Filing Flows › Netlist (NLST) › Q1 2026
Netlist (NLST) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 12, 2026
Netlist (NLST) reported revenue of $105M for the first quarter 2026 (Q1 2026), +262% from a year earlier and +39% from the quarter before. Operating margin was 8.2%, net earnings $8.6M (8.2% of revenue).
Netlist, Q1 2026: revenue $105M (+262% year over year), operating margin 8.2%, net earnings $8.6M, operating cash flow −$21.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $105M | +39% | +262% |
| Gross profit | $22.4M | +224% | 17× |
| Operating profit | $8.6M | — | — |
| Net earnings | $8.6M | — | — |
| Operating cash flow | −$21.8M | -265% | — |
What changed
Revenue was $104.9M in Q1 2026, up 262% year over year and up 39% from the previous quarter. Resales of third-party products was the largest line at 96% of revenue. Resales of third-party products added $72.9M year over year (up 264%), 96% of the total change.
Gross margin was 21.3%, up 16.9 points from Q1 2025. Operating profit was $8.6M, a 8.2% margin (up 41.9 points year over year). Operating expenses grew 25% against revenue growth of 262%. The fastest-growing cost line was Other operating costs (+28%). Net earnings were $8.6M. The effective tax rate was 0.0%.
Operating cash flow was −$21.8M. Non-cash charges added back $68K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $31.5M.
Questions
What was Netlist's revenue in the first quarter 2026?
Netlist (NLST) reported revenue of $105M for the first quarter 2026 (Q1 2026), +262% from a year earlier and +39% from the quarter before.
Was Netlist profitable in the first quarter 2026?
Operating profit was $8.6M (8.2% of revenue) and net earnings $8.6M.
Source: Netlist 10-Q on SEC EDGAR.