ATER Nasdaq Electric Housewares & Fans Financials FY2018βFY2025
Aterian, Inc. had $69.0M of revenue in fiscal 2025, down 30.4% on the year before. Over five years, revenue changed β18.0% a year on average.
Last close Β· Oct 23, 2026
$0.62
0.6%Hi! I read Aterian, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β30.4%
No. Sales fell 30.4% last year.
Does it make a profit?
β27.5%
No. It lost money last year.
Does profit turn into cash?
β15.9%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Aterian, Inc. had $69.0M of revenue in fiscal 2025, down 30.4% on the year before. Over five years, revenue changed β18.0% a year on average. Its operating margin was β26.1%, down 14.1Β pts: of every 100 in sales, about β26 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Aterian, Inc. lost $19.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$10.9M in fiscal 2025, β15.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Aterian, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $30.3M | $43.6M | $20.0M | $18.0M | $4.9M |
| Interest coverage | β2.6x | β66.1x | β35.9x | β9.7x | β18.8x |
| Current ratio | 1.5x | 1.9x | 2.0x | 2.0x | 2.0x |
| Quick ratio | 0.7x | 1.1x | 1.1x | 1.3x | 2.0x |
| Total assets | $314M | $156M | $61.9M | $49.5M | $29.6M |
| Total liabilities | $89.3M | $54.5M | $25.8M | $19.5M | $14.4M |
| Shareholders' equity | $224M | $102M | $36.0M | $30.0M | $15.2M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Aterian, Inc. passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 4 / 8 | 3 / 8 | 3 / 8 | 5 / 7 | 5 / 7 | 3 / 7 |
| Accruals ratio | β2.5% | β50.7% | β59.7% | β82.4% | β76.1% | β56.0% | β25.2% | β20.5% |
| Altman Z'' | 1.54 | β8.67 | β5.28 | β1.69 | β16.75 | β41.12 | β44.25 | β80.35 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $73.3M | $114M | $186M | $248M | $221M | $143M | $99.0M | $69.0M |
| Provision for credit losses | β | β | β | β | β | $0.1M | $0.0M | β$0.1M |
| Gross profit | $26.0M | $45.0M | $84.7M | $122M | $106M | $70.3M | $61.5M | $39.2M |
| Research and development | $3.7M | $10.7M | $8.1M | $9.8M | $6.0M | $4.6M | $0.0M | β |
| Operating income | $29.4M | β$54.3M | β$34.8M | β$34.1M | β$178M | β$76.2M | β$11.8M | β$18.0M |
| Interest expense | $2.4M | $4.5M | $5.0M | $13.3M | $2.7M | $2.1M | $1.2M | $1.0M |
| Pretax income | β$31.8M | β$58.8M | β$63.1M | β$235M | β$197M | β$75.4M | β$11.9M | β$18.9M |
| Income tax | $0.1M | $0.0M | $0.0M | $0.5M | β$0.4M | β$0.9M | β$0.0M | $0.0M |
| Net income | β$31.8M | β$58.8M | β$63.1M | β$236M | β$196M | β$74.6M | β$11.9M | β$19.0M |
| Diluted EPS | β$3.13 | β$4.35 | β$3.68 | β$6.67 | β$2.95 | β | β | β |
| Diluted shares | 0.01B | 0.01B | 0.02B | 0.04B | 0.07B | β | β | β |
| Cash flow | ||||||||
| Cash from operations | β$30.3M | β$25.2M | $6.1M | β$42.0M | β$17.5M | β$13.4M | $2.2M | β$10.9M |
| Capital expenditure | $0.1M | $0.1M | $0.1M | $0.0M | $0.1M | $0.1M | $0.0M | $0.1M |
| Free cash flow | β$30.4M | β$25.3M | $6.0M | β$42.0M | β$17.6M | β$13.5M | $2.1M | β$10.9M |
| Depreciation and amortization | $0.3M | $0.2M | $0.6M | $7.3M | $7.5M | $3.9M | $1.7M | $1.6M |
| Stock-based compensation | $0.6M | $34.7M | $22.7M | $29.0M | $14.6M | $8.3M | $7.5M | $2.2M |
| Acquisitions | β | $1.2M | β | β | β | β | β | β |
| Balance sheet | ||||||||
| Cash and short-term investments | $20.0M | $30.4M | $26.7M | $30.3M | $43.6M | $20.0M | $18.0M | $4.9M |
| Total debt | $27.5M | $35.1M | β | β | β | β | β | β |
| Current assets | $57.4M | $73.0M | $75.2M | $125M | $100M | $49.6M | $38.7M | $28.5M |
| Current liabilities | $39.6M | $53.2M | $74.7M | $83.7M | $53.0M | $25.4M | $19.3M | $14.1M |
| Inventory | $30.6M | $36.2M | $31.6M | $63.0M | $43.7M | $20.4M | $13.7M | $0.1M |
| Property and equipment, net | $0.3M | $0.2M | $0.2M | $1.3M | $0.9M | $0.8M | $0.7M | $0.7M |
| Goodwill | β | β | $47.3M | $120M | $0.0M | $0.0M | β | β |
| Intangible assets | β | β | $31.5M | $65.0M | $54.8M | $11.3M | $9.8M | $0.0M |
| Total assets | $58.0M | $74.4M | $157M | $314M | $156M | $61.9M | $49.5M | $29.6M |
| Total liabilities | $52.6M | $63.7M | $134M | $89.3M | $54.5M | $25.8M | $19.5M | $14.4M |
| Preferred stock | β | β | β | β | β | β | β | $0.0M |
| Shareholders' equity | $5.4M | $10.7M | $23.4M | $224M | $102M | $36.0M | $30.0M | $15.2M |
| Margins | ||||||||
| Gross margin | 35.5% | 39.4% | 45.6% | 49.2% | 47.7% | 49.3% | 62.1% | 56.8% |
| Operating margin | 40.1% | β47.5% | β18.7% | β13.8% | β80.6% | β53.4% | β11.9% | β26.1% |
| EBITDA margin | 40.5% | β47.3% | β18.4% | β10.8% | β77.2% | β50.7% | β10.2% | β23.7% |
| Net margin | β43.4% | β51.4% | β34.0% | β95.3% | β88.8% | β52.3% | β12.0% | β27.5% |
| FCF margin | β41.5% | β22.1% | 3.2% | β17.0% | β7.9% | β9.5% | 2.1% | β15.9% |
| Returns | ||||||||
| Return on capital | 180.9% | β277.4% | β | β | β | β | β | β |
| Return on capital employed | 159.4% | β256.3% | β42.0% | β14.8% | β172.3% | β209.2% | β39.1% | β116.4% |
| Return on equity | β592.7% | β730.5% | β370.1% | β190.6% | β120.4% | β108.1% | β35.9% | β83.9% |
| Return on assets | β54.9% | β88.8% | β54.4% | β100.2% | β83.5% | β68.3% | β21.3% | β48.0% |
| Return on tangible equity | β592.7% | β548.0% | β | β600.1% | β415.9% | β301.7% | β58.5% | β124.8% |
| Growth | ||||||||
| Revenue growth | β | 56.2% | 62.3% | 33.4% | β10.7% | β35.5% | β30.5% | β30.4% |
| FCF growth | β | β | β | β799.8% | β | β | β | β615.6% |
| Share count change | β | 33.0% | 27.0% | 106.1% | 88.0% | β | β | β |
| Financial health | ||||||||
| Net debt / EBITDA | 0.3x | β | β | β | β | β | β | β |
| Debt / equity | 5.1x | 3.3x | β | β | β | β | β | β |
| Interest coverage | 12.5x | β12.0x | β6.9x | β2.6x | β66.1x | β35.9x | β9.7x | β18.8x |
| Current ratio | 1.5x | 1.4x | 1.0x | 1.5x | 1.9x | 2.0x | 2.0x | 2.0x |
| Quick ratio | 0.7x | 0.7x | 0.6x | 0.7x | 1.1x | 1.1x | 1.3x | 2.0x |
| Capital allocation | ||||||||
| Capex / revenue | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% |
| Stock comp / revenue | 0.8% | 30.3% | 12.2% | 11.7% | 6.6% | 5.8% | 7.6% | 3.2% |
| Quality scores | ||||||||
| Piotroski F-score | β | 4.0 | 4.0 | 3.0 | 3.0 | 5.0 | 5.0 | 3.0 |
| Altman Z'' | 1.5 | β8.7 | β5.3 | β1.7 | β16.7 | β41.1 | β44.2 | β80.3 |
| Accruals ratio | β2.5% | β50.7% | β59.7% | β82.4% | β76.1% | β56.0% | β25.2% | β20.5% |
Source: SEC EDGAR XBRL filings (CIK 0001757715). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
