NLSTNetlist, Inc.
Industry IP licensors Updated 27 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$5.86 → $7.31
Promises vs. what happened
10 claims · 8 releasesEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Second Samsung trial | Q3 '24 | won | Held |
| Positioned for growth, '25 | Q4 '24 | +28% sales | Held |
| New HBM and DDR5 suits | Q2 '25 | both licensed | Held |
| AI memory through products and IP | Q1 '26 | +163% sales | Held |
| $303M Samsung award final, Q3 '24 | Q3 '24 | settled as a licence | Late |
| $866M of verdicts | Q4 '24 | none paid as damages | Late |
| Own products for HBM and DDR5 | Q1 '25 | 94% resale | Late |
| $445M Micron award final | Q2 '25 | $600M licence, Oct '26 | Late |
| ITC to stop Samsung imports | Q3 '25 | settled first | Late |
| R&D on MRDIMM and CXL | Q4 '25 | ~$1M a quarter | Late |
What they’re pitching
the headline page, release by releaseThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
RevenuePage one since Q4 '25
Gross profitPage one since Q4 '25
Cost cutsOff page one Q4 '25
ProfitPage one since Q3 '25
VerdictsOff page one Q4 '24
EnforcementFirst seen Q2 '25
AI memoryFirst seen Q4 '24
Balance sheetOff page one Q4 '24
on the headline page further in the release not in the release▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Revenue growth as the headline number
“| Net sales for the third quarter of 2024 increased by 140% to $40.2 million compared to $16.7 million from the same quarter one year ago.”
Deck Netlist Q3 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Revenue growth as the headline number
“| Net sales for the full year of 2024 increased by 113% to $147.1 million compared to $69.2 million from the same period one year ago.”
Deck Netlist Q4 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Revenue growth as the headline number
“| Revenue for the first quarter of 2025 was $29.0 million.”
Deck Netlist Q1 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Revenue growth as the headline number
“| Revenue for the second quarter of 2025 increased by 44%, or $12.7 million, compared to the first quarter of 2025.”
Deck Netlist Q2 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Revenue growth as the headline number
“Net sales for fourth quarter of 2025 were $75.7 million, an increase of 79% compared to third quarter of 2025 and an increase of 121% compared to the fourth quarter of 2024.”
Deck Netlist Q4 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Revenue growth as the headline number
“| Net sales for first quarter of 2026 were $104.9 million, an increase of 262% compared to the first quarter of 2025.”
Deck Netlist Q1 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Revenue growth as the headline number
“Net sales for the second quarter of 2026 were $109.8 million, an increase of 163% compared to the second quarter of 2025.”
Deck Netlist Q2 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Gross profit
“| Gross profit for the full year of 2024 increased by 21% to $2.9 million compared to $2.4 million from the same period one year ago.”
Deck Netlist Q4 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Gross profit
“| Gross profit for fourth quarter of 2025 was $6.9 million, an increase of 2,620% compared to the same period last year. Full year gross profit was $11.4 million, an increase of 297% compared to last year.”
Deck Netlist Q4 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Gross profit
“| Gross profit for first quarter of 2026 was $22.4 million, an increase of 1,622% compared to the first quarter of 2025.”
Deck Netlist Q1 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Gross profit
“Gross profit for the second quarter of 2026 was $22.9 million, an increase of 1,544% compared to the second quarter of 2025.”
Deck Netlist Q2 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Cost cuts
“| Operating Expenses for the first quarter decreased by 39% to $11.1 million compared to $18.1 million for last year’s first quarter.”
Deck Netlist Q1 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Cost cuts
“| Operating Expenses for 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.”
Deck Netlist Q2 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Cost cuts
“| Operating Expenses for the nine months ended September 27, 2025 decreased by 38% or $17.0 million compared to the same prior year period.”
Deck Netlist Q3 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Profit or loss
“| Net Loss for the nine months ended September 27, 2025 improved by 45% compared to the same prior year period.”
Deck Netlist Q3 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Profit or loss
“| Net Loss for the fourth quarter of 2025 improved by 82% compared to the same period last year. Net Loss for the full year improved by 54% compared to the same period last year.”
Deck Netlist Q4 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Profit or loss
“| Net income for the first quarter of 2026 was $8.6 million, compared to net loss of $9.5 million in the first quarter of 2025.”
Deck Netlist Q1 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Profit or loss
“Net income for the second quarter of 2026 was $1.4 million, compared to net loss of $(6.1) million in the second quarter of 2025.”
Deck Netlist Q2 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Verdicts and damages awards
“Secured order finalizing $303 million damages award against Samsung.”
Deck Netlist Q3 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Verdicts and damages awards
“and Samsung, bringing total damages awarded for the willful infringement of its patents to $866 million. As the market for advanced memory”
Deck Netlist Q4 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Verdicts and damages awards
“patents. During the quarter, we also secured an order finalizing the district court’s $445 million damages award against Micron”.”
Deck Netlist Q2 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
New DDR5 and HBM patents and enforcement
“to protect our intellectual property, filing multiple legal actions against Samsung and Micron for infringement of our new HBM and DDR5 patents.”
Deck Netlist Q2 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
New DDR5 and HBM patents and enforcement
“we took action before the U.S. International Trade Commission seeking remedial orders that direct U.S. Customs and Border Protection to”
Deck Netlist Q3 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
New DDR5 and HBM patents and enforcement
“of our patents and expanded enforcement actions covering DDR5 and HBM technologies. We continue to invest in R&D programs for next-generation”
Deck Netlist Q4 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
New DDR5 and HBM patents and enforcement
“of next generation AI memory technologies and defend our IP portfolio against unauthorized use.””
Deck Netlist Q2 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Positioned for AI memory through products and IP
“continues to expand, Netlist remains well-positioned for growth,” said Chief Executive Officer, C.K. Hong.”
Deck Netlist Q4 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Positioned for AI memory through products and IP
“Netlist is well-positioned to capitalize on this through new product development and its intellectual property portfolio,” said Chief Executive”
Deck Netlist Q1 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Positioned for AI memory through products and IP
““Netlist is well positioned to capitalize on the transition to next generation memory through its product offering and its IP assets including new patents covering DDR5 and HBM.”
Deck Netlist Q3 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Positioned for AI memory through products and IP
“memory technologies including MRDIMM and CXL NVDIMM. We enter 2026 well positioned to capitalize on this progress.””
Deck Netlist Q4 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Positioned for AI memory through products and IP
““We remain well positioned to capitalize on AI memory technologies - DDR5 and HBM - through our products and IP assets.””
Deck Netlist Q1 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Positioned for AI memory through products and IP
“revenue growth and improved profitability,” said Chief Executive Officer, C.K. Hong. “We continue to drive the development of next generation AI memory technologies and defend our IP portfolio against unauthorized use.””
Deck Netlist Q2 2026 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Balance sheet strengthened
“| Raised $15 million subsequent to the end of the quarter strengthening Netlist’s balance sheet.”
Deck Netlist Q3 2024 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
Balance sheet strengthened
“were $42.1 million, total assets were $49.5 million, working capital deficit was ($6.4) million, and stockholders’ deficit was ($5.2) million.”
Deck Netlist Q4 2025 results release (8-K Ex. 99.1) · EXHIBIT 99.1 ·
What they keep talking about · 6
The themes that show up deck after deck, and the ones that disappear.
- Revenue
- First line of seven of eight releases; the one exception, Q3 '25, had flat sales and led with cost cuts.
- Verdicts
- The $303M, $866M and $445M awards led 2024 and mid-2025; no 2026 release names a verdict, and none was paid as damages.
- Enforcement
- New HBM and DDR5 suits from Q2 '25; they ended in the Samsung (Aug '26) and Micron (Oct '26) licences.
- AI memory
- 'Well positioned' in six releases, through products and IP; the products were 4-6% of 2026 sales.
- New
- Gross profit and net income as headlines from Q4 '25, once there was profit to show.
- Quiet
- The cash and stockholders' deficit sentence ran to Q4 '25 and is absent from both 2026 releases; the resale share of sales has never been in one.
Every quarterly report we’ve saved · 5
The press releases and shareholder letters behind this page.
- Q4 FY2026 release · filed copy 6 Oct 2026
- ? release · filed copy 5 Aug 2026
- ? release · filed copy
- ? release · filed copy
- ? release · filed copy
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 20% | · | · | · | · | 80% | · | · |
| Growth & sales | · | 25% | · | · | · | 20% | 33% | 75% |
| Pricing & margins | · | 25% | 17% | 25% | · | 20% | · | · |
| Guidance & outlook | · | · | 17% | · | 40% | 20% | · | 25% |
| Capacity & supply | · | · | 17% | · | · | 40% | 33% | 25% |
| Competition | · | · | · | 25% | · | · | · | · |
| Products & technology | 20% | 25% | 50% | · | 40% | 40% | 33% | 50% |
| Macro & regulation | · | · | · | · | 20% | · | · | · |
| Other | 60% | 75% | 50% | 50% | 20% | 20% | 33% | 25% |
| Questions | 5 | 4 | 6 | 4 | 5 | 5 | 3 | 4 |
| How much the CEO talked | 100% | 100% | 100% | 100% | 91% | 89% | 94% | 100% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
An audit committee of one, a board of three
The founder-CEO chairs a board of three; Jun Cho is the audit committee's sole member; no compensation or nominating committee. Disclosure controls not effective at 27 Jun '26. Up to $1.35B of licence money is due over five years.
Tier 2 · stable
Stock issued without a vote
A 33.6M-share plan adopted without shareholder approval; 4.0M performance RSUs to the CEO from it; 56.9M warrants; $73.7M of an equity line unused. Shares +78% since January 2021.
Tier 2 · stable
Family and former consultants
The CEO's brother runs sales and operations ($250K salary, RSUs). Both outside directors were paid consultants first; one is still described as the company's IP consultant.
Tier 3 · stable
Few votes, an anti-takeover plan, no exchange
Say-on-pay every three years though the 2025 plurality chose one; a 15% rights plan to Apr '27; OTCQB quotation.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Hong (CEO, chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 4.9M | 1.8M | 2.0% |
| WelcherA board seat. | 3.5M | 2.7M | 3.0% |
| ChoA board seat. | 4.1M | 2.8M | 3.1% |
| Pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 9.2M | — | — |
| Auditor (MGO)The auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 1.4M | 0.4M | 0.2% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct 2025–Oct 2026 | Sold | Note |
|---|---|---|
| Sasaki, CFO | $1.04M | under a plan; $690K on 17 Aug, two weeks after the Samsung deal |
| Hong, CEO | $0.87M | $109K of it outside a plan, Jun '26 |
| Welcher, director | $0.14M | under a plan |
| Cho, director | $0.06M | under a plan |