Netlist Financials
Netlist (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).
Loss reduction now reflects leaner operating costs and modest scale recovery, but liquidity still leans on outside capital.
FY2025 looked better than FY2024 because revenue recovered to$188.6M and operating cash flow improved to-$14.7M . But gross margin was still only6.1% , far below FY2021's34.4% , so the narrower loss came more from expense reduction and fixed-cost absorption than from a return to earlier economics.
Because capex was just
The balance sheet is short-term liability heavy: current liabilities of
Financial Health Signals
Netlist 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 scores 15.15, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) 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 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 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 generated $188.6M in revenue in fiscal year 2025. This represents an increase of 28.2% from the prior year.
Netlist's EBITDA was -$25.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.0% from the prior year.
Netlist reported -$24.8M in net income in fiscal year 2025. This represents an increase of 53.9% from the prior year.
Netlist earned -$0.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.1% from the prior year.
Cash & Balance Sheet
Netlist recorded an outflow of $14.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 57.4% from the prior year.
Netlist held $31.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Netlist's gross margin was 6.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.
Netlist's operating margin was -13.5% in fiscal year 2025, reflecting core business profitability. This is up 24.0 percentage points from the prior year.
Netlist's net profit margin was -13.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Netlist invested $3.5M in research and development in fiscal year 2025. This represents a decrease of 56.6% from the prior year.
Netlist invested $42K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 40.8% from the prior year.
Not reported for fiscal year 2025.
NLST Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $332.7M | $188.6M+28.2% | $147.1M+112.6% | $69.2M-57.2% | $161.6M+13.5% | $142.4M+201.4% | $47.2M+81.0% | $26.1M-22.1% | $33.5M-12.5% | $38.3M+95.0% | $19.7M+145.3% | $8.0M-58.3% | $19.2M-16.7% | $23.0M-37.5% | $36.9M-39.3% | $60.7M |
| Cost of Revenue | $278.7M | $177.2M+22.9% | $144.2M+115.9% | $66.8M-55.4% | $149.7M+60.2% | $93.5M+130.7% | $40.5M+72.1% | $23.5M-24.6% | $31.2M-12.9% | $35.9M+192.6% | $12.3M+107.3% | $5.9M-61.2% | $15.2M-23.6% | $19.9M-27.4% | $27.5M-32.1% | $40.5M |
| Gross Profit | $54.0M | $11.4M+296.7% | $2.9M+20.5% | $2.4M-79.9% | $11.9M-75.7% | $48.9M+626.4% | $6.7M+161.9% | $2.6M+11.7% | $2.3M-6.3% | $2.5M-66.8% | $7.4M+252.7% | $2.1M-47.1% | $4.0M+27.7% | $3.1M-67.0% | $9.4M-53.6% | $20.3M |
| R&D Expenses | $3.9M | $3.5M-56.6% | $8.1M-12.0% | $9.2M-13.7% | $10.6M+46.7% | $7.2M+145.2% | $3.0M+23.9% | $2.4M-17.8% | $2.9M-44.6% | $5.2M-16.8% | $6.3M+3.9% | $6.0M+31.9% | $4.6M+0.4% | $4.6M-64.4% | $12.8M-13.9% | $14.9M |
| SG&A Expenses | $14.2M | $13.2M+9.4% | $12.1M-2.6% | $12.4M-13.5% | $14.3M+33.1% | $10.8M+30.7% | $8.2M+9.3% | $7.5M+10.1% | $6.9M-7.0% | $7.4M-18.4% | $9.0M+15.2% | $7.8M+15.4% | $6.8M+8.4% | $6.3M-37.8% | $10.1M-5.9% | $10.7M |
| Operating Income | $408K | -$25.5M+53.8% | -$55.2M+10.6% | -$61.8M-84.3% | -$33.5M-394.3% | $11.4M+266.5% | -$6.8M+40.5% | -$11.5M+29.8% | -$16.4M-27.4% | -$12.9M-16.5% | -$11.0M+36.5% | -$17.4M-25.9% | -$13.8M-40.2% | -$9.8M+27.2% | -$13.5M-151.9% | -$5.4M |
| Interest Expense | N/A | N/A | N/A | $1.3M+2180.7% | $57K+110.0% | -$568K-7.0% | -$531K+43.8% | -$945K-27.9% | -$739K-31.0% | -$564K+2.4% | -$578K+72.0% | -$2.1M-31.1% | -$1.6M-68.9% | -$932K-175.7% | -$338K-48.2% | -$228K |
| Income Tax | N/A | N/A | $1K0.0% | $1K0.0% | $1K-100.0% | $6.6M+662600.0% | $1K-92.3% | $13K+750.0% | -$2K-133.3% | $6K+20.0% | $5K+400.0% | $1K-50.0% | $2K-77.8% | $9K+175.0% | -$12K+77.4% | -$53K |
| Net Income | $789K | -$24.8M+53.9% | -$53.9M+10.8% | -$60.4M-81.0% | -$33.4M-790.7% | $4.8M+166.5% | -$7.3M+41.6% | -$12.5M-172.8% | $17.1M+27.6% | $13.4M+19.6% | $11.2M-45.4% | $20.5M+233.3% | -$15.4M-42.9% | -$10.8M+23.0% | -$14.0M-149.7% | -$5.6M |
| EPS (Diluted) | — | -$0.09+57.1% | -$0.21+16.0% | -$0.25-78.6% | -$0.14-800.0% | $0.02+150.0% | -$0.04+50.0% | -$0.08 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NLST Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $49.5M+18.3% | $41.8M-42.5% | $72.8M+8.1% | $67.3M-26.2% | $91.2M+260.8% | $25.3M+14.1% | $22.1M-11.0% | $24.9M+32.3% | $18.8M-5.9% | $20.0M-19.0% | $24.7M+55.1% | $15.9M-10.0% | $17.7M-21.1% | $22.4M-30.4% | $32.2M |
| Current Assets | $48.2M+21.3% | $39.8M-43.1% | $69.9M+9.4% | $63.8M-27.4% | $88.0M+253.2% | $24.9M+27.7% | $19.5M-15.9% | $23.2M+37.0% | $16.9M-12.1% | $19.3M-20.4% | $24.2M+56.7% | $15.4M-4.1% | $16.1M-18.3% | $19.7M-31.6% | $28.8M |
| Cash & Equivalents | $31.8M+41.2% | $22.5M-44.4% | $40.4M+61.7% | $25.0M-47.5% | $47.7M+257.8% | $13.3M+48.6% | $9.0M-39.4% | $14.8M+120.3% | $6.7M-29.1% | $9.5M-51.9% | $19.7M+78.3% | $11.0M+64.8% | $6.7M-13.6% | $7.8M-26.4% | $10.5M |
| Inventory | $3.4M+23.3% | $2.7M-77.2% | $12.0M+12.6% | $10.7M-31.8% | $15.7M+390.0% | $3.2M-8.5% | $3.5M+18.7% | $2.9M-28.2% | $4.1M+29.9% | $3.2M+90.6% | $1.7M-11.8% | $1.9M-28.2% | $2.6M-64.5% | $7.4M+21.8% | $6.1M |
| Accounts Receivable | $2.4M+44.3% | $1.7M-63.4% | $4.6M-44.6% | $8.2M-35.2% | $12.7M+171.9% | $4.7M+27.5% | $3.7M+25.9% | $2.9M-2.7% | $3.0M+71.2% | $1.8M+144.6% | $716K-34.4% | $1.1M-77.6% | $4.9M+41.7% | $3.4M-69.9% | $11.4M |
| Total Liabilities | $54.7M+14.2% | $47.9M-2.4% | $49.0M+22.3% | $40.1M+8.0% | $37.1M+33.1% | $27.9M-8.6% | $30.5M-0.1% | $30.5M+26.6% | $24.1M+17.7% | $20.5M-21.2% | $26.0M+132.4% | $11.2M+4.9% | $10.7M+22.8% | $8.7M-29.0% | $12.2M |
| Current Liabilities | $54.6M+16.1% | $47.1M-1.1% | $47.6M+25.0% | $38.1M+7.6% | $35.4M+28.0% | $27.6M+96.5% | $14.1M+7.3% | $13.1M+41.2% | $9.3M+49.6% | $6.2M-49.2% | $12.2M+62.0% | $7.5M+38.0% | $5.5M-36.4% | $8.6M-22.1% | $11.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $146K-99.1% | $15.8M-9.0% | $17.3M+17.5% | $14.8M+3.6% | $14.3M+4.0% | $13.7M+285.8% | $3.6M-30.4% | $5.1M+46.0% | $3.5M+212.4% | $1.1M |
| Total Equity | -$5.2M+14.0% | -$6.0M-125.5% | $23.8M-12.8% | $27.2M-49.6% | $54.0M+2162.7% | -$2.6M+68.7% | -$8.4M-47.4% | -$5.7M-6.5% | -$5.3M-906.8% | -$529K+60.3% | -$1.3M-128.3% | $4.7M-32.7% | $7.0M-48.9% | $13.7M-31.2% | $19.9M |
| Retained Earnings | -$362.5M-7.4% | -$337.7M-19.0% | -$283.8M-27.0% | -$223.4M-17.6% | -$190.1M+2.5% | -$194.9M-3.9% | -$187.6M-7.1% | -$175.2M-10.8% | -$158.0M-9.3% | -$144.6M-8.4% | -$133.4M-18.2% | -$112.9M-15.8% | -$97.5M-12.4% | -$86.7M-19.2% | -$72.7M |
Not reported in any period shown, so not listed: Goodwill.
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.5M | -$14.7M+57.4% | -$34.6M+16.9% | -$41.6M-177.4% | -$15.0M-349.6% | $6.0M+173.9% | -$8.1M+29.2% | -$11.5M-8.7% | -$10.6M+6.8% | -$11.3M+45.4% | -$20.8M-122.8% | -$9.3M-45.8% | -$6.4M-59.2% | -$4.0M+42.2% | -$7.0M+6.3% | -$7.4M |
| Capital Expenditures | N/A | $42K-40.8% | $71K | N/A | $467K-10.2% | $520K+1109.3% | $43K-48.2% | $83K+12.2% | $74K-21.3% | $94K-72.8% | $346K-5.5% | $366K+159.6% | $141K+18.5% | $119K-93.0% | $1.7M+128.2% | $744K |
| Free Cash Flow | N/A | -$14.8M+57.4% | -$34.7M | N/A | -$15.5M-381.8% | $5.5M+167.1% | -$8.2M+29.3% | -$11.6M-8.7% | -$10.6M+7.0% | -$11.4M+45.9% | -$21.1M-117.9% | -$9.7M-48.3% | -$6.5M-58.0% | -$4.1M+52.2% | -$8.7M-6.0% | -$8.2M |
| Investing Cash Flow | N/A | -$42K+40.8% | -$71K | N/A | -$467K+10.2% | -$520K-1109.3% | -$43K+48.2% | -$83K-12.2% | -$74K+21.3% | -$94K+72.8% | -$346K+4.2% | -$361K-161.6% | -$138K-141.8% | $330K+119.9% | -$1.7M-418.3% | $520K |
| Financing Cash Flow | $27.2M | $22.3M+35.5% | $16.4M-67.7% | $50.8M+8458.1% | $594K-98.4% | $36.5M+180.8% | $13.0M+95.8% | $6.6M-62.7% | $17.8M+112.0% | $8.4M-23.3% | $10.9M-40.4% | $18.3M+68.6% | $10.9M+312.5% | $2.6M-54.8% | $5.8M+80.7% | $3.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NLST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.1%+4.1pp | 2.0%-1.5pp | 3.5%-3.9pp | 7.4%-27.0pp | 34.4%+20.1pp | 14.2%+4.4pp | 9.8%+3.0pp | 6.9%+0.4pp | 6.4%-31.2pp | 37.6%+11.5pp | 26.2%+5.5pp | 20.6%+7.2pp | 13.5%-12.0pp | 25.5%-7.9pp | 33.4% |
| Operating Margin | -13.5%+24.0pp | -37.5%+51.7pp | -89.2%-68.5pp | -20.7%-28.7pp | 8.0%+22.5pp | -14.5%+29.5pp | -44.0%+4.8pp | -48.8%-15.3pp | -33.5%+22.6pp | -56.1% | -216.9% | -71.9%-29.2pp | -42.7%-6.0pp | -36.7%-27.8pp | -8.8% |
| Net Margin | -13.2%+23.5pp | -36.6%+50.6pp | -87.3%-66.6pp | -20.6%-24.0pp | 3.4%+18.8pp | -15.4%+32.3pp | -47.7%-98.7pp | 51.0%+16.0pp | 35.0%-22.0pp | 57.0% | 255.9% | -80.1%-33.4pp | -46.7%-8.8pp | -37.9%-28.7pp | -9.2% |
| Return on Equity | N/A | N/A | -254.2%-131.7pp | -122.5%-131.5pp | 8.9% | N/A | N/A | N/A | N/A | N/A | N/A | -325.9%-172.4pp | -153.5%-51.5pp | -102.0%-73.9pp | -28.1% |
| Return on Assets | -50.2%+78.6pp | -128.7%-45.8pp | -83.0%-33.4pp | -49.6%-54.9pp | 5.3%+34.1pp | -28.8%+27.5pp | -56.2%-125.0pp | 68.8%-2.5pp | 71.3%+15.2pp | 56.1%-27.0pp | 83.1%+179.8pp | -96.7%-35.8pp | -60.9%+1.5pp | -62.4%-45.0pp | -17.4% |
| Current Ratio | 0.880.0x | 0.84-0.6x | 1.47-0.2x | 1.68-0.8x | 2.49+1.6x | 0.90-0.5x | 1.39-0.4x | 1.77-0.1x | 1.82-1.3x | 3.10+1.1x | 1.98-0.1x | 2.05-0.9x | 2.95+0.7x | 2.29-0.3x | 2.61 |
| Debt-to-Equity | N/A | N/A | 2.06+0.6x | 1.47+0.8x | 0.69 | N/A | N/A | N/A | N/A | N/A | N/A | 0.750.0x | 0.73+0.5x | 0.25+0.2x | 0.06 |
| FCF Margin | -7.8%+15.7pp | -23.6% | N/A | -9.6%-13.4pp | 3.9%+21.2pp | -17.3%+27.0pp | -44.3%-12.6pp | -31.7%-1.9pp | -29.8% | -107.6% | -121.1% | -34.1%-16.1pp | -18.0%+5.5pp | -23.5%-10.0pp | -13.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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.
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Where Netlist Ranks
Frequently Asked Questions
What is Netlist's annual revenue?
Netlist (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's revenue growing?
Netlist (NLST) revenue grew by 28.2% year-over-year, from $147.1M to $188.6M in fiscal year 2025.
Is Netlist profitable?
No, Netlist (NLST) reported a net income of -$24.8M in fiscal year 2025, with a net profit margin of -13.2%.
What is Netlist's EBITDA?
Netlist (NLST) had EBITDA of -$25.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Netlist's gross margin?
Netlist (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's operating margin?
Netlist (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's net profit margin?
Netlist (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's free cash flow?
Netlist (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's operating cash flow?
Netlist (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's total assets?
Netlist (NLST) had $49.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Netlist's capital expenditures?
Netlist (NLST) invested $42K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Netlist spend on research and development?
Netlist (NLST) invested $3.5M in research and development during fiscal year 2025.
What is Netlist's current ratio?
Netlist (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's return on assets (ROA)?
Netlist (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's cash runway?
Based on fiscal year 2025 data, Netlist (NLST) had $31.8M in cash against an annual operating cash burn of $14.7M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Netlist's debt-to-equity ratio negative or not reported?
Netlist (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's Altman Z-Score?
Netlist (NLST) has an Altman Z-Score of 15.15, 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's Piotroski F-Score?
Netlist (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's earnings high quality?
Netlist (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.