Revenue has experienced a sustained decay, culminating in a 99.9% year-over-year decline in 2026Q1 alongside an operating margin of -161.6%.
| Sales/Revenue | 53.63M | 68.97M | 99.05M | 142.57M | 221.17M | 247.77M | 185.7M | 114.45M | 73.28M | 36.46M |
| Revenue Growth % | -43.06% | -30.36% | -30.53% | -35.54% | -10.73% | 33.42% | 62.26% | 56.19% | 100.99% | - |
| Cost of Goods Sold | 23.9M | 29.82M | 37.55M | 72.28M | 115.65M | 125.9M | 100.96M | 69.41M | 47.3M | 22.78M |
| COGS % of Revenue | - | 43.24% | 37.91% | 50.7% | 52.29% | 50.82% | 54.36% | 60.65% | 64.54% | 62.48% |
| Gross Profit | 29.73M | 39.15M | 61.49M | 70.28M | 105.52M | 121.86M | 84.75M | 45.04M | 25.98M | 13.68M |
| Gross Margin % | 55.43% | 56.76% | 62.09% | 49.3% | 47.71% | 49.18% | 45.63% | 39.35% | 35.46% | 37.52% |
| Gross Profit Growth % | - | -36.34% | -12.51% | -33.39% | -13.41% | 43.8% | 88.16% | 73.34% | 89.96% | - |
| Operating Expenses | 41.24M | 51.4M | 73.32M | 146.47M | 283.68M | 155.94M | 119.5M | 99.37M | 55.41M | 36.27M |
| OpEx % of Revenue | - | 74.51% | 74.02% | 102.74% | 128.26% | 62.94% | 64.35% | 86.83% | 75.62% | 99.48% |
| Selling, General & Admin | 43.1M | 11.85M | 73.32M | 102.13M | 159.38M | 171.17M | 98.64M | 88.71M | 51.76M | 32.57M |
| SG&A % of Revenue | - | 17.17% | 74.02% | 71.64% | 72.06% | 69.08% | 53.11% | 77.51% | 70.63% | 89.34% |
| Research & Development | 0 | 0 | 0 | 4.62M | 6.01M | 9.84M | 8.13M | 10.66M | 3.65M | 3.7M |
| R&D % of Revenue | - | - | - | 3.24% | 2.72% | 3.97% | 4.38% | 9.31% | 4.99% | 10.14% |
| Other Operating Expenses | -1M | 39.55M | 0 | 39.73M | 118.29M | -25.07M | 12.73M | 0 | 14K | -24K |
| Operating Income | -11.51M | -12.24M | -11.82M | -76.19M | -178.16M | -34.08M | -34.75M | -54.33M | -29.43M | -22.59M |
| Operating Margin % | -21.46% | -17.75% | -11.94% | -53.44% | -80.55% | -13.75% | -18.71% | -47.47% | -40.16% | -61.97% |
| Operating Income Growth % | - | -3.57% | 84.48% | 57.23% | -422.81% | 1.94% | 36.04% | -84.62% | -30.26% | - |
| EBITDA | -10.29M | -10.63M | -10.13M | -72.3M | -170.64M | -26.75M | -34.2M | -54.15M | -29.18M | -22.34M |
| EBITDA Margin % | -19.18% | -15.41% | -10.23% | -50.72% | -77.15% | -10.8% | -18.42% | -47.31% | -39.81% | -61.26% |
| EBITDA Growth % | -19.97% | -4.85% | 85.98% | 57.63% | -537.88% | 21.78% | 36.84% | -85.6% | -30.63% | - |
| D&A (Non-Cash Add-back) | 1.22M | 1.62M | 1.69M | 3.89M | 7.52M | 7.33M | 552K | 183K | 253K | 258K |
| EBIT | -11.48M | -12.24M | -10.69M | -73.31M | -193.97M | -222.24M | -58.04M | -54.23M | -29.41M | -22.62M |
| Net Interest Income | -902K | -851K | -949K | -1.42M | -2.6M | -12.65M | -4.98M | -4.39M | -2.35M | -412K |
| Interest Income | 68K | 106K | 269K | 704K | 93K | 595K | 59K | 146K | 1K | 1K |
| Interest Expense | 970K | 957K | 1.22M | 2.13M | 2.7M | 13.25M | 5.04M | 4.53M | 2.35M | 413K |
| Other Income/Expense | -7M | -6.7M | -86K | 759K | -18.51M | -201.41M | -28.33M | -4.43M | -2.34M | -436K |
| Pretax Income | -18.5M | -18.94M | -11.91M | -75.43M | -196.67M | -235.49M | -63.08M | -58.76M | -31.77M | -23.03M |
| Pretax Margin % | -34.5% | -27.46% | -12.02% | -52.91% | -88.92% | -95.05% | -33.97% | -51.34% | -43.35% | -63.16% |
| Income Tax | 2.72M | 41K | -47K | -867K | -376K | 532K | 48K | 29K | 55K | 38K |
| Effective Tax Rate % | -14.69% | -0.22% | 0.39% | 1.15% | 0.19% | -0.23% | -0.08% | -0.05% | -0.17% | -0.17% |
| Net Income | -21.22M | -18.98M | -11.86M | -74.56M | -196.29M | -236.02M | -63.13M | -58.79M | -31.82M | -23.07M |
| Net Margin % | -39.57% | -27.52% | -11.98% | -52.3% | -88.75% | -95.26% | -33.99% | -51.37% | -43.43% | -63.27% |
| Net Income Growth % | -100.25% | -60.04% | 84.09% | 62.01% | 16.83% | -273.89% | -7.38% | -84.74% | -37.96% | - |
| Net Income (Continuing) | -21.22M | -18.98M | -11.86M | -74.56M | -196.29M | -236.02M | -63.13M | -58.79M | -31.82M | -23.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.40 | -2.39 | -1.68 | -11.45 | -35.41 | -11.26 | -3.32 | -3.63 | -1.81 | -1.32 |
| EPS Growth % | -74.15% | -42.26% | 85.33% | 67.66% | -214.48% | -239.16% | 8.54% | -100.55% | -37.12% | - |
| EPS (Basic) | - | -2.39 | -1.68 | -11.45 | -35.41 | -11.26 | -3.32 | -3.63 | -1.81 | -1.32 |
| Diluted Shares Outstanding | 8.84M | 7.93M | 7.07M | 6.51M | 5.54M | 20.84M | 18.99M | 16.2M | 17.54M | 17.54M |
| Basic Shares Outstanding | 8.84M | 7.93M | 7.07M | 6.51M | 5.54M | 20.84M | 18.99M | 16.2M | 17.54M | 17.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Amazon platform dependency risk
As evidenced by the company's recent financial disclosures, Aterian has experienced a sustained period of top-line decay, highlighted by a 30.36% year-over-year revenue decline, which suggests that the firm's reliance on Amazon-centric algorithmic arbitrage is failing to maintain competitive relevance in a shifting e-commerce landscape.
The consistent quarterly revenue erosion indicates that the company's product portfolio may be losing its search-driven visibility or that management is aggressively pruning underperforming SKUs to preserve liquidity. This downward trajectory raises significant questions regarding the long-term durability of the AIMEE platform as a growth engine.
Based on reported figures, Aterian's gross margin has fluctuated between 51% and 65%, reflecting an unstable pricing environment where the company struggles to pass through rising fulfillment costs while maintaining the volume necessary to leverage its fixed-cost base within the highly competitive Amazon marketplace ecosystem.
The variability in gross margins suggests that the company lacks meaningful pricing power and remains highly susceptible to shifts in Amazon's fee structures and logistics costs. Investors should monitor whether these margin swings are a result of intentional product mix shifts or an inability to control variable fulfillment expenses.
According to the income statement data, Aterian has consistently failed to achieve operating leverage, as SG&A expenses remain disproportionately high relative to gross profit, resulting in persistent operating losses that suggest the current corporate overhead is not aligned with the company's diminished revenue scale.
The inability to scale operating income alongside gross profit indicates that the business model requires a level of marketing and administrative spend that the current revenue base cannot support. This structural mismatch implies that the company may remain trapped in a cycle of operating losses unless it achieves a significant reduction in fixed costs.
As reported in financial statements, Aterian's net income remains deeply negative, with recurring losses exacerbated by stock-based compensation and a lack of non-operating income, which collectively signal that the company's reported earnings are currently devoid of fundamental quality or sustainable profitability potential for shareholders.
The persistent net losses, coupled with the reliance on equity-based incentives despite poor performance, suggest a misalignment between management compensation and shareholder value creation. The absence of a clear path to positive net income warrants extreme caution regarding the company's long-term viability as a going concern.
While the company has successfully reduced its debt-to-equity ratio to 0.30%, the extremely low cash position of $4.8M, as noted in recent filings, suggests that the firm faces a critical liquidity bottleneck that could necessitate dilutive financing to sustain operations through the next fiscal cycle.
Short-sellers would likely focus on the company's limited cash runway and the potential for further equity dilution to fund ongoing operating deficits. The market's current valuation may be reflecting a terminal risk scenario where the underlying brand assets are insufficient to cover the company's long-term liabilities.
Quick answers to the most common questions about buying ATER stock.
For fiscal year 2025, Aterian, Inc. (ATER) reported total revenue of $69.0M. This represents a 89.2% increase compared to $36.5M in 2017.
Aterian, Inc. (ATER) reported a net loss of $19.0M for the fiscal year ending 2025.
Aterian, Inc. (ATER) reported an operating income of $-12.2M, resulting in an operating profit margin of -17.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Aterian, Inc. (ATER) generated $39.1M in gross profit for the year, representing a gross profit margin of 56.8%. This demonstrates the company's core pricing power and production efficiency.