$ATER
Aterian, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021026176 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $48.14M $25.63M
YoY Change 87.83% 43.57%
Cost Of Revenue $22.07M $15.33M
YoY Change 43.97% 37.18%
Gross Profit $26.06M $10.30M
YoY Change 153.06% 54.37%
Gross Profit Margin 54.14% 40.18%
Selling, General & Admin $36.05M $21.91M
YoY Change 64.51% 73.36%
% of Gross Profit 138.33% 212.79%
Research & Development $2.124M $2.280M
YoY Change -6.84% 96.55%
% of Gross Profit 8.15% 22.14%
Depreciation & Amortization $1.200M $40.00K
YoY Change 2900.0% -33.33%
% of Gross Profit 4.6% 0.39%
Operating Expenses $2.124M $24.19M
YoY Change -91.22% 75.28%
Operating Profit -$27.75M -$13.90M
YoY Change 99.7% 94.84%
Interest Expense $4.753M $1.133M
YoY Change 319.51% -6.6%
% of Operating Profit
Other Income/Expense, Net -$33.00K -$25.00K
YoY Change 32.0% -44.44%
Pretax Income -$82.55M -$15.03M
YoY Change 449.25% 79.16%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$82.55M -$15.03M
YoY Change 449.25% 79.16%
Net Earnings / Revenue -171.5% -58.65%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.147M -$989.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.00M $14.10M
YoY Change 148.23% 8.46%
Cash & Equivalents $35.00M $14.05M
Short-Term Investments
Other Short-Term Assets $24.60M $4.800M
YoY Change 412.5% -4.0%
Inventory $55.03M $44.30M
Prepaid Expenses
Receivables $7.200M $4.200M
Other Receivables $0.00 $0.00
Total Short-Term Assets $121.8M $67.30M
YoY Change 80.98% 24.86%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $200.0K
YoY Change 0.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.600M $200.0K
YoY Change 1700.0% -33.33%
Total Long-Term Assets $144.2M $1.400M
YoY Change 10200.0% 180.0%
TOTAL ASSETS
Total Short-Term Assets $121.8M $67.30M
Total Long-Term Assets $144.2M $1.400M
Total Assets $266.0M $68.70M
YoY Change 287.19% 26.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.50M $21.70M
YoY Change 22.12% 56.12%
Accrued Expenses $13.70M $6.000M
YoY Change 128.33% -29.41%
Deferred Revenue
YoY Change
Short-Term Debt $25.00M $23.90M
YoY Change 4.6% 18.91%
Long-Term Debt Due $21.60M $4.500M
YoY Change 380.0%
Total Short-Term Liabilities $106.0M $56.60M
YoY Change 87.28% 32.24%
LONG-TERM LIABILITIES
Long-Term Debt $83.70M $9.100M
YoY Change 819.78% -30.53%
Other Long-Term Liabilities $37.80M $0.00
YoY Change
Total Long-Term Liabilities $121.5M $9.100M
YoY Change 1235.16% -30.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.0M $56.60M
Total Long-Term Liabilities $121.5M $9.100M
Total Liabilities $227.5M $65.70M
YoY Change 246.27% 17.53%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.47M $2.995M
YoY Change
Total Liabilities & Shareholders Equity $266.0M $68.70M
YoY Change 287.19% 26.29%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$82.55M -$15.03M
YoY Change 449.25% 79.16%
Depreciation, Depletion And Amortization $1.200M $40.00K
YoY Change 2900.0% -33.33%
Cash From Operating Activities -$8.495M -$17.09M
YoY Change -50.3% 43.34%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $18.00K
YoY Change 11.11% 38.46%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$15.30M -$18.00K
YoY Change 84900.0% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.400M
YoY Change
Cash From Financing Activities 38.50M 803.0K
YoY Change 4694.65% -82.65%
NET CHANGE
Cash From Operating Activities -8.495M -17.09M
Cash From Investing Activities -15.30M -18.00K
Cash From Financing Activities 38.50M 803.0K
Net Change In Cash 14.61M -16.30M
YoY Change -189.6% 123.18%
FREE CASH FLOW
Cash From Operating Activities -$8.495M -$17.09M
Capital Expenditures $20.00K $18.00K
Free Cash Flow -$8.515M -$17.11M
YoY Change -50.23% 43.34%

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<span style="font-weight:normal;">—</span><span style="color:#000000;font-weight:normal;"> 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</span><span style="font-weight:normal;">. </span></p>
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RevenueFromContractWithCustomerExcludingAssessedTax
48136000
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
24000
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
333000
CY2020Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1109000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
22753000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
39235000
CY2020Q4 us-gaap Other Inventory In Transit
OtherInventoryInTransit
8829000
CY2021Q1 us-gaap Other Inventory In Transit
OtherInventoryInTransit
15791000
CY2020Q4 us-gaap Inventory Net
InventoryNet
31582000
CY2021Q1 us-gaap Inventory Net
InventoryNet
55026000
CY2020Q4 us-gaap Other Inventory Warehouse
OtherInventoryWarehouse
5300000
CY2021Q1 us-gaap Other Inventory Warehouse
OtherInventoryWarehouse
10500000
CY2020Q4 ater Prepaid Inventory
PrepaidInventory
4361000
CY2021Q1 ater Prepaid Inventory
PrepaidInventory
10055000
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
3250000
CY2021Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
9344000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1504000
CY2021Q1 us-gaap Prepaid Insurance
PrepaidInsurance
765000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1996000
CY2021Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
4413000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11111000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
24577000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
293000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
112000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
483000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1861000
CY2021Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4420000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1570728
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.09
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12756000
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
978495
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.01
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
592233
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.22
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12013000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
370183
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.09
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7556000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
592233
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.22
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
12013000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2900000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y6M18D
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7439000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6899000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-15030000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-82553000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15193647
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
500000
CY2021Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
600000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13896000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-27751000
CY2020Q1 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
-12892000
CY2021Q1 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
-27369000
CY2020Q4 ater Acquisition Date Fair Value Of Contingent Earn Out Liabilities
AcquisitionDateFairValueOfContingentEarnOutLiabilities
9800000
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
22531000
CY2021Q1 ater Acquisition Date Fair Value Of Contingent Earn Out Liabilities And Inventory To Be Settled In Shares
AcquisitionDateFairValueOfContingentEarnOutLiabilitiesAndInventoryToBeSettledInShares
16558000
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
15645000
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
54734000
CY2019Q4 ater Finite Lived Intangible Assets Including Goodwill Gross
FiniteLivedIntangibleAssetsIncludingGoodwillGross
1078000
CY2020 ater Goodwill And Intangible Asset Additions
GoodwillAndIntangibleAssetAdditions
78184000
CY2020Q4 ater Finite Lived Intangible Assets Including Goodwill Gross
FiniteLivedIntangibleAssetsIncludingGoodwillGross
79262000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
484000
CY2020Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
78778000
CY2020Q4 ater Finite Lived Intangible Assets Including Goodwill Gross
FiniteLivedIntangibleAssetsIncludingGoodwillGross
79262000
CY2021Q1 ater Goodwill And Intangible Asset Additions
GoodwillAndIntangibleAssetAdditions
62875000
CY2021Q1 ater Finite Lived Intangible Assets Including Goodwill Gross
FiniteLivedIntangibleAssetsIncludingGoodwillGross
142137000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1664000
CY2021Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
140473000

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