Aterian (NASDAQ: ATER
), formerly named Mohawk Group Holdings Inc., has released is numbers for the first quarter 2021, the period ending March 31, 2021. Key stats worth noting include quarterly net revenue increasing 88% year over year, totaling $48.1 million, as well as the company raising its 2021 net revenue outlook range to between $360 and $390 million. Other numbers worth noting include gross margin improvement to 54.1% compared to 40.2% in Q1 2020, and contribution margin improving to 12.7% from negative (2.9)% in the Q1 2020. In addition, business milestones for the company included its acquisition of Squatty Potty, a leading health & wellness brand, as well as finalizing the acquisition of Photo Paper Direct Ltd., a leading online seller of printing supplies. Aterian is also eyeing additional potential M&A targets that, in total, have trailing 12 months’ net revenue of $613 million with trailing 12 months’ EBITDA of $91 million, and is discussing with top-tier investment banks options for financing structures to capitalize its accelerated M&A strategy and improve its cost of capital. “Despite the challenges e-commerce faced with strains on the global supply chain throughout the first quarter, Aterian remains well-positioned to capitalize on the continued global acceleration of e-commerce adoption and expanding market opportunities in the long-term,” said Aterian co-founder and CEO Yaniv Sarig in the press release. “Due to extreme shortages of containers and backlogs of ships at the Long Beach Port, we suffered from stockouts on some of our top SKUs aggregating to an estimate of approximately $6 million of missed revenue. However, our sourcing, supply chain and operations team continues to work diligently to resolve these issues, and we are continuing to monitor this global crisis closely.”
To view the full press release, visit https://ibn.fm/HkijB
About Aterian, Inc.
Aterian is a leading technology-enabled consumer products platform that builds, acquires and partners with best-in-class, e-commerce brands by harnessing proprietary software and an agile supply chain to create top selling consumer products. The company’s cloud-based platform, Artificial Intelligence Marketplace Ecommerce Engine (AIMEE), leverages machine learning, natural language processing and data analytics to streamline the management of products at scale across the world’s largest online marketplaces, including Amazon, Shopify and Walmart. Aterian has thousands of SKUs across 14 owned and operated brands and sells products in multiple categories, including home and kitchen appliances, health and wellness, beauty and consumer electronics. For more information, visit the company’s website at www.Aterian.io
NOTE TO INVESTORS:
The latest news and updates relating to ATER are available in the company’s newsroom at https://ibn.fm/ATER
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