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Aterian PLC
(LSE:ATN)
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Rating:41Neutral
Price Target:
22.00 p
▼(-13.73% Downside)
Action:Reiterated
Date:09/18/26
The score is primarily held down by weak financial performance—persistent losses, negative cash flow, and higher leverage—despite improving revenue. Technicals add additional pressure with the stock trading below all major moving averages and negative MACD. Valuation offers limited support because the company is still loss-making and no dividend yield is provided.
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
£4.53M
Dividend YieldN/A
Average Volume (3M)74.04K
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. Volume127,419
30 Day Avg. Volume74,040
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 Technical Analysis
Negative
25.50
Price Trends
26.14
Negative
25.47
Negative
25.95
Negative
Market Momentum
-0.55
Positive
23.91
Positive
33.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ATN, the sentiment is Negative. The current price of 25.5 is above the 20-day moving average (MA) of 25.40, below the 50-day MA of 26.14, and below the 200-day MA of 25.95, indicating a bearish trend. The MACD of -0.55 indicates Positive momentum. The RSI at 23.91 is Positive, neither overbought nor oversold. The STOCH value of 33.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ATN.
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% | |
49 Neutral | £5.72M | -8.00 | -52.62% | ― | -11.10% | 50.00% | |
47 Neutral | £6.23M | -1.18 | -49.09% | ― | ― | -46.43% | |
42 Neutral | £3.63M | -0.04 | -60.32% | ― | ― | 52.00% | |
41 Neutral | £4.53M | -1.52 | -125.18% | ― | 161.90% | -9.24% | |
41 Neutral | £9.01M | -3.37 | -57.43% | ― | ― | ― |
* Basic Materials Sector Average
GB:ATN
Aterian PLC
23.00
-14.50
-38.67%
GB:PREM
Premier African Minerals
0.01
-0.27
-95.77%
GB:TYM
Tertiary Minerals
0.08
0.04
77.78%
GB:IMC
IMC Exploration Group Plc
1.10
0.47
73.23%
GB:FRG
Firering Strategic Minerals Plc
0.95
-0.80
-45.71%
Aterian PLC Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Aterian’s Eastinco Launches Tungsten Trading Trial Backed by £180,000 Raise
Positive
Sep 16, 2026
Aterian’s Rwandan subsidiary Eastinco Limited has launched a trial tungsten trading programme, marking a shift from its traditional focus on tantalum to a broader critical-minerals portfolio. The move taps Rwanda’s established tungsten...
Delistings and Listing ChangesRegulatory Filings and Compliance
Aterian Updates Total Voting Rights After New Share Admission
Neutral
Aug 28, 2026
Aterian PLC has confirmed that its issued share capital now comprises 19,700,000 ordinary shares of £0.10 each, all carrying one voting right and with no shares held in treasury, setting the official denominator for shareholders’ disclo...
Business Operations and StrategyPrivate Placements and Financing
Aterian Converts £50,000 of Loan Notes into New Equity
Neutral
Aug 14, 2026
Aterian Plc has approved the early conversion and redemption of £50,000 of its outstanding Convertible Loan Notes, issuing 200,000 new ordinary shares at a price of 25 pence per share to satisfy the conversion. The new shares, which rank equa...
Business Operations and StrategyPrivate Placements and Financing
Aterian cuts funding costs with CEO-backed capital package and Eastinco preference share issue
Positive
Aug 13, 2026
Aterian plc has strengthened its balance sheet with a coordinated capital package, including a £150,000 unsecured convertible loan note from chief executive Simon Rollason and an underwritten issue of up to US$500,000 in redeemable preference...
Business Operations and Strategy
Aterian launches AI-driven drone survey over key Botswana copper licences
Positive
Aug 10, 2026
Aterian plc has launched a high-resolution drone magnetic survey over its priority copper exploration licences in Botswana’s Kalahari Copper Belt, marking the first AI-guided exploration programme under its strategic collaboration with techn...
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...
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.