Filing Flows › Netlist (NLST) › Q1 2025
Netlist (NLST) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 13, 2025
Netlist (NLST) reported revenue of $29.0M for the first quarter 2025 (Q1 2025), -19% from a year earlier. Operating margin was -33.7%, net loss $9.5M (32.7% of revenue).
Netlist, Q1 2025: revenue $29.0M (-19% year over year), operating margin -33.7%, net loss $9.5M, operating cash flow −$10.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.0M | — | -19% |
| Operating profit | −$9.8M | — | — |
| Net earnings | −$9.5M | — | — |
| Operating cash flow | −$10.1M | — | — |
What changed
Revenue was $29.0M in Q1 2025, down 19% year over year. Resales of third-party products was the largest line at 95% of revenue. Resales of third-party products lost $3.6M year over year (down 12%), 53% of the total change.
Gross margin was 4.5%, up 2.5 points from a year earlier. Operating costs exceeded revenue by $9.8M, an operating margin of -33.7%. Operating expenses fell 39% while revenue fell 19%. The quarter ended with a net loss of $9.5M.
Operating cash flow was −$10.1M. Non-cash charges added back $71K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $1.6M. Capital expenditures of $13K exceeded it, leaving free cash flow of −$10.1M.
Questions
What was Netlist's revenue in the first quarter 2025?
Netlist (NLST) reported revenue of $29.0M for the first quarter 2025 (Q1 2025), -19% from a year earlier.
Was Netlist profitable in the first quarter 2025?
Operating loss was $9.8M (-33.7% of revenue) and net loss $9.5M.
Source: Netlist 10-Q on SEC EDGAR.