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Aterian PLC
(LSE:ATN)
Aterian PLC (ATN) vs. iShares MSCI United Kingdom ETF (EWC)
Aterian PLC Business Overview & Revenue Model
Aterian PLC Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.00K | 42.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 11.00K | -24.00K | -16.00K | -22.00K | -2.00K | -23.00K |
| EBITDA | -1.91M | -1.53M | -992.00K | -4.35M | -1.35M | -241.00K |
| Net Income | -1.81M | -1.62M | -1.06M | -4.38M | -1.37M | -281.00K |
Balance Sheet | ||||||
| Total Assets | 3.65M | 3.70M | 4.21M | 4.09M | 3.78M | 3.65M |
| Cash, Cash Equivalents and Short-Term Investments | 47.00K | 64.00K | 73.00K | 110.00K | 196.00K | 52.00K |
| Total Debt | 754.00K | 666.00K | 225.00K | 151.00K | 158.00K | 219.00K |
| Total Liabilities | 1.85M | 1.39M | 793.00K | 747.00K | 355.00K | 329.00K |
| Stockholders Equity | 1.80M | 2.31M | 3.42M | 3.34M | 3.42M | 3.32M |
Cash Flow | ||||||
| Free Cash Flow | -1.05M | -1.26M | -1.19M | -819.00K | -1.44M | -959.00K |
| Operating Cash Flow | -976.00K | -1.14M | -1.18M | -809.00K | -1.20M | -528.00K |
| Investing Cash Flow | 179.00K | 112.00K | -5.00K | -118.00K | -243.00K | -431.00K |
| Financing Cash Flow | 965.00K | 1.02M | 1.13M | 841.00K | 1.59M | 767.00K |
Aterian PLC Peers Comparison
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% | |
48 Neutral | £4.38M | -1.28 | -44.38% | ― | 1.77% | 33.33% | |
45 Neutral | £4.33M | -1.67 | -68.64% | ― | ― | ― | |
44 Neutral | £14.74M | -2.12 | -10.34% | ― | -93.51% | 12.50% | |
43 Neutral | £4.29M | -0.78 | -44.29% | ― | ― | ― | |
41 Neutral | £3.32M | -2,196.99 | -0.07% | ― | ― | ― |
Aterian PLC Corporate Events
Aterian plc has raised £150,000 through the issue of zero-coupon convertible loan notes to a longstanding shareholder, mandatorily convertible into ordinary shares at 25 pence by end-2027 and redeemable at par at the company’s discretion. The notes come with 300,000 warrants exercisable at 32.5 pence, providing additional potential equity funding and aligning investor exposure with future share price performance.
The company plans to use the proceeds to bolster its trading operations amid a sharp rise in China Tantalum Concentrate prices, which have more than doubled since late 2025, strengthening its balance sheet and enhancing flexibility to secure higher-priced material. Management frames the structure as a way to fund growth in African critical minerals while retaining optionality to limit shareholder dilution, underlining Aterian’s strategy of disciplined capital allocation and positioning in rapidly moving commodity markets.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian PLC has applied for admission of 88,000 new fee shares to trading on the London Stock Exchange, with admission expected around 10 March 2026. Following this issue, the company’s total issued share capital will increase to 17,684,000 ordinary shares, a figure that now defines the total voting rights and will be used by shareholders to assess regulatory disclosure obligations under FCA transparency rules.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian Plc has confirmed that, as of 27 February 2026, its issued share capital comprises 17,684,000 ordinary shares of £0.10 each, with one vote per share and no shares held in treasury. This disclosure sets the official total of voting rights at 17,684,000, providing the denominator investors must use to assess and report any notifiable holdings or changes in their stake under FCA transparency rules, thereby supporting clearer oversight of significant shareholdings in the company.
The clarification of total voting rights helps ensure that shareholders and market participants can accurately track ownership thresholds and regulatory reporting duties. By reiterating the precise share count and voting structure, Aterian reinforces compliance with market transparency standards, which is important for governance, investor confidence, and the monitoring of potential shifts in control or influence within the company.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian has secured approval of its Environmental Impact Assessment for the 100%-owned Agdz copper-silver mining licence in Morocco, a key regulatory milestone that materially de-risks the project and confirms strong stakeholder support. The clearance allows the company to progress toward systematic drilling and development readiness at Agdz, where previous drilling has identified shallow copper-silver mineralisation across multiple prospects.
Management plans to focus on expanding the mineralised footprint and building a defined resource base, leveraging AI-driven geological modelling via partner Lithosquare to improve targeting and capital efficiency. In parallel, Aterian has raised £100,000 from existing investors through a share subscription with attached warrants and additional equity issuance, funding near-term work as the company aims to position Agdz as a development-ready copper asset in a tightening global permitting environment.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian plc has raised £350,000 via a subscription for 1,000,000 new shares at 25 pence each and an additional £100,000 through the issue of payment-in-kind convertible bonds to an existing shareholder. The equity subscribers receive 500,000 warrants exercisable at 32.5 pence, while the 12% coupon convertible bonds, junior to trading finance facilities, are convertible at the same price and redeemable at the end of 2027.
The proceeds will be used to expand Aterian’s Rwandan trading operations by securing larger premises to increase throughput, improve supplier aggregation and boost operational efficiency. This funding, alongside a recent trade-funding partnership, is intended to build a scalable, cash-generative trading platform that can support exploration, reduce equity dilution and leverage high coltan prices and planned blockchain-based traceability systems to differentiate Aterian as a transparent, modern critical minerals trader.
Following the share issue, Aterian’s enlarged share capital will total 17,084,000 ordinary shares, which will represent the company’s total voting rights once admission to trading on the London Stock Exchange becomes effective. The board argues that the capital raise and infrastructure upgrade materially strengthen its trading-led growth strategy and enhance its ability to scale volumes, generate cash flow and improve margins for shareholders.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian plc has agreed heads of terms for a strategic commercial and funding partnership covering 100% of its Rwandan-origin tantalum concentrate production, in what it describes as the most significant commercial agreement in its history. The deal includes a 50/50 profit and loss share on international sales and replaces the company’s existing sales and marketing arrangements for new material.
The partnership introduces a comprehensive working capital solution, including same-day facility funding, in-warehouse inventory financing in Kigali and procurement funding, removing key funding bottlenecks that had constrained trading volumes. Management says the structure will immediately accelerate trading capacity, reduce reliance on equity financing, and embed Aterian more deeply into the global tantalum value chain while maintaining responsible sourcing and compliance standards.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian has reported early-stage results from a groundwater reconnaissance and sampling programme at its Sua Pan Brine Project in Botswana, confirming highly saline, alkaline, sodium-carbonate-rich brines across the licence area. The chemistry, characterised by very high total dissolved solids, strong sodium-carbonate dominance and low calcium and magnesium levels, is consistent with natural soda ash-style systems exploited globally for industrial sodium carbonate production. While lithium, boron and bromide were below detection limits in this shallow, widely spaced sampling, the findings introduce a potentially standalone industrial minerals opportunity that could provide a nearer-term development pathway alongside ongoing critical minerals exploration. The company says this materially enhances the project’s strategic optionality by opening up parallel routes such as soda ash-focused development, partnerships, sale or staged monetisation, though it cautions that no conclusions can yet be drawn on economic viability, brine volumes, flow rates or processing, and further work will be required to define development potential and priority zones.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian has reported encouraging early-stage surface sampling results from its 100%-owned Agdz Est copper-silver project in central Morocco, identifying multiple structurally controlled mineralised fault zones that materially extend the known footprint of copper and silver at Agdz. Mineralisation has so far been confirmed over only about 10% of the permit, with four sub-parallel structures mapped over strike lengths of up to 0.9 km and remaining open along strike, returning promising copper and silver grades that support the interpretation of a broader, district-scale system. The company plans ground magnetic surveys, trenching and further mapping to test continuity, scale and structural controls on mineralisation, while feeding new data into its AI-based exploration partnership with Lithosquare to prioritise drill targets. Management is positioning Agdz as a potential flagship copper-silver asset within its portfolio, with the results reinforcing the project’s scale potential and its strategic location within a key Moroccan mining district, which could enhance Aterian’s growth prospects and long-term value for shareholders if future drilling confirms a substantial resource.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £25.00 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian plc has reported positive results from an independent geophysical study over its wholly owned Prospecting Licence PL265/2025 in Botswana’s Kalahari Copperbelt, confirming the licence’s position within a proven copper-silver district roughly 60km south of Sandfire Resources’ Motheo mine. The study has identified three priority target areas, favourable thrust and folding structures, coincident copper-in-soil anomalies and conductive horizons associated with the prospective Lower D’Kar Formation, materially enhancing the perceived scale and quality of the project and supporting the company’s investment case. In response, Aterian plans a first-phase exploration programme including detailed ground or drone-based magnetic surveys and targeted electromagnetic work to refine drill targets, a move that advances its critical metals strategy and could strengthen its longer-term positioning in the copper market amid tightening supply and rising prices.
The most recent analyst rating on (GB:ATN) stock is a Sell with a £21.50 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian Plc has disclosed that its Executive Chairperson and director, Charles Bray, purchased 100,000 ordinary shares in the company on 6 January 2026 at a price of £0.25795 per share, for a total consideration of £25,795. The director dealing, conducted in London, modestly increases insider ownership and may be interpreted by investors as a signal of confidence in Aterian’s strategic metal exploration and development activities in Africa.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.
Aterian plc reported that its Rwandan mineral trading operations generated an unaudited gross profit of about US$145,000 in the fourth quarter of 2025, despite trading volumes falling below management targets as the company prioritised traceability compliance and margin discipline. Management said the result underlines the viability of its trading model, providing a platform for measured volume growth in 2026 and reinforcing Aterian’s strategy to differentiate itself as a fully traceability-compliant, responsibly sourced mineral supplier in response to tightening international requirements.
The most recent analyst rating on (GB:ATN) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Aterian PLC stock, see the GB:ATN Stock Forecast page.