Netlist Stock Earnings Reports

Netlist reported a very strong Q1 2026: revenue of $104.9M (up 262% year-over-year) driven by tight DRAM supply, rising prices and strong demand. Gross margins and operating income improved materially (operating income $8.6M). Product mix remains ~80% resale and ~20% Netlist-branded/custom products, with DDR4 custom solutions still a major revenue contributor while the Lightning DDR5 (low-latency RDIMM/UDIMM) portfolio ramps and qualifications progress with OEMs in HFT and HPC. Next-generation product development continues: sampling of CXL NVvault (CXL Type 3 persistent memory) with major OEMs and development of a low-power MRDIMM with proprietary ECC aimed at data centers. IP and litigation remain core strategic assets: Netlist reports favorable outcomes at the USPTO and Federal Circuit, a strong Markman hearing (ITC) April 21, and expects the ITC trial in the fall; multiple appellate decisions are expected across 2026. Liquidity: pro forma cash about $37.5M (as of May 8, 2026), plus $10M working capital LOC and ~$74M available on an equity line. Operational metrics improved (DSO down; cash cycle ~16 days). Key near-term milestones for investors: Markman order and ITC schedule (trial in fall), several appellate rulings on prior verdicts/IPR challenges through the year, and continued OEM qualifications/sampling for Lightning DDR5, CXL NVvault and MRDIMM.