The call presents a predominantly positive operational and strategic picture: solid top-line growth (FY revenue +28%, Q4 +121%), improved margins driven by favorable pricing, meaningful R&D progress (CXL NVDIMM, LPMRDIMM) and several important IP/legal victories and enforcement actions that strengthen Netlist's strategic position. Balance-sheet improvements (cash up materially, reduced operating expenses) and working-capital gains further support the company. Principal risks highlighted include a prolonged industry-wide memory shortage limiting unit volumes until new fab capacity in 2H 2027, ongoing litigation uncertainty and the timing risk of converting OEM qualifications into sustained volume. Overall, the positive financial and IP developments outweigh the operational and legal risks discussed.

Company Guidance

Netlist said it does not issue formal guidance but currently expects Q1 2026 revenue to show further improvement versus Q4 2025; for context, full‑year 2025 revenue was $188.6 million (up 28% YoY) with Q4 revenue up 121% YoY (more than doubled), operating expenses down 36% for the year, cash and restricted cash of $42.1 million (vs. $20.8M at Q3) after a $10 million registered direct offering, a $10 million working‑capital line and ~$74 million available on an equity line, inventory turns improved by 32 days and DSO improved by about one week YoY, litigation expense is expected to be roughly flat with 2025, and management noted OEM DRAM pricing has risen ~3–4x (spot ~7–8x) amid a memory shortage expected to persist into 2027.

Strong Revenue Growth and Q4 Surge

Full-year 2025 revenue of $188.6M, up 28% year-over-year. Fourth quarter revenue more than doubled versus Q4 2024, improving 121% year-over-year.

Gross Margin Improvement Supported by Higher ASPs

Company cited significant price increases across memory products that supported gross profit margin improvement for both the full year and quarter; OEM DRAM pricing rose ~3–4x in the past six months and spot pricing rose ~7–8x.

Product Traction — Lightning DDR5 Ramp

Sales volume for Lightning (overclocked, low-latency DDR5) is ramping in the system integrator market; completed qualifications at a global server OEM and that OEM is testing with end customers—strong traction expected in HFT and HPC segments.

Strategic R&D and Next-Generation Sampling

Sampling CXL NVDIMM proof-of-concept products to Intel and AMD; investing in MRDIMM and low-power LPMRDIMM (deploying LPDDR5 in servers) positioning the company for next-gen high-capacity memory demand.

Material IP Wins and Enforcement Actions

Multiple appellate affirmances of patent validity (including '608, '523, '314, '508), favorable jury verdicts upheld in appeals pipeline, and the ITC instituted an investigation (Dec) into Samsung/Google/Super Micro over six Netlist patents—possible remedy could block infringing imports into the U.S.

Operating Expense Reductions

Operating expenses for full-year 2025 declined 36%, driven by reductions in IP legal fees and SG&A cost controls.

Improved Liquidity and Balance Sheet

Ended 2025 with cash, cash equivalents and restricted cash of $42.1M versus $20.8M at end of Q3 (increase of ~$21.3M, roughly +102%); raised $10M in a registered direct offering; minimal debt and access to a $10M working capital line plus ~ $74M available on equity line.

Working Capital Efficiency

Inventory turn improved by 32 days year-over-year and days sales outstanding improved by about one week, indicating tighter working capital management.

Near-Term Revenue Outlook

Management expects first quarter 2026 total revenue to show further improvement versus Q4 2025 based on bookings and shipments to date (not formal guidance).

Netlist (NLST) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

NLST Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 12, 2026	2026 (Q1)	0.00 / -	-0.026	―	―	―
Mar 03, 2026	2025 (Q4)	-0.01 / >-0.01	-0.047	82.98% (+0.04)	―
Nov 06, 2025	2025 (Q3)	-0.01 / -0.02	-0.036	52.78% (+0.02)	―
Aug 07, 2025	2025 (Q2)	-0.02 / -0.02	-0.056	71.43% (+0.04)	―
May 06, 2025	2025 (Q1)	-0.02 / -0.03	-0.07	62.86% (+0.04)	―
Mar 27, 2025	2024 (Q4)	-0.03 / -0.05	-0.05	6.00% (<+0.01)	―
Oct 29, 2024	2024 (Q3)	-0.05 / -0.04	-0.065	44.62% (+0.03)	―
Jul 30, 2024	2024 (Q2)	-0.05 / -0.06	-0.06	6.67% (<+0.01)	―
Apr 25, 2024	2024 (Q1)	-0.05 / -0.07	-0.065	-7.69% (>-0.01)	―
Feb 13, 2024	2023 (Q4)	-0.07 / -0.05	-0.056	10.71% (<+0.01)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NLST Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 06, 2025	$0.63	$0.61	-2.07%
Aug 07, 2025	$0.69	$0.70	+2.18%
May 06, 2025	$0.87	$0.89	+1.61%
Mar 27, 2025	$1.06	$1.05	-1.41%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Netlist (NLST) report earnings?

Netlist (NLST) is schdueled to report earning on May 12, 2026, After Close (Confirmed).

What is Netlist (NLST) earnings time?

Netlist (NLST) earnings time is at May 12, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is NLST EPS forecast?

NLST EPS forecast for the fiscal quarter 2026 (Q1) is 0.