Aterian, Inc. (ATER) Financials

ATER

Trailing 12 months to June 30, 2026

Revenue $86.8M -23.8% YoY

Net Income -$6.1B -57.3% YoY

Free Cash Flow -$369.2M +90.5% YoY

Operating Cash Flow -$365.2M +90.6% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ATER SEC filings page.

Aterian, Inc. (ATER) reported $86.8M in revenue over the twelve months to Jun 30, 2026, down 23.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

Rhea AI ATER FY2025 2026-10-01

Aterian now operates at a much smaller scale with better gross economics, but shrinking revenue still leaves cash generation and profitability unstable.

2024’s cash improvement was not yet durable: the company produced operating cash flow of $2.2M despite a net loss of $11.9M, then reverted in FY2025 to operating cash flow of -$10.9M as revenue fell another 30.4%. That reversal suggests working-capital or one-time balance-sheet effects helped 2024 rather than a completed earnings-quality shift.

Gross margin expanded from 49.2% in FY2021 to 62.1% in FY2024, then eased to 56.8% in FY2025, but operating margins remained negative throughout. The business therefore improved the economics of each remaining sales dollar without generating enough volume or cost absorption to cover operating expenses.

The balance sheet has contracted faster than the business has stabilized: total assets fell from $314M in FY2021 to $30M in FY2025, while debt-to-equity rose from 39.8% to 94.4%. A current ratio near 2.0x indicates short-term assets still exceed current obligations, while reported cash and investments equaled 5.3 months of the latest annual operating outflow.

Financial Health Signals

Financial Health Score 36/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Aterian, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Aterian, Inc. held $4.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $10.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Aterian, Inc. scores 19/100 among other emerging companies.

Dilution

Aterian, Inc. had 11M shares outstanding at the end of fiscal year 2025, against 9M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Aterian, Inc. scores 94/100 among other emerging companies.

R&D Intensity

Not available for Aterian, Inc., and counted as zero in the overall score.

Revenue Progress

Aterian, Inc. reported revenue of $69.0M in fiscal year 2025, against $99.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Aterian, Inc. scores 12/100 among other emerging companies.

Burn Trend

Aterian, Inc.'s operations used $10.9M of cash in fiscal year 2025, against $2.2M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Aterian, Inc. scores 56/100 among other emerging companies.

Balance Sheet

Aterian, Inc.'s cash, cash equivalents and investments came to $4.9M at the end of fiscal year 2025, against $14.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Aterian, Inc. scores 36/100 among other emerging companies.

Piotroski F-Score Partial

3/8

Aterian, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Aterian, Inc. reported a net loss of $19.0M while operations used $10.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Aterian, Inc. reported an operating loss of $18.0M against $957K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7K

YoY-92.0%

QoQ-100.0%

5Y CAGR-84.1%

Aterian, Inc. generated $7K in revenue in Q2 2026. This represents a decrease of 92.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

EBITDA

-$4.0M

YoY-24.7%

QoQ+99.9%

Aterian, Inc.'s EBITDA was -$4.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.7% from the same quarter a year earlier. Against the prior quarter it is up 99.9%.

Net Income

-$491K

YoY+89.9%

QoQ+100.0%

Aterian, Inc. reported -$491K in net income in Q2 2026. This represents an increase of 89.9% from the same quarter a year earlier. Against the prior quarter it is up 100.0%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$424K

YoY+109.6%

QoQ+100.1%

Aterian, Inc. generated $424K in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 109.6% from the same quarter a year earlier. Against the prior quarter it is up 100.1%.

Cash & Debt

$2.5M

YoY-75.7%

QoQ-99.9%

5Y CAGR-47.2%

Aterian, Inc. held $2.5M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

18M

YoY+79.9%

QoQ+66.1%

5Y CAGR-12.8%

Aterian, Inc. had 18M shares outstanding in Q2 2026. This represents an increase of 79.9% from the same quarter a year earlier. Against the prior quarter it is up 66.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

14.3%

YoY-32.3pp

QoQ-41.3pp

5Y change-33.7pp

Aterian, Inc.'s gross margin was 14.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 32.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 41.3 percentage points.

Return on Equity

-3.9%

YoY+16.1pp

QoQ+60.5pp

5Y change+16.8pp

Aterian, Inc.'s ROE was -3.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 16.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 60.5 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Capital Expenditures

$14K

YoY+133.3%

QoQ-99.7%

Aterian, Inc. invested $14K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 133.3% from the same quarter a year earlier. Against the prior quarter it is down 99.7%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

ATER Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ATER quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Revenue	$86.8M	$69.0M-30.4%	$99.0M-30.5%	$142.6M-35.5%	$221.2M-10.7%	$247.8M+33.4%	$185.7M+62.3%	$114.5M+56.2%	$73.3M	N/A
Cost of Revenue	$37.8M	$29.8M-20.6%	$37.5M-48.0%	$72.3M-37.5%	$115.7M-8.1%	$125.9M+24.7%	$101.0M+45.4%	$69.4M+46.8%	$47.3M	N/A
Gross Profit	$49.1M	$39.1M-36.3%	$61.5M-12.5%	$70.3M-33.4%	$105.5M-13.4%	$121.9M+43.8%	$84.7M+88.2%	$45.0M+73.3%	$26.0M	N/A
R&D Expenses	N/A	N/A	$0-100.0%	$4.6M-23.2%	$6.0M-38.9%	$9.8M+21.0%	$8.1M-23.7%	$10.7M+191.7%	$3.7M	N/A
SG&A Expenses	$2.9B	$11.8M-31.7%	$17.3M-14.2%	$20.2M-47.1%	$38.2M-15.2%	$45.1M+47.2%	$30.6M-8.6%	$33.5M+196.8%	$11.3M	N/A
Operating Income	-$3.2B	-$18.0M-52.0%	-$11.8M+84.5%	-$76.2M+57.2%	-$178.2M-422.8%	-$34.1M+1.9%	-$34.8M+36.0%	-$54.3M-84.6%	-$29.4M-230.2%	$22.6M
EBITDA	N/A	-$16.4M-61.4%	-$10.1M+86.0%	-$72.3M+57.6%	-$170.6M-537.9%	-$26.8M+21.8%	-$34.2M+36.8%	-$54.1M-85.6%	-$29.2M	N/A
Interest Expense	$234.8M	$957K-21.4%	$1.2M-42.7%	$2.1M-21.2%	$2.7M-79.7%	$13.3M+163.0%	$5.0M+11.2%	$4.5M+92.5%	$2.4M	N/A
Income Tax	$41K	$41K+187.2%	-$47K+94.6%	-$867K-130.6%	-$376K-170.7%	$532K+1008.3%	$48K+65.5%	$29K-47.3%	$55K	N/A
Net Income	-$6.1B	-$19.0M-60.0%	-$11.9M+84.1%	-$74.6M+62.0%	-$196.3M+16.8%	-$236.0M-273.9%	-$63.1M-7.4%	-$58.8M-84.7%	-$31.8M	N/A
EPS (Basic)	N/A	-$2.39-42.3%	-$1.68+85.3%	-$11.43-287.5%	-$2.95+55.8%	-$6.67	N/A	N/A	N/A	N/A
EPS (Diluted)	—	N/A	N/A	N/A	-$2.95	-$6.67	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	67M	35M	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$7K-92.0%	$18.0M-71.4%	$49.8M+102.4%	$19.0M-27.5%	$88K-99.7%	$63.0M+211.7%	$24.6M-24.9%	$26.2M-33.9%
Cost of Revenue	$6K-87.2%	$8.0M-38.5%	$21.4M+137.9%	$8.3M-19.8%	$47K-99.6%	$13.0M+84.5%	$9.0M-43.9%	$10.4M-48.2%
Gross Profit	$1K-97.6%	$10.0M-80.0%	$28.4M+81.9%	$10.7M-32.6%	$41K-99.8%	$50.0M+279.7%	$15.6M-6.6%	$15.8M-19.2%
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$0-100.0%
SG&A Expenses	$3.8M+46.0%	$2.9B-13.0%	$3.0M-14.1%	$2.9M-21.0%	$2.6M-47.6%	$3.4B+64005.5%	$3.5M-3.5%	$3.6M-15.7%
Operating Income	-$4.0M-10.6%	-$3.2B+4.0%	-$9.0M-459.7%	-$2.0M-18.1%	-$3.6M-11.6%	-$3.3B-63200.5%	-$1.6M+80.5%	-$1.7M+73.4%
EBITDA	-$4.0M-24.7%	-$3.2B+4.1%	-$8.2M-583.9%	-$1.6M-25.1%	-$3.2M-14.4%	-$3.3B-68683.5%	-$1.2M+84.6%	-$1.3M+78.4%
Interest Expense	$314K+24.1%	$234.0M+5.9%	$208K-19.1%	$275K+1.1%	$253K-14.5%	$221.0M+56134.1%	$257K-48.8%	$272K-44.1%
Income Tax	$0	$0	$22K+119.5%	$19K+109.0%	$0-100.0%	$0-100.0%	-$113K+88.8%	-$210K-333.3%
Net Income	-$491K+89.9%	-$6.1B-57.4%	-$7.9M-512.2%	-$2.3M-28.7%	-$4.9M-33.9%	-$3.9B-75374.6%	-$1.3M+83.2%	-$1.8M+71.7%
EPS (Basic)	-$0.05+92.1%	-$0.69-32.7%	-$0.97-470.6%	-$0.28-12.0%	-$0.63-21.2%	-$0.52+31.6%	-$0.17-88.9%	-$0.25+73.7%

Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).

ATER Balance Sheet

ATER quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Total Assets	$29.6M-40.3%	$49.5M-19.9%	$61.9M-60.5%	$156.4M-50.1%	$313.6M+99.2%	$157.5M+111.6%	$74.4M+28.3%	$58.0M	N/A
Current Assets	$28.5M-26.4%	$38.7M-22.0%	$49.6M-50.4%	$100.0M-19.9%	$124.9M+66.1%	$75.2M+2.9%	$73.0M+27.2%	$57.4M	N/A
Cash & Equivalents	$4.9M-73.0%	$18.0M-10.1%	$20.0M-54.0%	$43.6M+43.7%	$30.3M+13.5%	$26.7M-12.0%	$30.4M+51.5%	$20.0M+277.9%	$5.3M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$52K-99.6%	$13.7M-32.6%	$20.4M-53.3%	$43.7M-30.7%	$63.0M+99.6%	$31.6M-12.8%	$36.2M+18.5%	$30.6M	N/A
Accounts Receivable	$6K-99.8%	$3.8M-10.5%	$4.2M-6.4%	$4.5M-56.9%	$10.5M+82.3%	$5.7M+442.7%	$1.1M-24.5%	$1.4M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$0	$0-100.0%	$119.9M+153.5%	$47.3M	N/A	N/A	N/A
Total Liabilities	$14.4M-26.5%	$19.5M-24.4%	$25.8M-52.6%	$54.5M-39.0%	$89.3M-33.4%	$134.1M+110.5%	$63.7M+21.0%	$52.6M	N/A
Current Liabilities	$14.1M-26.8%	$19.3M-24.2%	$25.4M-52.0%	$53.0M-36.7%	$83.7M+12.1%	$74.7M+40.4%	$53.2M+34.5%	$39.6M	N/A
Non-Current Liabilities	$225K-0.9%	$227K-41.9%	$391K-73.1%	$1.5M-74.1%	$5.6M-90.6%	$59.3M+466.7%	$10.5M-19.9%	$13.1M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$35.1M+27.6%	$27.5M+167.0%	$10.3M
Total Equity	$15.2M-49.3%	$30.0M-16.7%	$36.0M-64.7%	$102.0M-54.5%	$224.2M+859.0%	$23.4M+118.0%	$10.7M+99.8%	$5.4M-34.2%	$8.2M
Retained Earnings	-$730.7M-2.7%	-$711.7M-1.7%	-$699.8M-11.9%	-$625.3M-45.8%	-$429.0M-122.3%	-$192.9M-48.6%	-$129.8M-82.8%	-$71.0M-81.2%	-$39.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$23.5M-48.2%	$22.2B-55.4%	$29.6M-40.3%	$40.1M-23.0%	$45.4M-24.1%	$49.8B+89381.6%	$49.5M-19.9%	$52.1M-36.4%
Current Assets	$23.3M-34.1%	$21.2B-46.2%	$28.5M-26.4%	$30.4M-25.5%	$35.3M-26.7%	$39.4B+90261.4%	$38.7M-22.0%	$40.9M-40.5%
Cash & Equivalents	$2.5M-75.7%	$2.3B-83.8%	$4.9M-73.0%	$7.6M-52.8%	$10.5M-48.4%	$14.3B+81615.6%	$18.0M-10.1%	$16.1M-42.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$49K-99.7%	$52.0M-99.7%	$52K-99.6%	$17.2M+3.6%	$18.5M+0.6%	$18.1B+97869.8%	$13.7M-32.6%	$16.6M-47.4%
Accounts Receivable	$0-100.0%	$1.0M-100.0%	$6K-99.8%	$2.5M-24.4%	$3.0M-19.4%	$3.4B+142259.4%	$3.8M-10.5%	$3.3M-0.4%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$10.9M-48.4%	$12.7B-44.4%	$14.4M-26.5%	$17.5M-18.6%	$21.1M-27.1%	$22.8B+100142.0%	$19.5M-24.4%	$21.5M-46.4%
Current Liabilities	$10.9M-47.8%	$12.5B-44.8%	$14.1M-26.8%	$17.3M-18.7%	$20.9M-27.2%	$22.6B+100812.9%	$19.3M-24.2%	$21.3M-44.9%
Non-Current Liabilities	$0-100.0%	$216K-5.7%	$225K-0.9%	$229K-8.0%	$242K-12.6%	$229K-39.4%	$227K-41.9%	$249K-83.8%
Total Equity	$12.6M-48.1%	$9.5B-64.8%	$15.2M-49.3%	$22.6M-26.1%	$24.3M-21.3%	$27.0B+81960.7%	$30.0M-16.7%	$30.6M-26.9%
Retained Earnings	-$737.3M-2.3%	-$736.8B-3.0%	-$730.7M-2.7%	-$722.7M-1.7%	-$720.4M-1.7%	-$715.6B-101403.0%	-$711.7M-1.7%	-$710.4M-2.6%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

ATER Cash Flow Statement

ATER quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Cash Flow	-$365.2M	-$10.9M-603.2%	$2.2M+116.2%	-$13.4M+23.4%	-$17.5M+58.4%	-$42.0M-789.0%	$6.1M+124.2%	-$25.2M+17.0%	-$30.3M	N/A
Depreciation & Amortization	N/A	$1.6M-4.1%	$1.7M-56.5%	$3.9M-48.3%	$7.5M+2.7%	$7.3M+1227.2%	$552K+201.6%	$183K-27.7%	$253K	N/A
Stock-Based Compensation	N/A	$2.2M-71.0%	$7.5M-9.9%	$8.3M-42.9%	$14.6M-49.7%	$29.0M+27.6%	$22.7M-34.5%	$34.7M+5502.7%	$619K	N/A
Capital Expenditures	$4.1M	$51K+21.4%	$42K-64.7%	$119K+45.1%	$82K+156.3%	$32K-64.0%	$89K-21.9%	$114K+86.9%	$61K	N/A
Free Cash Flow	-$369.2M	-$10.9M-615.6%	$2.1M+115.7%	-$13.5M+23.1%	-$17.6M+58.2%	-$42.0M-799.8%	$6.0M+123.7%	-$25.3M+16.7%	-$30.4M	N/A
Investing Cash Flow	-$4.1M	-$51K+78.9%	-$242K+0.8%	-$244K+64.0%	-$677K+98.5%	-$44.9M-15.0%	-$39.1M-2941.6%	-$1.3M-4838.5%	-$26K	N/A
Financing Cash Flow	-$2.1B	-$2.5M+48.8%	-$4.9M+55.8%	-$11.1M-141.1%	$27.0M-71.8%	$95.6M+195.7%	$32.3M-11.6%	$36.6M-19.3%	$45.3M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$438K+109.9%	-$363.0M+90.6%	-$1.0M-11477.8%	-$1.6M-116.9%	-$4.4M-252.3%	-$3.9B-64466566.7%	-$9K+99.8%	-$722K-281.0%
Depreciation & Amortization	$1K-99.8%	$10.0M+100.0%	$401K-2.2%	$406K-3.6%	$404K-6.0%	$5.0M+1068.2%	$410K-12.8%	$421K-6.9%
Stock-Based Compensation	N/A	$442K-25.2%	N/A	$731K-59.5%	$122K-95.8%	$591K-64.5%	N/A	$1.8M+46.6%
Capital Expenditures	$14K+133.3%	$4.0M	$5K	$40K	$6K0.0%	$0-100.0%	$0-100.0%	$0-100.0%
Free Cash Flow	$424K+109.6%	-$367.0M+90.5%	-$1.0M-11533.3%	-$1.6M-122.4%	-$4.4M-252.8%	-$3.9B-9209423.8%	-$9K+99.8%	-$722K-287.5%
Investing Cash Flow	-$14K-133.3%	-$4.0M	-$5K	-$40K	-$6K0.0%	$0+100.0%	$0+100.0%	$0+100.0%
Financing Cash Flow	-$216K-315.4%	-$2.1B-579.3%	-$1.7M-304.6%	-$1.3M+62.9%	-$52K+62.3%	$440.0M+20118.2%	$807K+122.4%	-$3.4M-252.6%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ATER Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ATER quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Gross Margin	56.8%-5.3pp	62.1%+12.8pp	49.3%+1.6pp	47.7%-1.5pp	49.2%+3.6pp	45.6%+6.3pp	39.4%+3.9pp	35.5%	N/A
Operating Margin	-26.1%-14.1pp	-11.9%+41.5pp	-53.4%+27.1pp	-80.5%-66.8pp	-13.8%+5.0pp	-18.7%+28.8pp	-47.5%-7.3pp	-40.2%	N/A
Net Margin	-27.5%-15.5pp	-12.0%+40.3pp	-52.3%+36.4pp	-88.8%+6.5pp	-95.3%-61.3pp	-34.0%+17.4pp	-51.4%-7.9pp	-43.4%	N/A
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%+278.1pp	-548.1%+44.7pp	-592.7%	N/A
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%+38.9pp	-79.0%-24.1pp	-54.9%	N/A
Current Ratio	2.020.0x	2.01+0.1x	1.95+0.1x	1.89+0.4x	1.49+0.5x	1.01-0.4x	1.37-0.1x	1.45	N/A
Debt-to-Equity	0.94+0.3x	0.65-0.1x	0.72+0.2x	0.53+0.1x	0.40-5.3x	5.73+2.5x	3.27-1.8x	5.12+3.9x	1.26
Asset Turnover	2.33+0.3x	2.00-0.3x	2.30+0.9x	1.41+0.6x	0.79-0.4x	1.18-0.4x	1.54+0.3x	1.26	N/A
FCF Margin	-15.9%-18.0pp	2.1%+11.6pp	-9.5%-1.5pp	-7.9%+9.0pp	-17.0%-20.2pp	3.2%+25.4pp	-22.1%+19.4pp	-41.5%	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	14.3%-32.3pp	55.6%-23.8pp	57.0%-6.4pp	56.1%-4.2pp	46.6%-13.8pp	79.4%+14.2pp	63.4%+12.4pp	60.3%+10.9pp
Operating Margin	-56557.1%	-17827.8%	-18.1%-11.6pp	-10.7%-4.1pp	-4065.9%	-5303.2%	-6.5%+18.6pp	-6.6%+9.8pp
Net Margin	-7014.3%	-34066.7%	-16.0%-10.7pp	-12.0%-5.2pp	-5522.7%	-6184.1%	-5.3%+18.3pp	-6.8%+9.0pp
Return on Equity	-3.9%+16.1pp	-64.4%-50.0pp	-52.2%-47.9pp	-10.1%-4.3pp	-20.0%-8.3pp	-14.4%+1.3pp	-4.3%+17.1pp	-5.8%+9.2pp
Return on Assets	-2.1%+8.6pp	-27.6%-19.8pp	-26.9%-24.3pp	-5.7%-2.3pp	-10.7%-4.6pp	-7.8%+1.4pp	-2.6%+9.8pp	-3.4%+4.2pp
Current Ratio	2.13+0.4x	1.700.0x	2.020.0x	1.76-0.2x	1.690.0x	1.75-0.2x	2.01+0.1x	1.92+0.1x
Debt-to-Equity	0.860.0x	1.33+0.5x	0.94+0.3x	0.77+0.1x	0.87-0.1x	0.84+0.2x	0.65-0.1x	0.70-0.3x
Asset Turnover	0.000.0x	0.000.0x	1.68+1.2x	0.470.0x	0.00-0.5x	0.00-0.4x	0.500.0x	0.500.0x
FCF Margin	6057.1%	-2038.9%	-2.1%-2.1pp	-8.4%-5.7pp	-5028.4%	-6139.7%	0.0%+15.1pp	-2.8%-3.7pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Aterian, Inc. ATER	FY2025	$69.0M	-$19.0M	-27.5%	N/A	36/100
FGI Industries Ltd. FGI	FY2025	$130.5M	-$6.1M	-4.7%	$14.8M	28/100
Northann Corp. NCL	FY2025	$13.6M	-$11.7M	-85.8%	$8.5M	26/100
Crown Crafts Inc CRWS	FY2026	$82.3M	$1.8M	2.2%	$26.3M	38/100
Natuzzi, S.p.A NTZ	FY2025	N/A	N/A	N/A	$11.0M	—
Lifetime Brands, Inc. LCUT	FY2025	$647.9M	-$27.0M	-4.2%	$212.2M	36/100

Where Aterian, Inc. Ranks

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.

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) recorded an outflow of $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) recorded an outflow of $10.9M in operating cash flow during fiscal year 2025, representing cash used by 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 2.02 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 0.94 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.

How does Aterian, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Aterian, Inc. (ATER) held $4.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $10.9M over that year. Dividing the one by the other, the reported balance equals about 5 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Aterian, Inc.'s Piotroski F-Score?

Aterian, Inc. (ATER) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $19.0M while operations used $10.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $18.0M against $957K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.