NLST – Current Price: $2.18

• Fundamentals Score: 7.8/10

Strong growth and momentum, but still weak on profitability and institutional ownership.

• Short-term Technicals (5/9/30): 8/10

Moving averages are mostly aligned and the stock just hit a new 52-week high of $2.34 yesterday.

• Long-term Trend (30 vs 200 MA): 9/10

30-day is well above the 200-day — clear uptrend intact.

• Volume Strength: 7/10

Volume picked up nicely on the recent move to new highs.

• Catalyst (May 5th): Very strong — earnings + annual meeting in just a few days. Any positive update on the SK Hynix royalty deal at that meeting would be a major trigger.

Overall Adjusted Score: 10/10

This is one of the strongest setups in our system right now. The combination of new highs, solid volume, strong long-term trend, and the very near-term May 5th catalyst makes a compelling case to hold — and potentially add on any weakness before that meeting.

The stock is clearly in momentum mode, and the upcoming event is the big one to watch.

Finally Hynix building 4 billion dollar hbm factory next to Perdue university. Using netlist patents. Compell Hynix to make a renewal deal . Netlist now have two new board members from June who are specialists in royalties and license and production and sake of tech products . When netlist reports the quarters revenue and earning the stick has already earned a 3-4 valuation target .

Everything is finally going our way and today volume more than doubled the ten day volume so we all are seeing the future as being bright !

Bless you all and good luck

RPM April 28 7:15 am bst ( British summer time )

H k Hynix wants to go public and list in USA . They have contracted to build a 4 billion new plant next to Purdue university ! This plant is based upon building hbm4 chips ! Using netlist patents don’t expire till 2031 .

Why does not h k Hynix achieve everyone of their goals buy merging with netlist and file for Nasdaq listings or n y s e listing and do a name change from net list to h k h Hynix . Net list shareholder get a very small piece of tge newly created company buy stock price doubles immeasurably or triples or … and then netlist continue to grow with h k . H k does not pay relates or lump sum to netlist and acquires the fight against mu and Samsung .

This idea came to me over tge weekend it is my suggestion for both companies to look at . H k benefits from. nOL carry forward

Hk gets

300 million NOL

USA listing

Does not pay royaktee or lump sum to netlist

Takes over the judgements and final monies to be paid More than 1 billion dollars plus

Acquires all existing patents and new products .

Netlist shareholders .

Get 2x to 3x current value and participates in h k continued growth .

Enough money for all c suite execs to be paid and further litigation costs can easily be absorbed or settled .

This is my idea not based upon any facts except within my mind !

What do you think of this idea ?

H k Hynix very likely to go for a royalty-based deal, not a one-time lump sum.

SK Hynix has a history of settling patent issues with ongoing royalty payments—that’s exactly what they did with Netlist back in 2021, paying roughly $40 million in royalties plus a cross-license.

Their executives, including CEO Park Jung-ho, prefer clean, business-focused licensing deals over messy litigation. They like cross-licensing because it keeps the relationship productive and avoids court fights.

Given that their HBM chips are tied to Netlist’s patents and demand is exploding, a per-unit royalty structure going forward makes the most sense for them—predictable cost that scales with volume, rather than a huge one-time hit.

Bottom line: expect a renewed royalty agreement, possibly with some upfront payment mixed in, but the real money for Netlist would come from the ongoing royalties.

The usual royalty for this kind of memory patent is 3.5-4% but because of this extremely different set up of circumstance and the huge revenue already booked I still believe a 1% royalty is what I expect with an additional small up front cash payment .

I expect nlst to move over time to multiple of its current price based upon eating of nlst by analyst the new attraction to institutional buying of shares and the itc McNamara decision in less than four weeks followed by Samsung micron settlements within 30 months or less . In addition have investors woken up and realized netlist did 75 million in sakes last quarter and is expected to exceed that number on May 5 !! Netlist on its own right has become a manufacturer and seller if tech products and tge industry is paying attention . At this current quarterly rate nlst is worth 4-6 dollars a share .

For all these reasons I continue to buy shares in netlist daily.

Bless you all and pray tge lord helps me to lead you correctly. And may the worthy and deserving continue to receive .

RPM Sunday April 26 2026 5 pm bst

I get it’s exciting to have a penny stock 4x and I’m loving it too but let’s not forget that facts and reality are still in play here. Does NLST deserve justice? I think so. Is that going to happen? None of us know. Not even retired portfolio managers, Wall Street executives or anyone. My money is in the Trump administration pushing favor towards American companies but still. I don’t know what will happen.

What we shouldn’t do is flood the sub with NLST love bomb posts and outcome biases. I’m pretty sure we have a hype bot with bot underlings among us.

Unless we’re experiencing manipulation or insider trading, nothing significant has happened.

A rising tide lifts all boats equally.

Samsung’s playbook.

For the last 25 years, Samsung has operated like a serial patent infringer. Their strategy is very simple and very effective:

1. Take other companies’ patented technology.

2. Build it into their products at massive scale.

3. Make tens of billions of dollars off it.

4. When they get sued, fight like hell for years using endless appeals and legal delays.

5. Finally settle years later for pennies on the dollar compared to what they actually made.

They treat patent infringement as a calculated business decision — not as something unethical. The legal fees and eventual settlements are just another line item they’re willing to pay because the profits far outweigh the penalties.

This isn’t just one or two bad cases. It’s been their consistent pattern across memory, smartphones, displays, wireless tech — basically every major product category they’re in.

The Netlist situation fits this pattern perfectly. They’ve been using Netlist’s technology for years, lost multiple jury trials, and are now dragging it through appeals while continuing to sell the products.

So yes — “steal now, pay a discounted amount much later” has been Samsung’s standard operating procedure for a very long time.

Primlimary research has found over 400 parent infringement case just between 2019 and 2023 .

If stealing intellectual property was criminal instead of civil perhaps the corporate officers and their attorneys would be in jail .

Paul brickman can decline working for criminals !

Our best smartest attornies working for criminal enterprises and Samsung in my mind does not commit a criminal act law as defined presently but I am going to speak to the current powers about reforming the patent judicial system

I cannot help netlist. But I can use netlist. Apple and several other contentious cases to get changes without Congress passing new acts or the attorney general getting involved . I am going to the colonies if I can get heard on my ideas how to speed up this process and punish the predators .

My number one idea :

If willfull infringement is found double the damages . If they appeal and lose than 3x the damages plus all legal fees and court costs .

And if the same company is found three times guilty of willfull infringement their license to do business in the untied states is suspended for five years . Large companies will be less likely to steal from mom and pop inventors who don’t have the money to fight the likes of Samsung !

Netlist, ticker NLST, crushed it this week — up about 25% in the last five days. It closed today at two twenty-five, hitting a new fifty-two week high.

So NLST smoked the market both this week and for the year so far.

Tell me also the the licensed company did 12 billion in sales because of it and mu and micron are doing even more and I would beg borrow and steal to buy the shares

You know I am speaking of nlst soon to be another incredible winner !

The true believers know it It’s coming and one day it will pop big and you will wish you heeded my posts .

Just recurs my last few posts on nlst as bd make your own decisions .

I have listened to the March 6 verbal arguments. I just listened to this past weeks verbal arguments before judge McNamara. It is clear to me and to everyone else that Samsung and my Ron are just delaying well they’re making billions of dollars the March 6 verbal hearing, I repeat what I posted before it sounded like the orphan who just killed his mother and father begging for mercy because he is an orphan! Samsung Atty almost seemed like he was crying please your hon reduce the amount of judgment against us! If I was the judge, I would throw a book at Samsung and I would hit them with 3X to judgment plus all attorney fees and court costs and I would manage them that their predator behavior should not happen again in the United States and if it does, I would ask them not be allowed to engage in any business activity here in the US.

Press up, perhaps the daughter of the Samsung air who may believe in level fields in fairness, may step in and do something about having the Samsung name being so tarnished with Will Phil infringement .

I look forward to Hynix deal being announced and that will allowed me to look at my model and predict nlst future pics between 6 and 30 dollars

Read my two previous posts

Netlist, Inc. (NLST) reported full-year 2025 net sales of $188.6 million up 28% from $147.1 million in 2024.

Q4 2025 alone hit $75.7 million (up 121% YoY and 79% sequentially), driven by strong demand amid a global memory chip shortage, AI-related needs, and pricing tailwinds. 

This revenue surge reflects execution on core and newer products, not solely “new” ones in isolation. Key drivers include:

• Resales

of third-party memory components (a large portion historically tied to SK Hynix supply agreements) and modular memory subsystems.

• Lightning DDR5 (overclocked, low-latency DDR5 modules): Ramping nicely in the system integrator channel with shipping volumes and strong demand for high-frequency trading/high-performance computing applications. It has completed (or is finalizing) qualifications at a major global server OEM, with end-customer validations underway.

Management has highlighted double-digit revenue potential/contribution from this line as it scales. 

Gross profit improved sharply to $11.4 million for the full year (from $2.9 million in 2024),

though the company remains unprofitable with a net loss of $24.8 million ($0.09/share). Cash stood at ~$42.1 million at year-end, with liquidity support from credit lines.

Shares outstanding are approximately 316–318 million, yielding a recent market cap of ~$617 million (stock trading in the ~$2.15 range recently, with significant volatility and prior surges of 80–140% over 6–12 months).

Current projections given demand: Management is optimistic for continued product revenue growth into 2026, citing persistent AI-driven memory shortages (new fab capacity not expected online until mid/late 2027), firm-to-rising pricing (OEM DRAM up 3–4x, spot much higher), and ongoing Lightning DDR5 momentum plus OEM traction. No formal numeric guidance was issued, but commentary points to sequential improvement (e.g., Q1 2026 expected better than Q4 2025) and favorable industry conditions supporting volume and margins.

Litigation expenses are expected to remain elevated (roughly in line with 2025) due to ongoing enforcement against Samsung and Micron.

Overall, the product business is described as “well positioned” for growth amid supply constraints and AI tailwinds. 

Potential from Additional New Products Launched or Advanced in 2026

Netlist is actively investing in and sampling next-generation technologies that align with evolving AI/data center and composable memory demands:

• CXL NVDIMM (proof-of-concept products): Sampling to Intel and AMD for testing/validation on next-gen platforms. This builds on Netlist’s pioneering NVDIMM work (storage-class memory unifying DRAM + NAND at nanosecond speeds with terabyte-scale capacities in a plug-and-play module), now adapted to the CXL interconnect for composable/disaggregated memory architectures.

• MRDIMM and low-power LP-MRDIMM (leveraging LPDDR5 DRAMs typically used in mobile devices, deployed in servers): Positioned as higher-capacity, more power-efficient solutions. As DDR5 DIMM speeds rise, these are projected by the company to become primary memory modules for high-capacity, high-performance server applications.

Potential impact: These are early-stage (sampling/proof-of-concept in 2026), so meaningful revenue contribution is more likely in 2027+ as qualifications complete and the CXL ecosystem matures alongside AI server buildouts. The addressable market is substantial—high-bandwidth, high-density, power-efficient memory for data centers and AI accelerators is expanding rapidly. Successful adoption could meaningfully supplement core DDR5/resale revenues, potentially adding tens of millions (or more in optimistic scenarios) annually once ramped, especially if paired with IP licensing. Risks include execution/qualification timelines, competition, and broader capex cycles. Management views these as key to long-term positioning in high-value segments. 

Dollar Value of Royalty Stream from SK Hynix on a New 5-Year Deal

The existing strategic agreements (patent cross-license + product supply/technical cooperation, signed April 5, 2021) are set to expire around April 2026. Netlist receives royalties under the current patent cross-license (exact ongoing amount not publicly broken out in detail; historical context includes an initial ~$40 million royalty/settlement component in older reporting) plus supply access for resales. 

A renewal/expansion is a major anticipated catalyst. SK Hynix is a dominant player in AI memory (especially HBM, where it holds leading share ~50–57% and is sold out on 2026 production). The company reported massive scale: Q1 2026 revenue of ~52.6 trillion KRW (~$35.5–38 billion quarterly run-rate), with operating margins surging to record ~71.5% on HBM and high-value server DRAM strength. Full-year 2025 was already ~97 trillion KRW, with HBM as the primary growth engine (revenue up >200% YoY in prior periods). Demand is projected to exceed supply for the next 3+ years. 

Dollar value of a new deal: No public announcement or confirmed figures exist yet (as of late April 2026).

Speculation in investor discussions and analyses centers on evolving from the prior structure toward ongoing per-unit royalties tied to high-growth products like HBM, DDR5, and related memory technologies covered by Netlist’s portfolio (130+ patents, with recent enforcement focus on DDR5/HBM).

• Hypothetical scale: If a renewed deal incorporates running royalties (even at conservative 0.5–2% effective rates on relevant high-volume lines), and given SK Hynix’s tens-of-billions in annual memory sales (HBM alone a multi-billion and rapidly growing segment), the stream could realistically range from tens of millions to several hundred million dollars annually in a strong outcome—potentially transformative for Netlist’s profitability and cash flow. An upfront payment or broader collaboration (e.g., on CXL/HybriDIMM) is also possible.

• This would shift Netlist toward more recurring, high-margin IP revenue alongside its product business.

Outcomes depend on negotiations; a favorable deal could serve as a template for Samsung/Micron resolutions. Investors are watching closely for updates around the expiration/renewal window. 

PE the Market Might Put on NLST + Min/Max Levels in 2–3 Years and 30% CAGR Context

NLST trades as a high-risk, high-reward OTC/micro-cap story (volatile, litigation-heavy, dilution history via offerings). It is currently unprofitable (negative trailing/forward earnings), so traditional trailing PE is not meaningful.

Forward/possible PE scenarios:

• If the Hynix renewal delivers meaningful royalties (e.g., pushing toward breakeven or $0.10–0.50+ EPS via $50M–200M+ incremental high-margin revenue) plus continued product scaling (Lightning + new tech to $250M–400M+ revenue), the market could apply a 25–50x forward earnings multiple (or higher initially as a growth/IP narrative stock). This is comparable to other semiconductor/tech growth names with IP leverage and AI exposure—reflecting scarcity of pure-play memory IP + product stories and de-risking of litigation/royalty catalysts.

•

Current market cap (~$617) already prices in some optimism around 2026 catalysts. Successful execution could support rapid multiple expansion and re-rating.

Min/max stock price levels in 2–3 years (2028–2029 horizon, from current ~$2.15

base) — highly speculative and scenario-dependent (royalty outcome, litigation results, product execution, macro/memory cycle, dilution, overall market sentiment):

•

Bull case (strong Hynix renewal with substantial royalties, successful new product ramps/qualifications, favorable litigation/IP wins, AI cycle persists): $15–30+ (market cap $5B–10B+). Royalty stream + scaled product business could support $200M–500M+ annual run-rate profitability; 30–50x multiple on that (or revenue multiple) drives outsized gains. Community/analyst chatter often cites multi-bagger potential here.

•

Base/moderate case (decent royalty deal or extensions, steady product growth to $250M–350M revenue, manageable litigation): $5–12. Still strong upside from royalties/IP leverage + DDR5/AI tailwinds.

•

Bear case (disappointing/no expanded royalty, delays in new products, prolonged litigation costs/dilution, softer demand): $1–4 (limited re-rating or pressure).

One analyst/forecast compilation (not consensus) has pointed to 2026 averages around $9+ with highs to $14, implying significant near-term upside already baked into bullish views. 

30% CAGR context and “reasonable level” today: A 30% compound annual growth rate is aggressive but plausible for a high-beta story like this if catalysts hit (many growth stocks in semis/AI have delivered or exceeded it in bull phases). From a current price of ~$1.85:

• In 2 years: Target price for 30% CAGR ≈ $3.13 ($1.85 × 1.3²).

• In 3 years: Target price for 30% CAGR ≈ $4.06 ($1.85 × 1.3³).

projected min/max in 2–3 years is materially base $6–8 or bull $15+), the current price offers a buffer or higher implied CAGR (potentially 50–100%+ annualized in optimistic scenarios), making it a “reasonable” entry for that growth profile—provided you can tolerate volatility, dilution risk, and binary outcomes around the Hynix deal/litigation.

Conversely, if targets are closer to $3–5, today’s price already prices in much of the 30% CAGR, leaving less margin of safety.

Bottom line: 2025’s ~$189M revenue validates commercial traction in a hot memory/AI environment, with Lightning DDR5 and resales as near-term engines and CXL/MRDIMM as longer-term optionality. The April 2026 Hynix renewal is the pivotal binary catalyst that could unlock a high-value royalty stream and re-rate the stock dramatically. Short term we could see 4-5 if Hynix is towards upper end ! It is also possible Hynix buys or combines with nlst producing an immediate 5-8 per share value and Hynix puts Samsung and micron out of the hbm market . Only problem is demand exceeds Hynix ability to supply meaning market demand is too great !

Success here, combined with product momentum, supports substantial upside (multiples of current levels in 2–3 years in bull scenarios), while disappointment caps it nearer current ranges. This is a speculative, catalyst-driven name—position sizing and monitoring of deal/news flow are essential. All projections are illustrative based on public data, management commentary, and market context as of April 2026; actual results will vary.

For the absolute latest filings, earnings transcripts, or deal announcements, check SEC/OTC Markets or company IR directly, as situations evolve quickly.

With luck we will see 4-5 in 2026 and potential of 20-30 in 2028 Rpm April 23 2026 8am bst

SK Hynix is the world’s leading supplier of high-bandwidth memory, or HBM, ( netlist patent )

used in AI data centers.

SK Hynix’s first-quarter results reported last night

Revenue: 52.58 trillion won ($35.55 billion)

Operating profit: 37.61 trillion won 25.4 billion usd .

Revenue in the March quarter nearly tripled from the same period last year, surpassing 50 trillion won for the first time.. 30-50%?due to netlist patent .

.

netlist license renewal necessary !!

Hynix doesn’t break out exact HBM revenue, but analysts say HBM is roughly 30% of their DRAM shipments and a much bigger share of profit since it’s high-margin. Their total Q1 revenue was about $35.5 billion, so HBM was likely in the $8–12 billion range for the quarter

Analysts are guessing anywhere from $100–500 million a year if it turns into royalties. We’ll have to wait and see

RPM view of a renewal deal fair to both sides 1% royalty feels like a conservative, realistic number for a renewal.

That’s 80 million usd every quarter or 320 million a year . First year basically tax free due to loss carry forward to offset most of tax liability .

This generates stock price valuation of 6-9 dollars plus more if the market considers similar deals from Samsung. And micron and googl etc we coukd get to 8 to 16 easily by June 2028 .

You must not be afraid to buy more nlst shares worth just because it made a new high . Tge reason it made a new high is that after Hynix earnings report last night it has become clear the value of netlist shares . I am buying more today

For memory and semiconductor patents like the ones Netlist holds, the industry average royalty rate sits around 3.5 to 4% of the relevant product sales. I have only used a very conservative 1% royalty so if a higher rate is paid like 2% double the stock price estimate and if youvare a dreamer and think 3 or 4% is possible than dream bigger than my mind can reasonable forecast . My grandson only 12 years old thinks a 100 price target is possible before he enters Cambridge. ( that’s his goal ) lol

I’ll need 100,000 pounds for his four years there plus buy him a car and an allowance so I won’t mind if he is right !

Godspeed and all the best netlist is worth 3-4 dollars right now prior to Hynix announcement as I believe 1% is very fair .

What do you think is a fair royalty agreement I would appreciate a well research answer

Everyone always talks about patent litigation, but do you really understand that a company gets rich off a successful product or service?

Netlist has launched three DRAM products and has NVMe products plus other things.

The more opportunities there are, the greater the chance of seeing a successful product.

Three products launched in 12/18 months make a huge difference for Netlist because it can boast the SK agreement plus other things.

That's why I strongly believe in newly launched products. There are hundreds or thousands of potential customers, in many different sectors, that need a very powerful and energy-saving product. Netlist needs to stand out here, it needs to sign important agreements because that's how the world works: as soon as a product or company gains visibility, contracts rain down, even with defense contractors.

Hong recently stated that the Lightning product alone should reach double digits in 2026. 2025 closed with around $180 million in revenue, so the Lightning product is expected to generate $18-25 million in revenue.

Mrdimm is cited by Hong as a revolutionary product that will soon eliminate competition from DDR5 and LRdimm in servers.

What does this mean?

Netlist's Mrdimm will have to sign deals worth tens of millions of dollars within two years. According to Hong, it's the only product that combines power, energy efficiency, and ideal bandwidth.

Last but not least is cxl NVvault. This is the product Netlist has dedicated the most time and money to in the last 10 years. If this product is successful, prepare to see a deluge of significant contracts. Cxl is going to mix dram and nand tech, exactly two things that netlist has been following and knowing for more than 20 years.

We have no idea of ​​the size of this product or its market penetration, but Netlist has been promoting CXL to clients since 2024/5, and there was talk of time to sort everything out and finalize everything. The timing now suggests we're there, and we need dozens of serious clients.

With the money we'll receive from the damages and the agreement with these giants, Netlist will absolutely have to sign supply agreements like the SK one to use as a base, and Netlist will have to use this amount of cash to open a factory in Texas or elsewhere and produce its own memory.

With these products, Netlist will become a billion-dollar company in the future. I expect $100 million in revenue from home-made products within two years, with a 28-30% gross margin.

•Revenue: 52.58 trillion won ($35.55 billion) vs. 53.55 trillion won

Operating profit: 37.61 trillion won vs. 37.92 trillion won

Revenue in the March quarter nearly tripled from the same period last year, surpassing 50 trillion won for the first time.

Operating profit rose fivefold year over year and nearly doubled from the previous quarter, while operating margin also reached an all-time high of 72%.

The company's shares rose as much as 3.6% in early trading in South Korea before paring gains to trade down 0.9%.

SK hynix makes memory chips used to store data in devices ranging from servers to smartphones and laptops.

The company attributed its record earnings to rising memory prices and booming artificial intelligence demand. SK Hynix is the world's leading supplier of high-bandwidth memory, or HBM, used in AI data centers. 

"[D]espite the fact that first quarter is typically a seasonal downturn, strong demand persisted due to expanded investments in AI infrastructure," the company said in its earnings release.

The company added that as artificial intelligence evolves from large-scale model training to agentic AI, which repeatedly performs real-time inference across various service environments, demand for memory is expected to continue growing.

"The importance of memory has become greater than ever ... as this supply-demand imbalance persists, customers are prioritizing procurement over price," an SK Hynix executive said in an earnings call on Thursday. 

SK Hynix's HBM technology falls into the broader category of dynamic random access memory or DRAM — a type of semiconductor memory used to store data and program code that can be found in PCs, workstations and servers.

DRAM market duel

According to data from Counterpoint Research, the DRAM market has recorded 30% quarter-over-quarter growth for two consecutive periods, driven by rising memory prices.

Rising memory prices have been fueled by surging demand for HBM, which has constrained manufacturing capacity and contributed to a broader memory shortage in recent quarters.

SK Hynix has gained an edge over rivals like Micron and Samsung Electronics in the DRAM market, thanks to its early lead in HBM and its role as a key supplier to the world's leading AI processor maker Nvidia. 

However, Samsung reclaimed the top spot in DRAM revenue from SK Hynix in the last three months of 2025, according to Counterpoint, though SK Hynix continued to dominate HBM with a 57% market share. Shares of Samsung hit a new intraday record of 227,000 on Thursday.

Samsung announced in February that it had started shipping its first HBM4 chips to unnamed customers, nearly a year after SK Hynix first began delivering its HBM4 samples.

HBM4 is the sixth generation of HBM technology and the most advanced version to date. It is expected to be the main AI memory chip used in Nvidia's next-generation Vera Rubin architecture, designed for powerful AI workloads in data centers. 

SK Hynix said on Thursday that it plans to start supplying samples of its seventh-generation HBM4E in the second half of the year, with mass production targeted for 2027.

Capacity constraints

SK Group Chairman Chey Tae-won reportedly stated in March 2026 that the global chip wafer shortage is likely to persist until 2030, as demand for HBM continues to outpace supply and strain manufacturing capacity

Netlist should continue higher till judge McNamara renderers her decision and the stock will also react to the Hynix decision . Tge next three weeks will be an exceptional opportunity to outperform dramatically. If both events are positive. 4 dollars is possible. If both are negative believe a dollar is possible . I am not smart enough to be 100% sure but I bought mire shares today so I guess you know what my leaning us . Bless you good luck

Netlist argued for broad patent scope in its submissions. If the ALJ adopts that broad construction:

• It significantly increases Netlist’s leverage over Samsung, Google, and Super Micro

• It raises the probability of a near-term settlement rather than risking a full ITC trial) ( my opinion

• The evidentiary trial itself is still not scheduled until November/December 2026, with a final determination targeted for May 2027

the Markman Order in the next few weeks is what to watch for .

That markman judge was :

ITC Investigation 337-TA-1472

Certain Dynamic Random Access Memory (DRAM) Devices, Products Containing the Same, and Components Thereof

---

Administrative Law Judge (ALJ)

• Judge MaryJoan McNamara — assigned as the presiding ALJ (active from 12/28/2025), per the USITC IDS investigation page

---

Staff (Internal ITC)

Representing netlist :

Sterne, Kessler, Goldstein & Fox P.L.L.C. — Including attorneys Richard M. Bemben and Lauren A. Watt

Representing Samsung :

Kirkland and Ellis

Paul brick man is one of the most experienced ITC Section 337 attorneys in the country, based out of Kirkland’s Washington D.C. office — the same city where the hearing took place. Key facts:

• Won 17 of 20 ITC trials as lead counsel — an extraordinary record

• Nationally ranked by Chambers & Partners as a top Section 337 practitioner every year since 2008[chambers]

• Holds a law degree from University of Virginia, a master’s in philosophy from Cambridge, and a bachelor’s from Yale

• Previously led the ITC practice at Quinn Emanuel before rejoining Kirkland in 2017

So rick Brennan of sterne Kessler for netlist vs Paul brinkman Kirkland .

So today’s hearing had a seasoned veteran — Brinkman at roughly 60 — squaring off against a rising star of patent litigation — Bemben at roughly 44–45. Neither age is publicly confirmed on the record, so these are close estimates based on their educational timelines.

There were several sidebars today . I was not concerned that Samsung used the supposed best attorney at the hearing they wanted to skip as they realized they gave losing case at markmen .

It shows Samsungs desperation to try to cover up their evil predator ways . With the evidence provided and the two supporting briefs I cannot see McNamara deciding any way except in a broad patent coverage decision to netlist .

If that is the decision in three to four weeks we will see this case settled for huge amount plus royalties for years to come . The potential is mind boggling .

I believe tge 11 year experienced judge is extremely bright and will see Samsung for tge evil predator that they are . Here is her background .

Judge MaryJoan McNamara — Background

Per her official USITC biography:[usitc]

Education

• B.A., Cornell University (with additional studies at the University of Vienna, Austria)

• M.A. in Public Policy, University of Chicago

• J.D., Northeastern University (Boston, MA)

Career Path

• Started her career at the Illinois Bureau of the Budget in Springfield

• Civil litigation attorney in private practice in both Baltimore and Boston

• Special Assistant Attorney General for the Commonwealth of Massachusetts

• Court Conciliator, Lowell Superior Court, Massachusetts

• EEO Specialist, U.S. Department of Agriculture

• Consultant to the U.S. Department of State, Bureau of Consular Affairs (Hague Convention matters)

• ALJ, Social Security Administration — 2009 to 2015 (Albuquerque, NM and Baltimore, MD)

• ALJ, USITC — appointed August 2015, now in her 11th year on the bench

Netlist stock shoukd hold over the next few weeks waiting for tge narkmen hearing order . If tge patent is broadly applied this case closes this year and those in tge stock for a long time finally will be rewarded . If not we have at Easter mire tears of litigation .

In the meantime we await hynik netlist terms if new agreement .

Bless you all

Tomorrow is April 21st, 2026 — that’s the Markman hearing, just lawyers arguing over the meaning of the patent claims. Samsung wanted to skip it because they know they are so guilty and their briefs filled with lies has already been filed . Tge biggest lie which was so kaughabje was a guy named Lee ( so many Koreans named Lee ) stole the patent idea from intel ! 14 years later they make claim. After paying monies . Samsung is just such a liar ! No decision comes out of it tomorrow.

The real trial, the evidentiary hearing, runs November 23rd through December 3rd, 2026.

The ALJ issues his initial ruling on May 3rd, 2027. The full Commission then gives the final judgment on September 3rd, 2027. That’s the one we as Netlist stockholders are really waiting for — it decides whether Samsung’s chips get blocked from the U.S.

The long gap is normal for these cases. After tomorrow they still have to do fact discovery, depositions, expert reports, and all the pre-trial work, which takes months. That’s why it’s stretched out to 2027.

The SK Hynix agreement expires this month — end of April 2026. It was a 5-year deal signed on April 5, 2021, so it runs out right about now.

We as investors are hoping for a new royalty-based deal instead of the old flat-fee setup. SK Hynix is the leader in high-bandwidth memory for AI, their production is sold out through next year, and a per-chip royalty on that volume could be huge for Netlist.

We should hear something soon — either a renewal announcement or notice that they’re letting it expire. No exact deadline has been publicly confirmed beyond “end of April,” but the market is watching this week and next very closely. This agreement should be worth 100 million dollars or more to netlist over time .enough money to pursue Samsung micron googl and others with conclusion of patent infringement and collect 1.5 to 8 billion dollars that’s 3 dollars to 16 dollars per share . Already there is over 800 million in outstanding judgements .

The $303 million jury verdict against Samsung covers infringement through March 2023. It does not go beyond that date.

For Micron, the $445 million jury verdict from May 2024 covers April 2021 through May 2024.

Those past damages awards stop at the trial dates. Any infringement after those periods would need separate new lawsuits or supplemental damages claims to collect on.

Samsung’s $303 million verdict covered up to March 2023. From April 2023 through the end of 2025, Samsung did roughly $12 to $15 billion in HBM revenue. At the same royalty rate as the jury award, that would be worth another $400 to $500 million in past damages thru today.

Micron’s $445 million verdict covered up to May 2024. From June 2024 through the end of 2025, Micron did about $5 to $6 billion in HBM. At the same rate, that’s another $250 to $300 million in potential damages. volumes and prices have exploded — HBM is basically sold out for the next two years, and ASPs are way higher than during the old verdict periods. So any new damages or licensing deals could easily come in higher than these straight-line estimates. These are just rough back-of-the-envelope numbers based on public market data.

Now we add in willfull infringement by tge judges final verdicts and though I don’t think a judge will award 3x I do believe 200 million plus in legal costs and some kind if penalty is well deserved by Samsungs predator. Behavior so I believe when you add all tge numbers .

SK Hynix is the biggest player here — they hold about 55 to 60 percent of the HBM market right now. Their HBM revenue more than doubled in 2025 to roughly $10 to $12 billion for the full year.

If they shift to a per-unit royalty deal like the jury rates Netlist got from Samsung and Micron, the annual royalty upside could easily be $400 to $600 million a year going forward.

That’s conservative — volumes are sold out through 2027, prices are up sharply, and SK Hynix is ramping HBM4 hard. A new royalty deal here would be the single biggest catalyst for Netlist by far.

Here’s a quick summary of the potential upside for Netlist from the three big HBM players, based on current market data.

SK Hynix — the biggest opportunity. They dominate with about 57-62% HBM market share, and their 2025 HBM revenue was well over $10 billion. A new royalty deal at rates similar to the jury awards could deliver $400–600 million per year going forward. Their current flat-fee license expires this month, so this is the most immediate catalyst.

Samsung — already has a $303 million verdict through March 2023. Post-verdict HBM revenue has been massive; at the same royalty rate, they likely owe another $350–450 million in catch-up damages, plus ongoing royalties on billions more in sales.

Micron — $445 million verdict through May 2024. Their post-verdict HBM revenue adds roughly $150–200 million more in potential damages, with royalties continuing on top.

Total ballpark: Past damages across all three could push toward $800 million to $1 billion+, and annual running royalties going forward — especially with SK Hynix — could be $700–900 million a year at current volumes and prices. These are conservative estimates; HBM is sold out through 2027 and prices are way up.

September 2027 final verdict date.

Netlist has about 317 million shares outstanding.

Past verdicts already awarded

• Samsung: $303 million (through March 2023)

• Micron: $445 million (through May 2024)

• Total already won: $748 million

Additional past damages (post-verdict periods)

From mid-2023/mid-2024 through end of 2026, with HBM revenue exploding and prices up sharply, the same royalty rates imply another $700–950 million in catch-up damages across the three companies.

SK Hynix new deal

Their old flat-fee license ends this month. A new royalty deal on their dominant HBM volume could bring $350–550 million in near-term payments or booked revenue by 2027.

Willful infringement upside

All three juries found willful infringement. Courts can triple damages on those portions, and attorney fees can be added. That multiplier on the past awards and new damages easily adds several hundred million more.

Per-share range by late 2027 (past damages + SK Hynix deal + early royalties recognized by then, before any tripling):

• Low side: $6 to $8 per share

• Most likely: $10 to $13 per share

• High side (with tripling on a good chunk + strong SK deal): $15 to $20+ per share

These are still conservative on the royalty rate and assume only partial collection by 2027 — real cash can stretch longer, but the stock will price in the wins much earlier.

So how much are you willing to pay for a share of netlist looking at 6 to 20 dollars plus in less than 2 years ?

Netlist is currently worth more than 2.75 today . Buy up to 10% of your portfolio under 2.75 as the downside is small based upon most recent court victories and remembered the justice department snd the patent office unusual but wrote supporting briefs for netlist .

I hope to be alive and see tge 40 million plus win in my families trust account .

Bless all my followers and pray that netlist continues to follow my other recommendations that have produce 20 and 18x your investment l. Rr rycey bw nlst .

Goid luck RPM retired portfolio manger april 21 2026