Filing Flows › Netlist (NLST) › Q4 2025
Netlist (NLST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 19, 2026
Netlist (NLST) reported revenue of $75.7M for the fourth quarter 2025 (Q4 2025), +121% from a year earlier and +79% from the quarter before. Operating margin was -3.1%, net loss $2.2M (3.0% of revenue).
Netlist, Q4 2025: revenue $75.7M (+121% year over year), operating margin -3.1%, net loss $2.2M, operating cash flow $13.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $75.7M | +79% | +121% |
| Operating profit | −$2.3M | — | — |
| Net earnings | −$2.2M | — | — |
| Operating cash flow | $13.3M | — | — |
| Free cash flow | $13.2M | — | — |
What changed
Revenue was $75.7M in Q4 2025, up 121% year over year and up 79% from the previous quarter. Resales of third-party products was the largest line at 96% of revenue.
Gross margin was 9.1%, up 8.4 points from Q4 2024. Operating costs exceeded revenue by $2.3M, an operating margin of -3.1%. Operating expenses fell 31% while revenue rose 121%. The fastest-growing cost line was SG&A (+32%). The quarter ended with a net loss of $2.2M, narrower than the previous quarter's $7.0M loss.
Operating cash flow was $13.3M. Non-cash charges added back $68K of depreciation and amortization and $694K of share-based compensation. Working capital and other items added $14.7M. Capital expenditures of $17K left free cash flow of $13.2M.
Questions
What was Netlist's revenue in the fourth quarter 2025?
Netlist (NLST) reported revenue of $75.7M for the fourth quarter 2025 (Q4 2025), +121% from a year earlier and +79% from the quarter before.
Was Netlist profitable in the fourth quarter 2025?
Operating loss was $2.3M (-3.1% of revenue) and net loss $2.2M.
Source: Netlist 10-K on SEC EDGAR.