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Netlist Inc
OTC:NLST

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Netlist Inc
OTC:NLST
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Price: 1.57 USD 3.29% Market Closed
Market Cap: $482.4m

Netlist Inc
Investor Relations

Netlist, Inc. engages in the design, manufacture and sale of memory subsystems for the computing and communications markets. The company is headquartered in Irvine, California and currently employs 120 full-time employees. The company went IPO on 2006-11-30. The firm operates in the design and manufacture of memory subsystems for the server, computing and communications markets. Its products include load-reduced dual in-line memory module (LRDIMM) based on its distributed buffer architecture, which has been adopted by the industry for DDR4 LRDIMM. The company also provides NAND flash memory (NAND flash) to the memory channel with its NVvault non-volatile dual in-line memory modules (NVDIMM) using software-intensive controllers and merging dynamic random access memory integrated circuits (DRAM ICs) and NAND flash to solve data bottleneck and data retention. The firm also offers storage-class memory products called HybriDIMM to address the growing need for real-time analytics in Big Data applications, in-memory databases, computing and data storage solutions.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 3, 2026
AI Summary
Q4 2025

Revenue: Netlist reported full-year 2025 revenue of $188.6 million, up 28% vs. 2024, and said Q4 revenue improved 121% vs. Q4 2024 with management calling out that Q4 more than doubled year-over-year.

Outlook: Management said, based on current bookings and shipments, they expect Q1 2026 revenue to improve further vs. Q4 2025 (they do not provide formal guidance).

Market drivers: Management attributes recent strength to AI-driven demand causing a global DRAM shortage and sharp price increases that are expected to persist into 2027 as new fab capacity comes online.

Product traction: Lightning (overclocked/low-latency DDR5) is ramping in system integrators, completed OEM qualification and is in end-customer testing; legacy DDR4 custom solutions will be supported through last-time buys into 2027.

R&D & roadmap: Netlist is sampling CXL NVDIMM POC units to Intel and AMD and is developing LPMRDIMM (LPDDR5-based) and MRDIMM for high-capacity/high-performance servers.

IP & litigation: Multiple favorable appellate affirmances; ITC instituted an investigation covering six patents against Samsung/Google/Super Micro with trial set for November; several district-court suits and appeals are active.

Balance sheet: Ended 2025 with $42.1 million in cash and restricted cash (up from $20.8 million at end-Q3), raised $10 million in a registered direct offering, and has a $10 million working-capital line plus ~ $74 million available on an equity line.

Key Financials
Revenue (12 months ended Dec 27, 2025)
$188.6 million
Quarter-over-quarter revenue (Q4 2025 vs Q4 2024)
improved 121% vs Q4 2024
Cash and cash equivalents and restricted cash
$42.1 million
Registered direct offering proceeds
$10 million
Available working capital line
$10 million
Available on equity line of credit
approximately $74 million
Jury award (Micron case)
$445 million
Damages award (Samsung case)
$303 million
Q1 2026 revenue expectation
management expects further improvement from Q4 2025
Earnings Call Recording
Other Earnings Calls

Management

Mr. Chun K. Hong
Co-Founder, President, CEO & Executive Chairman
No Bio Available
Ms. Gail M. Sasaki
Executive VP, CFO & Corporate Secretary
No Bio Available
Mr. Paik K. Hong
Executive Vice President of Sales & Operations
No Bio Available
Mr. Michael Smargiassi
Investor Relations Officer
No Bio Available
Mr. Devon Park
Vice President of Marketing & Sales Operations
No Bio Available

Contacts

Address
CALIFORNIA
Irvine
111 Academy, Suite 100
Contacts
+19494350025.0
www.netlist.com
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