Aterian Announces Management Change & Second Quarter 2023 Preliminary Results

Joe Risico and Arturo Rodriguez Appointed Co–CEOs 
William Kurtz Appointed Chair of the Board

Second Quarter Revenue Range Between $34.8 Million to $35.4 Million

Second Quarter Adjusted EBITDA Loss Range Between $8.0 Million to $9.0 Million

NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today announced the appointment of Joe Risico and Arturo (Arty) Rodriguez as Co-Chief Executive Officers effective July 26, 2023. They have also joined the Company’s Board of Directors (the “Board”) effective that same date. As part of these changes, Mr. William (Bill) Kurtz, the Company’s current lead independent director and a Board member since 2019, has been named the Chair of the Board. Mr. Yaniv Sarig has resigned as CEO and from the Board effective yesterday.

In their new roles as Co-CEO, Mr. Risico will lead strategy and revenue generation, among other things, while Mr. Rodriguez will lead the Company's technology and development and continue to lead supply chain and finance. Mr. Rodriguez will also continue his present role as Chief Financial Officer.

“On behalf of our board of directors, we thank Yaniv for his tremendous efforts and commitment to Aterian. We respect Yaniv’s desire to spend more time with his family”, said Bill Kurtz, Chair of Aterian’s Board of Directors. “Joe and Arty have been an integral part of Aterian's management and the Board believes they are the right people to lead the Company through the next phase of the Company's growth trajectory given their experience, complementary skill sets and deep understanding of Aterian’s business. I look forward to their success.”

“I am grateful for the opportunity to continue my partnership with Arty, our board and our team at Aterian,” said Joe Risico, Co-CEO. “Aterian has a strong set of core brands and products and we will continue to focus them and Aterian towards profitable growth as we navigate a challenging consumer discretionary environment.”

“I am excited to partner with Joe in leading Aterian,” said Arturo Rodriguez, Co-CEO. “Aterian’s core brands and products, supported by our technology, supply chain, and most importantly our people, will allow us to continue to execute on our path towards profitability. I am honored and humbled to be given this opportunity from our board to co-lead Aterian into its future.”

“Aterian has been an incredible nine year journey for me, I am extremely proud of the company that was built from scratch and the team and culture that we fostered,” said Yaniv Sarig, Aterian’s Co-Founder. “It is time for a change and I believe that Joe and Arty will continue to be a great team and bring Aterian even greater successes.”