Aterian PLC (GB:ATN)
LSE:ATN
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Aterian PLC
(LSE:ATN)
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Rating:43Neutral
Price Target:
23.50 p
▲(2.17% Upside)
Action:Reiterated
Date:05/06/26
The score is held down primarily by weak financial performance: persistent losses, ongoing cash burn, and higher leverage. Technicals add further pressure as the stock trades below major moving averages with negative momentum. Valuation provides limited offset because negative earnings make P/E less informative and no dividend yield is available.
Positive Factors
Revenue Recovery
A sharp top-line rebound shows regained demand or successful commercial traction, creating a larger revenue base to leverage for scale. If sustained, this expansion supports investment in product development and distribution, improving prospects for durable margin recovery over several quarters.
Negative Factors
Persistent Negative Cash Flow
Consistent operating cash outflows create ongoing financing needs and heighten dilution or refinancing risk. Over a multi‑month horizon, continued cash burn limits ability to invest in growth initiatives and increases dependence on external capital, which may become constrained if losses persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
A sharp top-line rebound shows regained demand or successful commercial traction, creating a larger revenue base to leverage for scale. If sustained, this expansion supports investment in product development and distribution, improving prospects for durable margin recovery over several quarters.
Read all positive factors
Aterian PLC (ATN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.33M
Dividend YieldN/A
Average Volume (3M)3.21K
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth161.90%
EPS Growth-9.24%
CountryUK
Employees21
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)N/A
Shares Outstanding17,684,000
10 Day Avg. Volume2,211
30 Day Avg. Volume3,209
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
Aterian plc engages in the exploration and development of mineral properties in Africa. The company primarily explores for tin, tungsten, and tantalum. Its projects include the Kuaka Mine, a tantalum mine site that is on the eastern shore of Lake ...
How the Company Makes Money
null...
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% | |
48 Neutral | £4.12M | -1.28 | -44.38% | ― | 23.31% | 50.00% | |
46 Neutral | £10.23M | -1.49 | -10.34% | ― | ― | ― | |
43 Neutral | £4.33M | -1.78 | -68.64% | ― | 161.90% | -9.24% | |
41 Neutral | £4.05M | -1.15 | -44.29% | ― | ― | 75.00% | |
41 Neutral | £6.97M | -2,196.99 | -0.07% | ― | ― | 57.33% |
* Basic Materials Sector Average
GB:ATN
Aterian PLC
25.00
-14.00
-35.90%
GB:ALBA
Alba Mineral Resources
0.02
>-0.01
-19.05%
GB:PREM
Premier African Minerals
0.02
-0.23
-91.20%
GB:TYM
Tertiary Minerals
0.08
0.03
63.83%
GB:IMC
IMC Exploration Group Plc
1.20
0.62
105.13%
GB:FRG
Firering Strategic Minerals Plc
0.93
-2.33
-71.54%
Aterian PLC Corporate Events
Business Operations and Strategy
Aterian advances African critical minerals portfolio and trading platform in 2025
Positive
May 1, 2026
Aterian reported continued progress in 2025 as it advanced its African exploration portfolio and positioned itself more firmly in the critical minerals supply chain, despite tough capital markets. The group expanded licences in Botswana, advanced ...
Business Operations and Strategy
Aterian Advances Agdz Copper-Silver Project With Ground Magnetics Survey
Positive
Apr 15, 2026
Aterian has begun a 111 line km ground magnetic survey over 11.2 km² at its Agdz copper-silver project in Morocco, marking a key step in moving the asset from surface discovery towards defining drill targets. The work expands total ground mag...
Business Operations and Strategy
Aterian Launches Soil Survey to Advance Copper Targets in Botswana’s Kalahari Belt
Positive
Apr 9, 2026
Aterian has begun a soil geochemical survey on licence PL2622/2023 in Botswana’s Kalahari Copperbelt, marking a key step in its copper exploration strategy. The work targets structurally and stratigraphically favourable zones identified by g...
Business Operations and StrategyFinancial Disclosures
Aterian’s Rwanda Trading Profits Double as Critical Minerals Strategy Scales Up
Positive
Apr 7, 2026
Aterian reported strong growth from its Rwandan mineral trading operations in the first quarter of 2026, with unaudited gross profit rising to about US$306,000 from US$145,000 in the previous quarter on the back of higher volumes and better operat...
Business Operations and Strategy
Aterian and Lithosquare Use AI to Select Eight Priority African Mineral Targets
Positive
Mar 31, 2026
Aterian has completed the target selection phase of its artificial intelligence collaboration with Lithosquare SAS, identifying eight high-priority critical minerals exploration targets across Morocco and Botswana. The work combined AI-driven geol...
Business Operations and Strategy
Aterian ramps up tantalum trading via strategic JV with Wogen Resources
Positive
Mar 23, 2026
Aterian’s Rwandan subsidiary Eastinco has launched trading and export operations under a new strategic joint venture with London-based metals trader Wogen Resources, marking the first exports under revised terms. The JV combines Wogen’...
Business Operations and StrategyPrivate Placements and Financing
Aterian Raises £150,000 via Convertible Notes to Expand Critical Metals Trading
Positive
Mar 12, 2026
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 discretio...
Delistings and Listing ChangesRegulatory Filings and Compliance
Aterian Applies for Admission of New Fee Shares, Updates Voting Rights
Neutral
Mar 6, 2026
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 ...
Regulatory Filings and Compliance
Aterian Confirms Updated Total Voting Rights for Shareholders
Neutral
Feb 27, 2026
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 rig...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Aterian Wins EIA Approval and Secures Funding for Agdz Copper-Silver Project in Morocco
Positive
Feb 26, 2026
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 clear...
Business Operations and StrategyPrivate Placements and Financing
Aterian Raises £450,000 to Scale Rwandan Critical Minerals Trading Platform
Positive
Feb 19, 2026
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...
Business Operations and StrategyPrivate Placements and Financing
Aterian Strikes Landmark Tantalum Funding and Marketing Deal in Rwanda
Positive
Feb 9, 2026
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 dea...
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.