Netlist
ConvictionSpeculative
Dual engine: (1) design and sale of high-performance memory modules and storage (DDR5 RDIMM/MRDIMM, CXL/HybriDIMM, SSDs) to data-center/OEM customers as a fabless module assembler buying DRAM from the majors; (2) an IP portfolio (LRDIMM, RDIMM, memory power-management) monetized through licensing plus litigation-driven damages against DRAM makers. Revenue is lumpy product sales; IP produces episodic license/settlement/damages cash that is contingent on appellate and PTAB outcomes.
Revenue
$188.6M FY2025$104.9M Q1 FY2026 (record quarterRev growth
+28% FY2025 YoY+262% Q1 FY2026 YoY (AI memory demand + DRAM price surgeGross margin
21.4% Q1 FY2026up from ~4.5% Q1 2025; FY2025 full-year GM ~6%); structurally thin, price-drivenOp margin
Net margin ~8.2% Q1 FY2026$8.6M net income on $104.9M); operating margin not separately broken out -- negative in prior periods. Note: the $8.6M is NET income, not operating incomeCapex intensity
Low -- fabless module assemblernot disclosed as a distinct line but historically minimal vs revenueMarket cap
~$1.01BOTC: NLST, 2026-07-02; ~333.9M shares x ~$3.02The read
Where our coverage leans
Coverage leans bearish
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (prices as of 2026-07-02; last reported period Q1 FY2026 ended 2026-03-28; FY2025 ended 2025-12-27, results reported 2026-03-03)· sign in (free) for the analyst summary; Pro unlocks full intelligence