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Netlist (NLST) investor relations material
Netlist Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 net sales were $42.2 million, up 5% year-over-year, with gross profit of $1.8 million and net loss improved to $7.0 million from $9.4 million, driven by strong DDR5 demand and reduced operating expenses.
Progress on product and IP initiatives, including new legal action at the ITC against Samsung, Google, and Supermicro, and strengthened cash position.
Memory market shortages due to AI-driven demand are driving up prices and benefiting custom and DDR5 memory solutions.
Active litigation efforts to defend IP, with over $800 million in damages awarded in federal court cases against Samsung and Micron, though appeals and reviews are pending.
Operations are primarily funded through equity and debt issuances, including recent offerings and a revolving credit facility.
Financial highlights
Q3 2025 revenue was $42.2 million, gross margin rose to 4% from 3% year-over-year, and net loss narrowed to $7.0 million from $9.4 million.
Operating expenses declined 17% year-over-year and 38% for the nine-month period.
For the nine months ended September 27, 2025, net sales were $112.9 million, with net loss improved to $22.6 million from $41.2 million.
Ended Q3 with $20.8 million in cash and equivalents, down from $29 million in Q2; minimal debt.
Raised over $20 million post-quarter via equity offerings; $10 million working capital line and $74 million available on equity line.
Outlook and guidance
Q4 2025 revenue expected to be slightly higher than Q3, based on current bookings and shipping.
Lightning product line expected to reach double-digit percentage of overall revenues in 2026 as qualifications complete.
Legal expenses projected to remain reduced compared to 2024, with ITC-related costs increasing toward end of 2026.
Management believes current cash balances, anticipated revenues, and available credit are sufficient for at least the next 12 months.
Uncertainty remains regarding renewal of the SK hynix supply agreement, expiring April 2026.
ITC action: expected impact on Samsung US sales?
What drives Lightning products to double-digit revenue?
Given the ITC action, how will legal spend evolve?
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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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