Joshua Feldman
AterianAbout Joshua Feldman
Joshua Feldman, age 48, is Aterian’s Chief Financial Officer (CFO) since June 26, 2024 after serving as Senior Vice President of Finance since May 2022; he is a New York CPA and previously held finance leadership roles at Olivela, Hugo Boss North America, Saks Fifth Avenue/Hudson’s Bay Company, and began his career at KPMG . Under his tenure, Aterian emphasized tariff mitigation and cost optimization; Q1 2025 net revenue was $15.4M vs $20.2M in Q1 2024, gross margin was 61.4%, and adjusted EBITDA loss improved slightly to $(2.5)M from $(2.6)M . He withdrew 2025 revenue and Adjusted EBITDA guidance amid macro uncertainty and announced a plan targeting $5–$6M annual cost savings with ~$2.3M restructuring charges and workforce reductions .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Olivela Inc. | Head of Finance | Feb 2021–May 2022 | Finance leadership at a luxury goods e-commerce company |
| Hugo Boss North America | VP, Financial Operations | Jan 2018–Oct 2020 | North America FP&A/financial operations leadership |
| Saks Fifth Avenue / Hudson’s Bay Company | Senior finance roles | 2007–2018 | Retail finance and operations experience |
| KPMG | Assurance Manager | Pre-2007 | Audit/assurance foundation; NY CPA |
External Roles
None disclosed in company filings for Feldman (no public company directorships or committee roles) .
Fixed Compensation
| Element | FY 2024 |
|---|---|
| Base salary | $277,500 at start of 2024; increased to $285,825 effective Apr 1, 2024; increased to $310,000 effective Jun 26, 2024 |
| Target bonus % | Not disclosed |
| Actual bonus paid | $151,733, paid in shares granted June 2025 (shares determined using closing price on grant date) |
Performance Compensation
| Award type | Grant date | Shares granted | Grant-date fair value ($) | Vesting schedule |
|---|---|---|---|---|
| RSU | May 6, 2024 | 41,667 | $100,001 (at $2.40/share) | 1/3 on Jun 11, 2025; remaining in equal quarterly installments (1/12 per quarter) thereafter |
| RSU | May 16, 2024 | 13,875 | Immediate vesting; fair value not separately stated in table | |
| RSU (promotion to CFO) | Jun 26, 2024 | 61,333 | $147,199 (at $2.40/share) | 1/3 on Jun 11, 2025; remaining in equal quarterly installments (1/12 per quarter) thereafter |
| RSU | Oct 16, 2023 | 6,975 | $16,740 (at $2.40/share) | Time-based; outstanding at 12/31/2024 |
| RSU | Jun 12, 2023 | 7,293 | $17,503 (at $2.40/share) | Time-based; outstanding at 12/31/2024 |
| RSU | May 27, 2022 | 1,392 | $3,341 (at $2.40/share) | Time-based; outstanding at 12/31/2024 |
| Options | Various | None for Feldman at 12/31/2024 | — | — |
Bonuses for FY 2024 were based on Company financial performance and individual contributions (specific metrics/weightings not disclosed) .
Equity Ownership & Alignment
| Measure | Value |
|---|---|
| Total beneficial ownership (shares) | 377,442 (50,283 owned directly; 327,159 restricted shares subject to vesting) |
| Ownership as % of shares outstanding | 3.8% (of 9,931,860 outstanding as of Jun 24, 2025) |
| Vested vs unvested breakdown | Unvested RSUs detailed above; restricted shares carry voting rights irrespective of vesting |
| Options (exercisable/unexercisable) | None reported for Feldman |
| Warrants | None reported for Feldman |
| Hedging policy | Hedging and monetization of Company stock prohibited |
| Pledging policy | Pledging permitted only if pre-cleared by insider trading compliance officer |
| Ownership guidelines | Compensation Committee reviews and oversees stock ownership guidelines (specific multiples not disclosed) |
Employment Terms
| Topic | Key terms |
|---|---|
| Employment start/date | Offer letter dated Mar 30, 2022; SVP Finance since May 2022; CFO effective Jun 26, 2024 |
| Current base salary | $310,000 effective Jun 26, 2024 |
| Executive Severance Plan (adopted Mar 21, 2025) | Qualifying Termination: severance equal to annual base salary + prorated annual bonus; 12 months continuation of medical/dental benefits |
| Change-in-Control (CIC) Termination | CIC severance equal to base salary + Annual Target Bonus + prorated annual bonus; 12 months continuation of medical/dental benefits |
| Equity vesting on termination | Qualifying Termination: equity continues vesting for 12 months (CEO gets immediate full vesting under Qualifying Termination; CFO continues vest per plan terms); CIC Termination: unvested time-based equity awards become fully vested |
| Clawback and tax provisions | Subject to any Company clawback policy; no excise tax gross-ups; potential reduction to optimize after-tax benefit; Plan intended to comply with IRC §409A |
Performance & Track Record
| Metric | Q1 2024 | Q1 2025 |
|---|---|---|
| Net revenue ($ thousands) | $20,214 | $15,360 |
| Gross margin (%) | 65.1% | 61.4% |
| Operating loss ($ thousands) | $(5,278) | $(3,696) |
| Adjusted EBITDA ($ thousands) | $(2,625) | $(2,505) |
| Net loss ($ thousands) | $(5,162) | $(3,896) |
| Cash balance ($ thousands) | $18,000 at 12/31/2024 | $14,337 at 3/31/2025 |
Additional actions under Feldman’s CFO tenure:
- Workforce reduction (~20 employees), expected ~$2.3M restructuring charges, payments through Q2 2026 .
- Cost optimization plan targeting $5–$6M annual savings (≈$5M by end-2025, balance in 2026); withdrew 2025 revenue/Adjusted EBITDA guidance amidst uncertainty .
- Tariff mitigation goal: ≤30% of goods manufactured in China by end-2025; strategic price increases; accelerated re-sourcing/diversification; US-sourced consumables push .
Investment Implications
- Alignment: Feldman’s 3.8% beneficial stake, with substantial unvested RSUs and voting rights, aligns incentives toward equity value creation but creates predictable selling pressure around vest dates (initial 1/3 cliff on Jun 11, 2025 for 41,667 and 61,333 grants; then quarterly vesting) .
- Pay-for-performance: FY 2024 bonus paid in stock and RSU-heavy mix tie compensation to equity outcomes; however, specific KPI weightings are not disclosed, limiting transparency on pay-for-performance calibration .
- Retention and change-in-control economics: The 2025 Executive Severance Plan (base + prorated bonus on Qualifying Termination; base + target bonus + prorated bonus on CIC Termination; 12 months benefits; accelerated vesting on CIC) supports retention but could increase turnover costs; absence of tax gross-ups and clawback applicability are shareholder-friendly .
- Risk controls: Hedging prohibited and pledging restricted to pre-cleared cases reduces misalignment risk, though any permitted pledging would warrant monitoring; no pledges disclosed for Feldman .
- Execution risk: Withdrew 2025 guidance and launched restructuring/cost actions under macro/tariff uncertainty; near-term focus on cash/margin preservation rather than growth raises execution risk but may stabilize the balance sheet ahead of consumables expansion .