Filing Flows › Netlist (NLST) › Q1 2026 › vs Q4 2025
Netlist (NLST) Q1 2026 vs Q4 2025 (quarter over quarter)
Netlist's revenue rose $29.2M (+39%) from $75.7M in Q4 2025 to $105M in Q1 2026. The biggest changes: Resales of third-party products +$28.2M (+39%); Sale of our modular memory subsystems +$963K (+29%). Gross margin 21.3% against 9.1% (+12.2 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 21.3% | 9.1% | +12.2 pts |
| Operating margin | 8.2% | -3.1% | +11.3 pts |
| Net margin | 8.2% | -3.0% | +11.2 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Resales of third-party products | $101M | $72.4M | $28.2M | +39% |
| Sale of our modular memory subsystems | $4.3M | $3.3M | $963K | +29% |
| Revenue | $105M | $75.7M | $29.2M | +39% |
| Gross profit | $22.4M | $6.9M | $15.5M | +224% |
| Cost of revenue | $82.5M | $68.8M | $13.7M | +20% |
| Operating profit | $8.6M | −$2.3M | $10.9M | — |
| Operating expenses | $13.8M | $9.3M | $4.6M | +49% |
| Pre-tax earnings | $8.6M | −$2.2M | $10.9M | — |
| Research & development | $1.1M | $948K | $153K | +16% |
| SG&A | $3.7M | $3.6M | $130K | +4% |
| Other operating costs | $9.0M | $4.7M | $4.3M | +91% |
| Net earnings | $8.6M | −$2.2M | $10.9M | — |
| Operating cash sources | $31.5M | −$14.7M | $46.2M | — |
| Depreciation & amortization | $68K | $68K | $0 | 0% |
| Share-based compensation | $956K | $694K | $262K | +38% |
| Cash used in operations | $21.8M | −$13.3M | $35.1M | — |
| Working capital & other | $31.5M | −$14.7M | $46.2M | — |
Questions
How much did Netlist's revenue grow quarter over quarter in Q1 2026?
Netlist's revenue rose $29.2M (+39%) from $75.7M in Q4 2025 to $105M in Q1 2026.
What drove Netlist's revenue change in Q1 2026?
Resales of third-party products +$28.2M (+39%); Sale of our modular memory subsystems +$963K (+29%).