Issue 003 | U.S. Pilot | US

ATER

Aterian, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-15 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 49.0%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 21,173,000USD
Total Liabilities: 12,673,000USD
NCAV: 8,500,000USD
Cash: 2,324,000USD
NCAV per share: 0.79USD/share
Evidence: 7 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 3
Unavailable: 7

Requires inspection High NCAV Burn since the previous filing 8,500,000

Latest: 8,500,0002026-03-31
Comparison: 9,721,0002025-12-31
Change: -12.6%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001437749-26-017437; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -363,000

Latest: -363,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001437749-26-017437

Supporting observation Current Ratio > 1.5 1.7

Latest: 1.72026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001437749-26-017437

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001437749-26-017437	2026-05-15	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001757715/accession=0001437749-26-017437/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing
Period-end Shares Outstanding	5,409,45510,818,910	5,013,52310,027,046	5,103,91810,207,835	5,006,88010,013,759	4,374,3708,748,741	4,375,3708,750,741	4,371,8448,743,687	4,293,5808,587,159	3,828,0227,656,044	3,754,05790,097,372	3,713,84189,132,183	3,667,28588,014,844	3,380,59081,134,161	3,364,67980,752,290	2,897,53169,540,749	2,884,14169,219,384	2,597,84762,348,318	2,295,42755,090,237	2,085,40250,049,660	1,488,94935,734,767	1,128,11627,074,791	739,02717,736,649
Weighted-average Basic Shares	4,422,2868,844,573	3,966,4447,932,889	4,103,6598,207,318	3,837,4557,674,910	3,394,9786,789,955	3,262,2946,524,589	3,300,2426,600,485	3,241,9666,483,931	3,197,4526,394,905	2,772,06566,529,565	2,693,69464,648,650	n/an/a	n/an/a	n/an/a	n/an/a	1,231,15829,547,781	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	2,664,46163,947,069	2,297,56055,141,448	1,474,12535,379,005	1,473,33335,359,999	1,231,15829,547,781	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-1-1	-2-2	-1-1	-1-1	-1-1	-2-2	-2-2	-1-1	-1-1	-1-1	-1-1	-1-1	-0-0	-3-3	-3-3	-1-1	-1-1	-7-7	-8-8	-4-4	n/an/a	n/an/a
Diluted EPS	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	-1-1	-0-0	-3-3	-3-3	-1-1	-1-1	-7-7	-8-8	-4-4	n/an/a	n/an/a
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	7.9%	-1.8%	1.9%	14.5%	-0.0%	0.1%	1.8%	12.2%	2.0%	1.1%	1.3%	8.5%	0.5%	16.1%	0.5%	11.0%	13.2%	10.1%	40.1%	32.0%	52.6%	Insufficient evidence
Ownership Claim Change	-7.3%	1.8%	-1.9%	-12.6%	0.0%	-0.1%	-1.8%	-10.8%	-1.9%	-1.1%	-1.3%	-7.8%	-0.5%	-13.9%	-0.5%	-9.9%	-11.6%	-9.1%	-28.6%	-24.2%	-34.5%	Insufficient evidence

Verified split events: reverse 3.9 on 2019-06-30; reverse 12.0 on 2024-03-22; reverse 2.0 on 2026-07-20

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD
Revenue	68,975,000	99,045,000	142,566,000	221,170,000	247,767,000	185,704,000	114,451,000
Operating Income	-17,973,000	-11,823,000	-76,190,000	-178,159,000	-34,077,000	-34,751,000	-54,333,000
Net Income	-18,984,000	-11,862,000	-74,564,000	-196,292,000	-236,024,000	-63,126,000	-58,789,000
Cash From Operations	-10,895,000	2,165,000	-13,388,000	-17,477,000	-41,969,000	6,091,000	-25,200,000
Capex	-51,000	-42,000	-119,000	-595,000	-32,000	-89,000	-114,000
Free Cash Flow	-10,946,000	2,123,000	-13,507,000	-18,072,000	-42,001,000	6,002,000	-25,314,000
Cash And Equivalents	4,857,000	17,998,000	20,023,000	43,574,000	30,317,000	26,718,000	30,353,000
Accounts Receivable	2,460,000	3,782,000	4,225,000	4,515,000	10,478,000	5,747,000	1,059,000
Inventory	13,776,000	13,749,000	20,390,000	43,666,000	63,045,000	31,582,000	36,212,000
Total Current Assets	24,075,000	38,719,000	49,636,000	100,016,000	124,874,000	75,158,000	73,019,000
Total Assets	29,564,000	49,542,000	61,869,000	156,439,000	313,570,000	157,454,000	74,424,000
Total Current Liabilities	14,129,000	19,298,000	25,447,000	53,035,000	83,742,000	74,732,000	53,226,000
Total Liabilities	14,354,000	19,525,000	25,838,000	54,487,000	89,342,000	134,072,000	63,697,000
Shareholders Equity	15,210,000	30,017,000	36,031,000	101,952,000	224,228,000	23,382,000	10,727,000
Shares Outstanding	10,027,046	8,750,741	90,097,372	80,752,290	55,090,237	27,074,791	17,736,649
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	7,932,889	7,069,404	78,155,590	66,529,565	35,379,005	17,167,999	13,516,844
Weighted Avg Shares Basic	7,932,889	7,069,404	78,155,590	66,529,565	35,379,005	17,167,999	13,516,844
Net Share Count Change (Normalized)	-1.8%	0.1%	1.1%	16.1%	10.1%	52.6%	Insufficient evidence
Ownership Claim Change (Normalized)	1.8%	-0.1%	-1.1%	-13.9%	-9.1%	-34.5%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	18,000	15,132,000	19,021,000	19,462,000	15,360,000	24,608,000	26,239,000	27,984,000	20,214,000	32,755,000	39,668,000	35,264,000	34,879,000	54,903,000	66,326,000	58,268,000	41,673,000	63,322,000	68,121,000	68,188,000
Operating Income	-3,209,000	-7,729,000	-2,043,000	-4,505,000	-3,696,000	-1,610,000	-1,730,000	-3,205,000	-5,278,000	-8,243,000	-6,516,000	-36,436,000	-24,995,000	-22,796,000	-108,941,000	-10,125,000	-36,297,000	-3,267,000	-7,527,000	4,468,000
Net Income	-6,132,000	-7,947,000	-2,281,000	-4,860,000	-3,896,000	-1,298,000	-1,773,000	-3,629,000	-5,162,000	-7,707,000	-6,270,000	-34,787,000	-25,800,000	-20,305,000	-116,902,000	-16,309,000	-42,776,000	-6,609,000	-110,556,000	-36,306,000
Cash From Operations	-363,000	-1,042,000	-1,566,000	-4,419,000	-3,868,000	-9,000	-722,000	2,902,000	-6,000	-4,930,000	399,000	-1,440,000	-7,417,000	2,064,000	2,570,000	-8,941,000	-13,170,000	-1,520,000	-7,613,000	-24,341,000
Capex	-4,000	-5,000	-40,000	-6,000	0	0	0	-6,000	-36,000	-39,000	45,000	0	-125,000	n/a	n/a	n/a	n/a	-18,000	30,000	-24,000
Free Cash Flow	-367,000	-1,047,000	-1,606,000	-4,425,000	-3,868,000	-9,000	-722,000	2,896,000	-42,000	-4,969,000	444,000	-1,440,000	-7,542,000	n/a	n/a	n/a	n/a	-1,538,000	-7,583,000	-24,365,000
Cash And Equivalents	2,324,000	4,857,000	7,588,000	10,495,000	14,337,000	17,998,000	16,071,000	20,328,000	17,545,000	20,023,000	27,955,000	28,867,000	33,911,000	43,574,000	25,997,000	34,781,000	44,281,000	30,317,000	37,470,000	61,934,000
Total Current Assets	21,173,000	24,075,000	30,427,000	35,310,000	39,384,000	38,719,000	40,859,000	48,189,000	43,585,000	49,636,000	68,682,000	75,658,000	84,645,000	100,016,000	101,846,000	128,786,000	139,016,000	124,874,000	130,866,000	166,427,000
Total Liabilities	12,673,000	14,354,000	17,509,000	21,128,000	22,779,000	19,525,000	21,513,000	28,965,000	22,724,000	25,838,000	40,122,000	42,309,000	43,853,000	54,487,000	62,250,000	83,799,000	99,668,000	89,342,000	109,030,000	183,286,000
Shares Outstanding	10,818,910	10,027,046	10,207,835	10,013,759	8,748,741	8,750,741	8,743,687	8,587,159	7,656,044	90,097,372	89,132,183	88,014,844	81,134,161	80,752,290	69,540,749	69,219,384	62,348,318	55,090,237	50,049,660	35,734,767
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	8,844,573	8,383,134	8,207,318	7,674,910	7,452,957	7,343,748	7,166,612	6,973,218	6,789,955	79,205,350	79,022,467	77,625,304	76,732,539	82,105,455	64,648,650	63,947,069	55,141,448	50,120,482	35,359,999	29,547,781
Weighted Avg Shares Basic	8,844,573	8,383,134	8,207,318	7,674,910	7,452,957	7,343,748	7,166,612	6,973,218	6,789,955	79,205,350	79,022,467	77,625,304	76,732,539	82,105,455	64,648,650	63,947,069	55,141,448	50,120,482	35,359,999	29,547,781
Net Share Count Change (Normalized)	7.9%	-1.8%	1.9%	14.5%	-0.0%	0.1%	1.8%	12.2%	2.0%	1.1%	1.3%	8.5%	0.5%	16.1%	0.5%	11.0%	13.2%	10.1%	40.1%	32.0%
Ownership Claim Change (Normalized)	-7.3%	1.8%	-1.9%	-12.6%	0.0%	-0.1%	-1.8%	-10.8%	-1.9%	-1.1%	-1.3%	-7.8%	-0.5%	-13.9%	-0.5%	-9.9%	-11.6%	-9.1%	-28.6%	-24.2%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	21,173,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json
Total Liabilities	12,673,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json
Cash	2,324,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json
Shares Outstanding	10,818,910	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json Data Vault \| sec/companyfacts/cik=0001757715/companyfacts.json
NCAV	8,500,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.79USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	49.0%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001757715
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001757715/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001757715/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 23
Imported At: 2026-08-15T12:51:38+00:00
Rendered At: 2026-08-16T03:29:48+00:00

Run Audit

Mary Run: 8f67c1da7de642feb640d04491409c50
Mary As Of: 2026-07-25
Accession: 0001437749-26-017437
CIK: 0001757715
Mary Filing Date: 2026-05-15
Filing Currency: USD
Internal Discount: 49.0%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-05-15; mary_accession=0001437749-26-017437; mary_cik=0001757715; gnni_supporting_filing_date=2026-05-15; internal_discount=0.489602; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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