Netlist (NLST)
OTHER OTC:NLST
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Netlist
(OTC:NLST)
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Rating:53Neutral
Price Target:
$2.50
▲(40.45% Upside)
Action:ReiteratedDate:03/25/26
The score is primarily held down by weak financial quality (ongoing losses, negative equity, and persistent negative cash flow). Offsetting this, technicals show a strong uptrend and the latest earnings call emphasized accelerating revenue, improved margins, expense reductions, and better liquidity, though overbought indicators and ongoing supply/litigation uncertainties temper the outlook.
Positive Factors
Revenue growth and margin improvement
Sustained top-line recovery and a Q4 surge indicate improving product demand and pricing power. Combined with gross-margin improvement, this trend creates a clearer pathway to cover fixed costs and scale R&D/IP efforts, improving structural profitability prospects over the next several quarters.
Negative Factors
Negative shareholder equity
Negative equity reflects cumulative losses that weaken the balance sheet and limit financial flexibility. It can constrain access to non-dilutive financing, elevate counterparty risk, and leave the company more vulnerable to shocks until retained earnings rebuild equity, a multi-quarter structural issue.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and margin improvement
Sustained top-line recovery and a Q4 surge indicate improving product demand and pricing power. Combined with gross-margin improvement, this trend creates a clearer pathway to cover fixed costs and scale R&D/IP efforts, improving structural profitability prospects over the next several quarters.
Read all positive factors
Netlist (NLST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$734.32M
Dividend YieldN/A
Average Volume (3M)1.32M
Price to Earnings (P/E)―
Beta (1Y)0.41
Revenue Growth28.23%
EPS Growth56.62%
CountryUS
Employees60
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding316,515,350
10 Day Avg. Volume965,476
30 Day Avg. Volume1,322,039
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)-50.61
Price to Sales (P/S)1.40
P/FCF Ratio-17.87
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue3.42
Enterprise Value/Gross Profit56.31
Enterprise Value/Ebitda-35.03
Forecast
1Y Price Target
$3.00Price Target Upside68.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$166.00M
Netlist Business Overview & Revenue Model
Company Description
Netlist, Inc. designs, manufactures, and markets memory subsystems for the server, high-performance computing, and communications markets in the United States and internationally. It offers HybriDIMM, a storage class memory product, which unifies ...
How the Company Makes Money
Netlist generates revenue primarily through two channels: (1) product revenue from the sale of memory and storage-related hardware (e.g., server memory modules and specialized memory solutions sold to customers in markets such as data centers and ...
Netlist Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
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.Positive Updates
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.
Negative Updates
Global Memory Supply Shortage and Capacity Constraints
A supply-demand imbalance driven by rapid AI growth has created a global memory chip shortage; management expects constrained memory supply to persist into 2H 2027 until new fab capacity comes online.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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.Netlist Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 188.63M | 147.10M | 69.20M | 161.64M | 142.35M |
| Gross Profit | 11.44M | 2.88M | 2.39M | 11.89M | 48.90M |
| EBITDA | -5.00M | -54.88M | -60.03M | -32.39M | 12.53M |
| Net Income | -24.82M | -53.87M | -60.40M | -33.37M | 4.83M |
Balance Sheet | |||||
| Total Assets | 49.48M | 41.84M | 72.80M | 67.32M | 91.18M |
| Cash, Cash Equivalents and Short-Term Investments | 31.78M | 22.51M | 40.45M | 25.01M | 47.68M |
| Total Debt | 1.81M | 2.52M | 5.06M | 7.13M | 9.15M |
| Total Liabilities | 54.68M | 47.89M | 49.04M | 40.09M | 37.13M |
| Stockholders Equity | -5.20M | -6.05M | 23.76M | 27.24M | 54.04M |
Cash Flow | |||||
| Free Cash Flow | -14.73M | -34.66M | -41.60M | -15.46M | 5.49M |
| Operating Cash Flow | -14.73M | -34.59M | -41.60M | -14.99M | 6.01M |
| Investing Cash Flow | -42.00K | -71.00K | 0.00 | -467.00K | -520.00K |
| Financing Cash Flow | 22.25M | 16.42M | 50.84M | 594.00K | 36.47M |
Netlist Technical Analysis
Positive
1.78
Price Trends
1.38
Positive
1.15
Positive
0.93
Positive
Market Momentum
0.07
Negative
63.65
Neutral
89.05
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NLST, the sentiment is Positive. The current price of 1.78 is above the 20-day moving average (MA) of 1.62, above the 50-day MA of 1.38, and above the 200-day MA of 0.93, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 63.65 is Neutral, neither overbought nor oversold. The STOCH value of 89.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NLST.
Netlist Risk Analysis
Netlist disclosed 46 risk factors in its most recent earnings report. Netlist reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Netlist Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $400.47M | 21.20 | 23.47% | 6.28% | 1.00% | -5.54% | |
67 Neutral | $314.23M | -11.32 | -13.00% | ― | -9.23% | -314.96% | |
62 Neutral | $428.62M | -357.39 | 0.43% | ― | 15.94% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $419.29M | -41.41 | -9.33% | ― | 92.49% | 70.84% | |
53 Neutral | $734.32M | -29.27 | 253.79% | ― | 28.23% | 56.62% | |
52 Neutral | $228.49M | -4.64 | -27.53% | ― | 22.06% | 11.78% |
* Technology Sector Average
NLST
Netlist
2.50
1.61
180.90%
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Netlist Corporate Events
Business Operations and Strategy
Netlist Extends Corporate Headquarters Lease in Irvine
Positive
Mar 9, 2026
On March 4, 2026, Netlist, Inc. renewed its lease for its corporate headquarters at 111 Academy, Suite 100, in Irvine, California, with landlord University Research Park LLC. The amendment extends the lease term through December 31, 2029, with no ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.