Aterian
ATER on Nasdaq. Market value $11m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 24 funds in all.
Largest holders overall
- Renaissance Technologies$294,400Added
- BlackRock$95,421
- Geode Capital Management$80,713Cut
- Vanguard Capital Management$75,302
- Bridgeway Capital Management$69,300New
- Jane Street Group$65,140Added
- Susquehanna International Group, LLP$63,120Added
- XTX Topco$41,290Cut
- Vanguard Fiduciary Trust$34,312
- State Street$31,689
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Chang Woei JiannPassive investor10.0%Since 25 September 2026
What they said
On September 1, 2026, the Reporting Person, as one of the multiple purchasers, entered into a Securities Purchase Agreement (the "SPA") with David E. Lazar (the "Seller"), the then controlling shareholder of the Issuer, pursuant to which the Reporting Person agreed to purchase,…
Read the filing - Michelle Chiam Sin LingPassive investor10.0%Since 25 September 2026
What they said
On September 1, 2026, the Reporting Person, as one of the multiple purchasers, entered into a Securities Purchase Agreement (the "SPA") with David E. Lazar (the "Seller"), the then controlling shareholder of the Issuer, pursuant to which the Reporting Person agreed to purchase,…
Read the filing - Lazar David E.Insider or founderSold down below 5%Since 25 September 2026
What they said
Item 4 is hereby amended and supplemented as follows: "September 2026 Securities Purchase Agreement On September 1, 2026, the Reporting Person entered into a Securities Purchase Agreement (the "September SPA") with multiple purchasers (the "Purchasers"), pursuant to which the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Chang Woei Jiann Passive investor | 10.0% | 25 September 2026 | What they saidOn September 1, 2026, the Reporting Person, as one of the multiple purchasers, entered into a Securities Purchase Agreement (the "SPA") with David E. Lazar (the "Seller"), the then controlling shareholder of the Issuer, pursuant to which the Reporting Person agreed to purchase,… Read the filing |
Michelle Chiam Sin Ling Passive investor | 10.0% | 25 September 2026 | What they saidOn September 1, 2026, the Reporting Person, as one of the multiple purchasers, entered into a Securities Purchase Agreement (the "SPA") with David E. Lazar (the "Seller"), the then controlling shareholder of the Issuer, pursuant to which the Reporting Person agreed to purchase,… Read the filing |
Lazar David E. Insider or founder | Sold down below 5% | 25 September 2026 | What they saidItem 4 is hereby amended and supplemented as follows: "September 2026 Securities Purchase Agreement On September 1, 2026, the Reporting Person entered into a Securities Purchase Agreement (the "September SPA") with multiple purchasers (the "Purchasers"), pursuant to which the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Aterian’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 7 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Based on these factors, management concluded that these conditions continue to raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these Condensed Consolidated Financial Statements are issued.”
Show the full paragraph
Based on these factors, management concluded that these conditions continue to raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these Condensed Consolidated Financial Statements are issued. Management’s ongoing plans include driving operational efficiencies across the retained business, optimizing supply chain expenditures, and evaluating additional strategic alternatives. The accompanying Condensed Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On October 2, 2026, the Audit Committee of the Board of Directors (the “Committee”) of Aterian, Inc. (the “Company”) approved the dismissal of UHY LLP (“UHY”) as the Company’s independent registered public accounting firm, effective as of the same date.”
From an 8-K filed 5 October 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.