Business
Aterian Reports Fourth Quarter & Full Year 2023 Results
Reaffirms Second Half 2024 Adjusted EBITDA Profitability Target NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the
About this update from Aterian, Inc.
[{"type":"text","content":"Reaffirms Second Half 2024 Adjusted EBITDA Profitability Target\nNEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Highlights Fourth quarter 2023 net revenue declined 40.3% to $32.8 million, compared to $54.9 million in the fourth quarter of 2022.Fourth quarter 2023 gross margin increased to 51.0%, compared to 37.1% in the fourth quarter of 2022, primarily reflecting lower liquidation of high cost inventory compared to the prior period.Fourth quarter 2023 contribution margin increased to (0.8%) from (11.5%) in the fourth quarter of 2022, primarily reflecting lower liquidation of high cost inventory compared to the prior period.Fourth quarter 2023 operating loss improved to ($8.2) million compared to a loss of ($22.8) million in the fourth quarter of 2022. Fourth quarter 2023 operating loss includes a reserve for barter credits of ($0.3) million and ($1.6) million of non-cash stock compensation, and a non-cash loss on impairment of an intangible of ($0.3) million, while fourth quarter 2022 operating loss included a reserve for barter credits of ($1.6) million and ($2.7) million of non-cash stock compensation, and a non-cash loss on impairment of goodwill of ($0.5) million.Fourth quarter 2023 net loss improved to ($7.7) million from ($20.3) million in 2022. Fourth quarter 2023 net loss includes a reserve for barter credits of ($0.3) million, ($1.6) million of non-cash stock compensation, a non-cash loss on impairment of an intangible of ($0.3) million, while fourth quarter 2022 net loss included a reserve for barter credits of ($1.6) million, ($2.7) million of non-cash stock compensation, a non-cash loss on impairment of goodwill of ($0.5) million, and a gain on fair value of warrant liability of $2.8 millionFourth quarter 2023 adjusted EBITDA loss improved to ($5.6) million from ($16.2) million in the fourth quarter of 2022.Total cash balance at December 31, 2023 was $20.0 million. Full Year 2023 Highlights Full year 2023 net revenue declined 35.5% year over year to $142.6 million, compared to $221.2 million in the full year of 2022.Full year gross margin increased to 49.3% compared to 47.7% in 2022, primarily reflecting the impact of product mix, improved shipping containe...