Netlist
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Netlist (NLST) investor relations material

Netlist Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary3 Mar, 2026

Executive summary

  • Achieved substantial progress in product and IP initiatives, including appellate wins and expanded enforcement actions, strengthening long-term strategic position.

  • Revenue more than doubled in Q4 2025, driven by strong memory demand and effective sales execution.

  • Full year 2025 net sales reached $188.6 million, a 28% increase from 2024.

  • Gross profit for Q4 2025 was $6.9 million, up 2,620% year-over-year; full year gross profit was $11.4 million, up 297%.

  • Net loss for Q4 2025 improved by 82% year-over-year to $(2.2) million; full year net loss improved by 54% to $(24.8) million.

Financial highlights

  • Q4 2025 revenue increased 121% compared to Q4 2024, reaching $75.7 million.

  • Gross profit margin improved for both the full year and quarter due to strong demand and significant price increases; Q4 gross margin was 9.1%, full year 6.1%.

  • Operating expenses declined 36% in 2025, mainly from lower IP legal fees and SG&A controls; IP legal fees decreased to $20.2 million from $38.0 million.

  • Ended 2025 with $42.1 million in cash and equivalents, up from $28.8 million at Q3 end.

  • Working capital deficit at year-end: $(6.4) million; stockholders' deficit: $(5.2) million.

Outlook and guidance

  • Expect further revenue improvement in Q1 2026 based on current bookings and shipments.

  • Anticipate continued growth in Lightning DDR5 product line and expansion into new customer segments.

  • Entering 2026 well positioned to capitalize on progress in product and IP initiatives and continued R&D investment in next-generation memory technologies.

  • Litigation expenses projected to remain similar to 2025 levels despite increased legal activity.

Lightning product growth beyond system integrators
ITC investigation: Samsung product import impact?
Memory shortage impact on 2026 revenue?
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Frequently asked questions

Netlist Inc. is a technology company specializing in the design, manufacture, and sale of high-performance memory subsystems. The company provides solutions for applications in data centers, enterprise computing, and embedded systems, focusing on products such as solid-state drives (SSDs) and advanced memory modules. Netlist's offerings are designed to enhance server performance and optimize data storage and retrieval for enterprise and cloud-based systems. The company is headquartered in Irvine, California, and its shares are listed on the OTCQB.

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