NLST·Semiconductors & Semiconductor Equipment (memory modules) + IP licensing / patent enforcement

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 quarter

Rev growth

+28% FY2025 YoY+262% Q1 FY2026 YoY (AI memory demand + DRAM price surge

Gross margin

21.4% Q1 FY2026up from ~4.5% Q1 2025; FY2025 full-year GM ~6%); structurally thin, price-driven

Op 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 income

Capex intensity

Low -- fabless module assemblernot disclosed as a distinct line but historically minimal vs revenue

Market cap

~$1.01BOTC: NLST, 2026-07-02; ~333.9M shares x ~$3.02

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-19. The audited primary-source spine — not financial advice.

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Revenue — annual (GAAP)

FY’21

$142M

FY’22

$162M+14%

FY’23

$69M-57%

FY’24

$147M+113%

FY’25

$189M+28%

Margins & balance sheet — FY’25

Gross margin6.1%

Operating margin-13.5%

Net margin-13.2%

Net cash$16M

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