Aterian Announces Management Promotions and Changes
06 February 2023 - 11:00PM
Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today
announced it has made several management promotions and changes
that the Company believes will further streamline its operations as
it continues to target Adjusted EBITDA profitability in the second
half of 2023.
Mihal Chaouat-Fix has been promoted to Chief
Supply Chain Officer. Ms. Chaouat-Fix joined the Company in 2014
and has served as Aterian’s Chief Product Officer since September
2018. Ms. Chaouat-Fix’s role has been expanded to include oversight
of all aspects of the Company’s supply chain.
Tim Stanton has been promoted to Chief
E-Commerce Officer. Mr. Stanton joined Aterian in September 2017,
most recently serving as Aterian’s Senior Vice President of
E-commerce. Prior to that, Mr. Stanton was Vice President of
Marketplaces.
Phil Lepper has been promoted to Senior Vice
President of Revenue and is responsible for brand strategy and
management of Aterian's portfolio of brands. Mr. Lepper joined
Aterian in June of 2021 and most recently served as the Company’s
Vice President of Revenue for hOmeLabs and Vremi Brands.
“These individuals have made countless
invaluable contributions to Aterian during their tenure. I am
looking forward to their continued successes here,” commented Yaniv
Sarig, CEO of Aterian. “We believe these changes combined with the
improved shipping cost environment and our efforts to execute on
our previously announced plan to liquidate higher cost inventory
and protect market share allow us to remain on track to achieving
Adjusted EBITDA profitability in the second half of 2023,”
continued Mr. Sarig.
As part of these changes, the Company also
announced that it has eliminated the position of Chief Operating
Officer. Anton von Rueden, who served in that position, will
continue to assist the Company with the transition of
responsibilities during the next few months. "I want to thank Anton
for his contributions to Aterian. We wish him success in his future
endeavors,” said Mr. Sarig.
Non-GAAP Financial MeasuresThe
most directly comparable financial measure presented in accordance
with GAAP to Adjusted EBITDA is net loss. We are unable to
reconcile the forward-looking statements of Adjusted EBITDA in this
press release to their nearest GAAP measures because the nearest
GAAP financial measures are not accessible on a forward-looking
basis and reconciling information is not available without
unreasonable effort.
About Aterian, Inc.Aterian,
Inc. (Nasdaq: ATER) is a leading technology-enabled consumer
product platform that builds, acquires, and partners with
best-in-class e-commerce brands by harnessing proprietary software
and an agile supply chain to create top selling consumer products.
The Company’s cloud-based platform, Artificial Intelligence
Marketplace Ecommerce Engine (AIMEE™), leverages machine learning,
natural language processing and data analytics to streamline the
management of products at scale across the world's largest online
marketplaces with a focus on Amazon, Shopify and Walmart. Aterian
has thousands of SKUs across its many owned and operated brands and
sells products in multiple categories, including home and kitchen
appliances, health and wellness, beauty and consumer
electronics.
Forward Looking StatementsAll
statements other than statements of historical facts included in
this press release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the
future are forward-looking statements including, in particular, the
statements regarding our target of achieving adjusted EBITDA
profitability in the second half of 2023 and our plan to liquidate
higher cost inventory and to protect market share. These
forward-looking statements are based on management’s current
expectations and beliefs and are subject to a number of risks and
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond our control and could cause
actual results to differ materially and adversely from those
described in the forward-looking statements. These risks include,
but are not limited to, those related to customer demand for our
products in light of the current macroeconomic environment in the
U.S. and globally; global shipping disruptions; our ability to
continue as a going concern; our ability to meet financial
covenants with our lenders; our ability to create operating
leverage and efficiency when integrating companies that we acquire
or have acquired, including through the use of our team’s
expertise, the economies of scale of our supply chain and
automation driven by our platform; our ability to grow
internationally and through the launch of products under our brands
and the acquisition of additional brands; the impact of COVID-19,
the war in the Ukraine, the rising tensions between China and
Taiwan and other macroeconomic factors, including their impact on
consumer demand, our cash flows, financial condition, forecasting
and revenue growth rate; our supply chain including sourcing,
manufacturing, warehousing and fulfillment; our ability to manage
expenses, working capital and capital expenditures efficiently; our
business model and our technology platform; the impact of
intangible assets such as goodwill, and other impairments;
disruptions to the Company's information technology systems,
including but not limited to potential or actual security breaches
of systems protecting consumer and employee information or other
types of cybercrimes or cybersecurity attacks; our ability to
disrupt the consumer products industry; our ability to maintain and
grow market share in existing and new product categories; our
ability to generate profitability and stockholder value;
international tariffs and trade measures; inventory management,
product liability claims, recalls or other safety and regulatory
concerns; reliance on third party online marketplaces; seasonal and
quarterly variations in our revenue and expenses; acquisitions of
other companies and technologies and our ability to successfully
integrate such companies and technologies with our business; our
ability to continue to access debt and equity capital (including on
terms advantageous to the Company) and the extent of our leverage;
and other factors discussed in the “Risk Factors” section of our
most recent periodic reports filed with the Securities and Exchange
Commission (“SEC”), all of which you may obtain for free on the
SEC’s website at www.sec.gov.
Although we believe that the expectations
reflected in our forward-looking statements are reasonable, we do
not know whether our expectations will prove correct. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, even if
subsequently made available by us on our website or otherwise. We
do not undertake any obligation to update, amend or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Investor Contact:
Ilya Grozovsky
Vice President of Investor Relations & Corp. Development
Aterian, Inc.
ilya@aterian.io
917-905-1699
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