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Home Press Release Accesswire

Netlist Reports Second Quarter 2025 Results

August 7, 2025
in Accesswire, Artificial Intelligence
Reading Time: 18 mins read
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IRVINE, CA / ACCESS Newswire / August 7, 2025 / Netlist, Inc. (OTCQB:NLST) today reported financial results for the second quarter ended June 28, 2025.

Recent Highlights:

  • Revenue for the second quarter of 2025 increased by 44%, or $12.7 million, compared to the first quarter of 2025.

  • Operating expenses for the second quarter of 2025 decreased by 31% or $3.4 million, compared to the first quarter of 2025, and by 52% or $8.2 million year over year.

“Second quarter revenue improvement was driven by healthy demand for DDR5 memory modules for AI and data centers,” said Chief Executive Officer, C.K. Hong. “We continue to advance legal efforts to protect our intellectual property, filing multiple legal actions against Samsung and Micron for infringement of our new HBM and DDR5 patents. During the quarter, we also secured an order finalizing the district court’s $445 million damages award against Micron.”

Net sales for the second quarter ended June 28, 2025 were $41.7 million, compared to net sales of $36.8 million for the second quarter ended June 29, 2024. Gross profit for the second quarter ended June 28, 2025 was $1.4 million, compared to a gross profit of $0.8 million for the second quarter ended June 29, 2024.

Net sales for the six months ended June 28, 2025 were $70.7 million, compared to net sales of $72.6 million for the six months ended June 29, 2024. Gross profit for the six months ended June 28, 2025 was $2.7 million, compared to a gross profit of $1.5 million for the six months ended June 29, 2024.

Net loss for the second quarter ended June 28, 2025 was ($6.1) million, or ($0.02) per share, compared to a net loss of ($14.8) million in the same prior year period, or ($0.06) per share. These results include stock-based compensation expense of $1.0 million and $1.1 million for the quarters ended June 28, 2025 and June 29, 2024, respectively.

Net loss for the six months ended June 28, 2025 was ($15.6) million, or ($0.06) per share, compared to a net loss in the same prior year period of ($31.7) million, or ($0.12) per share. These results include stock-based compensation expense of $2.0 million and $2.5 million for the six months ended June 28, 2025 and June 29, 2024, respectively.

As of June 28, 2025, cash, cash equivalents and restricted cash were $29.0 million, total assets were $41.4 million, working capital deficit was ($8.2) million, and stockholders’ deficit was ($7.0) million.

Conference Call Information
C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, August 7, 2025 at 12:00 p.m. Eastern Time to review Netlist’s results for the second quarter ended June 28, 2025. The live webcast and archived replay of the call can be accessed for 90 days in the Investors section of Netlist’s website at http://www.netlist.com.

About Netlist
Netlist is a leading innovator in advanced memory and storage solutions. With a rich portfolio of patented technologies, Netlist’s inventions are foundational to the advancement of AI which is revolutionizing computing. To learn more about Netlist, please visit http://www.netlist.com.

Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release include, without limitation, statements about Netlist’s ability to execute on its strategic initiatives, the results of pending litigations and Netlist’s ability to successfully defend its intellectual property. Forward-looking statements are statements other than historical facts and often address future events or Netlist’s future performance and reflect management’s present expectations regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These risks, uncertainties and other factors include, among others: risks that Samsung will appeal the final judgment by the trial court for the Samsung litigation (appeals in general could cause a lengthy delay in Netlist’s ability to collect damage awards, could overturn the verdicts or reduce the damages awards); risks that Netlist will suffer adverse outcomes in its litigation with Samsung, Micron or Google or in its various other active proceedings to defend the validity of its patents; risks related to Netlist’s plans for its intellectual property, including its strategies for monetizing, licensing, expanding, and defending its patent portfolio; risks associated with patent infringement litigation initiated by Netlist, or by others against Netlist, as well as the costs and unpredictability of any such litigation; risks associated with Netlist’s product sales, including the market and demand for products sold by Netlist and its ability to successfully develop and launch new products that are attractive to the market; the success of product, joint development and licensing partnerships; the competitive landscape of Netlist’s industry; and general economic, political and market conditions, including the ongoing conflicts between Russia and Ukraine and Israel and Palestine, factory slowdowns and/or shutdowns, and changes in international tariff policies. All forward-looking statements reflect management’s present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These and other risks and uncertainties are described in Netlist’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024 filed with the SEC on March 28, 2025, and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In particular, you are encouraged to review the Company’s Quarterly Report on Form 10-Q for the quarter ended June 28, 2025 that will be filed with the SEC for any revisions or updates to the information in this release. In light of these risks, uncertainties and other factors, these forward-looking statements should not be relied on as predictions of future events. These forward-looking statements represent Netlist’s assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Netlist undertakes no obligation to revise or update any forward-looking statements for any reason.

Investor Relations Contacts:
Mike Smargiassi
The Plunkett Group
[email protected]
(212) 739-6729

Gail M. Sasaki
Netlist, Inc., Chief Financial Officer
[email protected]
(949) 435-0025

NETLIST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)

June 28,
2025

December 28,
2024

ASSETS

Current assets:

Cash and cash equivalents

$

18,438

$

22,507

Restricted cash

10,600

12,100

Accounts receivable, net

1,322

1,671

Inventories

8,781

2,744

Prepaid expenses and other current assets

623

733

Total current assets

39,764

39,755

Property and equipment, net

410

517

Operating lease right-of-use assets

823

1,101

Other assets

448

466

Total assets

$

41,445

$

41,839

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$

33,373

$

42,307

Revolving line of credit

1,105

1,230

Accrued payroll and related liabilities

768

808

Deferred revenue

10,318

40

Other current liabilities

2,270

2,675

Long-term debt due within one year

179

–

Total current liabilities

48,013

47,060

Operating lease liabilities

337

641

Other liabilities

53

186

Total liabilities

48,403

47,887

Commitments and contingencies

Stockholders’ deficit:

Preferred stock

–

–

Common stock

293

273

Additional paid-in capital

346,002

331,367

Accumulated deficit

(353,253

)

(337,688

)

Total stockholders’ deficit

(6,958

)

(6,048

)

Total liabilities and stockholders’ deficit

$

41,445

$

41,839

NETLIST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)

Three Months Ended

Six Months Ended

June 28,

June 29,

June 28,

June 29,

2025

2024

2025

2024

Net sales

$

41,706

$

36,835

$

70,681

$

72,642

Cost of sales(1)

40,314

36,062

67,989

71,154

Gross profit

1,392

773

2,692

1,488

Operating expenses:

Research and development(1)

833

2,369

1,726

4,810

Intellectual property legal fees

3,480

10,514

10,507

23,054

Selling, general and administrative(1)

3,326

2,966

6,473

6,082

Total operating expenses

7,639

15,849

18,706

33,946

Operating loss

(6,247

)

(15,076

)

(16,014

)

(32,458

)

Other income, net:

Interest income, net

133

257

353

634

Other income, net

36

41

96

79

Total other income, net

169

298

449

713

Loss before provision for income taxes

(6,078

)

(14,778

)

(15,565

)

(31,745

)

Provision for income taxes

–

–

–

1

Net loss

$

(6,078

)

$

(14,778

)

$

(15,565

)

$

(31,746

)

Loss per common share:

Basic and diluted

$

(0.02

)

$

(0.06

)

$

(0.06

)

$

(0.12

)

Weighted-average common shares outstanding:

Basic and diluted

275,751

256,571

274,065

255,751

(1) Amounts include stock-based compensation expense as follows:

Cost of sales

$

42

$

45

$

50

$

66

Research and development

137

198

345

560

Selling, general and administrative

834

885

1,589

1,876

Total stock-based compensation

$

1,013

$

1,128

$

1,984

$

2,502

SOURCE: Netlist, Inc.

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