NLSTOTCSemiconductors & Related DevicesUS GAAP · USD

Netlist Inc

Netlist Inc. designs, develops and resells advanced memory and storage products for data-intensive computing environments. Its business is centered on OEM and enterprise customers in servers, high-performance computing, communications, cloud/datacenter and storage markets, while also monetizing a portfolio of patented memory technologies and IP through licensing and litigation.

Kysy yhtiöstä
Liikevaihto189milj. USD
+28,2 %v/v
Liikevoitto (EBIT)−25,5milj. USD
+53,8 %v/v
EBIT-marginaali−13,5%
+24,0 %-yks.v/v
Nettotulos−24,8milj. USD
+53,9 %v/v
Vapaa kassavirta−14,8milj. USD
+57,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1000100200milj. USD2020: EBIT −6,8 milj. USD20202021: 47 milj. USD2021: EBIT −6,8 milj. USD20212022: 162 milj. USD2022: EBIT −34 milj. USD20222023: 69 milj. USD2023: EBIT −62 milj. USD20232024: 147 milj. USD2024: EBIT −55 milj. USD20242025: 189 milj. USD2025: EBIT −26 milj. USD2025189−26
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Netlist Inc

Liiketoiminta

Osuus liikevaihdosta
Memory subsystems35 %

Custom and low-profile memory subsystem products used in server and HPC systems.

Memory components20 %

RDIMMs and discrete memory components sold into enterprise and OEM channels.

Storage products35 %

SSDs, NAND flash and related storage products resold to end customers.

Other component resales5 %

Additional third-party component products sold to storage, appliance and system-builder customers.

IP licensing and monetization5 %

Patent licensing, enforcement and related intellectual property monetization activities.

Tuotteet

Raportoitu · osuus liikevaihdosta
95,5%FY2025100 %
  • Resales of Third Party Products95,5 %
  • Modular Memory Subsystems4,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Netlist sells primarily to a small number of large OEMs and other concentrated customers, with three customers representing 36%, 18% and 13% of net product sales in the quarter ended September 27, 2025. Its end markets are server, high-performance computing and communications, and it also serves storage, appliance, system-builder, cloud and datacenter customers through component resales.

Server and high-performance computing OEMs

Buy memory subsystems and RDIMMs for performance-sensitive server platforms and AI/HPC workloads.

Communications equipment OEMs

Buy memory products for networking and communications systems that require reliable, high-speed memory.

Storage and appliance customers

Buy SSDs, NAND flash and related components for storage appliances and integrated systems.

Cloud and datacenter customers

Buy enterprise memory and storage components to support large-scale compute and storage infrastructure.

System builders and other resellers

Buy sourced components for integration into third-party systems and customer-specific builds.

Strategia

Netlist is focused on selling higher-value memory subsystem products while continuing to monetize a large patent portfolio through licensing and litigation. Near term, the company is also dependent on maintaining supply arrangements, especially with SK hynix, and on preserving access to capital to fund operations and legal activity.

Grow memory subsystem mixLyhyt aikaväli

Higher-value subsystem products can improve gross profit versus commodity resales.

Secure supply continuityLyhyt aikaväli

A large share of product sales depends on resales sourced from SK hynix and other third parties.

Monetize intellectual propertyKeskipitkä aikaväli

Licensing and litigation can create non-product revenue and support the technology franchise.

Maintain liquidity and financing flexibilityLyhyt aikaväli

The company has recurring operating losses and legal costs, so capital access is strategic.

Maantiede

Q2/2026

Netlist manufactures in Suzhou, China and also uses third-party manufacturing facilities in China, Taiwan and Korea, making its supply chain highly exposed to cross-border trade and logistics disruptions. The company specifically highlighted that customers in the PRC accounted for a majority of net sales as of the quarter ended June 28, 2025, so China is both a demand center and an operational risk point.

Kina65 %
Malaysia16 %
USA16 %
Other countries (US filing)2,2 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Netlist is exposed to customer concentration, supply-chain dependence and litigation risk, all of which can move results sharply from quarter to quarter. Its manufacturing footprint in China, Taiwan and Korea also leaves it vulnerable to tariffs, trade restrictions, geopolitical tension and production disruptions.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Supply dependence on SK hynix1Tariffs and trade restrictions2Manufacturing disruption3Customer concentration4Litigation and patent review outcomes5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Supply dependence on SK hynixVaikutus: KorkeaTodennäköisyys: Korkea

    The vast majority of recent net product sales came from resales sourced from SK hynix, and the supply term expires in April 2026.

    Kohdistuu: Product availability and revenue

  2. Tariffs and trade restrictionsVaikutus: KorkeaTodennäköisyys: Korkea

    U.S.-China trade actions can increase operating costs, reduce gross margin and disrupt supply or customer demand.

    Kohdistuu: Manufacturing and sales in PRC

  3. Manufacturing disruptionVaikutus: KorkeaTodennäköisyys: Korkea

    Production in Suzhou and third-party facilities in Asia is exposed to labor, cyber, weather and geopolitical shocks.

    Kohdistuu: Operations and delivery performance

  4. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Three customers represented 36%, 18% and 13% of quarterly net product sales, so loss of one account would materially affect revenue.

    Kohdistuu: Net product sales

  5. Litigation and patent review outcomesVaikutus: KorkeaTodennäköisyys: Matala

    Adverse rulings or delays could limit product sales, weaken IP protection or reduce licensing opportunities.

    Kohdistuu: IP monetization and legal expense

Kysy Clarifolta: Netlist Inc

Kirjanpito

Harkinnanvaraiset erät
Deferred revenue

Advance payments on orders shipped after quarter-end create timing differences between cash receipts and revenue recognition.

Vaikutus: Deferred revenue was $27.0 million at September 27, 2025.

Inventory and projected inventory needs

Management estimates inventory based on expected demand and vendor timing, which can affect cost of sales and margins.

Vaikutus: Can create quarter-to-quarter gross margin volatility.

Litigation contingencies

Patent disputes and legal proceedings may require accruals or disclosures depending on probability and estimability.

Vaikutus: Can materially affect expenses and balance sheet liabilities.

Revenue timing and mix

Sales mix between memory subsystems, SSDs and component resales changes gross profit recognition.

Vaikutus: Reported gross margin moved with product mix in 2025.

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

SK hynix Inc.

SKHY · Semiconductors & Related Devices

Micron Technology, Inc

MU · Semiconductors & Related Devices

Rambus, Inc

RMBS · Semiconductors & Related Devices

Everspin Technologies, Inc

MRAM · Semiconductors & Related Devices

Sandisk Corp

SNDK · Computer Storage Devices

nLIGHT, Inc

LASR · Semiconductors & Related Devices

Päivitetty: 24.9.2026