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Aterian PLC
(LSE:ATN)
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Rating:50Neutral
Price Target:
28.00 p
▲(9.80% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak financial performance—continued losses, ongoing cash burn, and higher leverage despite revenue recovery. Technical indicators are comparatively supportive with price above key moving averages and positive MACD, but valuation remains constrained by negative earnings and no dividend yield data.
Positive Factors
Acquisition-driven business model
Aterian’s explicit buy-and-improve holding company model creates durable value channels: operational uplift, dividend flows and exit gains. Focusing on industrial/manufacturing SMEs offers repeatable playbooks for margin improvement and strategic roll-ups that can compound value over months to years.
Negative Factors
Persistent cash burn
Consistent negative operating cash flow means the company is consuming capital to fund operations and portfolio activity. This elevates refinancing and dilution risk, limits the ability to invest organically in holdings, and increases dependence on external financing if losses persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Acquisition-driven business model
Aterian’s explicit buy-and-improve holding company model creates durable value channels: operational uplift, dividend flows and exit gains. Focusing on industrial/manufacturing SMEs offers repeatable playbooks for margin improvement and strategic roll-ups that can compound value over months to years.
Read all positive factors
Aterian PLC (ATN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£5.02M
Dividend YieldN/A
Average Volume (3M)47.79K
Price to Earnings (P/E)―
Beta (1Y)0.59
Revenue Growth161.90%
EPS Growth-9.24%
CountryUK
Employees19
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.15
Shares Outstanding19,700,000
10 Day Avg. Volume59,101
30 Day Avg. Volume47,788
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)2.52
Price to Sales (P/S)32.67
P/FCF Ratio-2.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Aterian PLC Business Overview & Revenue Model
Company Description
Based in London, United Kingdom, and founded in 2011, Aterian plc is an African-focused entity specializing in the exploration and development of mineral resources. The company primarily seeks deposits of tin, tungsten, and tantalum. Its portfolio...
How the Company Makes Money
Aterian PLC makes money primarily through (1) income and value creation from its portfolio companies and (2) gains realized when it exits or partially sells those investments. Revenue and cash generation are typically driven by the operating perfo...
Aterian PLC Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
32
Negative
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 110.00K | 42.00K | 0.00 | 0.00 | 0.00 |
| Gross Profit | -16.00K | -24.00K | -16.00K | -22.00K | -2.00K |
| EBITDA | -1.93M | -1.53M | -992.00K | -4.35M | -1.35M |
| Net Income | -2.02M | -1.62M | -1.06M | -4.38M | -1.37M |
Balance Sheet | |||||
| Total Assets | 4.28M | 3.70M | 4.21M | 4.09M | 3.78M |
| Cash, Cash Equivalents and Short-Term Investments | 126.00K | 64.00K | 73.00K | 110.00K | 196.00K |
| Total Debt | 1.39M | 666.00K | 225.00K | 151.00K | 158.00K |
| Total Liabilities | 2.86M | 1.39M | 793.00K | 747.00K | 355.00K |
| Stockholders Equity | 1.42M | 2.31M | 3.42M | 3.34M | 3.42M |
Cash Flow | |||||
| Free Cash Flow | -1.46M | -1.26M | -1.19M | -819.00K | -1.44M |
| Operating Cash Flow | -1.46M | -1.14M | -1.18M | -809.00K | -1.20M |
| Investing Cash Flow | -57.00K | 112.00K | -5.00K | -118.00K | -243.00K |
| Financing Cash Flow | 1.58M | 1.02M | 1.13M | 841.00K | 1.59M |
Aterian PLC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | £5.02M | -1.68 | -125.18% | ― | 161.90% | -9.24% | |
49 Neutral | £4.65M | -6.50 | -52.62% | ― | -11.10% | 50.00% | |
46 Neutral | £6.23M | -1.18 | -49.09% | ― | ― | -46.43% | |
43 Neutral | £11.87M | -4.44 | -57.43% | ― | ― | ― | |
42 Neutral | £3.88M | -0.04 | -60.32% | ― | ― | 52.00% |
* Basic Materials Sector Average
GB:ATN
Aterian PLC
25.50
-13.00
-33.77%
GB:PREM
Premier African Minerals
0.01
-0.24
-95.28%
GB:TYM
Tertiary Minerals
0.07
0.02
30.00%
GB:IMC
IMC Exploration Group Plc
1.45
0.87
147.86%
GB:FRG
Firering Strategic Minerals Plc
0.95
-1.30
-57.78%
Aterian PLC Corporate Events
Business Operations and Strategy
Aterian Identifies New Copper-Silver Targets at Agdz Project in Morocco
Positive
Aug 3, 2026
Aterian PLC has defined multiple new copper-silver exploration targets at its wholly owned Agdz Project in Morocco, following an independent interpretation of high-resolution ground magnetic data that expanded the survey area by about 140%. The wo...
Business Operations and StrategyFinancial Disclosures
Aterian’s Rwanda Trading Arm Delivers Q2 Profit Despite Tin and Tantalum Price Drop
Positive
Jul 8, 2026
Aterian plc, an Africa-focused critical minerals explorer and trader listed on the LSE, operates its Eastinco trading platform in Rwanda to source tin and tantalum through fully traceable, responsibly managed supply chains. The Group is building a...
Business Operations and Strategy
Aterian and Lithosquare Launch AI-Driven Exploration in Morocco and Botswana
Positive
Jul 1, 2026
Aterian has begun field operations under its strategic joint venture with technology firm Lithosquare, moving from deal signing to active exploration across priority critical minerals projects in Morocco and Botswana. The partners have completed a...
Regulatory Filings and Compliance
Aterian Confirms Total Voting Rights at 19.5 Million Shares
Neutral
Jun 30, 2026
Aterian Plc has confirmed that, as of 30 June 2026, its issued share capital comprises 19,500,000 ordinary shares of £0.10 each, with one voting right per share and no shares held in treasury. This sets the company’s total voting rights...
Business Operations and StrategyShareholder Meetings
Aterian Secures Shareholder Backing as All AGM Resolutions Pass
Positive
Jun 25, 2026
Aterian Plc reported that all resolutions proposed at its 2026 Annual General Meeting were duly passed following a shareholder poll held earlier in the day. Voting on all 11 resolutions showed strong support, with only limited opposition on a smal...
Business Operations and StrategyExecutive/Board Changes
Aterian boosts Rwanda trading arm with long-term 3Ts supply deal
Positive
Jun 9, 2026
Aterian plc’s Rwandan subsidiary Eastinco has signed a long-term supply agreement with an established local producer and exporter of tin, tantalum and tungsten concentrates, significantly strengthening its access to 3Ts feedstock for trading...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Aterian Completes Early Conversion of Convertible Loan Notes
Positive
Jun 5, 2026
Aterian Plc has approved the early conversion and redemption of £20,000 of its recently issued Convertible Loan Notes, issuing 80,000 new ordinary shares at a conversion price of 25 pence per share. This move completes the full conversion of ...
Financial DisclosuresPrivate Placements and Financing
Aterian Converts Portion of Loan Notes Into New Equity
Neutral
Jun 5, 2026
Aterian Plc has approved the early conversion and redemption of £80,000 from its recently issued Convertible Loan Notes, issuing 320,000 new ordinary shares at 25 pence each. The conversion shares, which rank pari passu with existing stock, a...
Shareholder Meetings
Aterian Sets Date and Details for 2026 Annual General Meeting
Neutral
Jun 1, 2026
Aterian plc has scheduled its Annual General Meeting for 25 June 2026 at the London offices of Hill Dickinson LLP, where shareholders will address standard corporate and governance matters. The company has begun distributing the AGM Notice and pro...
Business Operations and StrategyPrivate Placements and Financing
Aterian Secures AI-Driven JV Funding for 2026 African Exploration Push
Positive
Jun 1, 2026
Aterian plc has completed a joint venture agreement with Lithosquare SAS that secures €1.0 million of non-dilutive exploration and drilling funding for nine copper and critical mineral projects in Morocco and Botswana during 2026. The deal p...
Business Operations and StrategyPrivate Placements and Financing
Aterian expands refinancing as Rwandan critical minerals platform grows
Positive
May 29, 2026
Aterian Plc has expanded its strategic refinancing initiative by agreeing a new £100,000 subscription for unsecured zero-coupon convertible loan notes with an existing shareholder, which will convert into 400,000 new shares by the end of 2026...
Regulatory Filings and Compliance
Aterian Confirms Total Voting Rights at 18.6 Million Shares
Neutral
May 29, 2026
Aterian Plc has confirmed that, as of 29 May 2026, its issued share capital comprises 18,600,000 ordinary shares of £0.10 each, with every share carrying one voting right and no shares held in treasury. The company stated that this total of 1...
Private Placements and FinancingRegulatory Filings and Compliance
Aterian Announces Early CLN Conversion and Updates Share Capital
Neutral
May 28, 2026
Aterian Plc has approved the early conversion and redemption of £57,500 of its recently issued Convertible Loan Notes, issuing 230,000 new ordinary shares at 25 pence per share. The new shares, which will rank pari passu with existing stock, ...
Private Placements and FinancingRegulatory Filings and Compliance
Aterian Announces Partial Convertible Loan Note Conversion and Share Capital Update
Neutral
May 27, 2026
Aterian Plc has approved the early conversion and redemption of £67,500 of its recently issued convertible loan notes, issuing 270,000 new ordinary shares at 25 pence each. The conversion shares will rank pari passu with existing stock and ar...
Private Placements and FinancingRegulatory Filings and Compliance
Aterian Issues New Shares on Early Conversion of £95,000 Convertible Loan Notes
Neutral
May 26, 2026
Aterian Plc has approved the early conversion and redemption of £95,000 of its recently issued convertible loan notes, following a conversion notice from a holder. The amount will be settled through the issuance of 380,000 new ordinary shares...
Private Placements and FinancingRegulatory Filings and Compliance
Aterian Converts £80,000 of Loan Notes Into New Equity
Neutral
May 22, 2026
Aterian has approved the early conversion and redemption of £80,000 of its recently issued convertible loan notes, issuing 320,000 new ordinary shares at 25 pence per share to satisfy the conversion. The new shares, expected to be admitted to...
Business Operations and StrategyPrivate Placements and Financing
Aterian Cuts PIK Debt with Share Conversion as It Builds African Critical Minerals Platform
Positive
May 20, 2026
Aterian Plc has converted and redeemed £54,000 of its outstanding payment-in-kind bonds, including accrued and capitalised amounts, through the issuance of 216,000 new ordinary shares at 25 pence each. The new shares, which will rank pari pas...
Business Operations and StrategyPrivate Placements and Financing
Aterian refinances debt to fund Rwanda trading expansion and cut financing costs
Positive
May 19, 2026
Aterian Plc has launched a £300,000 unsecured zero-coupon convertible loan note refinancing, which will automatically convert into 1.2 million new shares at 25 pence by the end of 2026, alongside issuing 600,000 warrants to provide investors ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.