OTC: NLST

NETLIST INC

CIK 0001282631 · SIC 3674 · Semiconductors

Small Revenue $189M Assets $73M as of Sep 27, 2026

We are a leading innovator in advanced memory and storage solutions. With a rich portfolio of patented technologies, our inventions are foundational to the advancement of artificial intelligence (“AI”) computing. About this business →

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8-K Filed Sep 21, 2026 · Period ending Sep 18, 2026

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10-Q Filed Aug 11, 2026 · Period ending Jun 27, 2026

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8-K Filed Aug 5, 2026 · Period ending Aug 4, 2026

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8-K Filed Jul 30, 2026 · Period ending Jul 30, 2026

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8-K Filed Jul 2, 2026 · Period ending Jul 1, 2026

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10-Q Filed May 12, 2026 · Period ending Mar 28, 2026

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8-K Filed May 12, 2026 · Period ending May 12, 2026

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10-K Filed Mar 19, 2026 · Period ending Dec 27, 2025

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8-K Filed Mar 9, 2026 · Period ending Mar 4, 2026

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10-Q Filed Nov 12, 2025 · Period ending Sep 27, 2025

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424B5 Filed Oct 7, 2025

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424B5 Filed Jun 25, 2025

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10-K Filed Mar 28, 2025 · Period ending Dec 28, 2024

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Latest financial statements

From 10-Q filed Aug 11, 2026 (period ending Jun 27, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.

As filed

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

Description Three months ended June 27, 2026 Three months ended June 28, 2025 Six months ended June 27, 2026 Six months ended June 28, 2025
Net sales 109,845 41,706 214,737 70,681
Cost of sales 86,962 40,314 169,465 67,989
Gross profit 22,883 1,392 45,272 2,692
Operating expenses:
Research and development 1,050 833 2,151 1,726
Intellectual property legal fees 16,753 3,480 25,727 10,507
Selling, general and administrative 3,741 3,326 7,490 6,473
Total operating expenses 21,544 7,639 35,368 18,706
Operating income (loss) 1,339 (6,247) 9,904 (16,014)
Other income, net:
Interest income, net 32 133 81 353
Other income, net 32 36 63 96
Total other income, net 64 169 144 449
Income (loss) before provision for income taxes 1,403 (6,078) 10,048 (15,565)
Provision for income taxes — — — —
Net income (loss) 1,403 (6,078) 10,048 (15,565)
Earnings (loss) per share:
Basic 0.00 (0.02) 0.03 (0.06)
Diluted 0.00 (0.02) 0.03 (0.06)
Weighted-average common shares outstanding:
Basic 327,594 275,751 318,520 274,065
Diluted 370,752 275,751 356,141 274,065

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except par value)

Description June 27, 2026 December 27, 2025
ASSETS
Current assets:
Cash and cash equivalents 30,655 31,782
Restricted cash 10,000 10,300
Accounts receivable, net of allowances of $72 (2026) and $33 (2025) 3,149 2,411
Inventories 26,871 3,383
Prepaid expenses and other current assets 734 332
Total current assets 71,409 48,208
Property and equipment, net 222 300
Operating lease right-of-use assets 1,267 541
Other assets 415 428
Total assets 73,313 49,477
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable 41,369 20,612
Revolving line of credit 2,627 1,788
Accrued payroll and related liabilities 1,538 852
Deferred revenue 3,023 30,570
Other current liabilities 592 818
Debt due within one year 162 —
Total current liabilities 49,311 54,640
Operating lease liabilities 800 23
Other liabilities 19 17
Total liabilities 50,130 54,680
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.001 par value—10,000 shares authorized: Series A preferred stock, $0.001 par value; 1,000 shares authorized; none issued and outstanding — —
Common stock, $0.001 par value—675,000 shares authorized; 333,894 (2026) and 307,337 (2025) shares issued and outstanding 335 308
Additional paid-in capital 375,312 357,001
Accumulated deficit (352,464) (362,512)
Total stockholders' equity (deficit) 23,183 (5,203)
Total liabilities and stockholders' equity (deficit) 73,313 49,477

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Description Six months ended June 27, 2026 Six months ended June 28, 2025
Cash flows from operating activities:
Net income (loss) 10,048 (15,565)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization 137 142
Non-cash lease expense 273 278
Gain on forgiveness of payables (94) (345)
Stock-based compensation 1,765 1,984
Changes in operating assets and liabilities:
Accounts receivable (738) 349
Inventories (23,488) (6,037)
Prepaid expenses and other assets 39 655
Accounts payable 20,757 (8,934)
Accrued payroll and related liabilities 686 (40)
Deferred revenue (27,547) 10,278
Other liabilities (352) (497)
Net cash used in operating activities (18,514) (17,732)
Cash flows from investing activities:
Acquisition of property and equipment (49) (25)
Net cash used in investing activities (49) (25)
Cash flows from financing activities:
Net borrowings (repayments) under line of credit 839 (125)
Payments on notes payable (276) (358)
Proceeds from issuance of common stock, net — 12,678
Proceeds from exercise of stock options and warrants 16,573 52
Payments for taxes related to net share settlement of equity awards — (59)
Net cash provided by financing activities 17,136 12,188
Net change in cash, cash equivalents and restricted cash (1,427) (5,569)
Cash, cash equivalents and restricted cash at beginning of period 42,082 34,607
Cash, cash equivalents and restricted cash at end of period 40,655 29,038
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents 30,655 18,438
Restricted cash 10,000 10,600
Cash, cash equivalents and restricted cash at end of period 40,655 29,038

Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amounts); (In thousands, except par value); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗

About NETLIST INC

Source: Item 1 (Business) from the 10-K filed March 19, 2026. Description as filed by the company with the SEC.

Item 1.

Business

Overview

We are a leading innovator in advanced memory and storage solutions. With a rich portfolio of patented technologies, our inventions are foundational to the advancement of artificial intelligence (“AI”) computing.

Our Industry

The global high-performance memory market is driven by increasing demand from data center and enterprise storage applications for improved input/output performance, lower latency, and increased redundant persistent data storage capacities. The proliferation of mobile devices, social media platforms, cognitive/AI systems and cloud-based software applications has resulted in the accelerating creation and transmission of data. To manage and analyze this data, we believe new memory and storage technologies need to be developed and implemented to satisfy the needs in the industry.

Technical challenges arising from the production of volatile dynamic random-access memory (“DRAM”) is limiting its long-term viability as the high-speed memory of choice in demanding computing environments. Conversely, nonvolatile memory like NAND flash (“NAND flash”), while characterized by lower access speeds, is scaling down in cost and scaling up in density at a significantly better rate than DRAM. This has led the industry to explore alternative computer architectures and new memory materials capable of bridging the superior access speed of volatile memory with nonvolatile memory’s lower cost and higher densities. We expect memory subsystems relying on on-device intelligent controller technology to leverage the advantages of volatile and nonvolatile memory will most effectively address the industry's growing need for high-speed data management and analytics.

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Further, other volatile memory solutions are being developed to accommodate the industry’s increasing need for bandwidth, such as the development of technologies pioneered by Netlist, like DDR5 Dual Inline Memory Module (“DIMM”) intelligent on-module power management, and high-capacity High Bandwidth Memory (“HBM”). We expect continued industry focus on moving logic and management functionality away from host systems and onto – or into – memory itself.

Product Technologies

Our portfolio of proprietary technologies and design techniques includes:

Distributed Buffer Architecture

We invented the distributed buffer architecture that enables the buffering of data signals using multiple data buffer devices distributed between a memory module’s edge connector and its installed DRAM. The result was shorter data paths, improved signal integrity, and reduced latency compared to the industry-standard design for DDR3 load-reduced dual in-line memory module ("LRDIMM"). The memory industry has widely adopted our distributed architecture for DDR4 LRDIMM. Our HyperCloud product was our first LRDIMM product built on this innovative and proprietary distributed buffer architecture.

Localized Module-Based Power Management Architecture

Early in our company’s history of research and development efforts, we developed innovative solutions for improving memory performance by increasing the precision of voltage regulation. We rethought the way power management is handled for each memory module within a system, by moving power management capabilities away from the host system and onto the modules themselves. The result was improved

granularity of system power loading, which could translate to improved efficiency and higher data transfer speed. Relocating power management functionality onto modules allows multiple distinct devices on a single module to receive power and operate harmoniously. While many in the memory industry have now adopted our approach for their DDR5-based DIMMs, our NVvault products have incorporated localized power management for many years.

Design Expertise

We have designed special algorithms that can be implemented in stand-alone integrated circuits or integrated into other functional blocks in application-specific integrated circuits (“ASICs”). We utilized these algorithms in our HybriDIMM product to incorporate load reduction functionality. We also incorporated these algorithms in our NVvault product line, which is known in the industry as NVDIMM-N.

Proprietary PCB Designs

We utilize advanced techniques to optimize electronic signal strength and integrity within a printed circuit board (“PCB”). These techniques include the use of 10-layer or 12-layer boards, matching conductive trace lengths, a minimized number of conductive connectors, or vias, and precise load balancing to, among other benefits, help reduce noise and crosstalk between adjacent traces. In addition, our proprietary designs for the precise placement of intra-substrate components allow us to assemble memory subsystems with significantly smaller physical size, enabling original equipment manufacturers (“OEMs”) to develop products with smaller footprints for their customers.

Very Low-Profile Designs

We believe we were the first company to create memory subsystems in a form factor of less than one inch in height. Our innovative very low profile (“VLP”) DIMMs provide developers of server blades, storage bridge bay applications, telecommunications servers, switches and routers with a wide range of high performance memory options where efficient use of motherboard space is critical. Our technology has allowed us to decrease the system board space required for memory, and improve thermal performance and operating speeds, by enabling our customers to use alternative methods of component layout.

2" High-Profile Designs

We have designed expanded-size memory systems in a form factor of two inches in height. Our larger 2” tall DIMM designs and associated technologies can provide developers with solutions requiring greatly expanded DIMM capacities while still satisfying requirements for high bandwidth functionality.

Thermal Management Designs

We design our memory subsystems to ensure effective heat dissipation. We use thermal simulation and data to obtain thermal profiles of the memory subsystem during the design phase, allowing us to rearrange components to enhance thermal characteristics and, if necessary, replace components that do not meet specifications. We also develop and use proprietary heat spreaders to enhance the thermal management characteristics of our memory subsystems.

Compute Express Link Technology (“CXL”)

We are investing in new technologies like memory expansion utilizing Compute Express Link (“CXL”), which improves server capacity and bandwidth beyond what traditional memory channels can provide. Traditional memory channel bandwidth and capacities can no longer keep up with host central processing unit needs. CXL provides a range of features designed to cater to the evolving needs of high-performance data center computing and AI. As this space matures, we believe that CXL technology will allow larger memory pools to

be placed further away from the host central processing unit and still be seamlessly utilized with the traditional channel memory.

Products

Our commercially available memory subsystem products and other products that we sell include:

Component and Other Product Resales

Due to our relationships with memory channel customers, in addition to our own products, we resell certain component products that we purchase for the purpose of resale. We have purchased certain of these products under the terms of a product supply agreement with SK hynix, Inc., a South Korean memory semiconductor supplier (“SK hynix”). We have also sourced resale products from other suppliers. Additionally, we sell excess component inventory to distributors and other users of memory integrated circuits. For information regarding our concentrations and customers, see Note 10—Major Customers, Suppliers and Products of the Notes to Consolidated Financial Statements in