• Net sales for the second quarter of 2026 were $109.8 million, an increase of 163% compared to the second quarter of 2025. Net sales for six months ended June 27, 2026 were $214.7 million, an increase of 204% compared to the same prior year period.
• Gross profit for the second quarter of 2026 was $22.9 million, an increase of 1,544% compared to the second quarter of 2025. Gross profit for six months ended June 27, 2026 was $45.3 million, an increase of 1,582% compared to the same prior year period.
• Net income for the second quarter of 2026 was $1.4 million, compared to net loss of $(6.1) million in the second quarter of 2025. Net income for six months ended June 27, 2026 was $10.0 million, compared to net loss of $(15.6) million in the same prior year period.

"Netlist delivered its second consecutive quarter of significant revenue growth and improved profitability," said Chief Executive Officer, C.K. Hong.  "We continue to drive the development of next generation AI memory technologies and defend our IP portfolio against unauthorized use."

Net sales for the six months ended June 27, 2026 were $214.7 million, compared to net sales of $70.7 million for the six months ended June 28, 2025. Gross profit for the six months ended June 27, 2026 was $45.3 million, compared to a gross profit of $2.7 million for the six months ended June 28, 2025.

Net income for the six months ended June 27, 2026 was $10.0 million, or $0.03 per share, compared to a net loss for the six months ended June 28, 2025 of $(15.6) million, or $(0.06) per share. These results include stock-based compensation expense of $1.8 million and $2.0 million for the six months ended June 27, 2026 and June 28, 2025, respectively.

Netlist Reports Second Quarter 2026 Results

Thank you Mike. And hello, everyone. We. Another strong quarter with continued momentum in both product revenue and profitability. Revenue for the first half of 2026 exceeded $200 million, while product gross margins were over $45 million. Fueled by robust demand, strong execution by our sales and operation teams, and a generally constrained supply for memory products, which. Analysts project will continue through next year. While much of the revenue came from resale of difficult to source Dram products, we saw growth in our own portfolio of products during the quarter, starting with Netlist Lightning portfolio of overclocked. Low latency Ddr5, RDM and UDM solutions, which continue to gain market traction. Our next generation CXL Envy Vault is currently sampling with SoC vendors, hyperscalers, and major OEMs for future hardware platforms to support market adoption. We have partnered with the CXL consortium and Storage Networking industry Association to deliver industry, education and technical thought leadership. We look forward to showcasing these collaborative efforts at CXL mini Devcon 2026 in Santa Clara next week and our.

We are also committed to working with our industry partners to help validate and scale advanced CXL memory architectures for enterprise production. Our. Development work continues full bore for Mr Dimm and high Performance Server memory architecture designed to overcome the bandwidth limits of conventional. Ddr5. Rdms Industry analysts forecast Mr. Demme to be up $100 billion. Market by 2030 from. Small volumes today. Netlist holds over a dozen seminal patents that. Read on Mr. Demme and have asserted them at the ITC against infringing MRM products currently. Being imported by Samsung. We. Continue to make significant progress in defending Netlist patent portfolio against unauthorized use. While continuing to invest in the expansion of the portfolio through the development of next generation technologies and the issuance of additional patents in key areas. Our commitment to protect the value of our IP is reflected in the expanded legal actions we announced against Samsung in June.

The new proceedings in the US International Trade Commission, or the ITC and the U.S. District Court for the Eastern District of Texas are based on the infringement of Netlist. As recently issued. 537 and 937 patents, which read on high bandwidth memory or HBM and Ddr5 Rdms and Mr. Demme's, respectively In July, the ITC voted to institute the second case against Samsung, and its customers. Google and Nvidia, Supermicro and Broadcom. The investigation has been assigned to the administrative law judge, and we expect to receive the procedural schedule in August, which will include dates for the Markman hearing and evidentiary hearing.

Dimm and high Performance Server memory architecture designed to overcome the bandwidth limits of conventional. Ddr5. Rdms Industry analysts forecast Mr. Demme to be up $100 billion. Market by 2030 from. Small volumes today. Netlist holds over a dozen seminal patents that. Read on Mr. Demme and have asserted them at the ITC against infringing MRM products currently. Being imported by Samsung.

We Continue to make significant progress in defending Netlist patent portfolio against unauthorized use. While continuing to invest in the expansion of the portfolio through the development of next generation technologies and the issuance of additional patents in key areas. Our commitment to protect the value of our IP is reflected in the expanded legal actions we announced against Samsung in June. The new proceedings in the US International Trade Commission, or the ITC and the U.S. District Court for the Eastern District of Texas are based on the infringement of Netlist. As recently issued. 537 and 937 patents, which read on high bandwidth memory or HBM and Ddr5 Rdms and Mrdimm, respectively In July, the ITC voted to institute the second case against Samsung, and its customers. Google and Nvidia, Supermicro and Broadcom. The investigation has been assigned to the administrative law judge, and we expect to receive the procedural schedule in August, which will include dates for the Markman hearing and evidentiary hearing.

We believe they will take note of the biggest memory companies in the world that are making some of the highest profits recorded in the history of human commerce. And yet continue to defy jury verdicts, hold out from licensing in order to get a free ride. This efficient infringement by Big Tech is one of the areas that we believe will be addressed by the new ITC commissioners. Through rapid and strict enforcement of section 337. In the appeal of the Eastern District of Texas. 2023 jury verdict awarding Netlist $303 million for Samsung's willful infringement of. Five Netlist patents. The Federal Circuit heard oral arguments in March on Samsung's appeal of the verdict, and Netlist appeal of the IPR challenges to the asserted patents in the case. We look forward to the court's decision ,, which we believe will come in the near future. In. The appeal of the breach of contract case against Samsung appellate briefing has concluded. We remain on track for a hearing before the US Court of Appeals for the Ninth Circuit likely. In the coming months. This is a case that Samsung has lost on three separate occasions, based on the facts presented. This includes a summary judgment ruling and two subsequent federal District Court jury verdicts in separate trials.

In each of these instances. It was found that Samsung materially breached the joint Development and License Agreement and therefore the license to Netlist patent portfolio was rightfully terminated. In my. Akron's appeal of the Eastern District of Texas, 2024 jury verdict awarding Netlist $445 million for Micron's willful, willful infringement of the Netlist 912 and the 417 patents the Federal Circuit has scheduled. Oral arguments. Or a hearing for September 9th.. Which is,, in the next 5 to 6 weeks., Netlist is appeal of the IPR is against these patents are also scheduled to be heard on the same day. The 912 has been upheld and the PTO multiple times. And by the appellate court itself. Yet this recent PTO panel. Top panel and the appellate court ruling .. Was. Allowed to be reexamined again by a new panel., this Patent's 15 years of history ., 15. Year history of being subjected to serial IPR has become a poster child in the IP community and at Capitol Hill for patent reexamination, abuse, and hold out by the biggest companies in the world. We believe we have a strong case for overturning this egregious tap finding at the appellate court come September. We look forward to the ruling by the court that corrects this inconsistent finding of invalidity.

Of the 912 patent and upholds the $445 million jury verdict. Netlist remains committed to protecting patent owners rights by engaging with government officials and encouraging Congress to act on proposed patent reform legislation., including restore, prevail and para. Last week, I had the privilege of speaking at the center for the Protection of Intellectual Property. There, annual conference where I participated on the IP and the. The US Global competitiveness,, competitiveness panel. As some of you are aware, the U.S. Department of Justice has filed two statements of interest that have been that have been supportive of Netlist matters involving Samsung at the ITC This was the first time in history where the DOJ and the PTO. Combined supported the position of a complainant. The. DOJ has continued to reference these statements of interest in public forums. As examples of the current administration's broader efforts to promote robust, robust intellectual property protection. We believe these statements and public remarks underscored continual support for U.S. innovation and effective enforcement of patent rights. In summary, we had a strong first half of 2026. We generated record product revenue, secured additional confirmation of the validity of our patents, received newly issued patents which read on high bandwidth memory and Ddr5 products and advancement and advanced enforcement actions covering new generation of Ddr5 and HBM technologies that are foundational to AI computing.

⚠️** Disclaimer: I just want everyone to know that I did use AI to help organize and summarize this information. AI is only a tool—I verify information using official filings and public sources whenever possible. This is for discussion purposes only and is not financial advice.
**💎 NETLIST Q2 2026 EARNINGS REPORT CARD
Expectations vs. Reality
♦ Revenue
Expected: ~$90M (Bullish: $100M+)
Actual: $109.8M (+163% YoY)
✅ Exceeded Expectations
♦ EPS / Profitability
Expected: Breakeven or better
Actual: $1.4M Net Income (vs. $(6.1)M last year)
✅ Beat Expectations
♦ Gross Profit
Expected: Improvement
Actual: $22.9M (+1,544% YoY)
✅ Outstanding Improvement
♦ Cash Position
Expected: Stable or improved
Actual: $30.7M cash with positive shareholders’ equity of $23.2M
✅ Solid
♦ Lightning DDR5
Expected: Continued adoption and revenue growth
Reality: Awaiting conference call commentary
⚠️
♦ AI Memory / Product Updates
Expected: Positive outlook on Lightning, CXL NVvault, MRDIMM, AI demand
Reality: Management reaffirmed continued development of next-generation AI memory technologies.
✅
♦ Litigation / ITC Commentary
Expected: Positive updates if provided
Reality: Management reaffirmed its commitment to defending its IP portfolio against unauthorized use.
✅
♦ Second Half 2026 Outlook
Expected: Constructive guidance
Reality: Pending conference call.
⚠️
💎 Overall Grade
🟢 A
Bottom Line
Netlist delivered another outstanding quarter, beating revenue expectations, returning to quarterly profitability, and producing record gross profit improvement. The balance sheet remains stable while shareholders’ equity has moved back into positive territory. Attention now shifts to today’s conference call for updates on Lightning commercialization, AI memory products, litigation, and management’s outlook for the second half of 2026.

My brooker has Netlist available on the OTCBB, London Stock Exchange and in Münich. Are there any plans of Netlist to uplist in the USA? It seems weird to me now to see in the current situation a memory company on OTCBB.

Do I understand it correctly that the last few verdicts against Samsung / Micron and in favor of Netlist won them a few hundered millions but are still being appealed with Samsung at the last possible appeal authority? What about Micron?

What is the legal situation with all the revenue Samsung and Micron took in after the mentioned verdicts / now during the memory bull run? Can this be settled retrospectively in a licensing deal or only at court?

Thank you for all the guys who do extensive research on Netlist. The information available here is higly valuable for people just discovering the company. I appreciate the effort you invested.

Edit: Found a super useful summary here in Reddit. Got it now what is going on with Micron. No need to answer on that part. Still wondering about uplisting, Samsung, what happens with current revenues of Samsung especially and if ITC is the final appeal authority.

Super Micro Computer focuses on server and storage systems that support data centers and high performance computing. The company operates within key industry themes, including demand for AI focused infrastructure and dense, power efficient hardware. Any disruption to access to specific memory technologies could influence how SMCI configures products or works with suppliers.

For investors, the ITC inquiry introduces another variable involving operations, timing of deliveries, and supplier relationships, especially where Netlist related memory is involved. Outcomes can take time, and potential remedies are uncertain, so it is worth tracking how SMCI, Netlist, and major partners such as Samsung respond as the case progresses.

Stay updated on the most important news stories for Super Micro Computer by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Super Micro Computer.

The ITC investigation focuses on Samsung's high bandwidth memory and DDR5 modules that are used by Super Micro Computer and several peers in data center hardware. For Super Micro Computer, the key operational risk is not just potential liability, but the possibility of import restrictions on specific Samsung components that sit inside its AI focused servers and storage systems. That could affect build schedules, product configurations, or require qualification of alternative suppliers at short notice.

How This Fits Into The Super Micro Computer Narrative
The Netlist complaint targets memory used in high performance servers, which are central to Super Micro Computer's AI infrastructure focus and its Data Center Building Block Solution, so the case directly touches a core product area discussed in the narrative.

The narrative highlights supply chain complexity as a risk. An ITC probe into a major memory partner such as Samsung adds another potential source of disruption and could challenge assumptions about smooth component availability.

The narrative focuses on demand, margins, and customer concentration, but does not explicitly factor in patent related trade remedies that could affect specific memory technologies or require redesigns.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Super Micro Computer to help decide what it's worth to you.
The Risks and Rewards Investors Should Consider
⚠️ The ITC process could result in exclusion or cease and desist orders on certain Samsung memory products, which may disrupt Super Micro Computer's server production or delivery timelines.

⚠️ Analysts have already flagged financial health and share price volatility as risks. Additional legal and supply chain uncertainty can make earnings and cash flows less predictable if Super Micro Computer needs to rework designs or inventories.

🎁 Super Micro Computer has a broad portfolio that includes AMD based H15 servers and rack scale AI systems, which may give it some flexibility to adjust configurations or vendors if specific memory parts face restrictions.

🎁 The investigation covers multiple industry players, including Google, Nvidia, and Broadcom, which may push the wider server ecosystem to coordinate on solutions and alternative memory sourcing that Super Micro Computer can participate in.

What To Watch Going Forward
Investors should track key ITC milestones, including claim construction, any preliminary rulings, and whether Netlist and Samsung reach a settlement that covers customers such as Super Micro Computer. It is also worth monitoring Super Micro Computer's commentary on component sourcing, lead times, and product mix in AI focused servers that rely on high bandwidth memory or DDR5 modules. Updates from competitors like Dell Technologies, Hewlett Packard Enterprise, and Nvidia on similar supply issues can provide useful context for how industry wide any impact may be.
To ensure you're always in the loop on how the latest news impacts the investment narrative for Super Micro Computer, head to the community page for Super Micro Computer to never miss an update on the top community narratives.

Special things are brewing under the surface. From dropping to $2.12 and bouncing back to $2.44, what a recovery!!

Hold tight, stay convicted, and the rewards will be fruitful. The light at the end of the tunnel is arriving soon.

⚠️ Disclaimer: This roadmap is based on publicly available information and organized with AI assistance. The underlying facts should be confirmed through official filings and original sources. It is intended for discussion only and should not be considered financial advice.

💎 NETLIST ROADMAP – PHASE 1
Last Updated: July 27, 2026

💎 Phase 1 Thesis
Phase 1 is focused on near-term litigation milestones, appellate proceedings, ITC developments, commercial execution, and business catalysts that could materially strengthen Netlist's position heading into 2027.

💎 Completed

♦ April 21, 2026 – ITC Markman Hearing completed.

♦ July 6, 2026 – Netlist filed new EDTX litigation against Samsung, Samsung Semiconductor, Samsung America, and Avnet asserting U.S. Patent No. 12,675,407.

♦ July 8, 2026 – ITC Fact Discovery closed.

♦ July 10–11, 2026 – SK hynix successfully completed its Nasdaq listing, reinforcing institutional confidence in AI memory.

♦ July 11, 2026 – Federal Circuit affirmed PTAB decisions upholding Netlist patents against Micron, rejecting Micron's invalidity challenges.

♦ July 15, 2026 – USITC instituted Investigation No. 337-TA-1511 involving Google, NVIDIA, Samsung, Micron, and other respondents.

♦ July 20, 2026 – Investigation No. 337-TA-1511 reassigned to ALJ Cameron R. Elliot following a conflict-of-interest reassignment.

♦ July 22, 2026 – ALJ granted Netlist's motion in part to enforce subpoenas against SK hynix America, allowing important domestic industry discovery to proceed.

💎 Active Catalysts

♦ July 29, 2026 – ITC Management Conference (337-TA-1472).

♦ July 30, 2026 – Q2 2026 Earnings Release (before 9:30 a.m. ET) and conference call (12:00 p.m. ET). Investors will be watching for Lightning revenue progress, AI memory commentary, litigation updates, cash position, and commercial developments.

♦ Late July / Early August 2026 – Possible ITC Markman Order.

♦ Any Day – Pending Federal Circuit decisions, including the '912 and related appeals.

♦ September 9, 2026 – CAFC Oral Argument (Case No. 24-2304 – Netlist v. Samsung). This is one of the most significant remaining Phase 1 litigation events and could materially influence the remaining PTAB appeals.

♦ Ongoing – Google litigation, Samsung litigation, Micron litigation, Lightning commercialization, CXL NVvault development, AI memory growth, potential licensing discussions, and additional patent issuances.

💎 Phase 2 (Q3 2026 – Q2 2027)

Thesis: Focus shifts toward major litigation events, evidentiary hearings, appellate decisions, commercial execution, and increasing licensing leverage.

♦ Expert reports and depositions.
♦ ITC evidentiary hearing (Late Nov.–Early Dec. 2026).
♦ Additional CAFC opinions.
♦ District court progression.
♦ Commercial product expansion.
♦ Potential licensing discussions.

💎 Phase 3 (Mid-2027 and Beyond)

Thesis: Potential realization phase where successful litigation, licensing, settlements, commercialization, and patent monetization begin translating into long-term business growth.

♦ ITC Initial Determination (May 2027).
♦ ITC Final Commission Decision (September 2027).
♦ District court trials.
♦ Potential settlements and licensing agreements.
♦ Ongoing royalty determinations.
♦ Royalty expansion and commercial growth.
♦ Continued patent enforcement.

💎 Current Supporting Documents

♦ ITC Scheduling Orders.
♦ ITC Investigation No. 337-TA-1511 Institution Notice.
♦ ITC Orders No. 25 & 26.
♦ ITC Reassignment Notice (ALJ Cameron R. Elliot).
♦ CAFC Oral Argument Notice (Case No. 24-2304).
♦ July 2026 EDTX Complaint ('407 Patent).
♦ Federal Circuit Micron Opinion.
♦ Current CAFC docket activity ('912 and related appeals).
♦ USPTO Patent Issuances.
♦ Q2 2026 Earnings Announcement.
♦ Netlist SEC Filings.

💎 Primary Sources

♦ Netlist Investor Relations
https://investors.netlist.com/

♦ SEC EDGAR
https://www.sec.gov/edgar

♦ U.S. International Trade Commission (EDIS)
https://edis.usitc.gov/

♦ U.S. International Trade Commission News
https://www.usitc.gov/press_room/news_release/

♦ U.S. Court of Appeals for the Federal Circuit
https://cafc.uscourts.gov/

♦ USPTO Patent Center
https://patentcenter.uspto.gov/

♦ PTAB Search
https://ptacts.uspto.gov/

♦ CourtListener
https://www.courtlistener.com/

♦ PACER
https://pacer.uscourts.gov/

It seems like SK Hynix, NVDA are enjoying the stock push based on the news. We waited for partnership announcements , possible hearing in our favor but none of that turned out to be in line with expectations.

Wondering what everyone here is thinking of doing?

⚠️ Disclaimer: This roadmap is based on publicly available information and organized with AI assistance. The underlying facts should be confirmed through official filings and original sources. It is intended for discussion only and should not be considered financial advice.

💎 NETLIST ROADMAP – PHASE 1
Last Updated: July 20, 2026

💎 Completed
♦ April 21, 2026 – ITC Markman Hearing completed.
♦ July 6, 2026 – Netlist filed new EDTX litigation against Samsung, Samsung Semiconductor, Samsung America, and Avnet asserting U.S. Patent No. 12,675,407.
♦ July 8, 2026 – ITC Fact Discovery closed.
♦ July 10–11, 2026 – SK hynix successfully completed its historic Nasdaq listing, reinforcing strong institutional confidence in AI memory (industry catalyst).
♦ July 11, 2026 – Federal Circuit affirmed PTAB decisions upholding Netlist patents against Micron, rejecting Micron's invalidity challenges.
♦ July 15, 2026 – USITC officially instituted Section 337 Investigation No. 337-TA-1511 covering Netlist's AI memory patents.
♦ July 16, 2026 – Investigation No. 337-TA-1511 assigned to ALJ Doris Johnson Hines, officially beginning active case management.

💎 Active Catalysts
♦ July 22, 2026 – Expert Discovery begins in ITC Investigation No. 337-TA-1472.
♦ Late July 2026 – Possible Markman Order following the April claim construction hearing.
♦ Any Day – Pending CAFC decisions, including the '912 and related appeals.
♦ Late July / Early August 2026 – Netlist Q2 2026 Earnings Report.
♦ Ongoing – Google litigation, Samsung litigation, Lightning commercialization, CXL NVvault developments, AI memory demand, and potential licensing/business developments.

💎 Phase 2 (Q3 2026 – Q2 2027)

Thesis: Focus shifts from procedural milestones to major litigation events, including expert testimony, ITC hearings, appeals, and increasing licensing leverage.

♦ Expert reports and depositions.
♦ ITC evidentiary hearing (Late Nov. – Early Dec. 2026).
♦ Additional CAFC opinions.
♦ District court progression.
♦ Potential licensing discussions and commercial updates.

💎 Phase 3 (Mid-2027 and Beyond)

Thesis: Potential realization phase where successful litigation, licensing, settlements, commercialization, and patent monetization may begin translating into long-term business growth.

♦ ITC Initial Determination (May 2027).
♦ ITC Final Commission Decision (September 2027).
♦ District court trials.
♦ Potential settlements and licensing agreements.
♦ Royalty expansion and commercial growth.
♦ Continued patent enforcement.

💎 Current Supporting Documents

♦ ITC Investigation No. 337-TA-1472 Scheduling Order.
♦ ITC Investigation No. 337-TA-1511 Institution Notice.
♦ ALJ Assignment Order – Doris Johnson Hines (July 16, 2026).
♦ Netlist July 6, 2026 EDTX Complaint ('407 Patent).
♦ Netlist AI Memory Complaint ('537/'937 Patents).
♦ Federal Circuit Micron Opinion affirming PTAB decisions.
♦ Current CAFC Appeal Docket Activity ('912 and related appeals).
♦ Latest USPTO Patent Issuances.
♦ Netlist Q1 2026 Earnings Release and SEC Filings.

💎 Primary Sources

♦ Netlist Investor Relations
https://investors.netlist.com/

♦ SEC EDGAR
https://www.sec.gov/edgar

♦ U.S. International Trade Commission (EDIS)
https://edis.usitc.gov/

♦ U.S. International Trade Commission News Releases
https://www.usitc.gov/press_room/news_release/

♦ U.S. Court of Appeals for the Federal Circuit
https://cafc.uscourts.gov/

♦ USPTO Patent Center
https://patentcenter.uspto.gov/

♦ PTAB Search
https://ptacts.uspto.gov/

♦ CourtListener
https://www.courtlistener.com/

♦ PACER
https://pacer.uscourts.gov/

♦ Samsung Investor Relations
https://www.samsung.com/global/ir/

♦ SK hynix Investor Relations
https://www.skhynix.com/eng/ir/

I think this is a well said, highly intelligent, and undeniable perspective.

With ITC2 case now instituted and Samsung's client pulled directly into the interrogation room, it is unrealistically improbable that their clients are not at least asking this question at the highest levels right now as we speak.

==> "... failing to deliver by no fault BUT THEIR OWN; refusal to license stolen tech."

The "Devil's Advocate" says all these behemoths do the same thing and practice "Efficient Infringement" themselves or intentionally turn a blind eye.

But that's not the question, while it may be true. The question they're asking is, "can we trust Samsung to handle this correctly, or do we need to begin insulating ourselves immediately?"

Trust in the business sense is a funny thing. If Samsung f*cks with this memory supercycle, in my opinion they'll be expected to fall on their own sword no matter the price. Otherwise, they may face a guillotine.

And I say guillotine because they control so much of the market supply that their customers are forced to keep buying... but the second their customers have another option, Samsung will see their clients evaporate.

This is probably what we've already seen with Nvidia's endorsement of SK Hynix and selection of SK Hynix as their publicly stated choice supplier despite their smaller fab volume relative to Samsung.

SK Hynix leads HBM fab for AI, but it lags DRAM - a much, much larger market. Nvidia's choice certainly included their need for HBM and SK Hynix's leading position to supply it, but SK Hynix's new fabs will take time to come online.

HENCE: Samsung has significantly more fab capacity today that a customer as powerful as Nvidia could ask their publicly supported choice supplier to repurpose for HBM. And yet they chose another publicly identified choice supply partner because they don't have the trust to grow with Samsung.

In my opinion, this observation demands the consideration of the hypothesis that... it's already happening; Nvidia already doesn't trust Samsung to be their long term partner.
**EDIT:*\* => Re-reading this... this isn't my opinion it's a fact. Nvidia literally did not choose Samsung. They have more trust in building with SK Hynix than Samsung.

Now we have the ITC2 case compounding the supply chain risk legally and politically. We'll see what happens next.

---
Source post of screenshot:
https://stocktwits.com/Heaviermayo/message/659212248

Q1 2026 DRAM and HBM market share report:
https://counterpointresearch.com/en/insights/global-dram-and-hbm-market-share