NETLIST INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NETLIST INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19.7	38.3	33.5	26.1	47.2	142	162	69.2	147	189
Cost of revenue	12.3	35.9	31.2	23.5	40.5	93.5	150	66.8	144	177
Gross profit	7.4	2.46	2.3	2.57	6.73	48.9	11.9	2.39	2.88	11.4
Research and development	6.29	5.23	2.9	2.38	2.95	7.24	10.6	9.16	8.06	3.5
Selling, general and administrative	9.03	7.37	6.86	7.55	8.25	10.8	14.3	12.4	12.1	13.2
Operating expenses	18.4	15.3	18.7	14.1	13.6	37.5	45.4	64.2	58.1	37
Operating income	-11	-12.9	-16.4	-11.5	-6.84	11.4	-33.5	-61.8	-55.2	-25.5
Other non-operating income	-0.19	-0.56	-0.75	-0.95	-0.43	0.08	0.13	1.36	1.36	0.69
Pre-tax income	-11.2	-13.4	-17.1	-12.4	-7.27	11.5	-33.4	-60.4	-53.9	-24.8
Income tax	0.01	0.01	-0	0.01	0	6.63	0	0	0
Net income	-11.2	-13.4	-17.1	-12.5	-7.27	4.83	-33.4	-60.4	-53.9	-24.8
EBITDA	-10.7	-12.6	-16.1	-11.3	-6.69	11.5	-33.2	-61.4	-54.9	-25.2
EPS, basic	-0.21	-0.20	-0.16	-0.08	-0.04	0.02	-0.14	-0.25	-0.21	-0.09
EPS, diluted	-0.21	-0.20	-0.16	-0.08	-0.04	0.02	-0.14	-0.25	-0.21	-0.09
Shares, basic (weighted)	53.8	65.5	107	148	184	218	231	244	260	287
Shares, diluted (weighted)	53.8	65.5	107	148	184	226	231	244	260	287

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.48	6.72	14.8	8.97	13.3	47.7	25	40.4	22.5	31.8
Receivables	1.75	3	2.92	3.67	4.68	12.7	8.24	4.56	1.67	2.41
Inventory	3.16	4.11	2.95	3.5	3.2	15.7	10.7	12	2.74	3.38
Other current assets	1.77	1.32	1.32	1.32	0.51	1.13	1.31	0.44	0.73	0.33
Total current assets	19.3	16.9	23.2	19.5	24.9	88	63.8	69.9	39.8	48.2
Property, plant and equipment	0.65	0.46	0.28	0.29	0.18	0.99	1.14	0.77	0.52	0.3
Lease right-of-use assets				0.97	0.11	1.89	2.04	1.59	1.1	0.54
Other non-current assets	0.07	0.09	0.07	0.06	0.06
Total assets	20	18.8	24.9	22.1	25.3	91.2	67.3	72.8	41.8	49.5
Accounts payable	4.03	6.12	9.5	9.13	5.33	25.9	28.5	39.8	42.3	20.6
Accrued liabilities	0.27	0.34	0.34	0.79	0.78	0.63	2.64	2.57	0.81	0.85
Deferred revenue									0.04	30.6
Short-term debt	1.24		0.38
Total current liabilities	6.21	9.29	13.1	14.1	27.6	35.4	38.1	47.6	47.1	54.6
Long-term debt	14.3	14.8	17.3	15.8	0.15
Lease liabilities				0.5		1.59	1.74	1.21	0.64	0.02
Other non-current liabilities	0.04		0.08	0.14	0.1	0.15	0.27	0.24	0.19	0.02
Total liabilities	20.5	24.1	30.5	30.5	27.9	37.1	40.1	49	47.9	54.7
Total debt	15.5	15.6	18.6	16.6	17.4
Paid-in capital	144	153	169	179	192	244	250	307	331	357
Retained earnings	-145	-158	-175	-188	-195	-190	-223	-284	-338	-363
Shareholders' equity	-0.53	-5.33	-5.67	-8.36	-2.62	54	27.2	23.8	-6.05	-5.2
Total equity	-0.53	-5.33	-5.67	-8.36	-2.62	54	27.2	23.8	-6.05	-5.2
Total liabilities and equity	20	18.8	24.9	22.1	25.3	91.2	67.3	72.8	41.8	49.5
Shares outstanding	61.7	79.3	139	170	196	230	233	254	272	307

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-11.2	-13.4	-17.1	-12.5	-7.27	4.83	-33.4	-60.4	-53.9	-24.8
Depreciation and amortization	0.29	0.28	0.25	0.17	0.15	0.13	0.34	0.37	0.35	0.28
Stock-based compensation	1.48	1.22	0.74	0.99	0.76	1.58	3.21	4.34	4.44	3.44
Deferred income tax	0	0
Change in receivables	-1.12	-1.26	0.08	-0.76	-1.01	-8.05	4.49	3.68	2.89	-0.74
Change in inventory	-1.5	-0.95	1.16	-0.55	0.3	-12.5	4.98	-1.35	9.29	-0.64
Change in payables	0.73	2.09	3.38	-0.36	-3.81	20.2	2.58	11.4	2.48	-21.7
Cash from operations	-20.8	-11.3	-10.6	-11.5	-8.13	6.01	-15	-41.6	-34.6	-14.7
Capital expenditures	-0.35	-0.09	-0.07	-0.08	-0.04	-0.52	-0.47		-0.07	-0.04
Cash from investing	-0.35	-0.09	-0.07	-0.08	-0.04	-0.52	-0.47		-0.07	-0.04
Debt issued			2.1		0.64
Debt repaid	-0.31	-0.37	-0.35	-0.38	-0.42	-17.1	-0.56	-0.45	-0.5	-0.54
Stock issued	10.3	7.22	15.8	6.35	12.2	39.6	4.44	52.1	19.5	0.08
Cash from financing	10.9	8.38	17.8	6.63	13	36.5	0.59	50.8	16.4	22.3
Net change in cash	-10.2	-3.06	7.13	-4.94	4.81	42	-14.9	9.23	-18.2	7.48
Free cash flow	-21.1	-11.4	-10.6	-11.6	-8.18	5.49	-15.5		-34.7	-14.8
Interest paid	0.13	0.06	0.06	0.06	0.07	0.06	0.09	0.05	0.1
Income taxes paid		0				6.6	0	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $5.42 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.2%	Gross profit / revenue.
Operating margin	0.1%	Operating income / revenue.
EBITDA margin	0.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.2%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
Operating cash flow margin	-4.7%	Cash from operations / revenue.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
R&D / revenue	1.2%	Research and development expense / revenue.
SG&A / revenue	4.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	296.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.45x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.62x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	68.4%	Total liabilities / total assets.
Working capital	$22.1M	Current assets - current liabilities.
Tangible book value	$23.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	4.54x	Revenue / average total assets.
Fixed asset turnover	1,499x	Revenue / average property, plant and equipment.
Inventory turnover	10.4x	Cost of revenue / average inventory.
Days inventory	35 days	365 x average inventory / cost of revenue.
Receivables turnover	106x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-16 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.90	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.04	Cash from operations / diluted weighted shares.
Book value per share	$0.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.07	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.89B	Share price x shares outstanding.
Enterprise value	$1.86B	Market cap + total debt - cash - short-term investments.
P/E	2,401x	Market cap / net income. Only when net income is positive.
P/S	5.70x	Market cap / revenue.
P/B	81.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	81.7x	Market cap / tangible book value, when positive.
EV/Sales	5.60x	Enterprise value / revenue.
EV/EBIT	4,569x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2,729x	Enterprise value / EBITDA, when both are positive.
Earnings yield	0.0%	Net income / market cap (the inverse of P/E).

What was NETLIST INC's revenue in fiscal 2025?

NETLIST INC reported revenue of $188.6M for fiscal 2025, 28.2% higher than the year before.

Was NETLIST INC profitable in fiscal 2025?

No. It reported a net loss of $24.8M.

How much free cash flow did NETLIST INC generate in fiscal 2025?

Cash from operations of $14.7M minus capital expenditures of $42.0K left free cash flow of -$14.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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