---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-044820"
form_type: "8-K"
ticker: "NLST"
cik: "0001282631"
company_name: "NETLIST INC"
filed_at: "2025-05-06T23:59:59+00:00"
generated_at: "2026-05-22T11:06:09.899050+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Netlist Q1 2025: revenue $29.0M (down 19% YoY), net loss $9.5M narrows from $17.0M

## Summary
- Net sales $29.0M vs $35.8M in Q1 2024; gross profit $1.3M up from $0.7M.
- Operating expenses down 39% to $11.1M; net loss $0.03 per share vs $0.07 loss last year.
- Cash, cash equivalents and restricted cash $25.6M; working capital deficit $15.0M.
- CEO C.K. Hong cites AI-driven memory market transition to HBM and DDR5 as growth catalyst.
- Stock-based compensation was $1.0M in Q1 2025 vs $1.4M in Q1 2024.

## SEC filing metadata
- accession: 0001104659-25-044820
- form_type: 8-K
- ticker: NLST
- cik: 0001282631
- company_name: NETLIST INC
- filed_at: 2025-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1282631/000110465925044820/0001104659-25-044820-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1282631/000110465925044820/tm2513805d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-044820
- JSON: https://secwatch.observer/filing/0001104659-25-044820.json
- Plain text: https://secwatch.observer/filing/0001104659-25-044820.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.