Exclusive: Mohawk Group Holdings Rebrands As Aterian Inc.

Mohawk Group Holdings Inc. MWK, a New York City-based technology-enabled consumer products company, is rebranding as Aterian Inc. ATER, effective Friday before the market open.

What Happened: Founded in 2014, the company is known for its proprietary end-to-end cloud-based platform Artificial Intelligence Marketplace Ecommerce Engine (AIMEE), which leverages machine learning, natural language processing and data Analytics to manage products at scale across major online marketplaces, including Amazon Inc. AMZN, Shopify SHOP and Walmart WMT.

For 2020, the company recorded net revenue of $185.7 million, up 62.3% from the $114.5 million in 2019, and introduced 37 new products. It also recorded a full-year operating loss of $34.8 million, although it was an improvement from the $54.3 million loss in 2019.

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Why It Happened: Co-Founder and CEO Yaniv Sarig cited the name change as a reflection of the company’s evolution.

“Our new name Aterian draws inspiration from an important stage of early human progress,” Sarig said. “Dating to the Paleolithic era, the Aterian industry marked a leap forward in the design of innovative tools that led to greater efficiencies. Similarly, the consumer products industry is entering a pivotal moment as technology becomes a critical tool for brands in their effort to predict and respond to online consumer demand at scale.

“Over the past seven years,” he added, “we have grown from an early mover in the e-commerce marketplace segment to a leading technology-powered consumer product platform, with thousands of SKUs across 12 owned and operated brands. As we look to the future and the rapidly expanding market opportunities on the horizon, we continue to be well positioned to build the world’s most efficient consumer products company.”

The stock trades around $25.17 at publication time with a $714 million market cap.