	0.72+0.2	0.53+0.1	0.40-5.3	5.73
FCF Margin	-15.9%-18.0pp	2.1%+11.6pp	-9.5%-1.5pp	-7.9%+9.0pp	-17.0%-20.2pp	3.2%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	56.1%+1.8pp	54.3%-7.1pp	61.4%-2.1pp	63.4%+3.1pp	60.3%-0.0pp	60.4%-4.8pp	65.1%+14.1pp	51.0%
Operating Margin	-10.7%+12.4pp	-23.2%+0.9pp	-24.1%-17.5pp	-6.5%+0.1pp	-6.6%+4.9pp	-11.5%+14.7pp	-26.1%-0.9pp	-25.2%
Net Margin	-12.0%+13.0pp	-25.0%+0.4pp	-25.4%-20.1pp	-5.3%+1.5pp	-6.8%+6.2pp	-13.0%+12.6pp	-25.5%-2.0pp	-23.5%
Return on Equity	-10.1%+9.9pp	-20.0%-5.6pp	-14.4%-10.1pp	-4.3%+1.5pp	-5.8%+6.0pp	-11.8%+3.9pp	-15.7%+5.7pp	-21.4%
Return on Assets	-5.7%+5.0pp	-10.7%-2.9pp	-7.8%-5.2pp	-2.6%+0.8pp	-3.4%+2.7pp	-6.1%+3.2pp	-9.3%+3.2pp	-12.5%
Current Ratio	1.76+0.1	1.69-0.1	1.75-0.3	2.01+0.1	1.92+0.2	1.68-0.3	1.950.0	1.95
Debt-to-Equity	0.77-0.1	0.87+0.0	0.84+0.2	0.65-0.1	0.70-0.2	0.94+0.2	0.69-0.0	0.72
FCF Margin	-8.4%+14.3pp	-22.7%+2.4pp	-25.2%-25.1pp	-0.0%+2.7pp	-2.8%-13.1pp	10.3%+10.6pp	-0.2%+15.0pp	-15.2%

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Frequently Asked Questions

What is Aterian Inc's annual revenue?

Aterian Inc (ATER) reported $69.0M in total revenue for fiscal year 2025. This represents a -30.4% 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 30.4% year-over-year, from $99.0M to $69.0M in fiscal year 2025.

Is Aterian Inc profitable?

No, Aterian Inc (ATER) reported a net income of -$19.0M in fiscal year 2025, with a net profit margin of -27.5%.

What is Aterian Inc's EBITDA?

Aterian Inc (ATER) had EBITDA of -$16.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Aterian Inc have?

As of fiscal year 2025, Aterian Inc (ATER) had $4.9M in cash and equivalents against $4.3M in long-term debt.

What is Aterian Inc's gross margin?

Aterian Inc (ATER) had a gross margin of 56.8% in fiscal year 2025, 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 -26.1% in fiscal year 2025, 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 -27.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Aterian Inc's return on equity (ROE)?

Aterian Inc (ATER) has a return on equity of -124.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Aterian Inc's free cash flow?

Aterian Inc (ATER) generated -$10.9M in free cash flow during fiscal year 2025. This represents a -615.6% 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 -$10.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Aterian Inc's total assets?

Aterian Inc (ATER) had $29.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Aterian Inc's capital expenditures?

Aterian Inc (ATER) invested $51K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Aterian Inc have outstanding?

Aterian Inc (ATER) had 11M shares outstanding as of fiscal year 2025.

What is Aterian Inc's current ratio?

Aterian Inc (ATER) had a current ratio of 1.70 as of fiscal year 2025, which is generally considered healthy.

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

Aterian Inc (ATER) had a debt-to-equity ratio of 0.28 as of fiscal year 2025, 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 -64.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Aterian Inc's cash runway?

Based on fiscal year 2025 data, Aterian Inc (ATER) had $4.9M in cash against an annual operating cash burn of $10.9M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Aterian Inc's Piotroski F-Score?

Aterian Inc (ATER) has a Piotroski F-Score of 2 out of 9, indicating weak 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. Learn more in our complete guide to financial health indicators.

Are Aterian Inc's earnings high quality?

Aterian Inc (ATER) has an earnings quality ratio of 0.57x, considered low quality (accrual-driven). 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. Learn more in our complete guide to financial health indicators.

Can Aterian Inc cover its interest payments?

Aterian Inc (ATER) has an interest coverage ratio of -18.8x, 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. Learn more in our complete guide to financial health indicators.

How financially healthy is Aterian Inc?

Aterian Inc (ATER) scores 21 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. Learn more in our complete guide to financial health indicators.