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| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 20.02 | 18.00 | 4.86 | 2.55 |
| Receivables | 4.23 | 3.78 | 2.46 | — |
| Inventory | 20.39 | 13.75 | 13.78 | 0.05 |
| Other | — | — | — | 18.18 |
| 49.64 | 38.72 | 24.08 | 23.27 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 4.19 | 3.08 | 3.12 | 2.79 |
| ST’ Debt | 1.05 | 0.47 | 0.37 | 0.04 |
| Other | — | — | — | 4.16 |
| 25.45 | 19.30 | 14.13 | 10.91 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.02 | 0.01 | — | — |
—
|
| ’25 | 0.06 | 0.09 | 19.02 | 49.80 |
68.98
|
| ’24 | 20.21 | 27.98 | 26.24 | 24.61 |
99.05
|
| ’23 | 34.88 | 35.26 | 39.67 | 32.76 |
142.57
|
| ’22 | 41.67 | 58.27 | 66.33 | 54.90 |
221.17
|
| ’21 | 48.14 | 68.19 | 68.12 | 63.32 |
247.77
|
| ’20 | 25.63 | 59.80 | 58.78 | 41.49 |
185.70
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.36) | 0.44 | — | — |
—
|
| ’25 | (3.87) | (4.42) | (1.57) | (1.04) |
(10.89)
|
| ’24 | (0.01) | 2.90 | (0.72) | (0.01) |
2.17
|
| ’23 | (7.42) | (1.44) | 0.40 | (4.93) |
(13.39)
|
| ’22 | (13.17) | (8.94) | 2.57 | 2.06 |
(17.48)
|
| ’21 | (8.49) | (24.34) | (7.61) | (1.52) |
(41.97)
|
| ’20 | (17.09) | 8.17 | 16.52 | (1.51) |
6.09
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.37) | 0.42 | — | — |
—
|
| ’25 | (3.87) | (4.42) | (1.61) | (1.05) |
(10.95)
|
| ’24 | (0.04) | 2.90 | (0.72) | (0.01) |
2.12
|
| ’23 | (7.45) | (1.47) | 0.26 | (4.84) |
(13.51)
|
| ’22 | (13.19) | (8.94) | 2.56 | 2.01 |
(17.56)
|
| ’21 | (23.79) | (43.40) | (7.55) | (1.54) |
(76.29)
|
| ’20 | (17.11) | 8.17 | 2.48 | (12.53) |
(19.00)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.69) | (0.05) | — | — |
—
|
| ’25 | (0.52) | (0.63) | (0.28) | (0.97) |
(2.39)
|
| ’24 | (0.76) | (0.52) | (0.25) | (0.18) |
(1.68)
|
| ’23 | (4.08) | (5.40) | (0.96) | (1.20) |
(11.40)
|
| ’22 | (9.36) | (3.12) | (21.73) | (3.24) |
(35.41)
|
| ’21 | (37.81) | (14.77) | (37.57) | (1.32) |
(79.59)
|
| ’20 | (11.88) | (2.28) | (0.60) | (25.45) |
(44.18)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.06 | 3.12 | 1.90 | 0.64 | — | — | — |
Low Price
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 87.12 | 20.20 | 6.54 | 3.50 | — | — | — |
High Price
|
| — | — | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 178 | 114 | 97 | 74 | — | — | — |
Employees
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.24 | 1.25 | 1.02 | 0.93 | — | — | — |
Revenue/Emp
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 221.17 | 142.57 | 99.05 | 68.98 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 47.71% | 49.30% | 62.09% | 56.76% | — | — | — |
Gross Margin
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (196.67) | (75.43) | (11.91) | (18.94) | — | — | — |
EBT
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (88.92%) | (52.91%) | (12.02%) | (27.46%) | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (196.29) | (74.56) | (11.86) | (18.98) | ‡‡‡‡‡ | — | — |
Net Income
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 131.48 | 44.04 | 1.89 | 5.61 | — | — | — |
Depreciation
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.91 | 21.85 | 14.01 | 8.69 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (35.41) | (11.40) | (1.68) | (2.39) | ‡‡‡‡‡ | — | — |
Earnings/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.15) | (2.05) | 0.31 | (1.37) | — | — | — |
Cash Flow/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.01) | (0.02) | (0.01) | (0.01) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.17) | (2.07) | 0.30 | (1.38) | — | — | — |
Free CF/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.40 | 5.52 | 4.25 | 1.92 | — | — | — |
Book Value/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.54 | 6.52 | 7.07 | 7.93 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | — | — |
PE Ratio
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.25 | 0.19 | 0.17 | 0.08 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.54 | 0.76 | 0.57 | 0.37 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.18 | 0.24 | 0.25 | 0.38 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.21) | (2.50) | 11.72 | (2.42) | — | — | — |
EV/FCF
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (17.48) | (13.39) | 2.17 | (10.89) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.08) | (0.12) | (0.04) | (0.05) | — | — | — |
Capex
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (17.56) | (13.51) | 2.12 | (10.95) | — | — | — |
FCF
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 46.98 | 24.19 | 19.42 | 9.95 | — | — | — |
Working Cap'
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.69 | 1.05 | 0.47 | 0.37 | — | — | — |
Total Debt
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (41.88) | (18.97) | (17.53) | (4.49) | — | — | — |
Net Debt
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 101.95 | 36.03 | 30.02 | 15.21 | — | — | — |
Sh' Equity
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (83.53%) | (68.31%) | (21.29%) | (48.00%) | — | — | — |
ROA
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (185.36%) | (279.17%) | (59.19%) | (104.78%) | — | — | — |
ROIC
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (120.36%) | (108.08%) | (35.92%) | (83.95%) | — | — | — |
ROE
|
Aterian, Inc. (ATER) is a textbook SPAC disaster: a modest e-commerce aggregator that rode 2020 pandemic hype via reverse merger, skyrocketing 588 times its SPAC value in 2021 before imploding over 99% to trade today more than 90% below even 2024’s lows. Consensus analysts tout a staggering 1,150% upside, lured by dirt-cheap valuations (PS at 0.17, EV/Sales 0.25). But as a contrarian, I see a classic value trap—revenue has evaporated 60% from peaks to $99 million in 2024, with forecasts stuck in sub-$100 million stagnation amid e-commerce squeeze from Amazon and Shopify.
Gross margins shine at 62% (up 65% since 2017), slashing losses from $196 million to $12 million, yet profitability remains elusive with negative ROE/ROA, razor-thin FCF, and shares outstanding ballooned 735% via relentless dilution—crushing revenue and book value per share by 89-94%. Insiders piled on the pain, with CEO, CFO, CTO, and a director dumping 176,000 shares in clustered 2025 sales, signaling zero confidence despite net cash and debt slashed 99%.
Analysts’ rosy breakeven dreams ignore the dilution death spiral, absent revenue inflection, and execution distrust fueling the stock’s decoupling from any “fundamentals.” This isn’t undervaluation—it’s a serial diluter trapped in commoditized e-commerce, begging for more pain unless insiders buy big and growth reignites. Dive deeper for the full red-flag dissection.
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