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Side-by-side financial comparison of Aterian, Inc. (ATER) and Forward Industries, Inc. (FWDI). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $15.1M, roughly 1.4× Aterian, Inc.). Aterian, Inc. runs the higher net margin — -52.5% vs -2732.2%, a 2679.7% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs -38.5%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% 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.
Melrose Industries plc is a British aerospace manufacturing company based in Birmingham, England. It is the parent company of GKN Aerospace. The company's shares are listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
ATER vs FWDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $21.4M |
| Net Profit | $-7.9M | $-585.7M |
| Gross Margin | 56.1% | 78.6% |
| Operating Margin | -51.1% | -2722.8% |
| Net Margin | -52.5% | -2732.2% |
| Revenue YoY | -38.5% | 224.0% |
| Net Profit YoY | -512.2% | -82611.5% |
| EPS (diluted) | — | $-5.91 |
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 | $21.4M | ||
| Q3 25 | $19.0M | $7.9M | ||
| Q2 25 | $19.5M | $2.5M | ||
| Q1 25 | $15.4M | $3.1M | ||
| Q4 24 | $24.6M | $6.6M | ||
| Q3 24 | $26.2M | — | ||
| Q2 24 | $28.0M | $7.8M | ||
| Q1 24 | $20.2M | $5.1M |
| Q4 25 | $-7.9M | $-585.7M | ||
| Q3 25 | $-2.3M | $-164.0M | ||
| Q2 25 | $-4.9M | $-850.0K | ||
| Q1 25 | $-3.9M | $-1.5M | ||
| Q4 24 | $-1.3M | $-708.1K | ||
| Q3 24 | $-1.8M | — | ||
| Q2 24 | $-3.6M | $-399.6K | ||
| Q1 24 | $-5.2M | $-553.2K |
| Q4 25 | 56.1% | 78.6% | ||
| Q3 25 | 56.1% | 61.1% | ||
| Q2 25 | 54.3% | — | ||
| Q1 25 | 61.4% | -5.7% | ||
| Q4 24 | 63.4% | 17.1% | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 60.4% | 16.8% | ||
| Q1 24 | 65.1% | 26.2% |
| Q4 25 | -51.1% | -2722.8% | ||
| Q3 25 | -10.7% | -39.2% | ||
| Q2 25 | -23.1% | -102.6% | ||
| Q1 25 | -24.1% | -58.3% | ||
| Q4 24 | -6.5% | -13.6% | ||
| Q3 24 | -6.6% | — | ||
| Q2 24 | -11.5% | -5.9% | ||
| Q1 24 | -26.1% | -12.2% |
| Q4 25 | -52.5% | -2732.2% | ||
| Q3 25 | -12.0% | -2063.6% | ||
| Q2 25 | -25.0% | -34.1% | ||
| Q1 25 | -25.4% | -46.5% | ||
| Q4 24 | -5.3% | -10.7% | ||
| Q3 24 | -6.8% | — | ||
| Q2 24 | -13.0% | -5.1% | ||
| Q1 24 | -25.5% | -10.9% |
| Q4 25 | — | $-5.91 | ||
| Q3 25 | — | $-21.86 | ||
| Q2 25 | — | $-0.77 | ||
| Q1 25 | — | $-1.32 | ||
| Q4 24 | — | $-0.64 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-0.36 | ||
| Q1 24 | — | $-0.50 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.2M | $880.9M |
| Total Assets | $29.6M | $892.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | — | ||
| Q3 25 | $7.6M | — | ||
| Q2 25 | $10.5M | — | ||
| Q1 25 | $14.3M | — | ||
| Q4 24 | $18.0M | — | ||
| Q3 24 | $16.1M | — | ||
| Q2 24 | $20.3M | — | ||
| Q1 24 | $17.5M | — |
| Q4 25 | $15.2M | $880.9M | ||
| Q3 25 | $22.6M | $1.5B | ||
| Q2 25 | $24.3M | $3.4M | ||
| Q1 25 | $27.0M | $3.6M | ||
| Q4 24 | $30.0M | $2.3M | ||
| Q3 24 | $30.6M | — | ||
| Q2 24 | $30.9M | $1.4M | ||
| Q1 24 | $33.0M | $1.8M |
| Q4 25 | $29.6M | $892.9M | ||
| Q3 25 | $40.1M | $1.5B | ||
| Q2 25 | $45.4M | $8.3M | ||
| Q1 25 | $49.8M | $12.3M | ||
| Q4 24 | $49.5M | — | ||
| Q3 24 | $52.1M | — | ||
| Q2 24 | $59.9M | $15.2M | ||
| Q1 24 | $55.7M | $15.2M |
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 | $-7.9M |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -6.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $-7.9M | ||
| Q3 25 | $-1.6M | $-4.5M | ||
| Q2 25 | $-4.4M | $-1.2M | ||
| Q1 25 | $-3.9M | $-537.6K | ||
| Q4 24 | $-9.0K | $-434.3K | ||
| Q3 24 | $-722.0K | — | ||
| Q2 24 | $2.9M | $436.0K | ||
| Q1 24 | $-6.0K | — |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | $-4.5M | ||
| Q2 25 | $-4.4M | $-1.2M | ||
| Q1 25 | — | $-539.0K | ||
| Q4 24 | — | $-439.7K | ||
| Q3 24 | — | — | ||
| Q2 24 | $2.9M | $426.8K | ||
| Q1 24 | $-42.0K | — |
| Q4 25 | -6.9% | — | ||
| Q3 25 | -8.4% | -57.0% | ||
| Q2 25 | -22.7% | -50.0% | ||
| Q1 25 | — | -17.3% | ||
| Q4 24 | — | -6.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | 10.3% | 5.5% | ||
| Q1 24 | -0.2% | — |
| Q4 25 | 0.0% | 0.0% | ||
| Q3 25 | 0.2% | 0.3% | ||
| Q2 25 | 0.0% | 0.8% | ||
| Q1 25 | 0.0% | 0.0% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | 0.1% | ||
| Q1 24 | 0.2% | — |
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% |
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
