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Side-by-side financial comparison of Aterian, Inc. (ATER) and FONAR CORP (FONR). Click either name above to swap in a different company.
FONAR CORP is the larger business by last-quarter revenue ($25.5M vs $15.1M, roughly 1.7× Aterian, Inc.). FONAR CORP runs the higher net margin — 8.0% vs -52.5%, a 60.6% gap on every dollar of revenue. On growth, FONAR CORP posted the faster year-over-year revenue change (2.4% vs -38.5%). FONAR CORP produced more free cash flow last quarter ($-227.0K vs $-1.0M). Over the past eight quarters, FONAR CORP's revenue compounded faster (-0.3% CAGR vs -13.5%).
Aterian, Inc. is a technology-enabled consumer products company that leverages artificial intelligence and data analytics to identify market demand, develop, source and distribute a wide portfolio of affordable goods spanning home improvement, wellness, personal care, pet supplies and outdoor recreation. It primarily sells its products through leading global e-commerce platforms, with core markets covering North America and Europe.
FONAR Corp is a specialized medical technology firm that designs, manufactures, and distributes innovative MRI systems including upright and open models. It primarily serves U.S. hospitals, diagnostic imaging centers, and healthcare providers, delivering high-precision scanning solutions for clinical diagnostic use.
ATER vs FONR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $25.5M |
| Net Profit | $-7.9M | $2.1M |
| Gross Margin | 56.1% | — |
| Operating Margin | -51.1% | 13.5% |
| Net Margin | -52.5% | 8.0% |
| Revenue YoY | -38.5% | 2.4% |
| Net Profit YoY | -512.2% | 4.7% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $15.1M | $25.5M | ||
| Q3 25 | $19.0M | $26.0M | ||
| Q2 25 | $19.5M | $27.3M | ||
| Q1 25 | $15.4M | $27.2M | ||
| Q4 24 | $24.6M | $24.9M | ||
| Q3 24 | $26.2M | $25.0M | ||
| Q2 24 | $28.0M | $25.9M | ||
| Q1 24 | $20.2M | $25.7M |
| Q4 25 | $-7.9M | $2.1M | ||
| Q3 25 | $-2.3M | $2.3M | ||
| Q2 25 | $-4.9M | $729.3K | ||
| Q1 25 | $-3.9M | $2.5M | ||
| Q4 24 | $-1.3M | $2.0M | ||
| Q3 24 | $-1.8M | $3.1M | ||
| Q2 24 | $-3.6M | $830.4K | ||
| Q1 24 | $-5.2M | $1.9M |
| Q4 25 | 56.1% | — | ||
| Q3 25 | 56.1% | — | ||
| Q2 25 | 54.3% | — | ||
| Q1 25 | 61.4% | — | ||
| Q4 24 | 63.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 60.4% | — | ||
| Q1 24 | 65.1% | — |
| Q4 25 | -51.1% | 13.5% | ||
| Q3 25 | -10.7% | 14.1% | ||
| Q2 25 | -23.1% | 5.3% | ||
| Q1 25 | -24.1% | 15.2% | ||
| Q4 24 | -6.5% | 11.9% | ||
| Q3 24 | -6.6% | 21.0% | ||
| Q2 24 | -11.5% | 7.4% | ||
| Q1 24 | -26.1% | 16.8% |
| Q4 25 | -52.5% | 8.0% | ||
| Q3 25 | -12.0% | 8.7% | ||
| Q2 25 | -25.0% | 2.7% | ||
| Q1 25 | -25.4% | 9.2% | ||
| Q4 24 | -5.3% | 7.9% | ||
| Q3 24 | -6.8% | 12.6% | ||
| Q2 24 | -13.0% | 3.2% | ||
| Q1 24 | -25.5% | 7.3% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9M | $121.0K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.2M | $176.9M |
| Total Assets | $29.6M | $217.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $121.0K | ||
| Q3 25 | $7.6M | $122.0K | ||
| Q2 25 | $10.5M | $56.5M | ||
| Q1 25 | $14.3M | $123.0K | ||
| Q4 24 | $18.0M | $121.0K | ||
| Q3 24 | $16.1M | $136.0K | ||
| Q2 24 | $20.3M | $56.5M | ||
| Q1 24 | $17.5M | $134.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $66.9K | ||
| Q1 24 | — | — |
| Q4 25 | $15.2M | $176.9M | ||
| Q3 25 | $22.6M | $174.9M | ||
| Q2 25 | $24.3M | $172.6M | ||
| Q1 25 | $27.0M | $171.9M | ||
| Q4 24 | $30.0M | $169.8M | ||
| Q3 24 | $30.6M | $168.7M | ||
| Q2 24 | $30.9M | $166.0M | ||
| Q1 24 | $33.0M | $165.8M |
| Q4 25 | $29.6M | $217.2M | ||
| Q3 25 | $40.1M | $218.4M | ||
| Q2 25 | $45.4M | $216.9M | ||
| Q1 25 | $49.8M | $214.9M | ||
| Q4 24 | $49.5M | $208.0M | ||
| Q3 24 | $52.1M | $212.3M | ||
| Q2 24 | $59.9M | $214.2M | ||
| Q1 24 | $55.7M | $209.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.0M | $171.0K |
| Free Cash FlowOCF − Capex | $-1.0M | $-227.0K |
| FCF MarginFCF / Revenue | -6.9% | -0.9% |
| Capex IntensityCapex / Revenue | 0.0% | 1.6% |
| Cash ConversionOCF / Net Profit | — | 0.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | $5.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $171.0K | ||
| Q3 25 | $-1.6M | $1.7M | ||
| Q2 25 | $-4.4M | $4.2M | ||
| Q1 25 | $-3.9M | $3.1M | ||
| Q4 24 | $-9.0K | $2.2M | ||
| Q3 24 | $-722.0K | $1.7M | ||
| Q2 24 | $2.9M | $4.6M | ||
| Q1 24 | $-6.0K | $2.8M |
| Q4 25 | $-1.0M | $-227.0K | ||
| Q3 25 | $-1.6M | $-177.0K | ||
| Q2 25 | $-4.4M | $3.6M | ||
| Q1 25 | — | $2.6M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $-148.0K | ||
| Q2 24 | $2.9M | $4.2M | ||
| Q1 24 | $-42.0K | $2.6M |
| Q4 25 | -6.9% | -0.9% | ||
| Q3 25 | -8.4% | -0.7% | ||
| Q2 25 | -22.7% | 13.1% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | -0.6% | ||
| Q2 24 | 10.3% | 16.1% | ||
| Q1 24 | -0.2% | 10.2% |
| Q4 25 | 0.0% | 1.6% | ||
| Q3 25 | 0.2% | 7.2% | ||
| Q2 25 | 0.0% | 2.4% | ||
| Q1 25 | 0.0% | 2.2% | ||
| Q4 24 | 0.0% | 3.0% | ||
| Q3 24 | 0.0% | 7.2% | ||
| Q2 24 | 0.0% | 1.6% | ||
| Q1 24 | 0.2% | 0.7% |
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 5.79× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 5.54× | ||
| Q1 24 | — | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATER
| Sales Channel Directly To Consumer | $13.1M | 87% |
| Heating Cooling And Air Quality | $2.1M | 14% |
FONR
| Managementof Diagnostic Imaging Centers | $23.2M | 91% |
| Manufacturingand Servicingof Medical Equipment | $2.4M | 9% |
