Netlist: Fiscal 4Q24 and FY24 Financial Results

Netlist, Inc. reported financial results for the full year and fourth quarter ended December 28, 2024.

Recent Highlights:

• Net sales for full year of 2024 increased by 113% to $147.1 million compared to $69.2 million from the same period one year ago.
• Gross profit for full year of 2024 increased by 21% to $2.9 million compared to $2.4 million from the same period one year ago.

“In 2024, Netlist delivered strong revenue growth and made significant progress in intellectual property enforcement. During the year Netlist won patent infringement jury trials vs. Micron and Samsung, bringing total damages awarded for the willful infringement of its patents to $866 million. As the market for advanced memory continues to expand, Netlist remains well-positioned for growth,” said C.K. Hong, CEO.

Net sales for the fourth quarter ended December 28, 2024 were $34.3 million, compared to net sales of $33.4 million for the fourth quarter ended December 30, 2023. Gross profit for the fourth quarter ended December 28, 2024 was $0.3 million, compared to a gross profit of $1.2 million for the fourth quarter ended December 30, 2023.

Net sales for the full year ended December 28, 2024 were $147.1 million, compared to net sales of $69.2 million for the full year ended December 30, 2023. Gross profit for the full year ended December 28, 2024 was $2.9 million, compared to a gross profit of $2.4 million for the full year ended December 30, 2023.

Net loss for the fourth quarter ended December 28, 2024 was ($12.7) million, or ($0.05) per share, compared to a net loss of ($13.2) million in the same period of prior year, or ($0.05) per share. These results include stock-based compensation expense of $0.8 million and $0.9 million for the quarters ended December 28, 2024 and December 30, 2023, respectively.

Net loss for the full year ended December 28, 2024 was ($53.8) million, or ($0.21) per share, compared to a net loss in the prior year period of ($60.4) million, or ($0.25) per share. These results include stock-based compensation expense of $4.4 million and $4.3 million for the full year ended December 28, 2024 and December 30, 2023, respectively.

As of December 28, 2024, cash, cash equivalents and restricted cash were $34.6 million, total assets were $41.8 million, working capital deficit was ($7.3) million, and stockholders’ deficit was ($6.0) million.

C.K. Hong, CEO, and Gail Sasaki, CFO, hosted an investor conference call on March 27, 2025. The live webcast and archived replay of the call can be accessed for 90 days.