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Side-by-side financial comparison of Aterian, Inc. (ATER) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Aterian, Inc. is the larger business by last-quarter revenue ($15.1M vs $8.4M, roughly 1.8× Soluna Holdings, Inc). Aterian, Inc. runs the higher net margin — -52.5% vs -284.7%, a 232.2% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -38.5%). Aterian, Inc. produced more free cash flow last quarter ($-1.0M vs $-6.8M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% 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.
ATER vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $8.4M |
| Net Profit | $-7.9M | $-24.0M |
| Gross Margin | 56.1% | 9.5% |
| Operating Margin | -51.1% | -92.5% |
| Net Margin | -52.5% | -284.7% |
| Revenue YoY | -38.5% | 11.8% |
| Net Profit YoY | -512.2% | -233.2% |
| EPS (diluted) | — | $-1.14 |
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 | — | ||
| Q3 25 | $19.0M | $8.4M | ||
| Q2 25 | $19.5M | $6.2M | ||
| Q1 25 | $15.4M | $5.9M | ||
| Q4 24 | $24.6M | $8.3M | ||
| Q3 24 | $26.2M | $7.5M | ||
| Q2 24 | $28.0M | $9.7M | ||
| Q1 24 | $20.2M | $12.5M |
| Q4 25 | $-7.9M | — | ||
| Q3 25 | $-2.3M | $-24.0M | ||
| Q2 25 | $-4.9M | $-7.4M | ||
| Q1 25 | $-3.9M | $-7.6M | ||
| Q4 24 | $-1.3M | $-40.0M | ||
| Q3 24 | $-1.8M | $-7.2M | ||
| Q2 24 | $-3.6M | $-10.9M | ||
| Q1 24 | $-5.2M | $-5.3M |
| Q4 25 | 56.1% | — | ||
| Q3 25 | 56.1% | 9.5% | ||
| Q2 25 | 54.3% | 6.3% | ||
| Q1 25 | 61.4% | 5.7% | ||
| Q4 24 | 63.4% | -360.8% | ||
| Q3 24 | 60.3% | -39.1% | ||
| Q2 24 | 60.4% | 34.6% | ||
| Q1 24 | 65.1% | 45.4% |
| Q4 25 | -51.1% | — | ||
| Q3 25 | -10.7% | -92.5% | ||
| Q2 25 | -23.1% | -107.6% | ||
| Q1 25 | -24.1% | -120.9% | ||
| Q4 24 | -6.5% | -426.0% | ||
| Q3 24 | -6.6% | -119.8% | ||
| Q2 24 | -11.5% | -38.0% | ||
| Q1 24 | -26.1% | 3.2% |
| Q4 25 | -52.5% | — | ||
| Q3 25 | -12.0% | -284.7% | ||
| Q2 25 | -25.0% | -119.9% | ||
| Q1 25 | -25.4% | -127.3% | ||
| Q4 24 | -5.3% | -483.8% | ||
| Q3 24 | -6.8% | -95.5% | ||
| Q2 24 | -13.0% | -112.4% | ||
| Q1 24 | -25.5% | -41.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-1.14 | ||
| Q2 25 | — | $-0.93 | ||
| Q1 25 | — | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | — | $-1.56 | ||
| Q2 24 | — | $-3.62 | ||
| Q1 24 | — | $-2.62 |
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 | — | $13.3M |
| Stockholders' EquityBook value | $15.2M | $14.5M |
| Total Assets | $29.6M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
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 | — | — | ||
| Q3 25 | — | $13.3M | ||
| Q2 25 | — | $10.0M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | — | $8.1M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | — |
| Q4 25 | $15.2M | — | ||
| Q3 25 | $22.6M | $14.5M | ||
| Q2 25 | $24.3M | $-19.5M | ||
| Q1 25 | $27.0M | $-16.1M | ||
| Q4 24 | $30.0M | $-12.5M | ||
| Q3 24 | $30.6M | $20.9M | ||
| Q2 24 | $30.9M | $24.4M | ||
| Q1 24 | $33.0M | $21.5M |
| Q4 25 | $29.6M | — | ||
| Q3 25 | $40.1M | $152.0M | ||
| Q2 25 | $45.4M | $92.0M | ||
| Q1 25 | $49.8M | $90.0M | ||
| Q4 24 | $49.5M | $88.0M | ||
| Q3 24 | $52.1M | $97.3M | ||
| Q2 24 | $59.9M | $98.7M | ||
| Q1 24 | $55.7M | $90.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| 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 | $-2.2M |
| Free Cash FlowOCF − Capex | $-1.0M | $-6.8M |
| FCF MarginFCF / Revenue | -6.9% | -81.4% |
| Capex IntensityCapex / Revenue | 0.0% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | $-2.2M | ||
| Q2 25 | $-4.4M | $-1.1M | ||
| Q1 25 | $-3.9M | $-177.0K | ||
| Q4 24 | $-9.0K | $-5.1M | ||
| Q3 24 | $-722.0K | $61.0K | ||
| Q2 24 | $2.9M | $-7.3M | ||
| Q1 24 | $-6.0K | $3.9M |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | $-6.8M | ||
| Q2 25 | $-4.4M | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | $2.9M | $-7.6M | ||
| Q1 24 | $-42.0K | $3.3M |
| Q4 25 | -6.9% | — | ||
| Q3 25 | -8.4% | -81.4% | ||
| Q2 25 | -22.7% | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | 10.3% | -78.2% | ||
| Q1 24 | -0.2% | 26.5% |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.2% | 55.2% | ||
| Q2 25 | 0.0% | 139.0% | ||
| Q1 25 | 0.0% | 64.2% | ||
| Q4 24 | 0.0% | 107.0% | ||
| Q3 24 | 0.0% | 45.6% | ||
| Q2 24 | 0.0% | 2.5% | ||
| Q1 24 | 0.2% | 4.2% |
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% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
