# Aterian, Inc. (ATER) · Edgar & Edgarette company card

> Aterian (ATER) saw revenue fall 30.4% in FY2025 to $69 million, operating margin -26.1% against a 5.3% median for electric housewares & fans, equity 51.4% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1757715 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/ATER) · [JSON](https://www.pops4.com/boards/company/ATER.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $69M |
| Revenue growth, 1 year | -30.4% |
| Revenue growth per year | -27.4% |
| Operating margin | -26.1% (prior year -11.9%) |
| Net margin | -27.5% |
| Operating cash flow | −$11M |
| Capital spending | $51,000 |
| Free cash flow | −$11M |
| Cash | $5M |
| Long-term debt | — |
| Total assets | $30M |
| Total equity | $15M |
| Equity ÷ assets | 51.4% |
| Return on equity | -124.8% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -81.34 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -4.21 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed auditor change in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -26.1% in FY2025; revenue is hard to predict: its 80% range is ±60%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $69.0M (FY2025). Experience: revenue down 30.4% on the year, down 27.4% a year over 4 years; operating margin -26.1%, down from -11.9%. Soundness: equity 51.4% of assets, return on equity -124.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $22.8M and $90.2M next year (method v4.1: its own 6-year record of growth weighed at 63% against $50M–100M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $24.0M to $85.9M. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, its industry group): operating margin -26.1% against a 5.3% median; growth -30.4% against -6.4%.

Range logged 2026-09-25, receipt 6fb1cbea2d25e706, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 2, latest 2026-09-08 ([filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926029837/0001437749-26-029837-index.htm))
- Item 4.01 Auditor change: 1, latest 2026-10-05 ([filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926032036/0001437749-26-032036-index.htm))
- Item 5.02 Director or officer change: 5, latest 2026-10-05 ([filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926032036/0001437749-26-032036-index.htm))

## Recent filings

- 8-K · filed 2026-10-23 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926033417/0001437749-26-033417-index.htm)
- 8-K · filed 2026-10-05 · 4.01 Changes in Registrant's Certifying Accountant; 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926032036/0001437749-26-032036-index.htm)
- 8-K · filed 2026-09-29 · 5.01 Changes in Control of Registrant; 5.02 Departure or Election of Directors; Appointment of Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926031486/0001437749-26-031486-index.htm)
- 8-K · filed 2026-09-08 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926029837/0001437749-26-029837-index.htm)
- 10-Q · filed 2026-08-14 · [filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926028004/0001437749-26-028004-index.htm)
- 8-K · filed 2026-07-20 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 3.02 Unregistered Sales of Equity Securities; 3.03 Material Modifications to Rights of Security Holders; 5.01 Changes in Control of Registrant; 5.02 Departure or Election of Directors; Appointment of Officers; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 5.07 Submission of Matters to a Vote of Security Holders; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1757715/000143774926023879/0001437749-26-023879-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001757715.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1757715

## Cite

POPS4, Edgar & Edgarette: Aterian, Inc. (ATER) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/ATER. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.