$ATER
Aterian, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052585 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $58.78M $25.63M $40.60M
YoY Change 44.78% 30.1% 64.57%
Cost Of Revenue $30.69M $16.55M $23.08M
YoY Change 32.99% 45.43% 61.82%
Gross Profit $28.10M $9.080M $17.53M
YoY Change 60.3% 9.0% 68.37%
Gross Profit Margin 47.79% 35.43% 43.17%
Selling, General & Admin $26.14M $23.69M $28.37M
YoY Change -7.86% 56.47% 97.99%
% of Gross Profit 93.05% 260.9% 161.88%
Research & Development $1.846M $2.930M $3.226M
YoY Change -42.78% 244.71% 308.35%
% of Gross Profit 6.57% 32.27% 18.41%
Depreciation & Amortization $100.0K $40.00K $40.00K
YoY Change 150.0% -77.78%
% of Gross Profit 0.36% 0.44% 0.23%
Operating Expenses $27.99M $26.62M $31.60M
YoY Change -11.42% 66.58% 108.98%
Operating Profit $106.0K -$17.54M -$14.07M
YoY Change -100.75% 129.28% 198.94%
Interest Expense $960.0K -$1.020M $955.0K
YoY Change 0.52% 20.0% 117.54%
% of Operating Profit 905.66%
Other Income/Expense, Net $23.00K $10.00K -$21.00K
YoY Change -209.52% -133.33% -210.53%
Pretax Income -$805.0K -$18.54M -$14.97M
YoY Change -94.62% 117.1% 191.93%
Income Tax $0.00 $10.00K $8.000K
% Of Pretax Income
Net Earnings -$805.0K -$18.55M -$14.98M
YoY Change -94.62% 115.95% 192.08%
Net Earnings / Revenue -1.37% -72.38% -36.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$47.40K -$1.048M -$845.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.40M $30.40M $35.70M
YoY Change 4.76%
Cash & Equivalents $37.39M $30.35M $35.69M
Short-Term Investments
Other Short-Term Assets $7.300M $5.400M $6.700M
YoY Change 8.96%
Inventory $18.80M $36.21M $25.90M
Prepaid Expenses
Receivables $8.500M $1.059M $3.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $72.00M $73.02M $71.50M
YoY Change 0.7% 27.21%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $175.0K $100.0K
YoY Change 0.0% -34.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $174.0K $175.0K $100.0K
YoY Change 74.0% -48.07%
Total Long-Term Assets $17.04M $1.405M $1.300M
YoY Change 1210.85% 132.23%
TOTAL ASSETS
Total Short-Term Assets $72.00M $73.02M $71.50M
Total Long-Term Assets $17.04M $1.405M $1.300M
Total Assets $89.04M $74.42M $72.80M
YoY Change 22.31% 28.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.54M $21.06M $15.50M
YoY Change -6.21% 36.74%
Accrued Expenses $11.80M $7.000M $10.30M
YoY Change 14.56%
Deferred Revenue
YoY Change
Short-Term Debt $13.40M $21.70M $13.60M
YoY Change -1.47%
Long-Term Debt Due $6.500M $3.000M
YoY Change
Total Short-Term Liabilities $46.79M $53.23M $39.97M
YoY Change 17.05% 34.53%
LONG-TERM LIABILITIES
Long-Term Debt $6.400M $10.50M $13.30M
YoY Change -51.88%
Other Long-Term Liabilities $2.480M $4.000K $8.000K
YoY Change 30900.0% -84.62%
Total Long-Term Liabilities $2.480M $4.000K $8.000K
YoY Change 30900.0% -84.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.79M $53.23M $39.97M
Total Long-Term Liabilities $2.480M $4.000K $8.000K
Total Liabilities $55.62M $63.70M $53.32M
YoY Change 4.31% 21.01%
SHAREHOLDERS EQUITY
Retained Earnings -$148.6M -$129.8M -$98.35M
YoY Change 51.07% 82.78%
Common Stock $182.0M $140.5M $117.8M
YoY Change 54.49% 84.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.42M $10.73M $19.51M
YoY Change
Total Liabilities & Shareholders Equity $89.04M $74.42M $72.83M
YoY Change 22.26% 28.3%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$805.0K -$18.55M -$14.98M
YoY Change -94.62% 115.95% 192.08%
Depreciation, Depletion And Amortization $100.0K $40.00K $40.00K
YoY Change 150.0% -77.78%
Cash From Operating Activities $16.52M -$12.05M $3.140M
YoY Change 426.11% -41.53%
INVESTING ACTIVITIES
Capital Expenditures -$14.05M $1.040M -$1.130M
YoY Change 1143.36% -1833.33%
Acquisitions
YoY Change
Other Investing Activities -$1.180M $10.00K
YoY Change -6000.0%
Cash From Investing Activities -$14.05M -$130.0K -$1.130M
YoY Change 1143.36% 160.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.72M 6.860M -5.850M
YoY Change -402.91% -81.91%
NET CHANGE
Cash From Operating Activities 16.52M -12.05M 3.140M
Cash From Investing Activities -14.05M -130.0K -1.130M
Cash From Financing Activities 17.72M 6.860M -5.850M
Net Change In Cash 20.19M -5.320M -3.840M
YoY Change -625.78% -130.8%
FREE CASH FLOW
Cash From Operating Activities $16.52M -$12.05M $3.140M
Capital Expenditures -$14.05M $1.040M -$1.130M
Free Cash Flow $30.57M -$13.09M $4.270M
YoY Change 615.93% -36.3%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30789000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36122000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
37826000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35686000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37385000
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
307000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
312000
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
129000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
129000
us-gaap Interest Paid Net
InterestPaidNet
2467000
us-gaap Interest Paid Net
InterestPaidNet
2321000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
15000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
45000
mwk Non Cash Consideration Paid To Contractors
NonCashConsiderationPaidToContractors
1013000
mwk Non Cash Barter Exchange Of Inventory For Advertising Credits
NonCashBarterExchangeOfInventoryForAdvertisingCredits
889000
us-gaap Use Of Estimates
UseOfEstimates
<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. 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>
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-54300000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
35100000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
28700000
CY2019Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
125400000
CY2020Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
23400000
CY2020Q3 mwk Percentage Of Increase Decrease In Net Revenues
PercentageOfIncreaseDecreaseInNetRevenues
0.45
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
29370000
CY2020Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
13240000
CY2019Q4 us-gaap Other Inventory In Transit
OtherInventoryInTransit
6842000
CY2020Q3 us-gaap Other Inventory In Transit
OtherInventoryInTransit
5551000
CY2019Q4 us-gaap Other Inventory Warehouse
OtherInventoryWarehouse
4700000
CY2020Q3 us-gaap Other Inventory Warehouse
OtherInventoryWarehouse
3100000
CY2019Q4 mwk Prepaid Inventory
PrepaidInventory
2195000
CY2020Q3 mwk Prepaid Inventory
PrepaidInventory
2566000
CY2019Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
307000
CY2020Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
312000
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1967000
CY2020Q3 us-gaap Prepaid Insurance
PrepaidInsurance
2081000
CY2020Q3 mwk Barter Credits
BarterCredits
889000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
926000
CY2020Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1495000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
300000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2096000
CY2019Q4 mwk Accrual For Insurance Financing Current
AccrualForInsuranceFinancingCurrent
1031000
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
507000
CY2020Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
485000
CY2019Q4 mwk Sales Return Reserve
SalesReturnReserve
456000
CY2020Q3 mwk Sales Return Reserve
SalesReturnReserve
534000
CY2020Q3 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
1675000
CY2019Q4 mwk Seller Note From Acquisition
SellerNoteFromAcquisition
195000
CY2020Q3 mwk Accrual For Insurance Financing Current
AccrualForInsuranceFinancingCurrent
1512000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
400000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
562000
CY2019Q4 mwk Accrued Logistics Costs Current
AccruedLogisticsCostsCurrent
2326000
CY2020Q3 mwk Accrued Logistics Costs Current
AccruedLogisticsCostsCurrent
2004000
CY2019Q4 mwk Product Related Accruals
ProductRelatedAccruals
1518000
CY2020Q3 mwk Product Related Accruals
ProductRelatedAccruals
2428000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
772000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1038000
CY2019Q3 mwk Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
400000
CY2020Q3 mwk Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
400000
mwk Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
1900000
mwk Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
1600000
CY2019Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
200000
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
500000
CY2019Q3 us-gaap Interest Expense
InterestExpense
955000
CY2020Q3 us-gaap Interest Expense
InterestExpense
960000
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
80000
CY2020Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
26000
us-gaap Interest Expense
InterestExpense
3456000
us-gaap Interest Expense
InterestExpense
3177000
us-gaap Investment Income Interest
InvestmentIncomeInterest
88000
us-gaap Investment Income Interest
InvestmentIncomeInterest
57000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1862569
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2870
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
276420
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1583279
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1062960
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1583279
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.09
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
9.28
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.07
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.90
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.07
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M20D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y11M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y10M2D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y11M12D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
99000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
588000
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
508000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
588000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
195975
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
165622
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
487
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11374000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4861000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24747000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17472000

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