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Side-by-side financial comparison of Aterian, Inc. (ATER) and LENSAR, Inc. (LNSR). Click either name above to swap in a different company.
Aterian, Inc. is the larger business by last-quarter revenue ($15.1M vs $14.3M, roughly 1.1× LENSAR, Inc.). LENSAR, Inc. runs the higher net margin — -10.2% vs -52.5%, a 42.3% gap on every dollar of revenue. On growth, LENSAR, Inc. posted the faster year-over-year revenue change (-3.3% vs -38.5%). Over the past eight quarters, LENSAR, Inc.'s revenue compounded faster (28.8% 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.
LENSAR, Inc. is a medical technology company specializing in the development and commercialization of advanced ophthalmic surgical systems. Its proprietary augmented reality-enabled devices deliver high precision for cataract surgery and refractive lens exchange procedures, distributed to ophthalmology clinics, surgical centers and hospitals across North America, Europe and key Asia-Pacific markets.
ATER vs LNSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $14.3M |
| Net Profit | $-7.9M | $-1.5M |
| Gross Margin | 56.1% | 36.6% |
| Operating Margin | -51.1% | -34.3% |
| Net Margin | -52.5% | -10.2% |
| Revenue YoY | -38.5% | -3.3% |
| Net Profit YoY | -512.2% | 92.2% |
| EPS (diluted) | — | $-0.09 |
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 | $14.3M | ||
| Q3 25 | $19.0M | $12.8M | ||
| Q2 25 | $19.5M | $12.3M | ||
| Q1 25 | $15.4M | $12.3M | ||
| Q4 24 | $24.6M | $14.8M | ||
| Q3 24 | $26.2M | $11.8M | ||
| Q2 24 | $28.0M | $10.7M | ||
| Q1 24 | $20.2M | $8.6M |
| Q4 25 | $-7.9M | $-1.5M | ||
| Q3 25 | $-2.3M | $-3.7M | ||
| Q2 25 | $-4.9M | $-1.8M | ||
| Q1 25 | $-3.9M | $-27.3M | ||
| Q4 24 | $-1.3M | $-18.7M | ||
| Q3 24 | $-1.8M | $-1.5M | ||
| Q2 24 | $-3.6M | $-9.0M | ||
| Q1 24 | $-5.2M | $-2.2M |
| Q4 25 | 56.1% | 36.6% | ||
| Q3 25 | 56.1% | 35.1% | ||
| Q2 25 | 54.3% | 43.8% | ||
| Q1 25 | 61.4% | 42.7% | ||
| Q4 24 | 63.4% | 35.1% | ||
| Q3 24 | 60.3% | 38.4% | ||
| Q2 24 | 60.4% | 45.5% | ||
| Q1 24 | 65.1% | 43.0% |
| Q4 25 | -51.1% | -34.3% | ||
| Q3 25 | -10.7% | -59.4% | ||
| Q2 25 | -23.1% | -51.2% | ||
| Q1 25 | -24.1% | -47.2% | ||
| Q4 24 | -6.5% | -8.7% | ||
| Q3 24 | -6.6% | -10.5% | ||
| Q2 24 | -11.5% | -49.4% | ||
| Q1 24 | -26.1% | -33.0% |
| Q4 25 | -52.5% | -10.2% | ||
| Q3 25 | -12.0% | -29.1% | ||
| Q2 25 | -25.0% | -14.4% | ||
| Q1 25 | -25.4% | -222.8% | ||
| Q4 24 | -5.3% | -126.2% | ||
| Q3 24 | -6.8% | -12.7% | ||
| Q2 24 | -13.0% | -84.6% | ||
| Q1 24 | -25.5% | -25.0% |
| Q4 25 | — | $-0.09 | ||
| Q3 25 | — | $-0.31 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-2.32 | ||
| Q4 24 | — | $-1.62 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | — | $-0.79 | ||
| Q1 24 | — | $-0.19 |
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 | $18.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.2M | $-26.0M |
| Total Assets | $29.6M | $71.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $18.0M | ||
| Q3 25 | $7.6M | $16.9M | ||
| Q2 25 | $10.5M | $20.3M | ||
| Q1 25 | $14.3M | $25.2M | ||
| Q4 24 | $18.0M | $22.5M | ||
| Q3 24 | $16.1M | $18.1M | ||
| Q2 24 | $20.3M | $14.2M | ||
| Q1 24 | $17.5M | $17.9M |
| Q4 25 | $15.2M | $-26.0M | ||
| Q3 25 | $22.6M | $-25.9M | ||
| Q2 25 | $24.3M | $-23.1M | ||
| Q1 25 | $27.0M | $-22.1M | ||
| Q4 24 | $30.0M | $4.9M | ||
| Q3 24 | $30.6M | $22.7M | ||
| Q2 24 | $30.9M | $23.6M | ||
| Q1 24 | $33.0M | $31.8M |
| Q4 25 | $29.6M | $71.4M | ||
| Q3 25 | $40.1M | $70.2M | ||
| Q2 25 | $45.4M | $70.4M | ||
| Q1 25 | $49.8M | $73.0M | ||
| Q4 24 | $49.5M | $66.3M | ||
| Q3 24 | $52.1M | $62.0M | ||
| Q2 24 | $59.9M | $61.4M | ||
| Q1 24 | $55.7M | $66.1M |
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 | $618.0K |
| 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 | $618.0K | ||
| Q3 25 | $-1.6M | $-3.5M | ||
| Q2 25 | $-4.4M | $-5.0M | ||
| Q1 25 | $-3.9M | $-6.9M | ||
| Q4 24 | $-9.0K | $3.7M | ||
| Q3 24 | $-722.0K | $3.2M | ||
| Q2 24 | $2.9M | $-3.8M | ||
| Q1 24 | $-6.0K | $-5.3M |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | — | ||
| Q2 25 | $-4.4M | $-5.1M | ||
| Q1 25 | — | $-6.9M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $3.1M | ||
| Q2 24 | $2.9M | $-3.9M | ||
| Q1 24 | $-42.0K | $-5.3M |
| Q4 25 | -6.9% | — | ||
| Q3 25 | -8.4% | — | ||
| Q2 25 | -22.7% | -41.3% | ||
| Q1 25 | — | -56.6% | ||
| Q4 24 | — | 24.7% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | 10.3% | -36.4% | ||
| Q1 24 | -0.2% | -61.6% |
| Q4 25 | 0.0% | 0.0% | ||
| Q3 25 | 0.2% | 0.0% | ||
| Q2 25 | 0.0% | 0.6% | ||
| Q1 25 | 0.0% | 0.0% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 1.1% | ||
| Q1 24 | 0.2% | 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% |
LNSR
| Products | $12.7M | 89% |
| Services | $1.6M | 11% |
