ATER Aterian, Inc. - Common Stock
$1.15
Price · May 20, 2026
Fundamentals as of May 15, 2026
52W Range
$1–$2
47% of range
Analyst Rating
HOLD
6 analysts
Price Target
—
P/E (TTM)
-0.2
ROE
-96.1%
Net Profit Margin
-27.5%
ATER Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.15
Market Cap
$7M
P/E (TTM)
-0.2
EPS (TTM)
—
Revenue (TTM)
$69M
Div Yield
—
ROE
-96.1%
Debt/Equity
0.0
52W Range
$1 – $2
ATER Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$69M
2018-03-31
→
2025-12-31
EPS
—
2021-12-31
→
2022-12-31
Free Cash Flow
$-11M
2019-12-31
→
2025-12-31
Margins
-27.5%
2019-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ATER
Peer Median
P/E (TTM)
-0.2
11.8
P/S (TTM)
0.1
0.3
P/B
0.5
1.4
EV / EBITDA
-0.2
—
Price / FCF
-0.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ATER
Peer Median
Gross Margin
56.8%
44.1%
Operating Margin
-26.1%
—
Net Profit Margin
-27.5%
3.2%
ROA
-48.0%
4.3%
ROE
-96.1%
14.2%
ROIC
-115.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ATER
Peer Median
Debt / Equity
0.0
29.2
Current Ratio
1.7
2.1
Quick Ratio
0.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ATER
Peer Median
Revenue YoY
-30.4%
—
Revenue CAGR 3Y
-32.2%
—
Revenue CAGR 5Y
-18.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ATER
Peer Median
ATER Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
6 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 50.0%
- Sell 1 16.7%
- Strong Sell 2 33.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.20%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| Sept. 30, 2025 | $-0.28 | $-0.64 | 0.36% |
| June 30, 2025 | $-0.63 | $-0.55 | -0.08% |
| March 31, 2025 | $-0.52 | $-0.70 | 0.18% |
| Dec. 31, 2024 | $-0.18 | $-0.53 | 0.35% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ATER | $7M | -0.2 | -30.4% | -27.5% | -96.1% | 56.8% |
| CRCT | — | 14.1 | -0.53% | — | — | — |
| HBB | — | 8.4 | -7.3% | 4.4% | 15.3% | 25.7% |
| COOK | $7.40B | -62.1 | -7.4% | -20.6% | -51.8% | 39.2% |
| SN | $15.80B | 22.7 | 15.8% | 11.0% | 30.4% | 49.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $69M | $99M | $143M | $221M | $248M | $186M | $114M | $73M | |
| Cost of Revenue | $30M | $38M | $72M | $116M | $126M | $101M | $69M | $47M | |
| Gross Profit | $39M | $61M | $70M | $106M | $122M | $85M | $45M | $26M | |
| R&D Expense | · | $0 | $5M | $6M | $10M | $8M | $11M | $4M | |
| SG&A Expense | $12M | $17M | $20M | $38M | $45M | $31M | $34M | $11M | |
| Operating Expenses | $57M | $73M | $146M | $284M | $156M | $119M | $99M | $55M | |
| Operating Income | $-18M | $-12M | $-76M | $-178M | $-34M | $-35M | $-54M | $-29M | |
| Interest Expense | $957.0K | $1M | $2M | $3M | $13M | $5M | $5M | $2M | |
| Interest Income | $106.0K | $269.0K | $704.0K | $93.0K | $595.0K | $59.0K | $146.0K | $1.0K | |
| Other Non-op | $-228.0K | $-61.0K | $-260.0K | $281.0K | $-45.0K | $27.0K | $-41.0K | $14.0K | |
| Pretax Income | $-19M | $-12M | $-75M | $-197M | $-235M | $-63M | $-59M | $-32M | |
| Income Tax | $41.0K | $-47.0K | $-867.0K | $-376.0K | $532.0K | $48.0K | $29.0K | $55.0K | |
| Net Income | $-19M | $-12M | $-75M | $-196M | $-236M | $-63M | $-59M | $-32M | |
| EPS (Basic) | $-2.39 | $-1.68 | $-11.43 | $-2.95 | $-6.67 | · | · | · | |
| EPS (Diluted) | · | · | · | $-2.95 | $-6.67 | · | · | · | |
| Shares (Basic) | 7,932,889 | 7,069,404 | 6,524,589 | 66,529,565 | 35,379,005 | · | · | · | |
| Shares (Diluted) | · | · | · | 66,529,565 | 35,379,005 | · | · | · | |
| EBITDA | $-16M | $-10M | $-72M | $-178M | · | · | $-54M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5M | $18M | $20M | $44M | $30M | $27M | $30M | $20M | |
| Receivables | $6.0K | $4M | $4M | $5M | $10M | $6M | $1M | $1M | |
| Inventory | $52.0K | $14M | $20M | $44M | $63M | $32M | $36M | $31M | |
| Prepaid Expense | $2M | $3M | $5M | $8M | $21M | $11M | $5M | $5M | |
| Current Assets | $29M | $39M | $50M | $100M | $125M | $75M | $73M | $57M | |
| PP&E (Net) | $661.0K | $685.0K | $775.0K | $853.0K | $1M | $169.0K | $175.0K | $268.0K | |
| PP&E (Gross) | $1M | $1M | $1M | $2M | $2M | $760.0K | $670.0K | $812.0K | |
| Accum. Depreciation | $654.0K | $577.0K | $498.0K | $1M | $559.0K | $591.0K | $495.0K | $544.0K | |
| Goodwill | · | · | $0 | $0 | $120M | $47M | · | · | |
| Intangibles | $0 | $10M | $11M | $55M | $65M | $31M | · | · | |
| Other Non-current Assets | $389.0K | $381.0K | $138.0K | $813.0K | $3M | $3M | $175.0K | $337.0K | |
| Total Assets | $30M | $50M | $62M | $156M | $314M | $157M | $74M | $58M | |
| Accounts Payable | $355.0K | $3M | $4M | $16M | $22M | $15M | $21M | $15M | |
| Short-term Debt | $368.0K | $466.0K | $1M | $2M | $8M | $16M | · | · | |
| Current Liabilities | $14M | $19M | $25M | $53M | $84M | $75M | $53M | $40M | |
| Other Non-current Liabilities | $225.0K | $227.0K | $391.0K | $1M | $360.0K | $2M | $4.0K | $26.0K | |
| Total Liabilities | $14M | $20M | $26M | $54M | $89M | $134M | $64M | $53M | |
| Long-term Debt | · | · | · | · | · | · | $35M | $28M | |
| Total Debt | $368.0K | $466.0K | $1M | $2M | · | · | · | · | |
| Common Stock | $9.0K | $9.0K | $9.0K | $8.0K | $5.0K | $3.0K | $2.0K | $1.0K | |
| Paid-in Capital | $746M | $743M | $737M | $728M | · | · | · | · | |
| Retained Earnings | $-731M | $-712M | $-700M | $-625M | $-429M | $-193M | $-130M | $-71M | |
| AOCI | $-552.0K | $-906.0K | $-838.0K | $-1M | $-468.0K | $9.0K | $57.0K | $40.0K | |
| Stockholders' Equity | $15M | $30M | $36M | $102M | $224M | $23M | $11M | $5M | |
| Liabilities + Equity | $30M | $50M | $62M | $156M | $314M | $157M | $74M | $58M | |
| Shares Outstanding | 10,027,046 | 8,750,741 | 7,508,246 | 80,752,290 | 55,090,237 | 27,074,791 | 17,736,649 | 11,534,190 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $4M | $8M | $7M | $552.0K | $183.0K | $253.0K | |
| Stock-based Comp | $2M | $8M | $8M | $15M | $29M | $23M | $35M | $619.0K | |
| Deferred Tax | $0 | $-5.0K | $-1M | $-546.0K | $195.0K | $20.0K | $0 | $0 | |
| Amort. of Intangibles | $2M | $2M | $2M | · | · | · | · | · | |
| Restructuring | · | $565.0K | $2M | $0 | · | · | · | · | |
| Other Non-cash | $4M | $5M | $50M | · | · | · | · | · | |
| Operating Cash Flow | $-11M | $2M | $-13M | $-17M | $-42M | $6M | $-25M | $-30M | |
| CapEx | $51.0K | $42.0K | $119.0K | $82.0K | $32.0K | $89.0K | $114.0K | $61.0K | |
| Investing Cash Flow | $-51.0K | $-242.0K | $-244.0K | $-677.0K | $-45M | $-39M | $-1M | $-26.0K | |
| Stock Issued | · | · | $0 | $47M | · | · | · | · | |
| Net Stock Activity | · | · | $0 | $47M | · | · | · | · | |
| Financing Cash Flow | $-3M | $-5M | $-11M | $27M | $96M | $32M | $37M | $45M | |
| Net Change in Cash | $-13M | $-3M | $-24M | $8M | $8M | $-692.0K | $10M | $15M | |
| Taxes Paid | $50.0K | $152.0K | $94.0K | $100.0K | $41.0K | $46.0K | $21.0K | $3.0K | |
| Free Cash Flow | $-11M | $2M | $-14M | $-18M | · | · | $-25M | · | |
| Levered FCF | $-12M | $909.8K | $-16M | $-21M | · | · | $-30M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.8% | 62.1% | 49.3% | 47.7% | · | · | 39.4% | · | |
| Operating Margin | -26.1% | -11.9% | -53.4% | -80.5% | · | · | -47.5% | · | |
| Net Margin | -27.5% | -12.0% | -52.3% | -88.8% | · | · | -51.4% | · | |
| Pretax Margin | -27.5% | -12.0% | -52.9% | -88.9% | · | · | -51.3% | · | |
| EBITDA Margin | -23.7% | -10.2% | -50.7% | -80.5% | · | · | -47.5% | · | |
| ROA | -48.0% | -21.3% | -68.3% | -83.5% | · | · | -88.8% | · | |
| ROE | -96.1% | -39.1% | -191.3% | -195.1% | · | · | -388.9% | · | |
| ROIC | -115.6% | -38.6% | -203.1% | -171.6% | · | · | -506.8% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 2.0 | 2.0 | 1.9 | · | · | 1.4 | · | |
| Quick Ratio | 0.5 | 1.1 | 1.0 | 0.9 | · | · | 0.6 | · | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | · | · | · | · | |
| Interest Coverage | -18.8 | -9.7 | -35.9 | -66.1 | · | · | -12.0 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.7 | 1.8 | 1.3 | 0.9 | · | · | 1.7 | · | |
| Inventory Turnover | 2.2 | 2.2 | 2.3 | 2.2 | · | · | 2.1 | · | |
| Receivables Turnover | 22.1 | 24.7 | 32.6 | 29.5 | · | · | 93.0 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -30.4% | -30.5% | -35.5% | -10.7% | 33.4% | · | · | · | |
| Revenue CAGR 3Y | -32.2% | -26.3% | -8.4% | · | · | · | · | · | |
| Revenue CAGR 5Y | -18.0% | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $69M | $99M | $143M | $221M | $248M | $186M | $114M | · | |
| Net Income TTM | $-19M | $-12M | $-75M | $-196M | $-236M | $-63M | $-59M | · | |
| Market Cap | $7M | $21M | $377M | $746M | · | · | $1.25B | · | |
| Enterprise Value | $2M | $3M | $358M | $704M | · | · | · | · | |
| P/E | -0.2 | -0.8 | -1.5 | -3.1 | -7.4 | · | · | · | |
| P/S | 0.1 | 0.2 | 2.6 | 3.4 | · | · | 11.0 | · | |
| P/B | 0.5 | 0.7 | 10.5 | 7.3 | · | · | 116.9 | · | |
| P / Tangible Book | 0.6 | 1.0 | 15.3 | 15.8 | 69.1 | · | · | · | |
| P / Cash Flow | -0.6 | 9.7 | -28.2 | -42.7 | · | · | -49.7 | · | |
| P / FCF | -0.6 | 9.9 | -27.9 | -41.3 | · | · | -49.5 | · | |
| EV / EBITDA | -0.2 | -0.3 | -5.0 | -4.0 | · | · | · | · | |
| EV / FCF | -0.2 | 1.6 | -26.5 | -39.0 | · | · | · | · | |
| EV / Revenue | 0.0 | 0.0 | 2.5 | 3.2 | · | · | · | · | |
| Earnings Yield | -410.9% | -119.2% | -68.3% | -31.9% | -13.5% | · | · | · |
Income Statement 18
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.0K | $15M | $19M | $19M | $63.0K | $25M | $26M | $28M | $20M | $33M | $40M | $35M | $35M | $55M | $66M | $58M | |
| Cost of Revenue | $8.0K | $7M | $8M | $9M | $13.0K | $9M | $10M | $11M | $7M | $16M | $20M | $20M | $16M | $35M | $36M | $27M | |
| Gross Profit | $10.0K | $8M | $11M | $11M | $50.0K | $16M | $16M | $17M | $13M | $17M | $20M | $15M | $19M | $20M | $30M | $31M | |
| R&D Expense | · | · | · | · | · | · | $0 | $0 | $0 | $808.0K | $852.0K | $2M | $1M | $1M | $2M | $2M | |
| SG&A Expense | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $5M | $5M | $4M | $4M | $6M | $6M | $9M | $10M | $10M | |
| Operating Expenses | $3M | $16M | $13M | $15M | $3M | $17M | $18M | $20M | $18M | $25M | $26M | $51M | $44M | $43M | $139M | $41M | |
| Operating Income | $-3M | $-8M | $-2M | $-5M | $-3M | $-2M | $-2M | $-3M | $-5M | $-8M | $-7M | $-36M | $-25M | $-23M | $-109M | $-10M | |
| Interest Expense | $234.0K | $208.0K | $275.0K | $253.0K | $221.0K | $257.0K | $272.0K | $296.0K | $393.0K | $502.0K | $487.0K | $540.0K | $596.0K | $652.0K | $904.0K | $338.0K | |
| Interest Income | $8.0K | $13.0K | $16.0K | $31.0K | $46.0K | $48.0K | $83.0K | $68.0K | $70.0K | $157.0K | $128.0K | $194.0K | $225.0K | $93.0K | $0 | · | |
| Other Non-op | $0 | $-33.0K | $22.0K | $-157.0K | $-42.0K | $214.0K | $-225.0K | $-43.0K | $-7.0K | $-158.0K | $128.0K | $-176.0K | $-54.0K | $82.0K | $174.0K | $0 | |
| Pretax Income | $-3M | $-8M | $-2M | $-5M | $-3M | $-1M | $-2M | $-3M | $-5M | $-9M | $-6M | $-35M | $-26M | $-20M | $-117M | $-16M | |
| Income Tax | $0 | $-9.0K | $19.0K | $11.0K | $0 | $-113.0K | $-210.0K | $205.0K | $71.0K | $-1M | $90.0K | $26.0K | $26.0K | $-133.0K | $-75.0K | $-168.0K | |
| Net Income | $-6M | $-8M | $-2M | $-5M | $-4M | $-1M | $-2M | $-4M | $-5M | $-8M | $-6M | $-35M | $-26M | $-20M | $-117M | $-16M | |
| EPS (Basic) | $-0.69 | $-0.96 | $-0.28 | $-0.63 | $-0.52 | $-0.15 | $-0.25 | $-0.52 | $-0.76 | $-1.08 | $-0.95 | $-5.37 | $-4.03 | $-0.10 | $-1.81 | $-0.26 | |
| EPS (Diluted) | · | · | · | · | · | · | · | · | · | · | · | $-0.45 | $-0.34 | · | $-1.81 | $-0.26 | |
| Shares (Basic) | 8,844,573 | -15,402,296 | 8,207,318 | 7,674,910 | 7,452,957 | -13,860,381 | 7,166,612 | 6,973,218 | 6,789,955 | -12,954,732 | 6,600,485 | 6,483,931 | 6,394,905 | -117,207,602 | 64,648,650 | 63,947,069 | |
| Shares (Diluted) | · | · | · | · | · | · | · | · | · | · | · | 77,625,304 | 76,732,539 | · | 64,648,650 | 63,947,069 | |
| EBITDA | $-3M | · | $-2M | $-5M | $-3M | · | $-2M | $-3M | $-5M | · | $-7M | $-36M | $-25M | · | $-109M | $-10M |
Balance Sheet 26
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2M | $5M | $8M | $10M | $14M | $18M | $16M | $20M | $18M | $20M | $28M | $29M | $34M | $44M | $26M | $35M | |
| Receivables | $1.0K | $2M | $2M | $3M | $3M | $4M | $3M | $4M | $2M | $4M | $3M | $5M | $3M | $5M | $5M | $7M | |
| Inventory | $52.0K | $14M | $17M | $18M | $18M | $14M | $17M | $18M | $19M | $20M | $31M | $37M | $40M | $44M | $60M | $76M | |
| Prepaid Expense | $2M | $3M | $3M | $3M | $4M | $3M | $5M | $6M | $5M | $5M | $6M | $5M | $7M | $8M | $10M | $11M | |
| Current Assets | $21M | $24M | $30M | $35M | $39M | $39M | $41M | $48M | $44M | $50M | $69M | $76M | $85M | $100M | $102M | $129M | |
| PP&E (Net) | $646.0K | $729.0K | $735.0K | $720.0K | $689.0K | $685.0K | $749.0K | $730.0K | $748.0K | $775.0K | $792.0K | $839.0K | $830.0K | $853.0K | $856.0K | $946.0K | |
| PP&E (Gross) | · | $1M | · | · | · | $1M | · | · | · | $1M | · | · | · | $2M | · | · | |
| Accum. Depreciation | · | $654.0K | · | · | · | $577.0K | · | · | · | $498.0K | · | · | · | $1M | · | · | |
| Goodwill | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | · | $91M | |
| Intangibles | $0 | $4M | $9M | $9M | $9M | $10M | $10M | $11M | $11M | $11M | $12M | $12M | $36M | $55M | $56M | $61M | |
| Other Non-current Assets | $379.0K | $389.0K | $403.0K | $416.0K | $379.0K | $381.0K | $383.0K | $384.0K | $386.0K | $138.0K | $541.0K | $543.0K | $753.0K | $813.0K | $3M | $3M | |
| Total Assets | $22M | $30M | $40M | $45M | $50M | $50M | $52M | $60M | $56M | $62M | $82M | $89M | $123M | $156M | $162M | $285M | |
| Accounts Payable | $944.0K | $3M | $5M | $6M | $6M | $3M | $6M | $9M | $4M | $4M | $12M | $12M | $9M | $16M | $13M | $20M | |
| Short-term Debt | $368.0K | $368.0K | $368.0K | $365.0K | $471.0K | $466.0K | $467.0K | $677.0K | $903.0K | $1M | $1M | $1M | $1M | $2M | $2M | $3M | |
| Current Liabilities | $12M | $14M | $17M | $21M | $23M | $19M | $21M | $29M | $22M | $25M | $39M | $41M | $42M | $53M | $61M | $83M | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $100.0K | $100.0K | |
| Other Non-current Liabilities | $216.0K | $225.0K | $229.0K | $242.0K | $229.0K | $227.0K | $249.0K | $277.0K | $378.0K | $391.0K | $2M | $2M | $1M | $1M | $2M | $412.0K | |
| Total Liabilities | $13M | $14M | $18M | $21M | $23M | $20M | $22M | $29M | $23M | $26M | $40M | $42M | $44M | $54M | $62M | $84M | |
| Total Debt | $368.0K | · | $368.0K | $365.0K | $471.0K | · | $467.0K | $677.0K | $903.0K | · | $1M | $1M | $1M | · | $2M | $3M | |
| Common Stock | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $9.0K | $8.0K | $8.0K | $7.0K | $7.0K | |
| Paid-in Capital | $747M | $746M | $746M | $745M | $743M | $743M | $741M | $740M | $739M | $737M | $735M | · | · | $728M | · | · | |
| Retained Earnings | $-737M | $-731M | $-723M | $-720M | $-716M | $-712M | $-710M | $-709M | $-705M | $-700M | $-692M | $-686M | $-651M | $-625M | $-605M | $-488M | |
| AOCI | $-621.0K | $-552.0K | $-526.0K | $-423.0K | $-771.0K | $-906.0K | $-487.0K | $-867.0K | $-887.0K | $-838.0K | $-1M | $-889.0K | $-1M | $-1M | $-2M | $-1M | |
| Stockholders' Equity | $10M | $15M | $23M | $24M | $27M | $30M | $31M | $31M | $33M | $36M | $42M | $47M | $79M | $102M | $99M | $201M | |
| Liabilities + Equity | $22M | $30M | $40M | $45M | $50M | $50M | $52M | $60M | $56M | $62M | $82M | $89M | $123M | $156M | $162M | $285M | |
| Shares Outstanding | 10,818,910 | 10,027,046 | 10,207,835 | 10,013,759 | 8,748,741 | 8,750,741 | 8,743,687 | 8,587,159 | 7,656,044 | 7,508,246 | 89,132,183 | 88,014,844 | 81,134,161 | 80,752,290 | 69,540,749 | 69,219,384 |
Cash Flow 13
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10.0K | $401.0K | $406.0K | $404.0K | $5.0K | $410.0K | $421.0K | $430.0K | $428.0K | $470.0K | $452.0K | $1M | $2M | $2M | $2M | $2M | |
| Stock-based Comp | $442.0K | $544.0K | $731.0K | $122.0K | $591.0K | $1M | $2M | $3M | $2M | $2M | $1M | $3M | $2M | $3M | $3M | $6M | |
| Restructuring | · | · | · | $2M | · | · | $0 | $135.0K | $558.0K | · | $400.0K | $1M | $0 | · | · | · | |
| Other Non-cash | $5M | · | · | · | $-1M | · | · | · | $3M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-363.0K | $-1M | $-2M | $-4M | $-4M | $-9.0K | $-722.0K | $3M | $-6.0K | $-5M | $399.0K | $-1M | $-7M | $2M | $3M | $-9M | |
| CapEx | $4.0K | $5.0K | $40.0K | $6.0K | $0 | $0 | $0 | $6.0K | $36.0K | $39.0K | $-45.0K | $-59.0K | $33.0K | $53.0K | · | · | |
| Investing Cash Flow | $-4.0K | $-5.0K | $-40.0K | $-6.0K | $0 | $0 | $0 | $-6.0K | $-236.0K | $-39.0K | $-14.0K | $-33.0K | $-158.0K | $-648.0K | $-13.0K | $0 | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $20M | $0 | $0 | |
| Financing Cash Flow | $-2M | $-2M | $-1M | $-52.0K | $440.0K | $807.0K | $-3M | $-138.0K | $-2M | $-4M | $-960.0K | $-4M | $-3M | $16M | $-10M | $-247.0K | |
| Net Change in Cash | $-3M | $-3M | $-3M | $-4M | $-3M | $424.0K | $-4M | $3M | $-2M | $-8M | $-788.0K | $-5M | $-10M | $18M | $-8M | $-10M | |
| Taxes Paid | $3.0K | $0 | $0 | $45.0K | $5.0K | $1.0K | $0 | $148.0K | $3.0K | $4.0K | $10.0K | $80.0K | $0 | $42.0K | $0 | · | |
| Free Cash Flow | $-367.0K | · | · | · | $-4M | · | · | · | $-42.0K | · | · | · | $-8M | · | · | · | |
| Levered FCF | $-601.0K | · | · | · | $-4M | · | · | · | $-440.5K | · | · | · | $-8M | · | · | · |
Profitability 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.6% | · | 56.1% | 54.3% | 61.4% | · | 60.3% | 60.4% | 65.1% | · | 49.4% | 42.2% | 54.8% | · | 45.5% | 53.8% | |
| Operating Margin | -17827.8% | · | -10.7% | -23.2% | -24.1% | · | -6.6% | -11.5% | -26.1% | · | -16.4% | -103.3% | -71.7% | · | -164.2% | -17.4% | |
| Net Margin | -34066.7% | · | -12.0% | -25.0% | -25.4% | · | -6.8% | -13.0% | -25.5% | · | -15.8% | -98.7% | -74.0% | · | -176.2% | -28.0% | |
| Pretax Margin | -19083.3% | · | -11.9% | -24.9% | -25.2% | · | -7.6% | -12.2% | -25.2% | · | -15.6% | -98.6% | -73.9% | · | -176.4% | -28.3% | |
| EBITDA Margin | -17772.2% | · | -10.7% | -23.2% | -21.4% | · | -6.6% | -11.5% | -24.0% | · | -16.4% | -103.3% | -71.7% | · | -164.2% | -17.4% | |
| ROA | -17.0% | · | -4.9% | -9.2% | -7.4% | · | -2.6% | -4.9% | -5.8% | · | -5.1% | -18.6% | -12.3% | · | -48.4% | -5.1% | |
| ROE | -33.5% | · | -8.6% | -17.6% | -13.0% | · | -4.9% | -9.3% | -9.2% | · | -8.9% | -28.1% | -18.7% | · | -75.0% | -8.7% | |
| ROIC | -32.4% | · | -8.9% | -18.3% | -13.5% | · | -5.0% | -10.8% | -15.8% | · | -15.3% | -75.4% | -31.2% | · | -107.1% | -4.9% |
Liquidity & Solvency 4
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.9 | 1.7 | 2.0 | · | 1.8 | 1.9 | 2.0 | · | 1.7 | 1.5 | |
| Quick Ratio | 0.2 | · | 0.6 | 0.6 | 0.8 | · | 0.9 | 0.8 | 0.9 | · | 0.8 | 0.8 | 0.9 | · | 0.5 | 0.5 | |
| Debt / Equity | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | |
| Interest Coverage | -13.7 | · | -7.4 | -17.8 | -16.7 | · | -6.4 | -10.8 | -13.4 | · | -13.4 | -67.5 | -41.9 | · | -120.5 | -30.0 |
Efficiency 3
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.4 | 0.4 | 0.3 | · | 0.4 | 0.4 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.2 | |
| Inventory Turnover | 0.0 | · | 0.5 | 0.5 | 0.3 | · | 0.4 | 0.4 | 0.2 | · | 0.4 | 0.4 | 0.3 | · | 0.5 | 0.4 | |
| Receivables Turnover | 0.0 | · | 6.6 | 5.7 | 5.3 | · | 8.0 | 6.5 | 6.9 | · | 9.7 | 6.0 | 7.5 | · | 9.3 | 5.0 |
Valuation (TTM) 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $39M | · | $80M | $89M | $90M | · | $114M | $123M | $130M | · | $176M | $195M | $201M | · | $234M | $236M | |
| Net Income TTM | $-17M | · | $-13M | $-14M | $-14M | · | $-17M | $-50M | $-72M | · | $-184M | $-194M | $-202M | · | $-287M | $-206M | |
| Market Cap | $6M | · | $11M | $17M | $18M | · | $25M | $24M | $21M | · | $350M | $486M | $837M | · | $1.03B | $1.79B | |
| Enterprise Value | $4M | · | $3M | $6M | $5M | · | $10M | $4M | $4M | · | $323M | $458M | $805M | · | $1.01B | $1.76B | |
| P/E | -0.2 | · | -0.4 | -0.6 | -0.7 | · | -1.0 | -1.0 | -1.0 | · | -1.4 | -1.9 | -3.2 | · | -2.5 | -4.8 | |
| P/S | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 2.0 | 2.5 | 4.2 | · | 4.4 | 7.6 | |
| P/B | 0.7 | · | 0.5 | 0.7 | 0.7 | · | 0.8 | 0.8 | 0.6 | · | 8.3 | 10.3 | 10.6 | · | 10.4 | 8.9 | |
| P / Tangible Book | 0.7 | · | 0.8 | 1.1 | 1.0 | · | 1.2 | 1.2 | 1.0 | · | 11.7 | 14.0 | 19.8 | · | 24.1 | 36.9 | |
| P / Cash Flow | -17.1 | · | · | · | -4.7 | · | · | · | -3521.8 | · | · | · | -112.9 | · | · | · | |
| P / FCF | -16.9 | · | · | · | -4.7 | · | · | · | -503.1 | · | · | · | -111.0 | · | · | · | |
| EV / EBITDA | -1.3 | · | -1.7 | -1.4 | -1.4 | · | -5.5 | -1.4 | -0.9 | · | -49.6 | -12.6 | -32.2 | · | -9.3 | -174.1 | |
| EV / FCF | -11.6 | · | · | · | -1.2 | · | · | · | -106.9 | · | · | · | -106.7 | · | · | · | |
| EV / Revenue | 0.1 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | 1.8 | 2.4 | 4.0 | · | 4.3 | 7.5 | |
| Earnings Yield | -499.1% | · | -272.4% | -172.3% | -136.2% | · | -99.3% | -101.8% | -103.6% | · | -72.9% | -51.8% | -30.9% | · | -40.2% | -20.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $69M | $99M | $143M | $221M | $248M |
| Gross Margin % | 56.8% | 62.1% | 49.3% | 47.7% | — |
| Operating Margin % | -26.1% | -11.9% | -53.4% | -80.5% | — |
| Net Income | $-19M | $-12M | $-75M | $-196M | $-236M |
| Diluted EPS | — | — | — | $-2.95 | $-6.67 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Current Ratio | 1.7 | 2.0 | 2.0 | 1.9 | — |
| Quick Ratio | 0.5 | 1.1 | 1.0 | 0.9 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-11M | $2M | $-14M | $-18M | — |
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