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Side-by-side financial comparison of Aterian, Inc. (ATER) and PURE CYCLE CORP (PCYO). Click either name above to swap in a different company.
Aterian, Inc. is the larger business by last-quarter revenue ($15.1M vs $9.1M, roughly 1.7× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs -52.5%, a 102.5% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -38.5%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
ATER vs PCYO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $9.1M |
| Net Profit | $-7.9M | $4.6M |
| Gross Margin | 56.1% | 68.4% |
| Operating Margin | -51.1% | 48.0% |
| Net Margin | -52.5% | 50.0% |
| Revenue YoY | -38.5% | 58.8% |
| Net Profit YoY | -512.2% | 16.0% |
| EPS (diluted) | — | $0.19 |
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 | $9.1M | ||
| Q3 25 | $19.0M | $11.2M | ||
| Q2 25 | $19.5M | $5.1M | ||
| Q1 25 | $15.4M | $4.0M | ||
| Q4 24 | $24.6M | $5.8M | ||
| Q3 24 | $26.2M | $12.6M | ||
| Q2 24 | $28.0M | $7.6M | ||
| Q1 24 | $20.2M | $3.2M |
| Q4 25 | $-7.9M | $4.6M | ||
| Q3 25 | $-2.3M | $6.1M | ||
| Q2 25 | $-4.9M | $2.3M | ||
| Q1 25 | $-3.9M | $809.0K | ||
| Q4 24 | $-1.3M | $3.9M | ||
| Q3 24 | $-1.8M | $6.6M | ||
| Q2 24 | $-3.6M | $2.8M | ||
| Q1 24 | $-5.2M | $118.0K |
| Q4 25 | 56.1% | 68.4% | ||
| Q3 25 | 56.1% | 67.7% | ||
| Q2 25 | 54.3% | 63.4% | ||
| Q1 25 | 61.4% | 38.2% | ||
| Q4 24 | 63.4% | 63.8% | ||
| Q3 24 | 60.3% | 77.8% | ||
| Q2 24 | 60.4% | 64.0% | ||
| Q1 24 | 65.1% | 55.6% |
| Q4 25 | -51.1% | 48.0% | ||
| Q3 25 | -10.7% | 53.1% | ||
| Q2 25 | -23.1% | 26.0% | ||
| Q1 25 | -24.1% | -33.2% | ||
| Q4 24 | -6.5% | 29.9% | ||
| Q3 24 | -6.6% | 62.0% | ||
| Q2 24 | -11.5% | 40.3% | ||
| Q1 24 | -26.1% | -11.5% |
| Q4 25 | -52.5% | 50.0% | ||
| Q3 25 | -12.0% | 54.5% | ||
| Q2 25 | -25.0% | 43.9% | ||
| Q1 25 | -25.4% | 20.3% | ||
| Q4 24 | -5.3% | 68.4% | ||
| Q3 24 | -6.8% | 52.6% | ||
| Q2 24 | -13.0% | 37.2% | ||
| Q1 24 | -25.5% | 3.7% |
| Q4 25 | — | $0.19 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.09 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $0.16 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | — | $0.00 |
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 | $17.1M |
| Total DebtLower is stronger | — | $8.0M |
| Stockholders' EquityBook value | $15.2M | $147.5M |
| Total Assets | $29.6M | $168.1M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $17.1M | ||
| Q3 25 | $7.6M | $21.9M | ||
| Q2 25 | $10.5M | $14.4M | ||
| Q1 25 | $14.3M | $16.5M | ||
| Q4 24 | $18.0M | $19.0M | ||
| Q3 24 | $16.1M | $22.1M | ||
| Q2 24 | $20.3M | $20.5M | ||
| Q1 24 | $17.5M | $20.6M |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $6.8M | ||
| Q2 25 | — | $6.9M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $6.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $15.2M | $147.5M | ||
| Q3 25 | $22.6M | $142.7M | ||
| Q2 25 | $24.3M | $136.7M | ||
| Q1 25 | $27.0M | $134.4M | ||
| Q4 24 | $30.0M | $133.6M | ||
| Q3 24 | $30.6M | $129.7M | ||
| Q2 24 | $30.9M | $123.2M | ||
| Q1 24 | $33.0M | $120.4M |
| Q4 25 | $29.6M | $168.1M | ||
| Q3 25 | $40.1M | $162.3M | ||
| Q2 25 | $45.4M | $151.7M | ||
| Q1 25 | $49.8M | $149.7M | ||
| Q4 24 | $49.5M | $149.7M | ||
| Q3 24 | $52.1M | $147.4M | ||
| Q2 24 | $59.9M | $140.4M | ||
| Q1 24 | $55.7M | $135.2M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | — | ||
| 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 | $-979.0K |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -6.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $-979.0K | ||
| Q3 25 | $-1.6M | $9.4M | ||
| Q2 25 | $-4.4M | $-503.0K | ||
| Q1 25 | $-3.9M | $-1.4M | ||
| Q4 24 | $-9.0K | $5.7M | ||
| Q3 24 | $-722.0K | $3.1M | ||
| Q2 24 | $2.9M | $892.0K | ||
| Q1 24 | $-6.0K | $-457.0K |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | — | ||
| Q2 25 | $-4.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $2.9M | — | ||
| Q1 24 | $-42.0K | — |
| Q4 25 | -6.9% | — | ||
| Q3 25 | -8.4% | — | ||
| Q2 25 | -22.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 10.3% | — | ||
| Q1 24 | -0.2% | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | -0.21× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | — | -1.70× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | -3.87× |
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% |
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
