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Wolfspeed vs Netlist: WOLF and NLST compared
Wolfspeed is the larger company: $155M of revenue in its latest quarter (Q1 FY27) against $110M for Netlist (Q2 2026). Netlist is growing faster (+163% against -21% a year earlier). Netlist is more profitable, with an operating margin of 1.2% against -72.8%.
Where the money goes: WOLF and NLST
Wolfspeed (WOLF) · Q1 FY27
Wolfspeed, Q1 FY27: revenue $155M (-21% year over year), operating margin -72.8%, net loss $144M, operating cash flow −$84.2M. The chart follows the revenue to costs, profit and cash.
Netlist (NLST) · Q2 2026
Netlist, Q2 2026: revenue $110M (+163% year over year), operating margin 1.2%, net earnings $1.4M, operating cash flow $3.3M. The chart follows the revenue to costs, profit and cash.
| Wolfspeed (WOLF) | Netlist (NLST) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q2 2026 |
| Revenue | $155M | $110M |
| Revenue growth, Y/Y | -21% | +163% |
| Gross margin | — | 20.8% |
| Operating margin | -72.8% | 1.2% |
| Net earnings | −$144M | $1.4M |
| Net margin | -92.8% | 1.3% |
| Operating cash flow | −$84.2M | $3.3M |
Where the revenue comes from
Wolfspeed
- Power Products: $117M (75%)
- Materials Products: $38.2M (25%)
Netlist
- Resales of third-party products: $104M (94%)
- Sale of our modular memory subsystems: $6.1M (6%)
Questions
Which is bigger, Wolfspeed or Netlist?
Wolfspeed is the larger company: $155M of revenue in its latest quarter (Q1 FY27) against $110M for Netlist (Q2 2026).
Is Wolfspeed or Netlist growing faster?
Netlist is growing faster (+163% against -21% a year earlier).
Which is more profitable, Wolfspeed or Netlist?
Netlist is more profitable, with an operating margin of 1.2% against -72.8%.
More: Wolfspeed earnings · how Wolfspeed makes money · Netlist earnings · how Netlist makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.