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MARKETS / BALCAO / Technology / Electronic components / 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

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

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
100.0M200.0M-25.0M-50.0M
201020132016201920222025
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 the five years to FY2025.

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

·
Operating margin Net margin
FY2024 · Operating -37.5% · Net -36.6%
-100%-200%
201020172025
ROE
FY2023 · ROE -236.9%
-100%-200%
201020172025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.
Gross margin·
Operating margin·
Net margin·
EBITDAUSD -25.2M

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -14.8
2M4M-15M-30M
201020172025
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

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—not applicable◌not available in our data
NLST, 16-year financial record
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 % — not applicable: no dividend————————————————
ROE %——−236.9−82.1———————−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. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 79 reconciliationsAUDITED

Reconciled in 16 of the 16 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Four checks were skipped: the share count is not tagged before 2011. Three checks were skipped: revenue is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 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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