Filing Flows › Netlist (NLST) › How it makes money
How Netlist (NLST) makes money
Netlist (NLST) made $110M of revenue in the second quarter 2026 (Q2 2026), +163% from a year earlier. Resales of third-party products brought in $104M (94%); Sale of our modular memory subsystems brought in $6.1M (6%). Of every dollar of revenue, 21¢ was left as gross profit, 1¢ was left as operating profit, 1¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Resales of third-party products | $104M | 94.5% | +3% | +158% |
| Sale of our modular memory subsystems | $6.1M | 5.5% | +41% | +309% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $110M | 100.0% |
| Cost of revenue | $87.0M | 79.2% |
| Gross profit | $22.9M | 20.8% |
| Operating expenses | $21.5M | 19.6% |
| Operating profit | $1.3M | 1.2% |
| Net earnings | $1.4M | 1.3% |
| Operating cash flow | $3.3M | 3.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $110M | +163% |
| Q1 2026 | $105M | +262% |
| Q4 2025 | $75.7M | +121% |
| Q3 2025 | $42.2M | +5% |
| Q2 2025 | $41.7M | +13% |
| Q1 2025 | $29.0M | -19% |
| Q4 2024 | $34.3M | +2% |
From Netlist's 10-Q filed Aug 11, 2026 (on EDGAR).
Questions
How does Netlist make money?
Netlist (NLST) made $110M of revenue in the second quarter 2026 (Q2 2026), +163% from a year earlier. Resales of third-party products brought in $104M (94%); Sale of our modular memory subsystems brought in $6.1M (6%). Of every dollar of revenue, 21¢ was left as gross profit, 1¢ was left as operating profit, 1¢ was left as net earnings.
What is Netlist's biggest business?
Resales of third-party products: $104M in the second quarter 2026, 94% of revenue, +158% from a year earlier.
What is Netlist's profit margin?
Net earnings were $1.4M, 1.3% of revenue, in the second quarter 2026; the operating margin was 1.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.