Filing Flows › Netlist (NLST) › Q1 2026 › vs Q1 2025
Netlist (NLST) Q1 2026 vs Q1 2025 (year over year)
Netlist's revenue rose $75.9M (+262%) from $29.0M in Q1 2025 to $105M in Q1 2026. The biggest changes: Resales of third-party products +$72.9M (+264%); Sale of our modular memory subsystems +$3.0M (+224%). Gross margin 21.3% against 4.5% (+16.9 pts).
Netlist, Q1 2026: revenue $105M (+262% year over year), operating margin 8.2%, net earnings $8.6M, operating cash flow −$21.8M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 21.3% | 4.5% | +16.9 pts |
| Operating margin | 8.2% | -33.7% | +41.9 pts |
| Net margin | 8.2% | -32.7% | +41.0 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Resales of third-party products | $101M | $27.6M | $72.9M | +264% |
| Sale of our modular memory subsystems | $4.3M | $1.3M | $3.0M | +224% |
| Revenue | $105M | $29.0M | $75.9M | +262% |
| Gross profit | $22.4M | $1.3M | $21.1M | 17× |
| Cost of revenue | $82.5M | $27.7M | $54.8M | +198% |
| Operating profit | $8.6M | −$9.8M | $18.3M | — |
| Operating expenses | $13.8M | $11.1M | $2.8M | +25% |
| Pre-tax earnings | $8.6M | −$9.5M | $18.1M | — |
| Research & development | $1.1M | $893K | $208K | +23% |
| SG&A | $3.7M | $3.1M | $602K | +19% |
| Other operating costs | $9.0M | $7.0M | $1.9M | +28% |
| Net earnings | $8.6M | −$9.5M | $18.1M | — |
| Operating cash sources | $31.5M | $1.6M | $29.9M | 19× |
| Depreciation & amortization | $68K | $71K | −$3K | -4% |
| Share-based compensation | $956K | $971K | −$15K | -2% |
| Cash used in operations | $21.8M | $10.1M | $11.8M | +117% |
| Working capital & other | $31.5M | $1.6M | $29.9M | 19× |
Questions
How much did Netlist's revenue grow year over year in Q1 2026?
Netlist's revenue rose $75.9M (+262%) from $29.0M in Q1 2025 to $105M in Q1 2026.
What drove Netlist's revenue change in Q1 2026?
Resales of third-party products +$72.9M (+264%); Sale of our modular memory subsystems +$3.0M (+224%).