Filing Flows › Netlist (NLST) › Q2 2026 › vs Q1 2026
Netlist (NLST) Q2 2026 vs Q1 2026 (quarter over quarter)
Netlist's revenue rose $5.0M (+5%) from $105M in Q1 2026 to $110M in Q2 2026. The biggest changes: Resales of third-party products +$3.2M (+3%); Sale of our modular memory subsystems +$1.8M (+41%). Gross margin 20.8% against 21.3% (-0.5 pts).
Netlist, Q2 2026: revenue $110M (+163% year over year), operating margin 1.2%, net earnings $1.4M, operating cash flow $3.3M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 20.8% | 21.3% | -0.5 pts |
| Operating margin | 1.2% | 8.2% | -6.9 pts |
| Net margin | 1.3% | 8.2% | -7.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Resales of third-party products | $104M | $101M | $3.2M | +3% |
| Sale of our modular memory subsystems | $6.1M | $4.3M | $1.8M | +41% |
| Revenue | $110M | $105M | $5.0M | +5% |
| Gross profit | $22.9M | $22.4M | $494K | +2% |
| Cost of revenue | $87.0M | $82.5M | $4.5M | +5% |
| Operating profit | $1.3M | $8.6M | −$7.2M | -84% |
| Operating expenses | $21.5M | $13.8M | $7.7M | +56% |
| Pre-tax earnings | $1.4M | $8.6M | −$7.2M | -84% |
| Research & development | $1.1M | $1.1M | −$51K | -5% |
| SG&A | $3.7M | $3.7M | −$8K | -0.2% |
| Other operating costs | $16.8M | $9.0M | $7.8M | +87% |
| Net earnings | $1.4M | $8.6M | −$7.2M | -84% |
| Depreciation & amortization | $69K | $68K | $1K | +1% |
| Share-based compensation | $809K | $956K | −$147K | -15% |
| Working capital & other | $1.0M | −$31.5M | $32.5M | — |
| Operating cash flow | $3.3M | −$21.8M | $25.1M | — |
Questions
How much did Netlist's revenue grow quarter over quarter in Q2 2026?
Netlist's revenue rose $5.0M (+5%) from $105M in Q1 2026 to $110M in Q2 2026.
What drove Netlist's revenue change in Q2 2026?
Resales of third-party products +$3.2M (+3%); Sale of our modular memory subsystems +$1.8M (+41%).