NETLIST INC (NLST) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NLST SEC filings page.
NETLIST INC (NLST) reported $188.6M in revenue for fiscal year 2025, up 28.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue has recovered, but the business still converts sales into losses and relies on financing to fund operations.
Between FY2024 and FY2025, revenue rose to$188.6M while gross margin improved from2.0% to6.1% and the net loss narrowed to$24.8M . That recovery is meaningful operationally, but operating cash flow of-$14.7M remained almost identical to free cash flow of-$14.8M , showing that the accounting improvement has not yet become internally generated cash.
Cost structure remains heavy relative to gross profit: FY2025 gross profit was only
The balance sheet is financing-dependent: total liabilities of
Financial Health Signals
NETLIST INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
NETLIST INC scores 13.41, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($54.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
NETLIST INC passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
NETLIST INC reported a net loss of $24.8M while operations used $14.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
NETLIST INC generated $109.8M in revenue in Q2 2026. This represents an increase of 163.4% from the same quarter a year earlier. Against the prior quarter it is up 4.7%.
NETLIST INC's EBITDA was $1.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 122.8% from the same quarter a year earlier. Against the prior quarter it is down 83.7%.
NETLIST INC reported $1.4M in net income in Q2 2026. This represents an increase of 123.1% from the same quarter a year earlier. Against the prior quarter it is down 83.8%.
NETLIST INC earned $0.00 per diluted share (EPS) in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Cash & Balance Sheet
NETLIST INC held $30.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
NETLIST INC's gross margin was 20.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 17.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.
NETLIST INC's operating margin was 1.2% in Q2 2026, reflecting core business profitability. This is up 16.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.9 percentage points.
NETLIST INC's net profit margin was 1.3% in Q2 2026, showing the share of revenue converted to profit. This is up 15.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.0 percentage points.
NETLIST INC's ROE was 6.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 76.7 percentage points.
Capital Allocation
NETLIST INC invested $1.1M in research and development in Q2 2026. This represents an increase of 26.1% from the same quarter a year earlier. Against the prior quarter it is down 4.6%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NLST Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $109.8M+163.4% | $104.9M+262.0% | $75.7M+120.9% | $42.2M+5.1% | $41.7M+13.2% | $29.0M-19.1% | $34.3M+2.5% | $40.2M+140.3% |
| Cost of Revenue | $87.0M+115.7% | $82.5M+198.1% | $68.8M+102.2% | $40.4M+3.5% | $40.3M+11.8% | $27.7M-21.1% | $34.0M+5.4% | $39.0M+139.8% |
| Gross Profit | $22.9M+1543.9% | $22.4M+1622.2% | $6.9M+2620.5% | $1.8M+60.9% | $1.4M+80.1% | $1.3M+81.8% | $254K-78.0% | $1.1M+159.5% |
| R&D Expenses | $1.1M+26.1% | $1.1M+23.3% | $948K-12.0% | $822K-62.2% | $833K-64.8% | $893K-63.4% | $1.1M-54.0% | $2.2M-4.0% |
| SG&A Expenses | $3.7M+12.5% | $3.7M+19.1% | $3.6M+32.2% | $3.1M-4.3% | $3.3M+12.1% | $3.1M+1.0% | $2.7M-5.6% | $3.3M+3.5% |
| Operating Income | $1.3M+121.4% | $8.6M+187.7% | -$2.3M+82.1% | -$7.2M+25.9% | -$6.2M+58.6% | -$9.8M+43.8% | -$13.1M+4.6% | -$9.7M+46.0% |
| EBITDA | $1.4M+122.8% | $8.6M+189.0% | -$2.3M+82.5% | -$7.1M+26.1% | -$6.2M+58.8% | -$9.7M+43.9% | -$13.0M+4.9% | -$9.6M+46.1% |
| Net Income | $1.4M+123.1% | $8.6M+191.1% | -$2.2M+82.3% | -$7.0M+25.5% | -$6.1M+58.9% | -$9.5M+44.1% | -$12.7M+4.0% | -$9.4M+45.8% |
| EPS (Basic) | $0.00+100.0% | $0.03+200.0% | -$0.01+80.0% | -$0.02+50.0% | -$0.02+66.7% | -$0.03+57.1% | -$0.050.0% | -$0.04+42.9% |
| EPS (Diluted) | $0.00+100.0% | $0.03+200.0% | -$0.01+80.0% | -$0.02+50.0% | -$0.02+66.7% | -$0.03+57.1% | -$0.050.0% | -$0.04+42.9% |
| Diluted Shares (Avg) | 371M+34.5% | 341M+25.1% | N/A | 293M+13.4% | 276M+7.5% | 272M+6.8% | N/A | 258M+4.3% |
Not reported in any period shown, so not listed: Interest Expense, Income Tax.
NLST Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $73.3M+76.9% | $87.6M+170.2% | $49.5M+18.3% | $56.3M+47.4% | $41.4M-25.4% | $32.4M-49.8% | $41.8M-42.5% | $38.2M-43.9% |
| Current Assets | $71.4M+79.6% | $85.5M+180.1% | $48.2M+21.3% | $54.9M+52.4% | $39.8M-25.2% | $30.5M-50.7% | $39.8M-43.1% | $36.0M-44.6% |
| Cash & Equivalents | $30.7M+66.3% | $17.0M+17.8% | $31.8M+41.2% | $10.5M-38.6% | $18.4M-22.5% | $14.4M-49.8% | $22.5M-44.4% | $17.2M-60.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $26.9M+206.0% | $41.2M+1730.6% | $3.4M+23.3% | $17.6M+366.2% | $8.8M+7.0% | $2.3M-85.1% | $2.7M-77.2% | $3.8M-58.9% |
| Accounts Receivable | $3.1M+138.2% | $3.0M+56.9% | $2.4M+44.3% | $4.2M+150.2% | $1.3M-75.3% | $1.9M-57.6% | $1.7M-63.4% | $1.7M-63.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $50.1M+3.6% | $77.2M+67.4% | $54.7M+14.2% | $69.6M+49.3% | $48.4M-13.2% | $46.1M-15.1% | $47.9M-2.4% | $46.6M+45.3% |
| Current Liabilities | $49.3M+2.7% | $76.3M+67.5% | $54.6M+16.1% | $69.4M+52.0% | $48.0M-11.8% | $45.5M-14.0% | $47.1M-1.1% | $45.7M+49.5% |
| Non-Current Liabilities | $819K+110.0% | $898K+59.2% | $40K-95.2% | $215K-77.9% | $390K-69.7% | $564K-57.3% | $827K-43.0% | $974K-37.6% |
| Total Equity | $23.2M+433.2% | $10.4M+176.4% | -$5.2M+14.0% | -$13.3M-58.3% | -$7.0M-3702.2% | -$13.7M-232.1% | -$6.0M-125.5% | -$8.4M-123.3% |
| Retained Earnings | -$352.5M+0.2% | -$353.9M-1.9% | -$362.5M-7.4% | -$360.3M-10.9% | -$353.3M-11.9% | -$347.2M-15.4% | -$337.7M-19.0% | -$325.0M-20.1% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
NLST Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.3M+143.2% | -$21.8M-116.7% | $13.3M+246.0% | -$10.3M-195.0% | -$7.7M+1.9% | -$10.1M+29.2% | -$9.1M-496.6% | -$3.5M+69.2% |
| Depreciation & Amortization | $69K-2.8% | $68K-4.2% | $68K-37.0% | $70K-1.4% | $71K-12.3% | $71K-16.5% | $108K+42.1% | $71K-26.8% |
| Stock-Based Compensation | $809K-20.1% | $956K-1.5% | N/A | $760K-32.7% | $1.0M-10.2% | $971K-29.3% | N/A | $1.1M-1.3% |
| Capital Expenditures | N/A | N/A | $17K+142.9% | $0 | $12K-55.6% | $13K-64.9% | $7K | $0 |
| Free Cash Flow | N/A | N/A | $13.2M+245.7% | -$10.3M-195.0% | -$7.7M+2.0% | -$10.1M+29.3% | -$9.1M | -$3.5M |
| Investing Cash Flow | N/A | N/A | -$17K-142.9% | $0 | -$12K+55.6% | -$13K+64.9% | -$7K | $0 |
| Financing Cash Flow | $10.4M-6.7% | $6.7M+538.7% | $8.0M-42.6% | $2.1M+165.6% | $11.1M+258.6% | $1.1M-58.5% | $13.9M+267.3% | -$3.2M-110.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NLST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.8%+17.5pp | 21.3%+16.9pp | 9.1%+8.4pp | 4.3%+1.5pp | 3.3%+1.2pp | 4.5%+2.5pp | 0.7%-2.7pp | 2.8%+0.2pp |
| Operating Margin | 1.2%+16.2pp | 8.2%+41.9pp | -3.1%+35.2pp | -16.9%+7.1pp | -15.0%+25.9pp | -33.7%+14.8pp | -38.3%+2.9pp | -24.0% |
| Net Margin | 1.3%+15.8pp | 8.2%+41.0pp | -3.0%+34.1pp | -16.6%+6.8pp | -14.6%+25.6pp | -32.7%+14.6pp | -37.1%+2.5pp | -23.4% |
| Return on Equity | 6.0% | 82.8% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.9%+16.6pp | 9.9%+39.1pp | -4.5%+25.8pp | -12.4%+12.2pp | -14.7%+11.9pp | -29.3%-3.0pp | -30.4%-12.2pp | -24.6%+0.8pp |
| Current Ratio | 1.45+0.6x | 1.12+0.5x | 0.880.0x | 0.790.0x | 0.83-0.1x | 0.67-0.5x | 0.84-0.6x | 0.79-1.3x |
| Debt-to-Equity | 2.16 | 7.39 | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 1.50+0.5x | 1.20+0.3x | 1.53+0.7x | 0.75-0.3x | 1.01+0.3x | 0.89+0.3x | 0.82+0.4x | 1.05+0.8x |
| FCF Margin | N/A | N/A | 17.5%+44.0pp | -24.3%-15.6pp | -18.4%+2.9pp | -34.8%+5.0pp | -26.5% | -8.7% |
Note: Shareholder equity is negative (-$5.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.88), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| NETLIST INC NLST | FY2025 | $188.6M | -$24.8M | -13.2% | $2.0B | — |
| EACO CORP EACO | FY2025 | $427.9M | $32.3M | 7.5% | $632.0M | — |
| SURGE COMPONENTS INC SPRS | FY2025 | $36.3M | $1.1M | 3.1% | $22.9M | — |
Where NETLIST INC Ranks
Frequently Asked Questions
What is NETLIST INC's annual revenue?
NETLIST INC (NLST) reported $188.6M in total revenue for fiscal year 2025. This represents a 28.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is NETLIST INC's revenue growing?
NETLIST INC (NLST) revenue grew by 28.2% year-over-year, from $147.1M to $188.6M in fiscal year 2025.
Is NETLIST INC profitable?
No, NETLIST INC (NLST) reported a net income of -$24.8M in fiscal year 2025, with a net profit margin of -13.2%.
What is NETLIST INC's EBITDA?
NETLIST INC (NLST) had EBITDA of -$25.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is NETLIST INC's gross margin?
NETLIST INC (NLST) had a gross margin of 6.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is NETLIST INC's operating margin?
NETLIST INC (NLST) had an operating margin of -13.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is NETLIST INC's net profit margin?
NETLIST INC (NLST) had a net profit margin of -13.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is NETLIST INC's free cash flow?
NETLIST INC (NLST) recorded an outflow of $14.8M in free cash flow during fiscal year 2025. This represents a 57.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is NETLIST INC's operating cash flow?
NETLIST INC (NLST) recorded an outflow of $14.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are NETLIST INC's total assets?
NETLIST INC (NLST) had $49.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are NETLIST INC's capital expenditures?
NETLIST INC (NLST) invested $42K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does NETLIST INC spend on research and development?
NETLIST INC (NLST) invested $3.5M in research and development during fiscal year 2025.
What is NETLIST INC's current ratio?
NETLIST INC (NLST) had a current ratio of 0.88 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is NETLIST INC's return on assets (ROA)?
NETLIST INC (NLST) had a return on assets of -50.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is NETLIST INC's P/E ratio?
NETLIST INC (NLST) has no price-to-earnings ratio at the moment: outside the range published as a multiple (on $789K net income, trailing 12 months to June 27, 2026). The market capitalization is $2.0B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NETLIST INC's price-to-sales ratio?
NETLIST INC (NLST) trades at 5.9x sales, its market capitalization divided by revenue of $332.7M revenue, trailing 12 months to June 27, 2026. The market capitalization is $2.0B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does NETLIST INC's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, NETLIST INC (NLST) held $31.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.7M over that year. Dividing the one by the other, the reported balance equals about 26 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is NETLIST INC's debt-to-equity ratio negative or not reported?
NETLIST INC (NLST) has negative shareholder equity of -$5.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is NETLIST INC's Altman Z-Score?
NETLIST INC (NLST) has an Altman Z-Score of 13.41, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is NETLIST INC's Piotroski F-Score?
NETLIST INC (NLST) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are NETLIST INC's earnings high quality?
NETLIST INC (NLST) reported a net loss of $24.8M while operations used $14.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.