NETLIST INC (NLST)
As-reported financials and SEC filings for NETLIST INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About NETLIST INC
Netlist, Inc. designs and manufactures high-performance memory subsystems and modules. The company provides these products primarily to original equipment manufacturers and technology companies. It serves customers in the United States, China, and other countries.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 27, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Netlist
- Revenue grew 28.2% to $189M in FY2025, slower than the 112.6% the year before.
- Operating margin is now a 13.5% loss in FY2025, from 8.0% in FY2021.
- Most recent quarter Q2 FY2026: revenue $110M, up 163.4% from Q2 FY2025.
- Free cash flow was negative $15M in FY2025.
- Net loss narrowed to $25M in FY2025, from $54M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Netlist’s fundamentals sit among the 88 semiconductor companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Netlist’s gross margin of 6.1% ranks in the 5th percentile of the 78 semiconductor companies reporting it.
No reported insider purchases (code P) in the last 90 days; 4 insider sales totaling $1.0M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-08-17 filed 2026-08-19 | SASAKI GAIL MEVP and CFO | Sell | 100.0K | $6.91 | $691K |
2026-08-12 filed 2026-08-14 | SASAKI GAIL MEVP and CFO | Sell | 25.0K | $4.49 | $112K |
2026-08-05 filed 2026-08-07 | SASAKI GAIL MEVP and CFO | Sell | 25.0K | $3.99 | $100K |
2026-06-08 filed 2026-06-09 | Hong Chun KPresident, CEO and Chairman | Sell | 40.0K | $2.72 | $109K |
2026-05-15 filed 2026-05-19 | SASAKI GAIL MEVP and CFO | Sell | 8.9K | $2.63 | $23K |
2026-05-11 filed 2026-05-13 | SASAKI GAIL MEVP and CFO | Sell | 25.0K | $3.49 | $87K |
2026-04-23 filed 2026-04-24 | Cho JunDirector | Sell | 10.0K | $2.18 | $22K |
2026-04-22 filed 2026-04-24 | WELCHER BLAKEDirector | Sell | 37.5K | $2.00 | $75K |
2026-04-22 filed 2026-04-24 | Cho JunDirector | Sell | 10.0K | $1.98 | $20K |
Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 28.9M | -20.5% | 4.89 |
| 2026-07-31 | 36.4M | -1.3% | 21.10 |
| 2026-07-15 | 36.9M | +0.1% | 22.18 |
| 2026-06-30 | 36.8M | +0.2% | 16.35 |
| 2026-06-15 | 36.7M | +0.7% | 11.46 |
| 2026-05-29 | 36.5M | +0.6% | 8.62 |
| 2026-05-15 | 36.3M | +13.6% | 3.33 |
| 2026-04-30 | 31.9M | +3.1% | 10.05 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $188.6M | $147.1M | $69.2M | $161.6M | $142.4M |
| Gross profit | $11.4M | $2.9M | $2.4M | $11.9M | $48.9M |
| Operating income | $-25.5M | $-55.2M | $-61.8M | $-33.5M | $11.4M |
| Net income | $-24.8M | $-53.9M | $-60.4M | $-33.4M | $4.8M |
| Diluted EPS | $-0.09 | $-0.21 | $-0.25 | $-0.14 | $0.02 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $31.8M | $22.5M | $40.4M | $25.0M | $47.7M |
| Current assets | $48.2M | $39.8M | $69.9M | $63.8M | $88.0M |
| Total assets | $49.5M | $41.8M | $72.8M | $67.3M | $91.2M |
| Current liabilities | $54.6M | $47.1M | $47.6M | $38.1M | $35.4M |
| Long-term debt | — | — | — | — | — |
| Total liabilities | $54.7M | $47.9M | $49.0M | $40.1M | $37.1M |
| Total equity | $-5.2M | $-6.0M | $23.8M | $27.2M | $54.0M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $-14.7M | $-34.6M | $-41.6M | $-15.0M | $6.0M |
| Capital expenditure | $42,000 | $71,000 | — | $467,000 | $520,000 |
| Free cash flow | $-14.8M | $-34.7M | — | $-15.5M | $5.5M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $109.8M | 163.4% | $1.4M | $0.00 |
| Q1 FY2026 | $104.9M | 262.0% | $8.6M | $0.03 |
| Q4 FY2025 | $75.7M | 120.9% | $-2.2M | $-0.01 |
| Q3 FY2025 | $42.2M | 5.1% | $-7.0M | $-0.02 |
| Q2 FY2025 | $41.7M | 13.2% | $-6.1M | $-0.02 |
| Q1 FY2025 | $29.0M | -19.1% | $-9.5M | $-0.03 |
| Q4 FY2024 | $34.3M | 2.5% | $-12.7M | $-0.05 |
| Q3 FY2024 | $40.2M | 140.3% | $-9.4M | $-0.04 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest semiconductor peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.