Netlist Inc
netlist.comWhat Do They Do?
Resells memory components to storage and cloud customers and system builders, and sells custom memory modules to computing and communications equipment makers.
10-K for FY2025, filed Mar 19, 2026Due to our relationships with memory channel customers, in addition to our own products, we resell certain component products that we…View ↗
A small portion of our net product sales is from OEM sales of specialty memory modules and flash-based products, the majority of which are…View ↗
We resell certain component products that we purchase for the purpose of resale to certain end-customers that are not reached in the…View ↗
How Do They Make Money?
Netlist primarily resells third-party products and also sells memory subsystems; customers typically pay within 30 days after delivery, though some terms extend to 90 days. Sales are generally completed when products ship or arrive.
10-K for FY2025, filed Mar 19, 2026
-
10-K for FY2025, filed Mar 19, 2026
FY2025 revenue by product or service ↗
$188.6M
-
10-K for FY2025, filed Mar 19, 2026
$188.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Resales of third-party products
Sold outright
10-K for FY2025, filed Mar 19, 2026 |
95%
FY2022: 84%
|
Resales of third-party products, FY2025
$180.1M Sources
|
Sold outright |
|
Sale of our modular memory subsystems
Sold outright
|
4.5%
FY2022: 16%
|
Sale of our modular memory subsystems, FY2025
$8.6M Sources
|
Sold outright |
Who Are Their Customers?
Netlist sells resold components to storage, appliance, system-building, and cloud and data center customers, and memory subsystems mainly to computing and communications OEMs; sales use its direct sales force and independent representatives.
10-K for FY2025, filed Mar 19, 2026
Do Revenues Turn Into Profits?
No. It lost $24.8M in FY2025.
10-K for FY2025, filed Mar 19, 2026
−$25.5MView ↗
10-K for FY2025, filed Mar 19, 2026
−$24.8MView ↗
10-K for FY2025, filed Mar 19, 2026
−$14.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
$1.4MView ↗
- ▲ Now profitable
- vs −$6.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
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Aug 5, 2026
Netlist signed patent and product supply agreements with Samsung
The deal also settles pending legal actions and sets up a product supply agreement.
Sources
8-K, filed Aug 5, 2026
On August 4, 2026, Netlist, Inc. (the “Company”) entered into a Patent Cross License Agreement (the “License Agreement”) with Samsung…View ↗
Growing. Revenue grew 4.0x in 4 years, from $47.2M in FY2020 to $188.6M in FY2025, about 41% a year.
From IP licensing to product sales
The earlier report described IP licensing as part of the business. The latest report describes resold components and memory subsystems as products, and frames licensing as a possible way to monetize its technology.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Mar 19, 2026Netlist provides high-performance memory solutions to enterprise customers in diverse industries. Our products in various capacities and…View ↗
Due to our relationships with memory channel customers, in addition to our own products, we resell certain component products that we…View ↗
A small portion of our net product sales is from OEM sales of specialty memory modules and flash-based products, the majority of which are…View ↗
Our products are primarily targeted to OEMs in the server, high-performance computing and communications markets. In addition, we resell…View ↗
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