Estados financieros detallados de Aterian, Inc. (ATER): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Aterian, Inc. registró ingresos de $69.0M en el último ejercicio fiscal, con un CAGR de 5 años del -18.0%.
Márgenes de los últimos 12 meses: margen bruto 56.1%, margen operativo -32.1%, margen neto -49.3%.
Al precio actual de $0.69, ATER presenta beneficios negativos (P/E no significativo) y un ROE del -112.36%. La capitalización bursátil es de $7M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $36.5M | $73.3M | $114.5M | $185.7M | $247.8M | $221.2M | $142.6M | $99.0M | $69.0M |
| Coste de Ventas | $22.8M | $47.3M | $69.4M | $101.0M | $125.9M | $115.7M | $72.3M | $37.5M | $29.8M |
| Beneficio Bruto | $13.7M | $26.0M | $45.0M | $84.7M | $121.9M | $105.5M | $70.3M | $61.5M | $39.1M |
| I+D | $3.7M | $3.7M | $10.7M | $8.1M | $9.8M | $6.0M | $4.6M | 0 | 0 |
| Generales y Administrativos | $32.6M | $51.8M | $88.7M | $98.6M | $171.2M | $159.4M | $102.1M | $73.3M | $11.8M |
| Gastos Operativos | $36.3M | $55.4M | $99.4M | $119.5M | $155.9M | $283.7M | $146.5M | $73.3M | $51.4M |
| Beneficio Operativo | -$22.6M | -$29.4M | -$54.3M | -$34.8M | -$34.1M | -$178.2M | -$76.2M | -$11.8M | -$12.2M |
| EBITDA | -$22.4M | -$29.2M | -$54.0M | -$57.5M | -$214.9M | -$186.5M | -$69.4M | -$9.0M | -$16.4M |
| Gastos por Intereses | $413000 | $2.4M | $4.5M | $5.0M | $13.2M | $2.7M | $2.1M | $1.2M | $957000 |
| Beneficio Antes de Impuestos | -$23.0M | -$31.8M | -$58.8M | -$63.1M | -$235.5M | -$196.7M | -$75.4M | -$11.9M | -$18.9M |
| Impuestos | $38000 | $55000 | $29000 | $48000 | $532000 | -$376000 | -$867000 | -$47000 | $41000 |
| Beneficio Neto | -$23.1M | -$31.8M | -$58.8M | -$63.1M | -$236.0M | -$196.3M | -$74.6M | -$11.9M | -$19.0M |
| BPA | $-1.32 | $-1.81 | $-3.63 | $-3.32 | $-11.26 | $-35.41 | $-11.45 | $-1.68 | $-2.39 |
| BPA Diluido | $-1.32 | $-1.81 | $-3.63 | $-3.32 | $-11.26 | $-35.41 | $-11.45 | $-1.68 | $-2.39 |
| Acciones en Circulación (Diluidas) | $17.5M | $17.5M | $16.2M | $19.0M | $20.8M | $5.5M | $6.5M | $7.1M | $7.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $19.0M | $15.1M | $18000 | $7000 |
| Beneficio Bruto | $10.7M | $8.5M | $5000 | $1000 |
| Beneficio Operativo | -$2.0M | -$2.0M | -$2.9M | -$4.0M |
| EBITDA | -$1.6M | -$1.6M | -$3.2M | -$3.8M |
| Beneficio Neto | -$2.3M | -$7.9M | -$6.1M | -$491000 |
| BPA | $-0.28 | $-0.96 | $-0.69 | $-0.05 |
| BPA Diluido | $-0.28 | $-0.96 | $-0.69 | $-0.05 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.3M | $20.0M | $30.4M | $26.7M | $30.3M | $43.6M | $20.0M | $18.0M | $4.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.3M | $1.4M | $1.1M | $5.7M | $10.5M | $4.5M | $4.2M | $3.8M | $2.5M |
| Inventario | $20.6M | $30.6M | $36.2M | $31.6M | $63.0M | $43.7M | $20.4M | $13.7M | $13.8M |
| Activos Corrientes | $30.2M | $57.4M | $73.0M | $75.2M | $124.9M | $100.0M | $49.6M | $38.7M | $24.1M |
| Inmovilizado Material | $494000 | $268000 | $175000 | $169000 | $1.3M | $853000 | $775000 | $685000 | $729000 |
| Fondo de Comercio | 0 | 0 | $745000 | $47.3M | $119.9M | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | $310000 | $31.5M | $65.0M | $54.8M | $11.3M | $9.8M | $4.4M |
| Activos Totales | $31.2M | $58.0M | $74.4M | $157.5M | $313.6M | $156.4M | $61.9M | $49.5M | $29.6M |
| Cuentas por Pagar | $8.0M | $15.4M | $21.1M | $14.9M | $21.7M | $16.0M | $4.2M | $3.1M | $3.1M |
| Deuda a Corto | $5.5M | $14.5M | $24.7M | $50.0M | $40.4M | $22.7M | $12.1M | $7.4M | $4.6M |
| Pasivos Corrientes | $18.2M | $39.6M | $53.2M | $74.7M | $83.7M | $53.0M | $25.4M | $19.3M | $14.1M |
| Deuda a Largo | $4.7M | $13.0M | $10.5M | $36.5M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $23.0M | $52.6M | $63.7M | $134.1M | $89.3M | $54.5M | $25.8M | $19.5M | $14.4M |
| Reservas | -$39.2M | -$71.0M | -$129.8M | -$192.9M | -$429.0M | -$625.3M | -$699.8M | -$711.7M | -$730.7M |
| Patrimonio Neto | $8.2M | $5.4M | $10.7M | $23.4M | $224.2M | $102.0M | $36.0M | $30.0M | $15.2M |
| Deuda Total | $10.3M | $27.5M | $35.1M | $86.5M | $40.4M | $22.7M | $12.1M | $7.4M | $4.6M |
| Deuda Neta | $5.0M | $7.5M | $4.8M | $59.8M | $10.1M | -$20.8M | -$7.9M | -$10.6M | -$230000 |
| Capital Circulante | $12.0M | $17.8M | $19.8M | $426000 | $41.1M | $47.0M | $24.2M | $19.4M | $9.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $8.6M | $4.9M | $2.3M | $2.5M |
| Activos Totales | $40.1M | $29.6M | $22.2M | $23.5M |
| Pasivos Totales | $17.5M | $14.4M | $12.7M | $10.9M |
| Patrimonio Neto | $22.6M | $15.2M | $9.5M | $12.6M |
| Deuda Total | $6.6M | $4.6M | $2.9M | $38000 |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$23.1M | -$31.8M | -$58.8M | -$63.1M | -$236.0M | -$196.3M | -$74.6M | -$11.9M | -$19.0M |
| Amortizaciones | $258000 | $253000 | $183000 | $552000 | $7.3M | $7.5M | $3.9M | $1.7M | $1.6M |
| Compensación en Acciones | $1.0M | $619000 | $34.7M | $22.7M | $29.0M | $14.6M | $8.3M | $7.5M | $2.2M |
| Cambio en Capital Circulante | -$7.3M | -$326000 | -$2.7M | $8.5M | -$17.6M | $19.7M | $15.5M | $8.2M | -$106000 |
| Flujo de Caja Operativo | -$28.8M | -$30.3M | -$25.2M | $6.1M | -$42.0M | -$17.5M | -$13.4M | $2.2M | -$10.9M |
| Inversiones (CapEx) | -$125000 | -$61000 | -$114000 | -$89000 | -$32000 | -$82000 | -$119000 | -$42000 | -$51000 |
| Adquisiciones | 0 | 0 | 0 | -$14.0M | -$10.6M | 0 | 0 | -$200000 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$28.9M | -$30.4M | -$25.3M | $6.0M | -$42.0M | -$17.6M | -$13.5M | $2.1M | -$10.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.6M | -$1.0M | -$363000 | $438000 |
| Inversiones (CapEx) | -$40000 | -$5000 | -$4000 | -$14000 |
| Flujo de Caja Libre | -$1.6M | -$1.0M | -$367000 | $424000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $731000 | $544000 | $442000 | $289000 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +101.0% | +56.2% | +62.3% | +33.4% | -10.7% | -35.5% | -30.5% | -30.4% |
| Crecimiento Beneficio Neto (anual) | | -38.0% | -84.7% | -7.4% | -273.9% | +16.8% | +62.0% | +84.1% | -60.0% |
| Crecimiento BPA (anual) | | -37.1% | -100.6% | +8.5% | -239.2% | -214.5% | +67.7% | +85.3% | -42.3% |
| Cambio en Acciones (anual) | | +0.0% | -7.6% | +17.2% | +9.7% | -73.4% | +17.5% | +8.5% | +12.2% |
| Crecimiento FCF (anual) | | -5.3% | +16.7% | +123.7% | -799.8% | +58.2% | +23.1% | +115.7% | -615.6% |
| Margen Bruto | 37.5% | 35.5% | 39.4% | 45.6% | 49.2% | 47.7% | 49.3% | 62.1% | 56.8% |
| Margen Operativo | -62.0% | -40.2% | -47.5% | -18.7% | -13.8% | -80.6% | -53.4% | -11.9% | -17.8% |
| Margen EBITDA | -61.3% | -39.8% | -47.2% | -31.0% | -86.7% | -84.3% | -48.7% | -9.1% | -23.7% |
| Margen Neto | -63.3% | -43.4% | -51.4% | -34.0% | -95.3% | -88.8% | -52.3% | -12.0% | -27.5% |
| Margen FCF | -79.2% | -41.5% | -22.1% | 3.2% | -17.0% | -7.9% | -9.5% | 2.1% | -15.9% |
| Tasa Impositiva Efectiva | -0.2% | -0.2% | -0.0% | -0.1% | -0.2% | 0.2% | 1.1% | 0.4% | -0.2% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.65 | $-1.73 | $-1.56 | $0.32 | $-2.02 | $-3.17 | $-2.07 | $0.30 | $-1.38 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $17.5M | $17.5M | $16.2M | $19.0M | $20.8M | $5.5M | $6.5M | $7.1M | $7.9M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -112.36% |
| Rentabilidad sobre capital invertido | -82.87% |
| Rentabilidad sobre activos | -71.62% |
| Margen bruto | 56.08% |
| Margen operativo | -32.07% |
| Margen neto | -49.30% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 2.13 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -33.00 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -90.91 | -66.30 | -19.47 | -62.20 | -4.38 | -0.26 | -0.37 | -1.43 | -0.29 |
| P/VC | 258.14 | 392.05 | 106.77 | 167.72 | 4.58 | 0.50 | 0.76 | 0.57 | 0.36 |
| P/V | 57.73 | 28.72 | 10.01 | 21.12 | 4.15 | 0.23 | 0.19 | 0.17 | 0.08 |
| Margen Bruto | 37.5% | 35.5% | 39.4% | 45.6% | 49.2% | 47.7% | 49.3% | 62.1% | 56.8% |
| Margen Operativo | -62.0% | -40.2% | -47.5% | -18.7% | -13.8% | -80.6% | -53.4% | -11.9% | -17.8% |
| Margen Neto | -63.3% | -43.4% | -51.4% | -34.0% | -95.3% | -88.8% | -52.3% | -12.0% | -27.5% |