Aterian

ATN · Main Market · Basic Resources · mcap £4.6m · 23.5p

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Financials · LTM to 30 Jun 26

Source: results 30 Sep 26 ↗

Revenue: £1.4m
Operating profit: −£1.5m
Net income: −£1.9m
Free cash flow: −£2.0m
Net debt: £1.1m
Market cap: £4.7m
EV / EBIT: –
FCF yield: −43.1%
Price / book: 2.6×

Latest half-year · H1 26 vs H1 25 results 30 Sep 26 ↗

Revenue: £1.3m
Operating profit: −£324k
Net income: −£568k
Cash from operations: −£916k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 30 Sep 26 · read the results ↗

	FY 25£'000 source	FY 24£'000 source
Group
Revenue	110	–
Cost of sales	(42)	–
Gross profit	-	–
Administrative expenses	(1,698)	–
Share-based payment expense	(102)	–
Disposal of net smelter royalty	200	–
Other income	1	–
Gains on disposal of property plant and equipment	10	–
Operating loss	(1,558)	–
Interest received	-	–
Gain on fair valued financial instruments	33	–
Interest payable and similar charges	(264)	–
Loss before tax	(1,617)	–
Tax expense	-	–
Loss after tax	(1,617)	–
Other comprehensive income
Items that may be reclassified to profit or loss
Loss on translation of foreign operations	(232)	–
Total comprehensive loss	(1,849)	–
Loss per share
Basic and diluted loss per share (pence)	(15.14)	–
All activities relate to continuing operations.
The accompanying notes are an integral part of these financial statements.
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Group Company
Notes 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24
£'000 £'000 £'000 £'000
Non-current assets
Investments	-	3,241
Intangible exploration and evaluation assets	3,405	-
Property, plant and equipment	139	7
Total non-current assets	3,544	3,248
Current assets
Trade and other receivables	76	62
Inventories	17	-
Cash and cash equivalents	64	57
Total current assets	157	119
Total assets	3,701	3,367
Equity and liabilities
Share capital	11,006	11,006
Share premium	2,753	2,753
Share-based compensation reserve	2,482	2,482
Interest in shares in EBT	(839)	(839)
Translation reserve	(656)	-
Accumulated losses	(13,647)	(14,543)
Convertible loan notes - equity component	15	15
Merger relief reserve	1,200	1,200
Total equity	2,314	2,074
Current liabilities
Trade and other payables	560	466
Provision for loss	161	161
Deferred consideration	-	-
Borrowings	666	666
Derivative liability	-	-
Total current liabilities	1,387	1,293
Non-current liabilities
Borrowings	-	-
Total non-current liabilities	-	-
Total liabilities	-	-
Total equity and liabilities	3,701	3,367

	H1 26£'000 source	H2 25£'000 calc.	H1 25£'000 source
Revenue	1,341	90	20
Cost of sales	(819)	(25)	(17)
Gross profit	522	(3)	3
Administrative expenses	(844)	(1,066)	(632)
Share-based payment expense	(2)	(72)	(30)
Other income	-	-	1
Operating loss	(324)	(900)	(658)
Loss on fair valued financial instruments	(151)	–	-
Interest payable and similar charges	(93)	(224)	(40)
Loss before tax	(568)	(919)	(698)
Tax expense	-	-	-
Loss after tax	(568)	(919)	(698)
Other comprehensive income
Items that may be reclassified to profit or loss
Gains on translation of foreign operations	40	–	11
Total comprehensive loss	(528)	(1,162)	(687)
Loss per share
Basic and diluted loss per share (pence)	(3.23)	(9.61)	(5.53)

	30 Jun 26£'000 source	31 Dec 25£'000 source	31 Dec 24£'000 source
Non-current assets
Investments	–	-	3,241
Intangible exploration and evaluation assets	3,525	3,405	-
Property, plant and equipment	59	139	7
Total non-current assets	3,584	3,544	3,248
Current assets
Trade and other receivables	238	76	62
Inventories	915	17	-
Cash and cash equivalents	131	64	57
Total current assets	1,284	157	119
Total assets	4,868	3,701	3,367
Equity and liabilities
Share capital	11,753	11,006	11,006
Share premium	4,446	2,753	2,753
Share based compensation reserve	2,573	2,482	2,482
Interest in shares in EBT	(1,409)	(839)	(839)
Translation reserve	(620)	(656)	-
Accumulated losses	(16,218)	(13,647)	(14,543)
Convertible loan notes - equity component	100	15	15
Merger relief reserve	1,200	1,200	1,200
Total equity	1,825	2,314	2,074
Current liabilities
Trade and other payables	692	560	466
Provision for loss	–	161	161
Deferred consideration	435	-	-
Borrowings	706	666	666
Derivative liability	715	-	-
Total current liabilities	2,548	1,387	1,293
Non-current liabilities
Borrowings	495	-	-
Total non-current liabilities	495	-	-
Total liabilities	3,043	-	-
Total equity and liabilities	4,868	3,701	3,367
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2025	(13,647)	–	–
Loss for the period	(698)	–	–
Other comprehensive income	-	–	–
Transactions with owners
Share-based compensation	-	–	–
Issue of new shares	-	–	–
At 30 June 2025	(14,345)	–	–
At 1 January 2026	(15,650)	–	–
Loss for the period	(568)	–	–
Other comprehensive loss	-	–	–
Transactions with owners
Share-based compensation	-	–	–
Issue of new shares	-	–	–
Issue of convertible loan notes	-	–	–
Conversion of convertible loan notes	-	–	–
At 30 June 2026	(16,218)	–	–

	30 Jun 26£'000 source	31 Dec 25£'000 source	30 Jun 25£'000 source	31 Dec 24£'000 source
Non-current assets
Investments	–	-	–	3,241
Intangible exploration and evaluation assets	3,525	3,405	3,467	-
Property, plant and equipment	59	139	65	7
Total non-current assets	3,584	3,544	3,532	3,248
Current assets
Trade and other receivables	238	76	212	62
Inventories	915	17	411	-
Cash and cash equivalents	131	64	126	57
Total current assets	1,284	157	749	119
Total assets	4,868	3,701	4,281	3,367
Equity and liabilities
Share capital	11,753	11,006	11,411	11,006
Share premium	4,446	2,753	3,950	2,753
Share based compensation reserve	2,573	2,482	2,571	2,482
Interest in shares in EBT	(1,409)	(839)	(1,398)	(839)
Translation reserve	(620)	(656)	(660)	-
Accumulated losses	(16,218)	(13,647)	(15,650)	(14,543)
Convertible loan notes - equity component	100	15	-	15
Merger relief reserve	1,200	1,200	1,200	1,200
Total equity	1,825	2,314	1,424	2,074
Current liabilities
Trade and other payables	692	560	1,001	466
Provision for loss	–	161	–	161
Deferred consideration	435	-	262	-
Borrowings	706	666	529	666
Derivative liability	715	-	208	-
Total current liabilities	2,548	1,387	2,000	1,293
Non-current liabilities
Borrowings	495	-	857	-
Total non-current liabilities	495	-	857	-
Total liabilities	3,043	-	2,857	-
Total equity and liabilities	4,868	3,701	4,281	3,367
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2025	(13,647)	–	2,314	–
Loss for the period	(698)	–	(698)	–
Other comprehensive income	-	–	11	–
Transactions with owners
Share-based compensation	-	–	30	–
Issue of new shares	-	–	140	–
At 30 June 2025	(14,345)	–	1,797	–
At 1 January 2026	(15,650)	–	1,424	–
Loss for the period	(568)	–	(568)	–
Other comprehensive loss	-	–	40	–
Transactions with owners
Share-based compensation	-	–	2	–
Issue of new shares	-	–	427	–
Issue of convertible loan notes	-	–	500	–
Conversion of convertible loan notes	-	–	-	–
At 30 June 2026	(16,218)	–	1,825	–

	FY 25£'000 source	FY 24£'000 source
Cash flow from operating activities
Loss after tax	(1,617)	(1,399)
Adjustments for
Depreciation	24	1
Share-based payment expense	40	40
Liabilities settled by issue of shares	95	95
Interest expense	59	59
Interest income	-	-
Provision for / (release of) loss	161	161
Cost of share issue	(35)	(35)
Gain on disposal of Net Smelter Royalty	(200)	(200)
Foreign exchange (gains)/losses	(3)	–
Gain on fair valued financial instruments	-	-
Gains on disposal of property plant and equipment	(10)	-
Operating loss before working capital changes	(1,483)	(1,278)
Changes in working capital
(Increase) in inventories	(17)	-
(Increase) in trade & other receivables	250	156
Increase in trade & other payables	108	142
Net cash outflows from operating activities	(1,142)	(980)
Cash flow from investing activities
Purchase of plant and equipment	(7)	(1)
Proceeds from disposal of plant and equipment	231	-
Capitalised E&E expenditure	(112)	-
Net cash from / (used in) investing activities	112	(1)
Cash flow from financing activities
Proceeds from borrowings	181	181
Loan repayment	-	-
Issue of PIK bonds	-	-
Proceeds from issue of loan notes	785	785
Net proceeds from director loans	-	-
Interest paid	(31)	(31)
Cash proceeds from issue of shares	86	86
Net cash flow from financing activities	1,021	1,021
Net (decrease) / increase in cash & cash equivalents	(9)	40
Cash & cash equivalents at beginning of the year	73	17
Cash and cash equivalents at end of the year	64	57

	H1 26£'000 source	H2 25£'000 calc.	H1 25£'000 source
Cash flow from operating activities
Loss before tax	(568)	–	(698)
Adjustments for
Depreciation	3	3	21
Share-based payment expense	2	10	30
Interest expense	93	19	40
Foreign exchange losses	45	–	-
Shares issued as repayment of loan	-	–	(24)
Loss on fair valued financial instruments	151	–	-
Costs settled by the issue of shares	26	–	-
Operating loss before working capital changes	(248)	(852)	(631)
Changes in working capital
(Increase) in inventories	(504)	(17)	-
(Increase) in trade & other receivables	(26)	307	(57)
Increase / (decrease) in trade & other payables	(138)	(201)	309
Net cash outflows from operating activities	(916)	(763)	(379)
Cash flow from investing activities
Capitalised E&E expenditure	(58)	(61)	(51)
Purchase of PPE	(1)	–	-
Net cash used in investing activities	(59)	–	(51)
Cash flow from financing activities
Net proceeds from issue of convertible loan notes	500	–	-
Proceeds from the issue of convertible bonds	100	–	273
Redemption of convertible bonds	(95)	–	-
Proceeds from issue of shares	346	–	140
Advances received	153	–	-
Interest paid	(25)	(31)	-
Net cash flow from financing activities	979	608	413
Net increase/(decrease) in cash & cash equivalents	4	8	(17)
Cash & cash equivalents at beginning of the period	126	–	64
Cash & cash equivalents at end of the period	131	–	47

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1.4	0.1	0.0
Gross profit	0.5	0.0	–
Operating profit	(1.5)	(1.8)	(1.6)
Share-based payments	0.1	0.1	0.0
Operating profit to net income
Fair value gains / losses	–	0.0	–
Finance costs	(0.3)	(0.3)	(0.1)
Profit before tax	(1.9)	(2.0)	(1.6)
Net income (owners)	(1.9)	(2.0)	(1.6)
Per share
EPS basic	(12.8p)	(15.1p)	(14.3p)
EPS diluted	(12.8p)	(15.1p)	(14.3p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1.3	n/m	0.1	0.0
Gross profit	0.5	n/m	0.0	0.0
Operating profit	(0.3)	n/m	(1.1)	(0.7)
Share-based payments	(0.0)	n/m	0.1	(0.0)
Operating profit to net income
Fair value gains / losses	(0.2)	–	–	–
Finance costs	(0.1)	n/m	(0.2)	(0.0)
Profit before tax	(0.6)	n/m	(1.3)	(0.7)
Net income (owners)	(0.6)	n/m	(1.3)	(0.7)
Per share
EPS basic	(3.2p)	–	(9.6p)	(5.5p)
EPS diluted	(3.2p)	–	(9.6p)	(5.5p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(2.0)	(1.4)	(1.1)
Interest paid	–	(0.0)	(0.0)
Investing activities
Capex (PP&E)	–	(0.0)	(0.0)
Capex (intangibles)	(0.1)	(0.1)	(0.1)
Financing activities
Shares issued	1.1	0.8	0.1

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(0.9)	n/m	(1.1)	(0.4)
Interest paid	(0.0)	–	–	–
Investing activities
Capex (PP&E)	(0.0)	–	–	–
Capex (intangibles)	(0.1)	n/m	(0.0)	(0.1)
Financing activities
Shares issued	0.3	+147%	0.7	0.1

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	3.5	3.5	3.4
Property, plant & equipment	0.1	0.1	0.1
Non-current assets	3.6	3.5	3.5
Current assets
Inventories	0.9	0.4	0.0
Trade receivables	0.2	0.2	0.1
Cash	0.1	0.1	0.1
Current assets	1.3	0.7	0.2
Total assets	4.9	4.3	3.7
Current liabilities
Trade payables	0.7	1.0	0.6
Borrowings, current	0.7	0.5	0.7
Current liabilities	2.5	2.0	1.4
Non-current liabilities
Borrowings, non-current	0.5	0.9	–
Deferred consideration	0.4	0.3	–
Non-current liabilities	0.5	0.9	–
Total liabilities	3.0	2.9	–
Equity
Total equity	1.8	1.4	2.3

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	3.5	3.5	3.4
Property, plant & equipment	0.1	0.1	0.1
Non-current assets	3.6	3.5	3.5
Current assets
Inventories	0.9	0.4	0.0
Trade receivables	0.2	0.2	0.1
Cash	0.1	0.1	0.1
Current assets	1.3	0.7	0.2
Total assets	4.9	4.3	3.7
Current liabilities
Trade payables	0.7	1.0	0.6
Borrowings, current	0.7	0.5	0.7
Current liabilities	2.5	2.0	1.4
Non-current liabilities
Borrowings, non-current	0.5	0.9	–
Deferred consideration	0.4	0.3	–
Non-current liabilities	0.5	0.9	–
Total liabilities	3.0	2.9	–
Equity
Total equity	1.8	1.4	2.3

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.