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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - |
| Cost of Revenue | $177.19M | $144.22M | $66.81M | $149.75M | $93.46M | $40.50M |
| Gross Profit | $11.44M | $2.88M | $2.39M | $11.89M | $48.90M | $6.73M |
| R&D | $3.50M | $8.06M | $9.16M | $10.62M | $7.24M | $2.95M |
| SG&A | $13.22M | $12.09M | $12.41M | $14.35M | $10.78M | $8.25M |
| Total Operating Expenses | $36.95M | $58.11M | $64.15M | $45.39M | $37.51M | $13.57M |
| D&A | $280.0K | $345.0K | $368.0K | $340.0K | $127.0K | $147.0K |
| Operating Income | ($25.51M) | ($55.23M) | ($61.76M) | ($33.50M) | $11.38M | ($6.84M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | - | $1.0K | $1.0K | $1.0K | $6.63M | $1.0K |
| Net Income | ($24.82M) | ($53.87M) | ($60.40M) | ($33.37M) | $4.83M | ($7.27M) |
| EPS - Basic | ($0.09) | ($0.21) | ($0.25) | ($0.14) | ($0.04) | - |
| EPS - Diluted | ($0.09) | ($0.21) | ($0.25) | ($0.14) | ($0.04) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.78M | $22.51M | $40.45M | $25.01M | $47.68M | $13.33M |
| Accounts Receivable | $2.41M | $1.67M | $4.56M | $8.24M | $12.73M | $4.68M |
| Inventory | $3.38M | $2.74M | $12.03M | $10.69M | $15.67M | $3.20M |
| Accounts Payable | $20.61M | $42.31M | $39.83M | $28.47M | $25.89M | $5.33M |
| Current Assets | $48.21M | $39.76M | $69.88M | $63.85M | $88.00M | $24.92M |
| Total Assets | $49.48M | $41.84M | $72.80M | $67.32M | $91.18M | $25.27M |
| Current Liabilities | $54.64M | $47.06M | $47.59M | $38.07M | $35.39M | $27.64M |
| Long-term Debt | - | - | - | - | - | $146.0K |
| Total Liabilities | $54.68M | $47.89M | $49.04M | $40.09M | $37.13M | $27.89M |
| Stockholders' Equity | ($5.20M) | ($6.05M) | $23.76M | $27.24M | $54.04M | ($2.62M) |
| Retained Earnings | ($362.51M) | ($337.69M) | ($283.82M) | ($223.43M) | ($190.06M) | ($194.89M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($14.73M) | ($34.59M) | ($41.60M) | ($14.99M) | $6.01M | ($8.13M) |
| Investing Cash Flow | ($42.0K) | ($71.0K) | - | ($467.0K) | ($520.0K) | ($43.0K) |
| Financing Cash Flow | $22.25M | $16.42M | $50.84M | $594.0K | $36.47M | $12.99M |
| CapEx | $42.0K | $71.0K | - | $467.0K | $520.0K | $43.0K |
| Free Cash Flow | ($14.78M) | ($34.66M) | - | ($15.46M) | $5.49M | ($8.18M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | 0.60 | 0.64 | - | 0.46 | 1.14 | 1.13 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | 57.8% | - |
| Return on assets | -50.2% | -128.7% | -83.0% | -49.6% | 5.3% | -28.8% |
| Return on equity | 477.1% | 890.6% | -254.2% | -122.5% | 8.9% | 277.4% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.88 | 0.84 | 1.47 | 1.68 | 2.49 | 0.90 |
| Quick ratio | 0.82 | 0.79 | 1.22 | 1.40 | 2.04 | 0.79 |
| Cash ratio | 0.58 | 0.48 | 0.85 | 0.66 | 1.35 | 0.48 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | -0.06 |
| Debt / Assets | - | - | - | - | - | 0.01 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | -9.51 | -6.92 | 3.06 | 2.47 | 1.69 | -9.65 |
| Liabilities / Assets | 1.11 | 1.14 | 0.67 | 0.60 | 0.41 | 1.10 |
| Efficiency | ||||||
| Asset turnover | - | - | - | - | - | - |
| Inventory turnover | 52.38 | 52.56 | 5.55 | 14.01 | 5.96 | 12.67 |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | 7d | 7d | 66d | 26d | 61d | 29d |
| Days payable outstanding | 42d | 107d | 218d | 69d | 101d | 48d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | 19.3x | 9.8x | 21.9x | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | 98.7x | - |
| Growth | ||||||
| Revenue growth (YoY) | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | 296.7% | 20.5% | -79.9% | -75.7% | 626.4% | 161.9% |
| Operating income growth (YoY) | 53.8% | 10.6% | -84.3% | - | - | 40.5% |
| Net income growth (YoY) | 53.9% | 10.8% | -81.0% | - | - | - |
| EPS growth (YoY) | 57.1% | 16.0% | -78.6% | -250.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 57.4% | - | - | - | - | 29.3% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 14.0% | - | -12.8% | -49.6% | - | - |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- -Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing NETLIST INC against the 5 most active filers in the same SIC group.