$ATER
Aterian, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019040447 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $40.60M $19.70M $24.67M
YoY Change 64.57% 50.27% 99.13%
Cost Of Revenue $23.08M $11.38M $14.26M
YoY Change 61.82% 47.79% 76.92%
Gross Profit $17.53M $8.330M $10.41M
YoY Change 68.37% 53.69% 140.42%
Gross Profit Margin 43.17% 42.28% 42.19%
Selling, General & Admin $28.37M $15.14M $14.33M
YoY Change 97.99% 27.44% 40.9%
% of Gross Profit 161.88% 181.75% 137.66%
Research & Development $3.226M $850.0K $790.0K
YoY Change 308.35% -24.11% -21.0%
% of Gross Profit 18.41% 10.2% 7.59%
Depreciation & Amortization $40.00K $180.0K
YoY Change
% of Gross Profit 0.23% 2.16%
Operating Expenses $31.60M $15.98M $15.12M
YoY Change 108.98% 22.92% 35.36%
Operating Profit -$14.07M -$7.650M -$4.707M
YoY Change 198.94% 0.92% -31.18%
Interest Expense $955.0K -$850.0K $439.0K
YoY Change 117.54% 150.0% -1563.33%
% of Operating Profit
Other Income/Expense, Net -$21.00K -$30.00K $19.00K
YoY Change -210.53% -200.0% 90.0%
Pretax Income -$14.97M -$8.540M -$5.127M
YoY Change 191.93% 8.1% -25.15%
Income Tax $8.000K $50.00K $0.00
% Of Pretax Income
Net Earnings -$14.98M -$8.590M -$5.127M
YoY Change 192.08% 8.32% -25.15%
Net Earnings / Revenue -36.88% -43.6% -20.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$845.8K -$497.4K -$297.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.70M
YoY Change
Cash & Equivalents $35.69M $20.03M $15.79M
Short-Term Investments
Other Short-Term Assets $6.700M
YoY Change
Inventory $25.90M $30.55M
Prepaid Expenses
Receivables $3.200M $1.403M
Other Receivables $0.00
Total Short-Term Assets $71.50M $57.40M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $268.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $337.0K
YoY Change
Total Long-Term Assets $1.300M $605.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $71.50M $57.40M
Total Long-Term Assets $1.300M $605.0K
Total Assets $72.80M $58.01M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.50M $15.40M
YoY Change
Accrued Expenses $10.30M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $13.60M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.97M $39.56M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $13.30M
YoY Change
Other Long-Term Liabilities $8.000K $26.00K
YoY Change
Total Long-Term Liabilities $8.000K $26.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $39.97M $39.56M
Total Long-Term Liabilities $8.000K $26.00K
Total Liabilities $53.32M $52.64M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$98.35M -$71.02M
YoY Change 81.17%
Common Stock $117.8M $76.35M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.51M $5.369M $12.87M
YoY Change
Total Liabilities & Shareholders Equity $72.83M $58.01M
YoY Change

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$14.98M -$8.590M -$5.127M
YoY Change 192.08% 8.32% -25.15%
Depreciation, Depletion And Amortization $40.00K $180.0K
YoY Change
Cash From Operating Activities $3.140M -$20.61M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.130M -$60.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.00K $20.00K
YoY Change
Cash From Investing Activities -$1.130M -$50.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.850M 37.93M
YoY Change
NET CHANGE
Cash From Operating Activities 3.140M -20.61M
Cash From Investing Activities -1.130M -50.00K
Cash From Financing Activities -5.850M 37.93M
Net Change In Cash -3.840M 17.27M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $3.140M -$20.61M
Capital Expenditures -$1.130M -$60.00K
Free Cash Flow $4.270M -$20.55M
YoY Change

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;">&#8212;Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period covered by the financial statements and accompanying notes. The most significant estimates relate to the determination of fair value of the Company&#8217;s common stock and stock-based compensation, prior to the Company&#8217;s IPO. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. </font></p>
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932000
CY2019Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1196000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2585000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1355000
CY2019Q3 mwk Accrual For Insurance Financing Current
AccrualForInsuranceFinancingCurrent
2062000
CY2018Q4 mwk Accrual For Deferred Financing Fees
AccrualForDeferredFinancingFees
936000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
484000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
585000
CY2018Q4 mwk Accrued Logistics Costs Current
AccruedLogisticsCostsCurrent
1424000
CY2019Q3 mwk Accrued Logistics Costs Current
AccruedLogisticsCostsCurrent
3015000
CY2018Q4 mwk Product Related Accruals
ProductRelatedAccruals
1042000
CY2019Q3 mwk Product Related Accruals
ProductRelatedAccruals
1631000
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
707000
CY2019Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
641000
CY2018Q4 mwk Sales Return Reserve
SalesReturnReserve
322000
CY2019Q3 mwk Sales Return Reserve
SalesReturnReserve
550000
CY2018Q4 mwk Accrued Recall Liability
AccruedRecallLiability
1512000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1867747
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
195975
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
487
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
165622
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1897613
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.14
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.76
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.10
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.31
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.13
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y6M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y9M
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19573295000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1630000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
498451000
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
359753000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
498451000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
13700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M7D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6672
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0176
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
141000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7716000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
482000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11835000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6200000
us-gaap Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
mwk:XtavaAllureHairDryerMember
CY2018Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
25157000
CY2019Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
41953000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
54088000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
90576000
CY2018Q3 mwk Operating Income Loss Proforma
OperatingIncomeLossProforma
-4617000
CY2019Q3 mwk Operating Income Loss Proforma
OperatingIncomeLossProforma
-10170000
mwk Operating Income Loss Proforma
OperatingIncomeLossProforma
-21687000
mwk Operating Income Loss Proforma
OperatingIncomeLossProforma
-23577000

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