Filing Flows › Netlist (NLST) › Q2 2025
Netlist (NLST) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
Netlist (NLST) reported revenue of $41.7M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +44% from the quarter before. Operating margin was -15.0%, net loss $6.1M (14.6% of revenue).
Netlist, Q2 2025: revenue $41.7M (+13% year over year), operating margin -15.0%, net loss $6.1M, operating cash flow −$7.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $41.7M | +44% | +13% |
| Operating profit | −$6.2M | — | — |
| Net earnings | −$6.1M | — | — |
| Operating cash flow | −$7.7M | — | — |
What changed
Revenue was $41.7M in Q2 2025, up 13% year over year and up 44% from the previous quarter. Resales of third-party products was the largest line at 96% of revenue. Resales of third-party products added $6.9M year over year (up 21%), 141% of the total change. Sale of our modular memory subsystems declined 58%.
Gross margin was 3.3%, up 1.2 points from a year earlier. Operating costs exceeded revenue by $6.2M, an operating margin of -15.0%. Operating expenses fell 52% while revenue rose 13%. The fastest-growing cost line was SG&A (+12%). The quarter ended with a net loss of $6.1M, narrower than the previous quarter's $9.5M loss.
Operating cash flow was −$7.7M. Non-cash charges added back $71K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $2.7M. Capital expenditures of $12K exceeded it, leaving free cash flow of −$7.7M.
Questions
What was Netlist's revenue in the second quarter 2025?
Netlist (NLST) reported revenue of $41.7M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +44% from the quarter before.
Was Netlist profitable in the second quarter 2025?
Operating loss was $6.2M (-15.0% of revenue) and net loss $6.1M.
Source: Netlist 10-Q on SEC EDGAR.