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Side-by-side financial comparison of Aterian, Inc. (ATER) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
Aterian, Inc. is the larger business by last-quarter revenue ($15.1M vs $8.7M, roughly 1.7× SWK Holdings Corp). On growth, SWK Holdings Corp posted the faster year-over-year revenue change (-29.7% vs -38.5%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-1.0M). Over the past eight quarters, SWK Holdings Corp's revenue compounded faster (-12.5% 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.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
ATER vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $8.7M |
| Net Profit | $-7.9M | $-19.4M |
| Gross Margin | 56.1% | — |
| Operating Margin | -51.1% | 9.9% |
| Net Margin | -52.5% | — |
| Revenue YoY | -38.5% | -29.7% |
| Net Profit YoY | -512.2% | -430.2% |
| EPS (diluted) | — | $-1.59 |
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 | $8.7M | ||
| Q3 25 | $19.0M | $10.9M | ||
| Q2 25 | $19.5M | $10.1M | ||
| Q1 25 | $15.4M | $11.8M | ||
| Q4 24 | $24.6M | $12.4M | ||
| Q3 24 | $26.2M | $10.4M | ||
| Q2 24 | $28.0M | $10.8M | ||
| Q1 24 | $20.2M | $11.4M |
| Q4 25 | $-7.9M | $-19.4M | ||
| Q3 25 | $-2.3M | $8.8M | ||
| Q2 25 | $-4.9M | $3.5M | ||
| Q1 25 | $-3.9M | $4.5M | ||
| Q4 24 | $-1.3M | $5.9M | ||
| Q3 24 | $-1.8M | $3.5M | ||
| Q2 24 | $-3.6M | $3.7M | ||
| Q1 24 | $-5.2M | $468.0K |
| 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% | 9.9% | ||
| Q3 25 | -10.7% | 61.3% | ||
| Q2 25 | -23.1% | 46.1% | ||
| Q1 25 | -24.1% | 68.6% | ||
| Q4 24 | -6.5% | 44.7% | ||
| Q3 24 | -6.6% | 39.2% | ||
| Q2 24 | -11.5% | 8.3% | ||
| Q1 24 | -26.1% | 9.5% |
| Q4 25 | -52.5% | — | ||
| Q3 25 | -12.0% | 80.7% | ||
| Q2 25 | -25.0% | 35.2% | ||
| Q1 25 | -25.4% | 38.4% | ||
| Q4 24 | -5.3% | 47.5% | ||
| Q3 24 | -6.8% | 33.3% | ||
| Q2 24 | -13.0% | 33.9% | ||
| Q1 24 | -25.5% | 4.1% |
| Q4 25 | — | $-1.59 | ||
| Q3 25 | — | $0.72 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | — | $0.47 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.30 | ||
| Q1 24 | — | $0.04 |
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 | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $15.2M | $235.1M |
| Total Assets | $29.6M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $42.8M | ||
| Q3 25 | $7.6M | $10.2M | ||
| Q2 25 | $10.5M | $8.0M | ||
| Q1 25 | $14.3M | $29.8M | ||
| Q4 24 | $18.0M | $5.9M | ||
| Q3 24 | $16.1M | $17.2M | ||
| Q2 24 | $20.3M | $5.5M | ||
| Q1 24 | $17.5M | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | $15.2M | $235.1M | ||
| Q3 25 | $22.6M | $254.2M | ||
| Q2 25 | $24.3M | $246.5M | ||
| Q1 25 | $27.0M | $292.7M | ||
| Q4 24 | $30.0M | $288.7M | ||
| Q3 24 | $30.6M | $283.4M | ||
| Q2 24 | $30.9M | $282.8M | ||
| Q1 24 | $33.0M | $279.9M |
| Q4 25 | $29.6M | $272.4M | ||
| Q3 25 | $40.1M | $289.4M | ||
| Q2 25 | $45.4M | $285.7M | ||
| Q1 25 | $49.8M | $331.3M | ||
| Q4 24 | $49.5M | $332.2M | ||
| Q3 24 | $52.1M | $321.3M | ||
| Q2 24 | $59.9M | $321.0M | ||
| Q1 24 | $55.7M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-1.0M | $26.8M |
| FCF MarginFCF / Revenue | -6.9% | 308.1% |
| Capex IntensityCapex / Revenue | 0.0% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $27.3M | ||
| Q3 25 | $-1.6M | $906.0K | ||
| Q2 25 | $-4.4M | $7.8M | ||
| Q1 25 | $-3.9M | $8.3M | ||
| Q4 24 | $-9.0K | $23.0M | ||
| Q3 24 | $-722.0K | $6.3M | ||
| Q2 24 | $2.9M | $5.4M | ||
| Q1 24 | $-6.0K | $4.4M |
| Q4 25 | $-1.0M | $26.8M | ||
| Q3 25 | $-1.6M | $557.0K | ||
| Q2 25 | $-4.4M | $7.7M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | — | $6.3M | ||
| Q2 24 | $2.9M | $5.4M | ||
| Q1 24 | $-42.0K | — |
| Q4 25 | -6.9% | 308.1% | ||
| Q3 25 | -8.4% | 5.1% | ||
| Q2 25 | -22.7% | 77.0% | ||
| Q1 25 | — | 69.1% | ||
| Q4 24 | — | 185.3% | ||
| Q3 24 | — | 60.4% | ||
| Q2 24 | 10.3% | 49.7% | ||
| Q1 24 | -0.2% | — |
| Q4 25 | 0.0% | 5.9% | ||
| Q3 25 | 0.2% | 3.2% | ||
| Q2 25 | 0.0% | 0.6% | ||
| Q1 25 | 0.0% | 0.8% | ||
| Q4 24 | 0.0% | 1.1% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.0% | 0.2% | ||
| Q1 24 | 0.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
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% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
