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MARKETS / BALCAO / NLST
BALCAO · SEMICONDUCTORS & RELATED DEVICES · SMALL CAP

Netlist Inc. NLST

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$188.6M
▲ 28.2% YoY
$-24.8M
$-14.8M
In brief

What this company does

Netlist markets and sells memory subsystem products, primarily to OEMs in the server, high-performance computing and communications markets. As of December 27, 2025, the company had a total of 72 employees globally, of which 66 were full-time employees. As of December 27, 2025, the company had over 200 issued patents and pending patent applications worldwide. The company utilizes third-party manufacturing facilities in the People's Republic of China, Taiwan and Korea. In addition to its own memory subsystem products, the company resells certain component products that it purchases for the purpose of resale to end-customers including storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist was incorporated under the laws of the state of Delaware in June 2000 and commenced operations in September 2000.

Written from the business description in NETLIST INC's annual report to the U.S. Securities and Exchange Commission, filed 19 March 2026. Every sentence was checked against that document before publication.

Growth
USD 188.6M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 188.6 · Net income -24.8
80.0M160.0M-25.0M-50.0M201020122014201620182020202220242025
Compound annual growth
+5.3%
+31.9%
+37.1%
+11.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +31.9% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−13 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -13.5% · Net -13.2%
-100%-200%201020122014201620182020202220242025
ROE
FY2024 · ROE -608.3%
-500%-1000%201020122014201620182020202220242025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -14.8
2M4M-20M201020122014201620182020202220242025

Total assetsUSD 49.5M
EquityUSD -5.2M
CashUSD 31.8M
Current ratio0.88×

Equity funds -11% of total assets.

The 16-year record
16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.20.10.10.20.10.00.00.00.00.00.00.00.00.00.10.0
Operating income $B−0.0−0.1−0.1−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.1−0.1−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B·0.00.00.00.00.00.0−0.00.00.00.00.00.0−0.0−0.0−0.0
Net income $B−0.0−0.1−0.1−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0·−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−0.09−0.21−0.25−0.140.02−0.04−0.08−0.16−0.20−0.21−0.42−0.38−0.35−0.50−0.22−0.64
Dividend / sh $················
Payout %················
ROE %·−608.3−236.9−82.118.8·····−1212.8−262.2−103.9−83.1−26.8−69.2
Shares out B0.310.270.250.230.230.200.170.140.080.060.050.040.030.030.030.03

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 79 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 16 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySemiconductors & Related Devices
Listed onOTC market
Incorporated inDelaware
Fiscal year endsJanuary 2
SEC categorysmaller reporting company
Data on record since2010

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