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Side-by-side financial comparison of Aterian, Inc. (ATER) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Zeo Energy Corp. is the larger business by last-quarter revenue ($18.6M vs $15.1M, roughly 1.2× Aterian, Inc.). Zeo Energy Corp. runs the higher net margin — -10.8% vs -52.5%, a 41.7% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% vs -38.5%). Zeo Energy Corp. produced more free cash flow last quarter ($2.3M vs $-1.0M). Over the past eight quarters, Zeo Energy Corp.'s revenue compounded faster (-4.0% 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.
ATER vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $18.6M |
| Net Profit | $-7.9M | $-2.0M |
| Gross Margin | 56.1% | — |
| Operating Margin | -51.1% | -11.8% |
| Net Margin | -52.5% | -10.8% |
| Revenue YoY | -38.5% | -0.4% |
| Net Profit YoY | -512.2% | -360.9% |
| EPS (diluted) | — | — |
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 | $18.6M | ||
| Q3 25 | $19.0M | $23.9M | ||
| Q2 25 | $19.5M | $18.1M | ||
| Q1 25 | $15.4M | $8.8M | ||
| Q4 24 | $24.6M | $18.6M | ||
| Q3 24 | $26.2M | $19.7M | ||
| Q2 24 | $28.0M | $14.8M | ||
| Q1 24 | $20.2M | $20.1M |
| Q4 25 | $-7.9M | $-2.0M | ||
| Q3 25 | $-2.3M | $-3.2M | ||
| Q2 25 | $-4.9M | $-2.4M | ||
| Q1 25 | $-3.9M | $-6.4M | ||
| Q4 24 | $-1.3M | $-435.3K | ||
| Q3 24 | $-1.8M | $-424.3K | ||
| Q2 24 | $-3.6M | $-277.8K | ||
| Q1 24 | $-5.2M | $-1.5M |
| Q4 25 | 56.1% | — | ||
| Q3 25 | 56.1% | 57.9% | ||
| Q2 25 | 54.3% | 59.8% | ||
| Q1 25 | 61.4% | 99.3% | ||
| Q4 24 | 63.4% | — | ||
| Q3 24 | 60.3% | 50.2% | ||
| Q2 24 | 60.4% | 52.3% | ||
| Q1 24 | 65.1% | — |
| Q4 25 | -51.1% | -11.8% | ||
| Q3 25 | -10.7% | -8.3% | ||
| Q2 25 | -23.1% | -15.8% | ||
| Q1 25 | -24.1% | -153.8% | ||
| Q4 24 | -6.5% | -6.0% | ||
| Q3 24 | -6.6% | -15.2% | ||
| Q2 24 | -11.5% | -18.0% | ||
| Q1 24 | -26.1% | -20.1% |
| Q4 25 | -52.5% | -10.8% | ||
| Q3 25 | -12.0% | -13.5% | ||
| Q2 25 | -25.0% | -13.3% | ||
| Q1 25 | -25.4% | -72.4% | ||
| Q4 24 | -5.3% | -2.3% | ||
| Q3 24 | -6.8% | -2.2% | ||
| Q2 24 | -13.0% | -1.9% | ||
| Q1 24 | -25.5% | -7.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-0.48 | ||
| Q4 24 | — | $1.11 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $15.2M | $5.3M |
| Total Assets | $29.6M | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $6.1M | ||
| Q3 25 | $7.6M | $3.9M | ||
| Q2 25 | $10.5M | $68.7K | ||
| Q1 25 | $14.3M | $2.9M | ||
| Q4 24 | $18.0M | $5.6M | ||
| Q3 24 | $16.1M | $4.3M | ||
| Q2 24 | $20.3M | $5.3M | ||
| Q1 24 | $17.5M | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $15.2M | $5.3M | ||
| Q3 25 | $22.6M | $-1.7M | ||
| Q2 25 | $24.3M | $-59.4M | ||
| Q1 25 | $27.0M | $-23.1M | ||
| Q4 24 | $30.0M | $-88.9M | ||
| Q3 24 | $30.6M | $-39.3M | ||
| Q2 24 | $30.9M | $-53.0M | ||
| Q1 24 | $33.0M | $-173.0M |
| Q4 25 | $29.6M | $56.9M | ||
| Q3 25 | $40.1M | $58.5M | ||
| Q2 25 | $45.4M | $46.2M | ||
| Q1 25 | $49.8M | $47.4M | ||
| Q4 24 | $49.5M | $61.0M | ||
| Q3 24 | $52.1M | $47.1M | ||
| Q2 24 | $59.9M | $49.1M | ||
| Q1 24 | $55.7M | $50.1M |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $2.4M |
| Free Cash FlowOCF − Capex | $-1.0M | $2.3M |
| FCF MarginFCF / Revenue | -6.9% | 12.2% |
| Capex IntensityCapex / Revenue | 0.0% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $2.4M | ||
| Q3 25 | $-1.6M | $-6.6M | ||
| Q2 25 | $-4.4M | $-2.3M | ||
| Q1 25 | $-3.9M | $-2.3M | ||
| Q4 24 | $-9.0K | $3.5M | ||
| Q3 24 | $-722.0K | $162.2K | ||
| Q2 24 | $2.9M | $-2.2M | ||
| Q1 24 | $-6.0K | $-10.2M |
| Q4 25 | $-1.0M | $2.3M | ||
| Q3 25 | $-1.6M | $-6.8M | ||
| Q2 25 | $-4.4M | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | $2.9M | $-2.3M | ||
| Q1 24 | $-42.0K | $-10.4M |
| Q4 25 | -6.9% | 12.2% | ||
| Q3 25 | -8.4% | -28.6% | ||
| Q2 25 | -22.7% | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | 10.3% | -15.6% | ||
| Q1 24 | -0.2% | -51.5% |
| Q4 25 | 0.0% | 0.9% | ||
| Q3 25 | 0.2% | 1.0% | ||
| Q2 25 | 0.0% | 2.4% | ||
| Q1 25 | 0.0% | 4.2% | ||
| Q4 24 | 0.0% | 0.5% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.2% | 1.1% |
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% |
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
