$NLST

NETLIST INC

CIK:0001282631|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 109,845	$ 41,706	$ 214,737	$ 70,681
Cost of sales	86,962	40,314	169,465	67,989
Gross profit	22,883	1,392	45,272	2,692
Operating expenses:
Research and development	1,050	833	2,151	1,726
Intellectual property legal fees	16,753	3,480	25,727	10,507
Selling, general and administrative	3,741	3,326	7,490	6,473
Total operating expenses	21,544	7,639	35,368	18,706
Operating income (loss)	1,339	(6,247)	9,904	(16,014)
Other income, net:
Interest income, net	32	133	81	353
Other income, net	32	36	63	96
Total other income, net	64	169	144	449
Income (loss) before provision for income taxes	1,403	(6,078)	10,048	(15,565)
Net income (loss)	$ 1,403	$ (6,078)	$ 10,048	$ (15,565)
Earnings (loss) per share:
Basic (In dollars per share)	$ 0	$ (0.02)	$ 0.03	$ (0.06)
Diluted (In dollars per share)	$ 0	$ (0.02)	$ 0.03	$ (0.06)
Weighted-average common shares outstanding:
Basic (In shares)	327,594	275,751	318,520	274,065
Diluted (In shares)	370,752	275,751	356,141	274,065

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net income (loss)	$ 10,048	$ (15,565)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	137	142
Non-cash lease expense	273	278
Gain on forgiveness of payables	(94)	(345)
Stock-based compensation	1,765	1,984
Changes in operating assets and liabilities:
Accounts receivable	(738)	349
Inventories	(23,488)	(6,037)
Prepaid expenses and other assets	39	655
Accounts payable	20,757	(8,934)
Accrued payroll and related liabilities	686	(40)
Deferred revenue	(27,547)	10,278
Other liabilities	(352)	(497)
Net cash used in operating activities	(18,514)	(17,732)
Cash flows from investing activities:
Acquisition of property and equipment	(49)	(25)
Net cash used in investing activities	(49)	(25)
Cash flows from financing activities:
Net borrowings (repayments) under line of credit	839	(125)
Payments on notes payable	(276)	(358)
Proceeds from issuance of common stock, net		12,678
Proceeds from exercise of stock options and warrants	16,573	52
Payments for taxes related to net share settlement of equity awards		(59)
Net cash provided by financing activities	17,136	12,188
Net change in cash, cash equivalents and restricted cash	(1,427)	(5,569)
Cash, cash equivalents and restricted cash at beginning of period	42,082	34,607
Cash, cash equivalents and restricted cash at end of period	$ 40,655	$ 29,038

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2026	Dec. 27, 2025
Current assets:
Cash and cash equivalents	$ 30,655	$ 31,782
Restricted cash	10,000	10,300
Accounts receivable, net of allowances of $72 (2026) and $33 (2025)	3,149	2,411
Inventories	26,871	3,383
Prepaid expenses and other current assets	734	332
Total current assets	71,409	48,208
Property and equipment, net	222	300
Operating lease right-of-use assets	1,267	541
Other assets	415	428
Total assets	73,313	49,477
Current liabilities:
Accounts payable	41,369	20,612
Revolving line of credit	2,627	1,788
Accrued payroll and related liabilities	1,538	852
Deferred revenue	3,023	30,570
Other current liabilities	592	818
Debt due within one year	162
Total current liabilities	49,311	54,640
Operating lease liabilities	800	23
Other liabilities	19	17
Total liabilities	50,130	54,680
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.001 par value-10,000 shares authorized: Series A preferred stock, $0.001 par value; 1,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value-675,000 shares authorized; 333,894 (2026) and 307,337 (2025) shares issued and outstanding	335	308
Additional paid-in capital	375,312	357,001
Accumulated deficit	(352,464)	(362,512)
Total stockholders' equity (deficit)	23,183	(5,203)
Total liabilities and stockholders' equity (deficit)	$ 73,313	$ 49,477