# Aterian, Inc. (ATER)

> Source: Nexqual · https://nexqual.com/ATER · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Aterian, Inc. (ATER), nexqual.com/ATER" · informational, not investment advice.

**Price:** USD 0.62 (-0.62% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 0.63 · day 0.61–0.65 · 52w 0.35–1.87 · market cap $162M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $34.2M, net income -$16.9M (-49.3% margin), free cash flow -$2.6M (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -38.3% vs S&P 500 +13.4%; 5Y -99.2% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $248M | $221M | $143M | $99.0M | $69.0M | $34.2M |
| Gross profit | $122M | $106M | $70.3M | $61.5M | $39.1M | — |
| Operating income | -$34.1M | -$178M | -$76.2M | -$11.8M | -$18.0M | -$16.9M |
| Net income | -$236M | -$196M | -$74.6M | -$11.9M | -$19.0M | -$16.9M |
| EPS (diluted) | -$80.04 | -$35.40 | — | — | — | — |
| Free cash flow | -$42.0M | -$17.6M | -$13.5M | $2.1M | -$10.9M | -$2.6M |
| Gross margin | 49.2% | 47.7% | 49.3% | 62.1% | 56.8% | — |
| Operating margin | -13.8% | -80.6% | -53.4% | -11.9% | -26.1% | -49.6% |
| Net margin | -95.3% | -88.8% | -52.3% | -12.0% | -27.5% | -49.3% |
| Revenue growth | +33.4% | -10.7% | -35.5% | -30.5% | -30.4% | — |
| Cash + short-term investments | $30.3M | $43.6M | $20.0M | $18.0M | $4.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.7x · P/B 12.8x · FCF yield -1.61% · Earnings yield -10.42%

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -38.3% | -99.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -38.4% | -61.9% |
| Volatility (annualized) | 118.3% | 105.4% |
| Max drawdown | -74.0% (Jun 2026→Jul 2026) | -99.5% (Nov 2021→Aug 2026) |

## Peers (Furnishings, Fixtures & Appliances)
FLXS (Flexsteel Industries, Inc.) USD 84.18 -0.94% · HBB (Hamilton Beach Brands Holding C) USD 33.19 -0.60% · ETD (Ethan Allen Interiors Inc.) USD 20.45 -1.64% · XMAX (XMAX, Inc.) USD 8.66 -1.03% · LZB (La-Z-Boy Incorporated) USD 29.98 -1.38% · MLKN (MillerKnoll, Inc.) USD 21.14 -2.49%

## More
Full page: https://nexqual.com/ATER · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ATER's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/1757715/000143774926009285/ater20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | China Export & Credit Insurance | "We also rely on the availability of export credit insurance from the China Export & Credit Insurance Corporation ("Sinosure"), a Chinese state-owned enterprise, that provides export credit insurance to our contract manuf…" |
| Customer | Amazon (AMZN) | "Our customers are mainly individual online consumers who purchase our products primarily on Amazon US, and to a lesser extent on our owned and operated websites and other marketplaces, such as Walmart." |
| Customer | Walmart (WMT) | "Our customers are mainly individual online consumers who purchase our products primarily on Amazon US, and to a lesser extent on our owned and operated websites and other marketplaces, such as Walmart." |
| Customer | Meta Platforms (META) | "We also intend to use certain social media channels, including, but not limited to, X (formerly Twitter), Facebook, Instagram, TikTok and LinkedIn, as a means of communicating with the public, our customers and investors…" |
| Customer | ByteDance | "We also intend to use certain social media channels, including, but not limited to, X (formerly Twitter), Facebook, Instagram, TikTok and LinkedIn, as a means of communicating with the public, our customers and investors…" |
| Customer | Alphabet (Google) (GOOGL) | "These third-party AI systems often function as 'black boxes,' and any updates or shifts in the underlying models used by marketplaces like Amazon or search engines like Google could suddenly de-prioritize our product lis…" |
| Partner | The Nasdaq Stock Market | "Under the Nasdaq Rules, a majority of the members of our Board must satisfy the Nasdaq criteria for "independence." No director qualifies as independent under the Nasdaq Rules unless our Board affirmatively determines th…" |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Heating Cooling & Air Quality | $5.7M | 30.0% | -31.0% |
| Housewares | $3.8M | 19.8% | -33.8% |
| Health & Beauty | $3.0M | 15.7% | +6.2% |
| Essential Oils & Related Accessories | $2.9M | 15.3% | -11.7% |
| Kitchen Appliances | $1.9M | 9.9% | -32.5% |
| Home Office | $1.4M | 7.5% | -27.2% |
| Cookware Kitchen Tools & Gadgets | $328,000 | 1.7% | -76.5% |
| Product & Service Other | $4,000 | 0.0% | -55.6% |
| Total revenue | $19.0M | 100% | — |

## Revenue by region (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $17.8M | 93.4% | -28.3% |
| Other Than North America | $1.3M | 6.6% | -14.1% |
| Total revenue | $19.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 86% of revenue from unnamed direct customers (10-K, filed 2026-03-23).

## Company outlook (8-K filed 2025-11-13)

- "We remain confident in our ability to meet our financial forecasts for the second half of 2025."
- "We expect to realize further operational efficiencies in 2026 when our previously announced workforce reductions and vendor savings initiatives fully take hold."
- "We also expect a working capital benefit in 2026 as we draw down inventory purchased in advance of tariffs to meet anticipated customer demand." Third Quarter 2025 Highlights All comparisons are to the third quarter ended"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-03-31) | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±40.5%; last 8 reports averaged ±16.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 206.7% | ±40.5% |
| 2027-02-19 | 118 | 247.8% | ±38.9% |