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Side-by-side financial comparison of Aterian, Inc. (ATER) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $15.1M, roughly 1.9× Aterian, Inc.). Aterian, Inc. runs the higher net margin — -52.5% vs -147.1%, a 94.6% gap on every dollar of revenue. On growth, Aterian, Inc. posted the faster year-over-year revenue change (-38.5% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
ATER vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $28.1M |
| Net Profit | $-7.9M | $-41.3M |
| Gross Margin | 56.1% | — |
| Operating Margin | -51.1% | -147.6% |
| Net Margin | -52.5% | -147.1% |
| Revenue YoY | -38.5% | -67.6% |
| Net Profit YoY | -512.2% | -182.8% |
| EPS (diluted) | — | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $19.0M | $32.5M | ||
| Q2 25 | $19.5M | $15.7M | ||
| Q1 25 | $15.4M | $8.0M | ||
| Q4 24 | $24.6M | $86.6M | ||
| Q3 24 | $26.2M | $2.1M | ||
| Q2 24 | $28.0M | $500.0K | ||
| Q1 24 | $20.2M | $0 |
| Q4 25 | $-7.9M | $-41.3M | ||
| Q3 25 | $-2.3M | $-51.2M | ||
| Q2 25 | $-4.9M | $-44.9M | ||
| Q1 25 | $-3.9M | $-33.9M | ||
| Q4 24 | $-1.3M | $49.9M | ||
| Q3 24 | $-1.8M | $-19.1M | ||
| Q2 24 | $-3.6M | $-12.5M | ||
| Q1 24 | $-5.2M | $-10.3M |
| 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% | -147.6% | ||
| Q3 25 | -10.7% | -163.7% | ||
| Q2 25 | -23.1% | -302.9% | ||
| Q1 25 | -24.1% | -466.3% | ||
| Q4 24 | -6.5% | 54.5% | ||
| Q3 24 | -6.6% | -1051.6% | ||
| Q2 24 | -11.5% | -3068.0% | ||
| Q1 24 | -26.1% | — |
| Q4 25 | -52.5% | -147.1% | ||
| Q3 25 | -12.0% | -157.4% | ||
| Q2 25 | -25.0% | -285.6% | ||
| Q1 25 | -25.4% | -425.7% | ||
| Q4 24 | -5.3% | 57.7% | ||
| Q3 24 | -6.8% | -925.0% | ||
| Q2 24 | -13.0% | -2503.2% | ||
| Q1 24 | -25.5% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | — | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | — | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $15.2M | $114.3M |
| Total Assets | $29.6M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $245.0M | ||
| Q3 25 | $7.6M | $288.2M | ||
| Q2 25 | $10.5M | $240.1M | ||
| Q1 25 | $14.3M | $275.7M | ||
| Q4 24 | $18.0M | $314.0M | ||
| Q3 24 | $16.1M | $204.6M | ||
| Q2 24 | $20.3M | $218.7M | ||
| Q1 24 | $17.5M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $15.2M | $114.3M | ||
| Q3 25 | $22.6M | $147.7M | ||
| Q2 25 | $24.3M | $192.3M | ||
| Q1 25 | $27.0M | $229.0M | ||
| Q4 24 | $30.0M | $256.8M | ||
| Q3 24 | $30.6M | $201.0M | ||
| Q2 24 | $30.9M | $215.2M | ||
| Q1 24 | $33.0M | $223.9M |
| Q4 25 | $29.6M | $327.7M | ||
| Q3 25 | $40.1M | $372.8M | ||
| Q2 25 | $45.4M | $313.5M | ||
| Q1 25 | $49.8M | $327.3M | ||
| Q4 24 | $49.5M | $351.2M | ||
| Q3 24 | $52.1M | $217.6M | ||
| Q2 24 | $59.9M | $222.0M | ||
| Q1 24 | $55.7M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| 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 | $-43.5M |
| 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 | $-43.5M | ||
| Q3 25 | $-1.6M | $-47.0M | ||
| Q2 25 | $-4.4M | $-39.6M | ||
| Q1 25 | $-3.9M | $-40.7M | ||
| Q4 24 | $-9.0K | $42.0M | ||
| Q3 24 | $-722.0K | $-14.5M | ||
| Q2 24 | $2.9M | $-7.3M | ||
| Q1 24 | $-6.0K | $-6.7M |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | $-47.2M | ||
| Q2 25 | $-4.4M | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | $2.9M | $-7.3M | ||
| Q1 24 | $-42.0K | $-6.8M |
| Q4 25 | -6.9% | — | ||
| Q3 25 | -8.4% | -145.4% | ||
| Q2 25 | -22.7% | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | 10.3% | -1463.4% | ||
| Q1 24 | -0.2% | — |
| Q4 25 | 0.0% | 0.0% | ||
| Q3 25 | 0.2% | 0.6% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.0% | 1.1% | ||
| Q4 24 | 0.0% | 0.3% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | 0.0% | 7.6% | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
