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Netlist cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.3M in Q2 2026 · −$15.6M over twelve months

Operating cash flow$3.3M
Free cash flow+$3.3M
Cash / net income2.4×
Cash conversion cycle2 days

Analysis

In Q2 2026, Netlist generated $3.3M of operating cash flow.

Over the twelve months to Jun 27, 2026, operating cash flow was −$15.5M; the largest uses were operating cash flow ($15.5M), capital spending ($66K); besides operations, cash came from shares issued ($16.6M), other financing ($9.5M); the cash balance rose by $11.6M.

Operating cash flow was $3.3M against net income of $1.4M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue −$41.4M, inventory +$14.4M, payables +$14.3M.

Its cash conversion cycle was 2 days (receivables 3 + inventory 36 − payables 36).

Free cash flow

Netlist: free cash flow by quarterNetlist: free cash flow by quarter−$3.5MQ3 2024−$9.1MQ4 2024−$10.1MQ1 2025−$7.7MQ2 2025−$10.3MQ3 2025$13.2MQ4 2025−$21.8MQ1 2026$3.3MQ2 2026
Operating cash flow less capital spending.
Netlist: operating cash flow against capital spendingNetlist: operating cash flow against capital spendingOperating cash flowCapital spending−$3.5M$0Q3 2024−$9.1M$7KQ4 2024−$10.1M$13KQ1 2025−$7.7M$12KQ2 2025−$10.3M$0Q3 2025$13.3M$17KQ4 2025−$21.8M$0Q1 2026$3.3M$0Q2 2026
Latest (Q2 2026): Operating cash flow $3.3M, Capital spending $0.

Capital allocation, year by year

Netlist: where the cash came from (up) and went (down), by fiscal yearNetlist: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $6.0MFY2021: Net borrowing −$13.8MFY2021: Shares issued $39.6MFY2021: Capital spending −$520K$45.6MFY2021FY2022: Operating cash flow −$15.0MFY2022: Net borrowing −$2.8MFY2022: Shares issued $4.4MFY2022: Capital spending −$467K$4.4MFY2022FY2023: Operating cash flow −$41.6MFY2023: Net borrowing −$1.7MFY2023: Shares issued $52.6M$52.6MFY2023FY2024: Operating cash flow −$34.6MFY2024: Net borrowing −$3.2MFY2024: Shares issued $19.6MFY2024: Capital spending −$71K$19.6MFY2024FY2025: Operating cash flow −$14.7MFY2025: Net borrowing $21KFY2025: Shares issued $75KFY2025: Capital spending −$42K$96KFY2025
Over these 5 years operating cash flow totalled −$99.9M; the largest uses were operating cash flow ($106M) and net borrowing ($21.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.7M
Debtnone
Net cash$30.7M
Cash runway24 months

Netlist is burning cash: its operations consume cash, a free cash flow of −$15.6M a year at the current rate against $30.7M of cash and investments: a runway of about 24 months before any new financing.

Where the cash came from and went

Netlist: sources (+) and uses (−) of cash, Q2 2026Netlist: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$13.7MShares issued$10.5MOperating cash flow$3.3MNet borrowing (+) / repaid (−)−$136KNot reconciled−$49K
Netlist: sources (+) and uses (−) of cash, TTM to Q2 2026Netlist: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$16.6MOperating cash flow−$15.5MCash drawn (+) / kept (−)−$11.6MOther financing$9.5MNet borrowing (+) / repaid (−)$1.1MCapital spending−$66K

From profit to cash

Netlist: net income to operating cash flow, Q2 2026Netlist: net income to operating cash flow, Q2 2026Net income$1.4MDepreciation & amortization$69KStock-based pay$809KReceivables−$137KInventory$14.4MPayables$14.3MAccrued liabilities−$160KEmployee-related liabilities$391KDeferred revenue−$41.4MPrepaid and other assets$13.5MOperating cash flow$3.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026336362
Q1 2026225261
Q4 202541438-20
Q3 202563080-44
Q2 202541281-65
Q1 202568133-119
Q4 202449102-89
Q3 202481471-49

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$3.3M—−$136K$10.5M−$13.7M$3.3M
Q1 2026−$21.8M—$699K$6.0M$15.1M−$21.8M
Q4 2025$13.3M−$17K−$1.6M—−$21.2M$13.2M
Q3 2025−$10.3M—$2.2M−$84K$8.2M−$10.3M
Q2 2025−$7.7M−$12K−$647K$11.8M−$3.5M−$7.7M
Q1 2025−$10.1M−$13K$164K$951K$9.0M−$10.1M
Q4 2024−$9.1M−$7K−$334K$14.3M−$4.8M−$9.1M
Q3 2024−$3.5M—−$3.2M$62K$6.6M−$3.5M

Netlist: income statement and cash flow

Netlist, Q2 2026: revenue $110M (+163% year over year), operating margin 1.2%. The chart follows the revenue to costs, profit and cash.

Netlist: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.