NLST · Netlist Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $82.50M | - | $40.40M | $40.31M | $27.68M | - | $39.04M | $36.06M | $35.09M | - |
| Gross Profit | $22.39M | - | $1.84M | $1.39M | $1.30M | - | $1.14M | $773.0K | $715.0K | - |
| R&D | $1.10M | - | $822.0K | $833.0K | $893.0K | - | $2.18M | $2.37M | $2.44M | - |
| SG&A | $3.75M | - | $3.13M | $3.33M | $3.15M | - | $3.27M | $2.97M | $3.12M | - |
| Total Operating Expenses | $13.82M | - | $8.99M | $7.64M | $11.07M | - | $10.80M | $15.85M | $18.10M | - |
| D&A | $68.0K | - | - | - | $71.0K | - | - | - | $85.0K | - |
| Operating Income | $8.56M | - | ($7.15M) | ($6.25M) | ($9.77M) | - | ($9.65M) | ($15.08M) | ($17.38M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | - | - | - | - | - | - | - | - | $1.0K | - |
| Net Income | $8.64M | - | ($7.01M) | ($6.08M) | ($9.49M) | - | ($9.40M) | ($14.78M) | ($16.97M) | - |
| EPS - Basic | $0.03 | - | ($0.02) | ($0.02) | ($0.03) | - | ($0.04) | ($0.06) | ($0.07) | - |
| EPS - Diluted | $0.03 | - | ($0.02) | ($0.02) | ($0.03) | - | ($0.04) | ($0.06) | ($0.07) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.00M | $31.78M | $10.54M | $18.44M | $14.43M | $22.51M | $17.16M | $23.81M | $28.74M | $40.45M |
| Accounts Receivable | $3.01M | $2.41M | $4.15M | $1.32M | $1.92M | $1.67M | $1.66M | $5.36M | $4.53M | $4.56M |
| Inventory | $41.24M | $3.38M | $17.57M | $8.78M | $2.25M | $2.74M | $3.77M | $8.21M | $15.17M | $12.03M |
| Accounts Payable | $27.05M | $20.61M | $37.28M | $33.37M | $38.65M | $42.31M | $34.18M | $26.56M | $43.04M | $39.83M |
| Current Assets | $85.54M | $48.21M | $54.88M | $39.76M | $30.54M | $39.76M | $36.00M | $53.15M | $61.99M | $69.88M |
| Total Assets | $87.60M | $49.48M | $56.34M | $41.45M | $32.42M | $41.84M | $38.23M | $55.56M | $64.62M | $72.80M |
| Current Liabilities | $76.26M | $54.64M | $69.42M | $48.01M | $45.53M | $47.06M | $45.66M | $54.45M | $52.94M | $47.59M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $77.16M | $54.68M | $69.64M | $48.40M | $46.10M | $47.89M | $46.63M | $55.74M | $54.27M | $49.04M |
| Stockholders' Equity | $10.44M | ($5.20M) | ($13.29M) | ($6.96M) | ($13.67M) | ($6.05M) | ($8.40M) | ($183.0K) | $10.35M | $23.76M |
| Retained Earnings | ($353.87M) | ($362.51M) | ($360.26M) | ($353.25M) | ($347.18M) | ($337.69M) | ($324.97M) | ($315.57M) | ($300.79M) | ($283.82M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($21.82M) | - | - | - | ($10.07M) | - | - | - | ($14.22M) | - |
| Investing Cash Flow | - | - | - | - | ($13.0K) | - | - | - | ($37.0K) | - |
| Financing Cash Flow | $6.75M | - | - | - | $1.06M | - | - | - | $2.55M | - |
| CapEx | - | - | - | - | $13.0K | - | - | - | $37.0K | - |
| Free Cash Flow | - | - | - | - | ($10.08M) | - | - | - | ($14.26M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | 1.06 | - | - | - | 0.84 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | 9.9% | - | -12.4% | -14.7% | -29.3% | - | -24.6% | -26.6% | -26.3% | - |
| Return on equity | 82.8% | - | 52.7% | 87.4% | 69.4% | - | 112.0% | 8075.4% | -163.9% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.12 | 0.88 | 0.79 | 0.83 | 0.67 | 0.84 | 0.79 | 0.98 | 1.17 | 1.47 |
| Quick ratio | 0.58 | 0.82 | 0.54 | 0.65 | 0.62 | 0.79 | 0.71 | 0.83 | 0.88 | 1.22 |
| Cash ratio | 0.22 | 0.58 | 0.15 | 0.38 | 0.32 | 0.48 | 0.38 | 0.44 | 0.54 | 0.85 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 8.39 | -9.51 | -4.24 | -5.96 | -2.37 | -6.92 | -4.55 | -303.58 | 6.24 | 3.06 |
| Liabilities / Assets | 0.88 | 1.11 | 1.24 | 1.17 | 1.42 | 1.14 | 1.22 | 1.00 | 0.84 | 0.67 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | 2.00 | - | 2.30 | 4.59 | 12.28 | - | 10.36 | 4.39 | 2.31 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 182d | - | 159d | 80d | 30d | - | 35d | 83d | 158d | - |
| Days payable outstanding | 120d | - | 337d | 302d | 510d | - | 320d | 269d | 448d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 58.3x | - | - | - | - | - | - | - | - | - |
| P / B | 57.1x | - | - | - | - | - | - | - | 39.9x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 67.1x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 1622.2% | - | 60.9% | 80.1% | 81.8% | - | 159.5% | 223.4% | 27.7% | - |
| Operating income growth (YoY) | - | - | 25.9% | 58.6% | 43.8% | - | 46.0% | -5.5% | -9.7% | - |
| Net income growth (YoY) | - | - | 25.5% | 58.9% | 44.1% | - | 45.8% | -5.3% | -7.5% | - |
| EPS growth (YoY) | - | - | 50.0% | 66.7% | 57.1% | - | 42.9% | 0.0% | 0.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 29.3% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | 14.0% | -58.3% | -3702.2% | - | - | - | - | -55.6% | -12.8% |
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing NETLIST INC against the 5 most active filers in the same SIC group.