Every 10-Q that NETLIST INC (NLST) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NLST and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NLST filings page.
Netlist, Inc. reported sharply higher sales and a return to profitability for the quarter and six months ended June 27, 2026. Net sales were $109.8 million for the quarter and $214.7 million year‑to‑date, up from $41.7 million and $70.7 million a year earlier, driven mainly by resales of third‑party products and growing modular memory subsystem sales. Six‑month net income was $10.0 million, compared with a $15.6 million loss in 2025, while gross profit rose to $45.3 million.
Despite improved earnings, operations used $18.5 million of cash in the first half, largely due to a buildup of $26.9 million in inventories and a sharp reduction of deferred revenue from $30.6 million to $3.0 million as advance orders shipped. Cash, cash equivalents and restricted cash totaled $40.7 million, with working capital of $22.1 million and stockholders’ equity of $23.2 million, compared with a deficit at year‑end 2025.
Management states it expects liquidity to be sufficient for at least 12 months, supported by existing cash, a $10.0 million SVB credit facility, prior equity raises and warrant exercises, and an anticipated $200 million upfront payment under a Samsung patent cross‑license expected in August 2026. The business remains highly concentrated in a few customers and suppliers and continues to incur substantial intellectual property legal expenses.
Netlist, Inc. reported a sharp turnaround for the quarter ended March 28, 2026, with net sales of $104.9 million versus $29.0 million a year earlier and net income of $8.6 million after a prior-period loss. Gross profit rose to $22.4 million and gross margin improved to 21% from 4%, driven mainly by stronger pricing and higher volumes for resold memory products, especially RDIMMs.
Operating cash flow was negative $21.8 million, largely due to a significant inventory build to $41.2 million and higher prepaid expenses. Cash, cash equivalents and restricted cash totaled $27.0 million, with working capital of $9.3 million and stockholders’ equity of $10.4 million turning positive from a deficit. Management believes existing liquidity, a $10.0 million SVB credit line and prior equity financings will cover at least the next 12 months.
Results remain highly exposed to customer and supplier concentration, with one supplier representing 89% of purchases and the PRC accounting for most net sales. The company is also deeply engaged in patent litigation and inter partes reviews with Samsung, Micron and others, including several large jury awards and ongoing appeals that could affect future cash flows.
Netlist, Inc. reported Q3 2025 results. Net sales were $42.2 million, up slightly year over year, with gross profit $1.8 million. Operating loss was $7.2 million and net loss was $7.0 million, or $(0.02) per share.
Cash and cash equivalents were $10.5 million and restricted cash $10.3 million. Inventories rose to $17.6 million. The company reported $27.0 million of deferred revenue as of September 27, 2025. Total liabilities were $69.6 million against total assets of $56.3 million, resulting in a stockholders’ deficit of $13.3 million. Operating cash flow used was $(28.0) million for the nine months.
Sales were concentrated in the PRC ($36.1 million in Q3) and resales of third‑party products comprised 94% of Q3 net sales. One supplier represented 94% of Q3 purchases. Borrowings under the revolving line of credit were $3.4 million, with letters of credit of $10.3 million.
To bolster liquidity, Netlist completed two registered offerings: June 2025 (17,142,860 shares and 34,285,720 warrants; net proceeds $11.3 million) and October 2025 (14,285,716 shares and 28,571,432 warrants; net proceeds $9.1 million). An equity line with Lincoln Park provides up to $75 million, with $73.9 million remaining as of September 27, 2025. Authorized common shares were increased to 675,000,000. Shares outstanding were 307,249,351 as of November 6, 2025.