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OTC MARKETS · Electrical Equipment · CIK 0001282631
$5.81
-5.34% · live
Updated
$1.79B market value
From NETLIST INC's FY2025 10-K, filed Mar 19, 2026 · read the filing
NETLIST designs and makes computer chips. It took in $188.6M last year, which makes it a smaller company. It spends more than it earns — losing about 13 cents on every dollar of sales.
The financial picture is led by growth, while profitability and debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From NETLIST INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Gross profit
$2.9M → $11.4M
Operating income
-$55.2M → -$25.5M
Profit
-$53.9M → -$24.8M
Operating margin
-37.5% → -13.5%
Measured against FY2024, from the 10-K filed Mar 19, 2026
Improved: +296.7%
$2.9M to $11.4MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: $29.7M narrower
-$55.2M to -$25.5MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
How the latest move compares (quote live), and what was published around it
NLST fell 5.34% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −1.04%. That is 4.1 points below its sector and 4.3 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 5.0% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $24.8M last year, losing about 13 cents on every dollar of sales.
Yes, quickly. Sales grew 28.2% last year.
Yes. It owes more than it owns — only $0.90 in assets for every $1 of liabilities.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $24.8M and generated -$14.7M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Mar 19, 2026Filing for FY2025 | FY202410-K · Mar 28, 2025Filing for FY2024 | FY202310-K · Feb 23, 2024Filing for FY2023 | FY202210-K · Feb 28, 2023Filing for FY2022 | FY202110-K · Mar 26, 2021Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $188.6M | $147.1M | $69.2M | $161.6M | $47.2M | +28.2% |
| Cost of revenue | $177.2M | $144.2M | $66.8M | $149.7M | $40.5M | +22.9% |
| Gross profit | $11.4M | $2.9M | $2.4M | $11.9M | $6.7M | +296.7% |
| Gross marginGross profit ÷ revenueWhat is this? | 6.1% | 2.0% | 3.5% | 7.4% | 14.3% | +4.1 pts |
| Selling, general and administrative | $13.2M | $12.1M | $12.4M | $14.3M | $8.2M | +9.4% |
| Operating income | -$25.5M | -$55.2M | -$61.8M | -$33.5M | -$6.8M | +53.8% |
| Operating marginOperating income ÷ revenueWhat is this? | -13.5% | -37.5% | -89.2% | -20.7% | -14.5% | +24.0 pts |
| Income before tax | -$24.8M | -$53.9M | -$60.4M | -$33.4M | -$7.3M | +53.9% |
| Net income | -$24.8M | -$53.9M | -$60.4M | -$33.4M | -$7.3M | +53.9% |
| Net marginNet income ÷ revenueWhat is this? | -13.2% | -36.6% | -87.3% | -20.6% | -15.4% | +23.5 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-0.0808 | $-0.198 | $-0.2382 | $-0.1435 | $-0.0371 | +59.2% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 100,000 shares at $6.91 ($690.7K)
Holds 534,594 shares after this filing.
Sold on the open market
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Signed a material agreement · Sold shares outside a public offering · Reported another event
Read the filingHeld a shareholder vote
Read the filingWrite down why you are following NETLIST INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from NLST's 10-K for fiscal year 2025 (period ending 2025-12-27, filed Mar 19, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 5/8 | 10-K, filed Mar 19, 2026 |
| FY2024 | 4.7 | 3/8 | 10-K, filed Mar 28, 2025 |
| FY2023 | 2.0 | 1/8 | 10-K, filed Feb 23, 2024 |
| FY2022 | 4.7 | 3/8 | 10-K, filed Feb 28, 2023 |
| FY2021 | 2.0 | 0/3 | 10-K, filed Mar 26, 2021 |
| FY2019 | 3.0 | 3/9 | 10-K, filed Mar 10, 2020 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
11.29
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: $29.0M narrower
-$53.9M to -$24.8MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +24.0 pts
-37.5% to -13.5%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +23.5 pts
-36.6% to -13.2%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $19.9M narrower
-$34.7M to -$14.8MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: $0.12 narrower
-$0.20 to -$0.08Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +41.2%
$22.5M to $31.8MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +13.0%
272.0M to 307.3MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Changed: -40.8%
$71.0K to $42.0KCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +28.2%
$147.1M to $188.6MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +4.1 pts
2.0% to 6.1%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 11, 2026 — read it.
Improved: +163.4%
$41.7M to $109.8MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +1543.9%
$1.4M to $22.9MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: turned positive
-$6.2M to $1.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$6.1M to $1.4MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +17.5 pts
3.3% to 20.8%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +16.2 pts
-15.0% to 1.2%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +15.8 pts
-14.6% to 1.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$0.02 to $0.00Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +66.3%
$18.4M to $30.7MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +14.2%
292.5M to 333.9MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 11, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -84.4%
$8.6M to $1.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -83.8%
$8.6M to $1.4MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -84.5%
$0.03 to $0.00Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +80.3%
$17.0M to $30.7MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −7.0 pts
8.2% to 1.2%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −7.0 pts
8.2% to 1.3%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: +5.0%
317.9M to 333.9MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
This company has not reported enough of the required figures to calculate this score.
Holds 634,594 shares after this filing.
Sold on the open market — 25,000 shares at $3.99 ($99.8K)
Holds 659,594 shares after this filing.
Was granted or awarded shares — 4,000,000 shares
Holds 12,676,887 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 100,000 shares ($690.7K) on or after .
Shares originally obtained via Vested Restricted Stock Units.
Filed notice to sell 25,000 shares ($112.3K) on or after .
Shares originally obtained via Vested Restricted Stock Units.
Filed notice to sell 25,000 shares ($99.8K) on or after .
Shares originally obtained via Vested Restricted Stock Units.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Revenue +163.4% · Operating margin +16.2 pts · Gross profit +1543.9% — against Q2 FY2025
Signed a material agreement · Sold shares outside a public offering · Reported another event
Read the filingProxy statement for a shareholder meeting
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q1 FY2026
Revenue +262.0% · Operating margin +41.9 pts · Gross profit +1622.2% — against Q1 FY2025
Read the filingPublished results
Read the filingAnnual report for FY2025
Revenue +28.2% · Operating margin +24.0 pts · Gross profit +296.7% — against FY2024
Read the filingSigned a material agreement
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +5.1% · Operating margin +7.1 pts · Gross profit +60.9% — against Q3 FY2024
Read the filingPublished results
Read the filingSigned a material agreement · Changed the rights attached to its shares · Reported another event
Read the filingHad a director or senior officer leave or join · Amended its charter or changed its financial year · Held a shareholder vote
Read the filingHad a director or senior officer leave or join · Held a shareholder vote · Reported another event
Read the filingQuarterly report for Q2 FY2025
Revenue +13.2% · Operating margin +25.9 pts · Gross profit +80.1% — against Q2 FY2024
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingNetlist (NLST) Dropped, So What Is Behind Its Latest Move?
Yahoo Finance ·
Primary sources and further research