Latest news with #GailSasaki
Yahoo
06-05-2025
- Business
- Yahoo
Netlist Reports First Quarter 2025 Results
IRVINE, CA / ACCESS Newswire / May 6, 2025 / Netlist, Inc. (OTCQB:NLST) today reported financial results for the first quarter ended March 29, 2025. Recent Highlights: Revenue for the first quarter of 2025 was $29.0 million. Operating Expenses for the first quarter decreased by 39% to $11.1 million compared to $18.1 million for last year's first quarter. "First quarter results were in line with our expectations. The memory market remains poised for significant growth driven by the industry's transition to HBM and DDR5 memory for AI. Netlist is well-positioned to capitalize on this through new product development and its intellectual property portfolio," said Chief Executive Officer, C.K. Hong. Net sales for the first quarter ended March 29, 2025 were $29.0 million, compared to net sales of $35.8 million for the first quarter ended March 30, 2024. Gross profit for the first quarter ended March 29, 2025 was $1.3 million, compared to a gross profit of $0.7 million for the first quarter ended March 30, 2024. Net loss for the first quarter ended March 29, 2025 was ($9.5) million, or ($0.03) per share, compared to a net loss of ($17.0) million in the same period of prior year, or ($0.07) per share. These results include stock-based compensation expense of $1.0 million and $1.4 million for the quarters ended March 29, 2025 and March 30, 2024, respectively. As of March 29, 2025, cash, cash equivalents and restricted cash were $25.6 million, total assets were $32.4 million, working capital deficit was ($15.0) million, and stockholders' deficit was ($13.7) million. Conference Call Information C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, May 6, 2025 at 12:00 p.m. Eastern Time to review Netlist's results for the first quarter ended March 29, 2025. The live webcast and archived replay of the call can be accessed for 90 days in the Investors section of Netlist's website at About Netlist Netlist is a leading innovator in advanced memory and storage solutions. With a rich portfolio of patented technologies, Netlist's inventions are foundational to the advancement of AI which is revolutionizing computing. To learn more about Netlist, please visit Safe Harbor Statement This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release include, without limitation, statements about Netlist's ability to execute on its strategic initiatives, the results of pending litigations and Netlist's ability to successfully defend its intellectual property. Forward-looking statements are statements other than historical facts and often address future events or Netlist's future performance and reflect management's present expectations regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These risks, uncertainties and other factors include, among others: risks that Samsung will appeal the final orders by the trial court for the Samsung litigations, risks that Micron will appeal the final judgment by the trial court (appeals in general could cause a lengthy delay in Netlist's ability to collect damage awards, could overturn the verdicts or reduce the damages awards); risks that Netlist will suffer adverse outcomes in its litigation with Samsung, Micron or Google or in its various other active proceedings to defend the validity of its patents; risks related to Netlist's plans for its intellectual property, including its strategies for monetizing, licensing, expanding, and defending its patent portfolio; risks associated with patent infringement litigation initiated by Netlist, or by others against Netlist, as well as the costs and unpredictability of any such litigation; risks associated with Netlist's product sales, including the market and demand for products sold by Netlist and its ability to successfully develop and launch new products that are attractive to the market; the success of product, joint development and licensing partnerships; the competitive landscape of Netlist's industry; and general economic, political and market conditions, including the ongoing conflicts between Russia and Ukraine and Israel and Palestine, factory slowdowns and/or shutdowns, and changes in international tariff policies. All forward-looking statements reflect management's present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These and other risks and uncertainties are described in Netlist's Annual Report on Form 10-K for the fiscal year ended December 28, 2024 filed with the SEC on March 28, 2025, and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In particular, you are encouraged to review the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2025 that will be filed with the SEC for any revisions or updates to the information in this release. In light of these risks, uncertainties and other factors, these forward-looking statements should not be relied on as predictions of future events. These forward-looking statements represent Netlist's assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Netlist undertakes no obligation to revise or update any forward-looking statements for any reason.
Associated Press
27-03-2025
- Business
- Associated Press
Netlist Reports Full Year and Fourth Quarter 2024 Results
IRVINE, CA / ACCESS Newswire / March 27, 2025 / Netlist, Inc. (OTCQB:NLST) today reported financial results for the full year and fourth quarter ended December 28, 2024. Recent Highlights: Net sales for the full year of 2024 increased by 113% to $147.1 million compared to $69.2 million from the same period one year ago. Gross profit for the full year of 2024 increased by 21% to $2.9 million compared to $2.4 million from the same period one year ago. 'In 2024, Netlist delivered strong revenue growth and made significant progress in intellectual property enforcement. During the year Netlist won patent infringement jury trials against Micron and Samsung, bringing total damages awarded for the willful infringement of its patents to $866 million. As the market for advanced memory continues to expand, Netlist remains well-positioned for growth,' said Chief Executive Officer, C.K. Hong. Net sales for the fourth quarter ended December 28, 2024 were $34.3 million, compared to net sales of $33.4 million for the fourth quarter ended December 30, 2023. Gross profit for the fourth quarter ended December 28, 2024 was $0.3 million, compared to a gross profit of $1.2 million for the fourth quarter ended December 30, 2023. Net sales for the full year ended December 28, 2024 were $147.1 million, compared to net sales of $69.2 million for the full year ended December 30, 2023. Gross profit for the full year ended December 28, 2024 was $2.9 million, compared to a gross profit of $2.4 million for the full year ended December 30, 2023. Net loss for the fourth quarter ended December 28, 2024 was ($12.7) million, or ($0.05) per share, compared to a net loss of ($13.2) million in the same period of prior year, or ($0.05) per share. These results include stock-based compensation expense of $0.8 million and $0.9 million for the quarters ended December 28, 2024 and December 30, 2023, respectively. Net loss for the full year ended December 28, 2024 was ($53.8) million, or ($0.21) per share, compared to a net loss in the prior year period of ($60.4) million, or ($0.25) per share. These results include stock-based compensation expense of $4.4 million and $4.3 million for the full year ended December 28, 2024 and December 30, 2023, respectively. As of December 28, 2024, cash, cash equivalents and restricted cash were $34.6 million, total assets were $41.8 million, working capital deficit was ($7.3) million, and stockholders' deficit was ($6.0) million. Conference Call Information C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, March 27, 2025 at 12:00 p.m. Eastern Time to review Netlist's results for the full year and fourth quarter ended December 28, 2024. The live webcast and archived replay of the call can be accessed for 90 days in the Investors section of Netlist's website at About Netlist Netlist is a leading innovator in advanced memory and storage solutions. With a rich portfolio of patented technologies, Netlist's inventions are foundational to the advancement of AI which is revolutionizing computing. To learn more about Netlist, please visit Safe Harbor Statement This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release include, without limitation, statements about Netlist's ability to execute on its strategic initiatives, the results of pending litigation, including the second patent infringement jury trial against Samsung, and Netlist's ability to successfully defend its intellectual property. Forward-looking statements are statements other than historical facts and often address future events or Netlist's future performance and reflect management's present expectations regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These risks, uncertainties and other factors include, among others: risks that Samsung will appeal the final order by the trial court for the first Samsung litigation, that the second patent infringement litigation with Samsung may not result in a favorable result for the company, risks that Micron will appeal the final judgment by the trial court (appeals in general could cause a lengthy delay in Netlist's ability to collect damage awards, could overturn the verdicts or reduce the damages awards); risks that Netlist will suffer adverse outcomes in its litigation with Samsung, Micron or Google or in its various other active proceedings to defend the validity of its patents; risks related to Netlist's plans for its intellectual property, including its strategies for monetizing, licensing, expanding, and defending its patent portfolio; risks associated with patent infringement litigation initiated by Netlist, or by others against Netlist, as well as the costs and unpredictability of any such litigation; risks associated with Netlist's product sales, including the market and demand for products sold by Netlist and its ability to successfully develop and launch new products that are attractive to the market; the success of product, joint development and licensing partnerships; the competitive landscape of Netlist's industry; and general economic, political and market conditions, including the ongoing conflicts between Russia and Ukraine and Israel and Palestine, factory slowdowns and/or shutdowns. All forward-looking statements reflect management's present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These and other risks and uncertainties are described in Netlist's Quarterly Report on Form 10-Q for the quarter ended September 28, 2024 filed with the SEC on November 7, 2024, and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In particular, you are encouraged to review the Company's Annual Report on Form 10-K for the year ended December 28, 2024 that will be filed with the SEC for any revisions or updates to the information in this release. In light of these risks, uncertainties and other factors, these forward-looking statements should not be relied on as predictions of future events. These forward-looking statements represent Netlist's assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Netlist undertakes no obligation to revise or update any forward-looking statements for any reason. Investor Relations Contacts: Mike Smargiassi (212) 739-6729 Gail M. Sasaki Netlist, Inc., Chief Financial Officer (949) 435-0025 NETLIST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) December 28, December 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 22,507 $ 40,445 Restricted cash 12,100 12,400 Accounts receivable, net 1,671 4,562 Inventories 2,744 12,031 Prepaid expenses and other current assets 733 441 Total current assets 39,755 69,879 Property and equipment, net 517 770 Operating lease right-of-use assets 1,101 1,590 Other assets 466 560 Total assets $ 41,839 $ 72,799 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 42,307 $ 39,831 Revolving line of credit 1,230 3,844 Accrued payroll and related liabilities 808 1,346 Deferred revenue 40 - Other current liabilities 2,675 2,569 Total current liabilities 47,060 47,590 Operating lease liabilities 641 1,213 Other liabilities 186 237 Total liabilities 47,887 49,040 Commitments and contingencies Stockholders' equity (deficit): Preferred stock - - Common stock 273 254 Additional paid-in capital 331,367 307,328 Accumulated deficit (337,688 ) (283,823 ) Total stockholders' equity (deficit) (6,048 ) 23,759 Total liabilities and stockholders' equity (deficit) $ 41,839 $ 72,799 NETLIST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Year Ended December 28, December 30, December 28, December 30, 2024 2023 2024 2023 Net sales $ 34,275 $ 33,433 $ 147,103 $ 69,205 Cost of sales(1) 34,021 32,279 144,219 66,812 Gross profit 254 1,154 2,884 2,393 Operating expenses: Research and development(1) 1,077 2,340 8,064 9,164 Intellectual property legal fees 9,555 9,664 37,958 42,572 Selling, general and administrative(1) 2,737 2,899 12,090 12,414 Total operating expenses 13,369 14,903 58,112 64,150 Operating loss (13,115 ) (13,749 ) (55,228 ) (61,757 ) Other income, net: Interest income, net 252 460 1,048 1,300 Other income, net 149 46 316 60 Total other income, net 401 506 1,364 1,360 Loss before provision for income taxes (12,714 ) (13,243 ) (53,864 ) (60,397 ) Provision for income taxes - - 1 1 Net loss $ (12,714 ) $ (13,243 ) $ (53,865 ) $ (60,398 ) Loss per common share: Basic and diluted $ (0.05 ) $ (0.05 ) $ (0.21 ) $ (0.25 ) Weighted-average common shares outstanding: Basic and diluted 270,089 253,547 259,904 244,118 (1) Amounts include stock-based compensation expense as follows: Cost of sales $ 17 $ 20 $ 99 $ 110 Research and development 110 184 908 875 Selling, general and administrative 677 715 3,429 3,352 Total stock-based compensation $ 804 $ 919 $ 4,436 $ 4,337
