Aterian, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements. ATERIAN, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash $ 2,546 $ 4,857 Accounts receivable — 6 Inventory, net 49 52 Prepaid and other current assets 2,495 2,110 Assets held for sale (Note 3) 18,182 21,490 Total current assets 23,272 28,515 Property and equipment, net — 661 Other non-current assets 255 389 Total assets $ 23,527 $ 29,565 LIABILITIES AND STOCKHOLDERS ’ EQUITY Current liabilities: Credit facility $ — $ 4,259 Accounts payable 2,794 355 Seller notes 38 368 Accrued and other current liabilities 3,919 5,336 Liabilities held for sale (Note 3) 4,161 3,812 Total current liabilities 10,912 14,130 Other liabilities — 225 Total liabilities 10,912 14,355 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.0001 par value, 10,000,000 shares authorized, 1,750,000 and no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively — — Common stock, $ 0.0001 par value, 500,000,000 shares authorized and 10,879,410 and 10,027,046 shares outstanding at June 30, 2026 and December 31, 2025, respectively 9 9 Additional paid-in capital 750,500 746,414 Accumulated deficit ( 737,284 ) ( 730,661 ) Accumulated other comprehensive loss ( 610 ) ( 552 ) Total stockholders’ equity 12,615 15,210 Total liabilities and stockholders' equity $ 23,527 $ 29,565 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 3 Table of Contents ATERIAN, INC. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net revenue $ 7 $ 88 $ 25 $ 151 Cost of goods sold 6 47 14 60 Gross profit 1 41 11 91 Operating expenses: Sales and distribution 188 1,035 488 1,072 General and administrative 3,772 2,584 6,691 5,938 Total operating expenses 3,960 3,619 7,179 7,010 Operating loss ( 3,959 ) ( 3,578 ) ( 7,168 ) ( 6,919 ) Interest expense, net 173 222 399 397 Change in fair value of warrant liabilities — ( 35 ) — ( 90 ) Gain on extinguishment of debt ( 295 ) — ( 295 ) — Other expense (income), net 125 — 125 ( 42 ) Loss from continuing operations before income taxes ( 3,962 ) ( 3,765 ) ( 7,397 ) ( 7,184 ) Income taxes — — — — Loss f