Filing Flows › Netlist (NLST) › Q3 2025
Netlist (NLST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Netlist (NLST) reported revenue of $42.2M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before. Operating margin was -16.9%, net loss $7.0M (16.6% of revenue).
Netlist, Q3 2025: revenue $42.2M (+5% year over year), operating margin -16.9%, net loss $7.0M, operating cash flow −$10.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $42.2M | +1% | +5% |
| Operating profit | −$7.2M | — | — |
| Net earnings | −$7.0M | — | — |
| Operating cash flow | −$10.3M | — | — |
What changed
Revenue was $42.2M in Q3 2025, up 5% year over year and up 1% from the previous quarter. Resales of third-party products was the largest line at 94% of revenue. Resales of third-party products added $2.1M year over year (up 6%), 104% of the total change. Sale of our modular memory subsystems declined 4%.
Gross margin was 4.4%, up 1.5 points from a year earlier. Operating costs exceeded revenue by $7.2M, an operating margin of -16.9%. Operating expenses fell 17% while revenue rose 5%. The quarter ended with a net loss of $7.0M, wider than the previous quarter's $6.1M loss.
Operating cash flow was −$10.3M. Non-cash charges added back $70K of depreciation and amortization and $760K of share-based compensation. Working capital and other items used $4.1M.
Questions
What was Netlist's revenue in the third quarter 2025?
Netlist (NLST) reported revenue of $42.2M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before.
Was Netlist profitable in the third quarter 2025?
Operating loss was $7.2M (-16.9% of revenue) and net loss $7.0M.
Source: Netlist 10-Q on SEC EDGAR.