$ATER
Aterian, Inc.

2019 Form 10-K Financial Statement

#000156459020014235 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $114.5M $19.70M $73.30M
YoY Change 56.14% 50.27% 100.82%
Cost Of Revenue $69.41M $11.38M $47.30M
YoY Change 46.75% 47.79% 107.46%
Gross Profit $45.04M $8.330M $26.00M
YoY Change 73.23% 53.69% 89.78%
Gross Profit Margin 39.35% 42.28% 35.47%
Selling, General & Admin $88.71M $15.14M $51.80M
YoY Change 71.26% 27.44% 58.9%
% of Gross Profit 196.96% 181.75% 199.23%
Research & Development $10.66M $850.0K $3.700M
YoY Change 188.14% -24.11% 0.0%
% of Gross Profit 23.67% 10.2% 14.23%
Depreciation & Amortization $200.0K $180.0K $300.0K
YoY Change -33.33% 15.38%
% of Gross Profit 0.44% 2.16% 1.15%
Operating Expenses $99.37M $15.98M $55.41M
YoY Change 79.33% 22.92% 52.65%
Operating Profit -$54.33M -$7.650M -$29.43M
YoY Change 84.62% 0.92% -230.22%
Interest Expense $4.532M -$850.0K $2.354M
YoY Change 92.52% 150.0% -688.5%
% of Operating Profit
Other Income/Expense, Net -$41.00K -$30.00K $14.00K
YoY Change -392.86% -200.0%
Pretax Income -$58.76M -$8.540M -$31.77M
YoY Change 84.97% 8.1% 38.12%
Income Tax $29.00K $50.00K $55.00K
% Of Pretax Income
Net Earnings -$58.79M -$8.590M -$31.82M
YoY Change 84.74% 8.32% 37.76%
Net Earnings / Revenue -51.37% -43.6% -43.41%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.322M -$497.4K -$1.838M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.40M $20.00M
YoY Change 52.0% 277.36%
Cash & Equivalents $20.03M
Short-Term Investments
Other Short-Term Assets $5.400M $5.400M
YoY Change 0.0% 80.0%
Inventory $36.20M $30.55M $30.60M
Prepaid Expenses
Receivables $1.100M $1.403M $1.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $73.00M $57.40M $57.40M
YoY Change 27.18% 90.07%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $268.0K $300.0K
YoY Change -33.33% -40.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $337.0K $300.0K
YoY Change -33.33% -40.0%
Total Long-Term Assets $1.400M $605.0K $600.0K
YoY Change 133.33% -40.0%
TOTAL ASSETS
Total Short-Term Assets $73.00M $57.40M $57.40M
Total Long-Term Assets $1.400M $605.0K $600.0K
Total Assets $74.40M $58.01M $58.00M
YoY Change 28.28% 85.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.10M $15.40M $15.40M
YoY Change 37.01% 92.5%
Accrued Expenses $7.000M $9.400M
YoY Change -25.53% 108.89%
Deferred Revenue
YoY Change
Short-Term Debt $21.70M $14.50M
YoY Change 49.66% 302.78%
Long-Term Debt Due $3.000M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $53.20M $39.56M $39.60M
YoY Change 34.34% 117.58%
LONG-TERM LIABILITIES
Long-Term Debt $10.50M $13.00M
YoY Change -19.23% 176.6%
Other Long-Term Liabilities $0.00 $26.00K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $10.50M $26.00K $13.00M
YoY Change -19.23% 170.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.20M $39.56M $39.60M
Total Long-Term Liabilities $10.50M $26.00K $13.00M
Total Liabilities $63.70M $52.64M $52.60M
YoY Change 21.1% 128.7%
SHAREHOLDERS EQUITY
Retained Earnings -$71.02M
YoY Change 81.17%
Common Stock $76.35M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.70M $5.369M $5.400M
YoY Change
Total Liabilities & Shareholders Equity $74.40M $58.01M $58.00M
YoY Change 28.28% 85.9%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$58.79M -$8.590M -$31.82M
YoY Change 84.74% 8.32% 37.76%
Depreciation, Depletion And Amortization $200.0K $180.0K $300.0K
YoY Change -33.33% 15.38%
Cash From Operating Activities -$25.20M -$20.61M -$30.35M
YoY Change -16.96% 5.51%
INVESTING ACTIVITIES
Capital Expenditures $114.0K -$60.00K $61.00K
YoY Change 86.89% -146.92%
Acquisitions $1.176M
YoY Change
Other Investing Activities -$1.170M $20.00K $40.00K
YoY Change -3025.0%
Cash From Investing Activities -$1.284M -$50.00K -$30.00K
YoY Change 4180.0% -76.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.776M
YoY Change
Cash From Financing Activities 36.57M 37.93M 45.29M
YoY Change -19.27% 58.37%
NET CHANGE
Cash From Operating Activities -25.20M -20.61M -30.35M
Cash From Investing Activities -1.284M -50.00K -30.00K
Cash From Financing Activities 36.57M 37.93M 45.29M
Net Change In Cash 10.08M 17.27M 14.91M
YoY Change -32.39% -5241.72%
FREE CASH FLOW
Cash From Operating Activities -$25.20M -$20.61M -$30.35M
Capital Expenditures $114.0K -$60.00K $61.00K
Free Cash Flow -$25.31M -$20.55M -$30.41M
YoY Change -16.75% 6.2%

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;">Concentration of Credit Risk<font style="font-weight:normal;">&#8212;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains cash and restricted cash with various domestic and foreign financial institutions of high credit quality. The Company performs periodic evaluations of the relative credit standing of all of the aforementioned institutions. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s accounts receivables are derived from sales contracts with a large number of customers. The Company maintains reserves for potential credit losses on customer accounts when deemed necessary. Significant customers are those which represent more than 10% of the Company&#8217;s total net revenue or gross accounts receivable balance at the balance sheet date. During the years ended December 31, 2018 and 2019, the Company had no customer that accounted for 10% or more of total net revenue. In addition, as of December 31, 2018 and 2019, the Company has no customer that accounted for 10% or more of gross accounts receivable. As of December 31, 2018 and 2019, approximately 79% and 74%, respectively, of its accounts receivable is held by the Company&#8217;s sales platform vendor Amazon, which collects money on the Company&#8217;s behalf from its customers. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s business is reliant on one key vendor which currently provides the Company with its sales platform, logistics and fulfillment operations, including certain warehousing for the Company&#8217;s net goods, and invoicing and collection of its revenue from the Company&#8217;s end customers. In 2018, approximately 95% of the Company&#8217;s revenue was through or with the Amazon sales platform and in 2019, 95% of its net revenue was through or with the Amazon sales platform. </p>
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