Netlist, Inc. has released its financial results for the full year and fourth quarter ending December 28, 2024.
Financial Performance Overview
For the full year of 2024, Netlist’s net sales surged by 113%, reaching $147.1 million compared to $69.2 million in 2023. The company’s gross profit rose by 21%, amounting to $2.9 million, an increase from $2.4 million in the previous year.
Fourth Quarter Highlights
In the fourth quarter specifically, net sales totaled $34.3 million, slightly up from $33.4 million in the same quarter of 2023. However, gross profit decreased to $0.3 million from $1.2 million year-over-year.
Net Loss Analysis
The net loss for the fourth quarter was $12.7 million, or $0.05 per share, an improvement over a net loss of $13.2 million, also $0.05 per share, from the previous year. Stock-based compensation expenses were recorded at $0.8 million for the fourth quarter of 2024, compared to $0.9 million in 2023.
For the entire fiscal year, the net loss stood at $53.8 million, or $0.21 per share, versus a net loss of $60.4 million, or $0.25 per share, in 2023. The stock-based compensation expense for the year was $4.4 million, slightly higher than $4.3 million from the previous year.
Key Developments
CEO C.K. Hong highlighted that 2024 was marked by robust revenue growth and progress in enforcing intellectual property rights. The company achieved significant legal victories, including patent infringement rulings against Micron and Samsung, resulting in a total of $866 million awarded in damages for patent infringement.
Balance Sheet Snapshot
As of December 28, 2024, Netlist reported cash and cash equivalents of $34.6 million, total assets of $41.8 million, a working capital deficit of $7.3 million, and a stockholders’ deficit of $6.0 million.
Investor Engagement
An investor conference call was conducted by CEO C.K. Hong and CFO Gail Sasaki on March 27, 2025. Interested parties can access the live webcast and archived replay through Netlist’s investor relations website for a limited time.