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Netlist Inc.

Logo: Netlist, Inc., CC BY-SA 3.0, via Wikimedia Commons5

International SSD manufacturer from Irvine, California

Netlist, Inc. is a Delaware-registered corporation headquartered in Irvine, California that designs and sells high-performance SSDs and modular memory subsystems to enterprise customers in diverse industries.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

2000Founded1

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  • TickerNLST on OTC1
  • Industrycomputer hardware industry1
  • HeadquartersIrvine1
  • Websitewww.netlist.com
  • Incorporated inDE6
  • Business address111 Academy, Suite 100, Irvine, Ca 926176
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI529900MRND8QGXGO7Y474
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 32420994

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Netlist, Inc. is a Delaware-registered corporation headquartered in Irvine, California that designs and sells high-performance SSDs and modular memory subsystems to enterprise customers in diverse industries. It also manufactures a line of specialty and legacy memory products to storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist holds a portfolio of patents in the areas of server memory, hybrid memory, storage class memory, rank multiplication and load reduction. Netlist has more than 120 employees and an annual revenue of US$142.4 million as of 2021 The stock was added to NASDAQ in late 2006. In the initial public offering of its common stock in 2006, Netlist sold 6,250,000 shares at $7.00 each. On September 26, 2018, Netlist announced they were moving from NASDAQ and currently trades on the OTCQB.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.1%Gross margin8
-13.5%Operating margin8
-13.2%Net margin8
28.2%Revenue growth, 20258
-$14.8MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Resales of third-party products brought in 95% of the revenue Netlist Inc. broke down this way in fiscal 2025.

  1. Resales of third-party products$180.1M895%up 34% from 2024
  2. Sale of the Company's modular memory subsystems$8.6M85%down 30% from 2024
Products and services by year
Products and services20242025
Resales of third-party products$134.9M$180.1M
Sale of the Company's modular memory subsystems$12.3M$8.6M

Regions

[Canada] brought in 91% of the revenue Netlist Inc. broke down this way in fiscal 2025.

  1. [Canada]$170.8M891%up 38% from 2024
  2. United States$11.2M86%down 43% from 2024
  3. Other Countries$6.7M84%up 109% from 2024
Regions by year
Regions20242025
[Canada]$124.2M$170.8M
United States$19.7M$11.2M
Other Countries$3.2M$6.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue91¢$177.2M
  • Research and development2¢$3.5M
  • Selling, general and admin7¢$13.2M

Out of $188.6M in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$188.6M in 2025+623% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $26.1M$26.1M20192021: $47.2M$47.2M2021+81%2022: $161.6M$161.6M2022+242%2023: $69.2M$69.2M2023−57%2024: $147.1M$147.1M2024+113%2025: $188.6M$188.6M2025+28%
Gross profit91011128$11.4M in 2025+345% since 2019
0$5.0M$10.0M$15.0M2019: $2.6M$2.6M20192021: $6.7M$6.7M2021+162%2022: $11.9M$11.9M2022+77%2023: $2.4M$2.4M2023−80%2024: $2.9M$2.9M2024+21%2025: $11.4M$11.4M2025+297%
Operating income91011128-$25.5M in 2025+122% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$11.5M-$11.5M20192021: -$6.8M-$6.8M2021−40%2022: -$33.5M-$33.5M2022+390%2023: -$61.8M-$61.8M2023+84%2024: -$55.2M-$55.2M2024−11%2025: -$25.5M-$25.5M2025−54%
Net income91011128-$24.8M in 2025+99% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$12.5M-$12.5M20192021: -$7.3M-$7.3M2021−42%2022: -$33.4M-$33.4M2022+359%2023: -$60.4M-$60.4M2023+81%2024: -$53.9M-$53.9M2024−11%2025: -$24.8M-$24.8M2025−54%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Net sales$188.6M$147.1M
Cost of sales$177.2M$144.2M
Gross profit$11.4M$2.9M
Research and development$3.5M$8.1M
Intellectual property legal fees$20.2M$38.0M
Selling, general and administrative$13.2M$12.1M
Total operating expenses$37.0M$58.1M
Operating loss-$25.5M-$55.2M
Interest income, net$522.0K$1.0M
Other income, net$164.0K$316.0K
Total other income, net$686.0K$1.4M
Loss before provision for income taxes-$24.8M-$53.9M
Provision for income taxes$1.0K
Net loss-$24.8M-$53.9M
Deemed dividend on warrant modification-$590.0K
Net loss attributable to common stock-$25.4M-$53.9M
Basic-$0.09-$0.21
Diluted-$0.09-$0.21
Basic286.6M shares259.9M shares
Diluted286.6M shares259.9M shares

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Leadership

Who has led Netlist Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Chun K. Hong2006–now

Chair

  1. Chun K. Hong2006–now

President

  1. Chun K. Hong2006–now

Chief financial officer

  1. Lee Kim2006
  2. Nita Jotwani Moritz2007
  3. Gail Misako Itow2008–now
20052010201520202025
Board members and other officers (17)

Products and brands

  • flash memory

Listed on Wikidata.1

Products

Enterprise SSD

Enterprise and Data Center NVMe SSD in multiple form factors and capacities built using PCI Express (PCIe) Gen4 & Gen3 protocols

Embedded flash

Offering high-performance, high-capacity flash solutions optimized for the embedded and server market in a wide range of form factors and dimensions

Read the full text

Memory Module DDR4 DIMMs

A wide lineup of commercial and industrial grade DDR4 DIMMs. These modules operate reliably in harsh, long-life computing environments and densely configured computing applications with limited airflow

Technology and innovations

HyperCloud (industry's first LRDIMM)

Introduced in 2009, HyperCloud is a load reduced DDR3 DIMM performing rank multiplication and load reduction functions which allows the system to increase its performance and access high-capacity memory modules. At DDR4, the memory industry adopted the architecture as the standard for all Load Reduced DIMMs.

NetVault (Non-Volatile DIMM - NVDIMM)

Netlist created the DDR2 NVDIMM utilizing equal densities of both DRAM and NAND to provide a persistent memory source in the event of a power failure, initially for RAID applications. Years later, the industry standardized on this application as NVDIMM-N to be used within servers in the main memory channel.

HyperVault/HybriDIMM (NVDIMM-H)

HyperVault was created to provide the highest density server memory modules using lower cost NAND devices to operate as DRAM to the system. DRAM is typically ten times the cost of NAND and HyperVault was released as a 512 GB module using only 16 GB of DRAM. Today, the technology is being utilized to create next generation high density CXL heterogenous memory.

From Wikipedia’s article on Netlist, Inc., shared under CC BY-SA 4.0.7

Timeline

  1. Nov 29, 2006New chief executive Chun K. Hong becomes CEO16
  2. 2000Founded Founded1

Filings

207 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 63 insider forms, 85 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 21, 20268-K EDGAR
  3. Aug 19, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 17, 2026144 EDGAR
  5. Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 12, 2026144 EDGAR
  7. Aug 11, 202610-Q EDGAR
  8. Aug 7, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 5, 20268-K EDGAR
  10. Aug 5, 2026144 EDGAR
  11. Jul 31, 2026ARS EDGAR
  12. Jul 31, 2026DEFA14A EDGAR
  13. Jul 31, 2026DEF 14A EDGAR
  14. Jul 30, 20268-K EDGAR
  15. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jul 2, 2026S-8 EDGAR
  17. Jul 2, 20268-K EDGAR
  18. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR

The 207 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

52 open-market trades by officers, directors and large owners since October 2021: 1 buys and 51 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026SASAKI GAIL MEVP and CFOSale100,000$6.91$691.0KForm 4
Aug 12, 2026SASAKI GAIL MEVP and CFOSale25,000$4.49$112.2KForm 4
Aug 5, 2026SASAKI GAIL MEVP and CFOSale25,000$3.99$99.8KForm 4
Jun 8, 2026Hong Chun KPresident, CEO and ChairmanSale40,000$2.72$108.8KForm 4
May 15, 2026SASAKI GAIL MEVP and CFOSale8,876$2.63$23.3KForm 4
May 11, 2026SASAKI GAIL MEVP and CFOSale25,000$3.49$87.2KForm 4
Apr 23, 2026Cho JunDirectorSale10,000$2.18$21.8KForm 4
Apr 22, 2026Cho JunDirectorSale10,000$1.98$19.8KForm 4
Apr 22, 2026WELCHER BLAKEDirectorSale37,500$2.00$75.0KForm 4
Mar 25, 2026Cho JunDirectorSale10,000$1.89$18.9KForm 4
Mar 17, 2026WELCHER BLAKEDirectorSale37,500$1.66$62.2KForm 4
Mar 16, 2026SASAKI GAIL MEVP and CFOSale20,898$1.50$31.3KForm 4
Mar 16, 2026Hong Chun KPresident, CEO and ChairmanSale93,995$1.50$141.0KForm 4
Mar 13, 2026Hong Chun KPresident, CEO and ChairmanSale194,500$1.50$291.8KForm 4
Mar 12, 2026Hong Chun KPresident, CEO and ChairmanSale55,500$1.50$83.2KForm 4
Jan 5, 2026Hong Chun KPresident, CEO and ChairmanSale250,000$1.00$250.0KForm 4
Jun 24, 2025Hong Chun KPresident, CEO and ChairmanBuy4,285,715$0.70$3.0MForm 4
May 15, 2025SASAKI GAIL MEVP and CFOSale10,430$0.72$7.5KForm 4
May 15, 2025Hong Chun KPresident, CEO and ChairmanSale61,374$0.72$44.2KForm 4
Mar 17, 2025SASAKI GAIL MEVP and CFOSale10,430$1.15$12.0KForm 4

All 52 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Kingswood Wealth Advisors, LLC44,600$137.4K0.0%New
Northland Securities, Inc.26,500$81.6K0.0%+15,300
Compass Financial Management LLC11,000$33.9K0.0%New
Opus Capital Group, LLC19,500$600.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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