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Side-by-side financial comparison of Aterian, Inc. (ATER) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
Aterian, Inc. is the larger business by last-quarter revenue ($15.1M vs $13.2M, roughly 1.1× TriSalus Life Sciences, Inc.). Aterian, Inc. runs the higher net margin — -52.5% vs -73.9%, a 21.3% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -38.5%). Aterian, Inc. produced more free cash flow last quarter ($-1.0M vs $-2.5M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
ATER vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $13.2M |
| Net Profit | $-7.9M | $-9.8M |
| Gross Margin | 56.1% | 86.7% |
| Operating Margin | -51.1% | -24.8% |
| Net Margin | -52.5% | -73.9% |
| Revenue YoY | -38.5% | 59.8% |
| Net Profit YoY | -512.2% | 3.5% |
| EPS (diluted) | — | $-0.22 |
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 | $13.2M | ||
| Q3 25 | $19.0M | $11.6M | ||
| Q2 25 | $19.5M | $11.2M | ||
| Q1 25 | $15.4M | $9.2M | ||
| Q4 24 | $24.6M | $8.3M | ||
| Q3 24 | $26.2M | $7.3M | ||
| Q2 24 | $28.0M | $7.4M | ||
| Q1 24 | $20.2M | $6.5M |
| Q4 25 | $-7.9M | $-9.8M | ||
| Q3 25 | $-2.3M | $-10.8M | ||
| Q2 25 | $-4.9M | $-8.3M | ||
| Q1 25 | $-3.9M | $-10.4M | ||
| Q4 24 | $-1.3M | $-10.1M | ||
| Q3 24 | $-1.8M | $-2.4M | ||
| Q2 24 | $-3.6M | $-4.3M | ||
| Q1 24 | $-5.2M | $-13.2M |
| Q4 25 | 56.1% | 86.7% | ||
| Q3 25 | 56.1% | 83.5% | ||
| Q2 25 | 54.3% | 83.9% | ||
| Q1 25 | 61.4% | 83.7% | ||
| Q4 24 | 63.4% | 85.3% | ||
| Q3 24 | 60.3% | 86.3% | ||
| Q2 24 | 60.4% | 87.6% | ||
| Q1 24 | 65.1% | 85.0% |
| Q4 25 | -51.1% | -24.8% | ||
| Q3 25 | -10.7% | -77.9% | ||
| Q2 25 | -23.1% | -65.4% | ||
| Q1 25 | -24.1% | -79.9% | ||
| Q4 24 | -6.5% | -91.8% | ||
| Q3 24 | -6.6% | -118.9% | ||
| Q2 24 | -11.5% | -111.0% | ||
| Q1 24 | -26.1% | -180.8% |
| Q4 25 | -52.5% | -73.9% | ||
| Q3 25 | -12.0% | -93.5% | ||
| Q2 25 | -25.0% | -73.9% | ||
| Q1 25 | -25.4% | -113.2% | ||
| Q4 24 | -5.3% | -122.4% | ||
| Q3 24 | -6.8% | -32.6% | ||
| Q2 24 | -13.0% | -58.8% | ||
| Q1 24 | -25.5% | -204.5% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.96 | ||
| Q2 25 | — | $-0.27 | ||
| Q1 25 | — | $-0.39 | ||
| Q4 24 | — | $-0.38 | ||
| Q3 24 | — | $-0.12 | ||
| Q2 24 | — | $-0.21 | ||
| Q1 24 | — | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.2M | $-33.9M |
| Total Assets | $29.6M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $20.4M | ||
| Q3 25 | $7.6M | $22.7M | ||
| Q2 25 | $10.5M | $26.5M | ||
| Q1 25 | $14.3M | $13.0M | ||
| Q4 24 | $18.0M | $8.5M | ||
| Q3 24 | $16.1M | $11.3M | ||
| Q2 24 | $20.3M | $16.5M | ||
| Q1 24 | $17.5M | $4.0M |
| Q4 25 | $15.2M | $-33.9M | ||
| Q3 25 | $22.6M | $-26.7M | ||
| Q2 25 | $24.3M | $-19.4M | ||
| Q1 25 | $27.0M | $-34.4M | ||
| Q4 24 | $30.0M | $-25.9M | ||
| Q3 24 | $30.6M | $-20.4M | ||
| Q2 24 | $30.9M | $-25.3M | ||
| Q1 24 | $33.0M | $-36.0M |
| Q4 25 | $29.6M | $35.3M | ||
| Q3 25 | $40.1M | $36.5M | ||
| Q2 25 | $45.4M | $41.3M | ||
| Q1 25 | $49.8M | $28.6M | ||
| Q4 24 | $49.5M | $24.0M | ||
| Q3 24 | $52.1M | $27.5M | ||
| Q2 24 | $59.9M | $32.4M | ||
| Q1 24 | $55.7M | $17.9M |
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 | $-2.5M |
| Free Cash FlowOCF − Capex | $-1.0M | $-2.5M |
| FCF MarginFCF / Revenue | -6.9% | -19.1% |
| Capex IntensityCapex / Revenue | 0.0% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $-2.5M | ||
| Q3 25 | $-1.6M | $-3.7M | ||
| Q2 25 | $-4.4M | $-7.3M | ||
| Q1 25 | $-3.9M | $-4.5M | ||
| Q4 24 | $-9.0K | $-5.7M | ||
| Q3 24 | $-722.0K | $-10.8M | ||
| Q2 24 | $2.9M | $-13.4M | ||
| Q1 24 | $-6.0K | $-10.9M |
| Q4 25 | $-1.0M | $-2.5M | ||
| Q3 25 | $-1.6M | $-3.9M | ||
| Q2 25 | $-4.4M | $-7.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | $2.9M | $-13.5M | ||
| Q1 24 | $-42.0K | $-10.9M |
| Q4 25 | -6.9% | -19.1% | ||
| Q3 25 | -8.4% | -33.9% | ||
| Q2 25 | -22.7% | -66.1% | ||
| Q1 25 | — | -57.3% | ||
| Q4 24 | — | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | 10.3% | -183.1% | ||
| Q1 24 | -0.2% | -169.3% |
| Q4 25 | 0.0% | 0.3% | ||
| Q3 25 | 0.2% | 1.9% | ||
| Q2 25 | 0.0% | 0.8% | ||
| Q1 25 | 0.0% | 8.2% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 2.3% | ||
| Q2 24 | 0.0% | 0.8% | ||
| Q1 24 | 0.2% | 1.0% |
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% |
TLSI
Segment breakdown not available.
