Aterian, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Aterian, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	73.3	114	186	248	221	143	99	69
Cost of revenue	47.3	69.4	101	126	116	72.3	37.6	29.8
Gross profit	26	45	84.7	122	106	70.3	61.5	39.2
Research and development	3.66	10.7	8.13	9.84	6.01	4.62	0
Selling and marketing	40.5	55.2	68	127	121	81.9	56	41.5
General and administrative	11.3	33.5	30.6	45.1	38.2	20.2	17.3	11.8
Operating expenses	55.4	99.4	119	156	284	146	73.3	57.1
Operating income	-29.4	-54.3	-34.8	-34.1	-178	-76.2	-11.8	-18
Interest expense	2.35	4.53	5.04	13.3	2.7	2.13	1.22	0.96
Interest income	0	0.15	0.06	0.6	0.09	0.7	0.27	0.11
Other non-operating income	0.01	-0.04	0.03	-0.05	0.28	-0.26	-0.06	-0.23
Pre-tax income	-31.8	-58.8	-63.1	-235	-197	-75.4	-11.9	-18.9
Income tax	0.06	0.03	0.05	0.53	-0.38	-0.87	-0.05	0.04
Net income	-31.8	-58.8	-63.1	-236	-196	-74.6	-11.9	-19
EBITDA	-29.2	-54.2	-34.2	-26.8	-171	-72.3	-10.1	-16.4
EPS, basic	-3.13	-4.35	-3.68	-6.67	-2.95	-11.43	-1.68	-2.39
EPS, diluted	-3.13	-4.35	-3.68	-6.67	-2.95	-11.43	-1.68	-2.39
Shares, basic (weighted)	10.2	13.5	17.2	35.4	66.5	6.52	7.07	7.93
Shares, diluted (weighted)	10.2	13.5	17.2	35.4	66.5	6.52	7.07	7.93

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20	30.4	26.7	30.3	43.6	20	18	4.86
Receivables	1.4	1.06	5.75	10.5	4.52	4.23	3.78	0.01
Inventory	30.6	36.2	31.6	63	43.7	20.4	13.7	0.05
Other current assets	5.42	5.4	11.1	21	8.26	5	3.19	2.11
Total current assets	57.4	73	75.2	125	100	49.6	38.7	28.5
Property, plant and equipment	0.27	0.18	0.17	1.25	0.85	0.78	0.69	0.66
Goodwill			47.3	120	0	0
Intangible assets			31.5	65	54.8	11.3	9.76	0
Other non-current assets	0.34	0.18	3.35	2.55	0.81	0.14	0.38	0.39
Total assets	58	74.4	157	314	156	61.9	49.5	29.6
Accounts payable	15.4	21.1	14.9	21.7	16	4.19	3.08	0.36
Accrued liabilities	2.59	0.3	0.29	0.16	0.05	0.14	2.5	0.06
Total current liabilities	39.6	53.2	74.7	83.7	53	25.4	19.3	14.1
Other non-current liabilities	0.03	0	1.84	0.36	1.45	0.39	0.23	0.23
Total liabilities	52.6	63.7	134	89.3	54.5	25.8	19.5	14.4
Total debt	27.5	35.1
Paid-in capital	76.3	140	216	654	728	737	743	746
Retained earnings	-71	-130	-193	-429	-625	-700	-712	-731
Other comprehensive income	0.04	0.06	0.01	-0.47	-1.14	-0.84	-0.91	-0.55
Shareholders' equity	5.37	10.7	23.4	224	102	36	30	15.2
Total equity	5.37	10.7	23.4	224	102	36	30	15.2
Total liabilities and equity	58	74.4	157	314	156	61.9	49.5	29.6
Shares outstanding	11.5	17.7	27.1	55.1	80.8	7.51	8.75	10

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-31.8	-58.8	-63.1	-236	-196	-74.6	-11.9	-19
Depreciation and amortization	0.25	0.18	0.55	7.33	7.52	3.89	1.69	1.62
Stock-based compensation	0.62	34.7	22.7	29	14.6	8.34	7.51	2.18
Deferred income tax	0	0	0.02	0.2	-0.55	-1.15	-0.01	0
Change in receivables	-0.07	0.31	-4.7	-4.55	5.6	0.21	0.43	1.47
Change in inventory	-9.97	-5.36	18.7	-19.3	19.4	26.4	9.38	-0.79
Cash from operations	-30.3	-25.2	6.09	-42	-17.5	-13.4	2.17	-10.9
Capital expenditures	-0.06	-0.11	-0.09	-0.03	-0.08	-0.12	-0.04	-0.05
Acquisitions		-1.18
Cash from investing	-0.03	-1.28	-39.1	-44.9	-0.68	-0.24	-0.24	-0.05
Debt repaid	-6.78		-16.1
Stock issued	0.02		0.04		46.8	0
Cash from financing	45.3	36.6	32.3	95.6	27	-11.1	-4.91	-2.52
Net change in cash	14.9	10.1	-0.69	8.22	8.31	-24.4	-3.05	-13.1
Free cash flow	-30.4	-25.3	6	-42	-17.6	-13.5	2.12	-10.9
Interest paid	1.56	3.2	2.79	5.61	1.88	1.72	1.14	0.88
Income taxes paid	0	0.02	0.05	0.04	0.1	0.09	0.15	0.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.7%	Gross profit / revenue.
Operating margin	-26.5%	Operating income / revenue.
EBITDA margin	-25.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-25.6%	Pre-tax income / revenue.
Net margin	-24.5%	Net income / revenue.
FCF margin	-3.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-3.7%	Cash from operations / revenue.
Return on equity (ROE)	-133.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-71.6%	Net income / average total assets.
Return on invested capital (ROIC)	-143.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-30.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-32.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-18.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-36.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-28.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-14.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-603.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-615.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-49.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-47.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-40.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-42.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-28.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	12.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-50.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-14.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.13x	Current assets / current liabilities.
Quick ratio	0.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	46.4%	Total liabilities / total assets.
Interest coverage	-17.7x	Operating income / interest expense.
Working capital	$12.4M	Current assets - current liabilities.
Tangible book value	$12.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.93x	Revenue / average total assets.
Inventory turnover	306x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Days sales outstanding	0 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-67 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.52	Revenue / diluted weighted shares.
FCF per share	-$0.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.28	Cash from operations / diluted weighted shares.
Book value per share	$1.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.16	Tangible book value / shares outstanding.
Cash per share	$0.23	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$11.9M	Share price x shares outstanding.
Enterprise value	$9.4M	Market cap + total debt - cash - short-term investments.
P/S	0.17x	Market cap / revenue.
P/B	0.95x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.95x	Market cap / tangible book value, when positive.
EV/Sales	0.14x	Enterprise value / revenue.
FCF yield	-21.8%	Free cash flow / market cap.
Earnings yield	-141.2%	Net income / market cap (the inverse of P/E).

What was Aterian, Inc.'s revenue in fiscal 2025?

Aterian, Inc. reported revenue of $69.0M for fiscal 2025, 30.4% lower than the year before.

Was Aterian, Inc. profitable in fiscal 2025?

No. It reported a net loss of $19.0M.

How much free cash flow did Aterian, Inc. generate in fiscal 2025?

Cash from operations of $10.9M minus capital expenditures of $51.0K left free cash flow of -$10.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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