Netlist Inc (STU:XAB)

Q2 2026 Netlist Inc Earnings Call Transcript

Jul 30, 2026 / 04:00 PM GMT

Transcript 8-K

Key Points

Positve

Netlist Inc (NLST) delivered a strong second quarter with revenue of $109.8 million, a 163% increase year-over-year, and gross profit up 1,544%.
Product revenue for the first half of 2026 exceeded $200 million, driven by robust demand and constrained memory supply, with product gross margins over $45 million.
The company's own portfolio, including Lightning DDR5 solutions and CXL NV Vault, is gaining market traction, with CXL products currently sampling with major OEMs and hyperscalers.
Netlist Inc (NLST) has strong liquidity with $40.7 million in cash, minimal debt, and access to a $10 million working capital line and $74 million equity line of credit.
The company is making significant progress in patent enforcement, with the ITC instituting a second case against Samsung and its customers, and receiving supportive statements from the U.S. Department of Justice.

Negative

Netlist Inc (NLST) faces ongoing legal uncertainties, including appeals of jury verdicts against Samsung and Micron, with outcomes dependent on court decisions.
The company's revenue is heavily reliant on resale of difficult-to-source DRAM products, which may be impacted by supply constraints in a tight market.
Operating expenses continue to rise due to investments in R&D, IP initiatives, and SG&A, which could pressure profitability if revenue growth slows.
The third quarter revenue is expected to be similar to the second quarter, indicating potential stagnation in near-term growth.
Patent litigation risks remain high, including serial IPR challenges against key patents like the '912 patent, which could undermine intellectual property value.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NLST.PK - Netlist Inc
Q2 2026 Netlist Inc Earnings Call
Jul 30, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Netlist second quarter 2026 earnings conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, please ignore conference specialist by pressing the star key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note that this event is being recorded. I'd now like to turn the conference over to Mike Smargossi, Investor Relations. Please go ahead, sir.

Thank you, Cole, and good day, everyone.

Welcome to Netlist's second quarter 2026 conference call.

Leading today's call will be Chuck Hong

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