Netlist Financials
This page shows Netlist (NLST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
FY2025 shows losses narrowing through revenue and gross-margin recovery, while external capital still does the balance-sheet heavy lifting.
In FY2025, operating cash burn improved to-$14.7M from-$34.6M in FY2024. But cash rose only because financing added$22.3M , and with negative equity of-$5.2M the balance sheet is still being stabilized from outside the business rather than replenished by internally generated cash or retained earnings.
The income statement improved, but the economic engine is still thin: FY2025 gross margin recovered to
Capital intensity is very low, with FY2025 capex of just
Financial Health Signals
We are recalculating Netlist's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Netlist scores 0.91, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($840.0M) relative to total liabilities ($54.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
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.
For every $1 of reported earnings, Netlist generates $0.59 in operating cash flow (-$14.7M OCF vs -$24.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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 generated -$14.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 57.4% from the prior year.
Netlist held $31.8M in cash against $0 in long-term debt as of fiscal year 2025.
Netlist had 307M shares outstanding in fiscal year 2025. This represents an increase of 13.0% from the prior year.
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.
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.
NLST Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $104.9M+38.5% | $75.7M+79.3% | $42.2M+1.3% | $41.7M+43.9% | $29.0M-15.5% | $34.3M-14.7% | $40.2M+9.1% | $36.8M |
| Cost of Revenue | $82.5M+19.9% | $68.8M+70.3% | $40.4M+0.2% | $40.3M+45.7% | $27.7M-18.7% | $34.0M-12.9% | $39.0M+8.3% | $36.1M |
| Gross Profit | $22.4M+224.0% | $6.9M+276.0% | $1.8M+32.0% | $1.4M+7.1% | $1.3M+411.8% | $254K-77.8% | $1.1M+47.7% | $773K |
| R&D Expenses | $1.1M+16.1% | $948K+15.3% | $822K-1.3% | $833K-6.7% | $893K-17.1% | $1.1M-50.5% | $2.2M-8.1% | $2.4M |
| SG&A Expenses | $3.7M+3.6% | $3.6M+15.6% | $3.1M-5.9% | $3.3M+5.7% | $3.1M+15.0% | $2.7M-16.3% | $3.3M+10.3% | $3.0M |
| Operating Income | $8.6M+465.1% | -$2.3M+67.2% | -$7.2M-14.5% | -$6.2M+36.0% | -$9.8M+25.5% | -$13.1M-35.8% | -$9.7M+36.0% | -$15.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $8.6M+484.4% | -$2.2M+67.9% | -$7.0M-15.3% | -$6.1M+35.9% | -$9.5M+25.4% | -$12.7M-35.2% | -$9.4M+36.4% | -$14.8M |
| EPS (Diluted) | $0.03 | N/A | $-0.020.0% | $-0.02+33.3% | $-0.03 | N/A | $-0.04+33.3% | $-0.06 |
NLST Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $87.6M+77.1% | $49.5M-12.2% | $56.3M+35.9% | $41.4M+27.8% | $32.4M-22.5% | $41.8M+9.4% | $38.2M-31.2% | $55.6M |
| Current Assets | $85.5M+77.4% | $48.2M-12.1% | $54.9M+38.0% | $39.8M+30.2% | $30.5M-23.2% | $39.8M+10.4% | $36.0M-32.3% | $53.1M |
| Cash & Equivalents | $17.0M-46.5% | $31.8M+201.4% | $10.5M-42.8% | $18.4M+27.8% | $14.4M-35.9% | $22.5M+31.1% | $17.2M-27.9% | $23.8M |
| Inventory | $41.2M+1119.1% | $3.4M-80.7% | $17.6M+100.0% | $8.8M+289.7% | $2.3M-17.9% | $2.7M-27.2% | $3.8M-54.1% | $8.2M |
| Accounts Receivable | $3.0M+24.9% | $2.4M-42.0% | $4.2M+214.2% | $1.3M-31.1% | $1.9M+14.9% | $1.7M+0.7% | $1.7M-69.0% | $5.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $77.2M+41.1% | $54.7M-21.5% | $69.6M+43.9% | $48.4M+5.0% | $46.1M-3.7% | $47.9M+2.7% | $46.6M-16.3% | $55.7M |
| Current Liabilities | $76.3M+39.6% | $54.6M-21.3% | $69.4M+44.6% | $48.0M+5.4% | $45.5M-3.2% | $47.1M+3.1% | $45.7M-16.1% | $54.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $10.4M+300.7% | -$5.2M+60.9% | -$13.3M-91.0% | -$7.0M+49.1% | -$13.7M-126.1% | -$6.0M+28.0% | -$8.4M-4488.0% | -$183K |
| Retained Earnings | -$353.9M+2.4% | -$362.5M-0.6% | -$360.3M-2.0% | -$353.3M-1.8% | -$347.2M-2.8% | -$337.7M-3.9% | -$325.0M-3.0% | -$315.6M |
NLST Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.8M-264.6% | $13.3M+229.2% | -$10.3M-33.9% | -$7.7M+23.9% | -$10.1M-10.9% | -$9.1M-161.0% | -$3.5M+55.4% | -$7.8M |
| Capital Expenditures | $13K-23.5% | $17K | $0-100.0% | $12K-7.7% | $13K+85.7% | $7K | $0-100.0% | $27K |
| Free Cash Flow | -$21.8M-264.9% | $13.2M+229.0% | -$10.3M-33.7% | -$7.7M+23.9% | -$10.1M-10.9% | -$9.1M-161.2% | -$3.5M+55.6% | -$7.8M |
| Investing Cash Flow | -$13K+23.5% | -$17K | $0+100.0% | -$12K+7.7% | -$13K-85.7% | -$7K | $0+100.0% | -$27K |
| Financing Cash Flow | $6.7M-15.6% | $8.0M+286.4% | $2.1M-81.4% | $11.1M+954.2% | $1.1M-92.4% | $13.9M+541.2% | -$3.2M-201.7% | $3.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NLST Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3%+12.2pp | 9.1%+4.8pp | 4.3%+1.0pp | 3.3%-1.2pp | 4.5%+3.8pp | 0.7%-2.1pp | 2.8%+0.7pp | 2.1% |
| Operating Margin | 8.2%+11.3pp | -3.1%+13.8pp | -16.9%-2.0pp | -15.0%+18.7pp | -33.7%+4.5pp | -38.3%-14.2pp | -24.0%+16.9pp | -40.9% |
| Net Margin | 8.2%+11.2pp | -3.0%+13.6pp | -16.6%-2.0pp | -14.6%+18.2pp | -32.7%+4.3pp | -37.1%-13.7pp | -23.4%+16.7pp | -40.1% |
| Return on Equity | 82.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 9.9%+14.4pp | -4.5%+7.9pp | -12.4%+2.2pp | -14.7%+14.6pp | -29.3%+1.1pp | -30.4%-5.8pp | -24.6%+2.0pp | -26.6% |
| Current Ratio | 1.12+0.2 | 0.88+0.1 | 0.79-0.0 | 0.83+0.2 | 0.67-0.2 | 0.84+0.1 | 0.79-0.2 | 0.98 |
| Debt-to-Equity | 7.39+17.9 | -10.51-5.3 | -5.24+1.7 | -6.96-3.6 | -3.37+4.5 | -7.92-2.4 | -5.55+299.0 | -304.58 |
| FCF Margin | -20.8%-38.3pp | 17.5%+41.8pp | -24.3%-5.9pp | -18.4%+16.4pp | -34.8%-8.3pp | -26.5%-17.8pp | -8.7%+12.6pp | -21.3% |
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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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) generated -$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) generated -$14.7M in operating cash flow during fiscal year 2025, representing cash generated from 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 debt-to-equity ratio?
Netlist (NLST) had a debt-to-equity ratio of -10.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
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 unusual?
Netlist (NLST) has negative shareholder equity of -$5.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 0.91, placing it in the Distress Zone (elevated 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) has an earnings quality ratio of 0.59x, considered low quality (accrual-driven). 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.