Netlist Reports Third Quarter 2024 Results
Netlist (NLST) reported Q3 2024 financial results with net sales increasing 140% to $40.2 million compared to $16.7 million in Q3 2023. The company secured a $303 million damages award against Samsung for patent infringement. Gross profit was $1.1 million, up from $0.4 million year-over-year. Net loss improved to ($9.4) million, or ($0.04) per share, compared to ($17.3) million, or ($0.07) per share in Q3 2023. The company raised $15 million post-quarter and reported cash and equivalents of $29.8 million as of September 28, 2024.
Netlist (NLST) ha riportato i risultati finanziari del terzo trimestre del 2024, con vendite nette aumentate del 140%, raggiungendo 40,2 milioni di dollari rispetto ai 16,7 milioni di dollari del terzo trimestre del 2023. L'azienda ha ottenuto un contro Samsung per violazione di brevetto. Il profitto lordo è stato di 1,1 milioni di dollari, in aumento rispetto ai 0,4 milioni di dollari dell'anno precedente. La perdita netta è migliorata a ($9,4) milioni, ovvero ($0,04) per azione, rispetto ai ($17,3) milioni, ovvero ($0,07) per azione del terzo trimestre del 2023. L'azienda ha raccolto 15 milioni di dollari dopo il trimestre e ha riportato disponibilità liquide e equivalenti per 29,8 milioni di dollari al 28 settembre 2024.
Netlist (NLST) informó los resultados financieros del tercer trimestre de 2024, con ventas netas que aumentaron un 140%, alcanzando 40,2 millones de dólares en comparación con 16,7 millones de dólares en el tercer trimestre de 2023. La compañía logró un laudo de daños de 303 millones de dólares contra Samsung por infracción de patente. La ganancia bruta fue de 1,1 millones de dólares, un aumento respecto a 0,4 millones de dólares año tras año. La pérdida neta mejoró a ($9,4) millones, o ($0,04) por acción, en comparación con ($17,3) millones, o ($0,07) por acción en el tercer trimestre de 2023. La compañía recaudó 15 millones de dólares después del trimestre y reportó efectivo y equivalentes de 29,8 millones de dólares al 28 de septiembre de 2024.
Netlist (NLST)는 2024년 3분기 재무 결과를 보고하면서 순매출이 140% 증가하여 4,020만 달러에 달했다고 전했습니다. 이는 2023년 3분기의 1,670만 달러와 비교되는 수치입니다. 이 회사는 삼성에 대한 특허 침해로 3억 3백만 달러의 손해 배상 판결을 확보했습니다. 총 이익은 110만 달러로 작년 대비 40만 달러에서 상승했습니다. 순손실은 ($9.4) 백만 달러로 개선되어 주당 ($0.04)이 되었으며, 이는 2023년 3분기 ($17.3) 백만 달러 또는 주당 ($0.07)과 비교됩니다. 이 회사는 분기 후 1,500만 달러를 모금했으며 2024년 9월 28일 기준으로 현금 및 현금성 자산이 2,980만 달러로 보고했습니다.
Netlist (NLST) a publié ses résultats financiers pour le troisième trimestre 2024, avec des ventes nettes en hausse de 140%, atteignant 40,2 millions de dollars contre 16,7 millions de dollars au troisième trimestre 2023. L’entreprise a obtenu un dommages-intérêts de 303 millions de dollars contre Samsung pour violation de brevet. Le bénéfice brut s'élevait à 1,1 million de dollars, en hausse par rapport à 0,4 million de dollars d'une année sur l'autre. La perte nette s'est améliorée pour atteindre ($9,4) millions, soit ($0,04) par action, contre ($17,3) millions, soit ($0,07) par action au troisième trimestre 2023. L'entreprise a levé 15 millions de dollars après le trimestre et a déclaré avoir des liquidités et équivalents de 29,8 millions de dollars au 28 septembre 2024.
Netlist (NLST) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024, mit einem Anstieg der Nettoumsätze um 140% auf 40,2 Millionen Dollar im Vergleich zu 16,7 Millionen Dollar im dritten Quartal 2023. Das Unternehmen sicherte sich eine Schadenersatzentscheidung von 303 Millionen Dollar gegen Samsung wegen Patentverletzung. Der Bruttogewinn betrug 1,1 Millionen Dollar, gegenüber 0,4 Millionen Dollar im Vorjahr. Der Nettoverlust verbesserte sich auf ($9,4) Millionen oder ($0,04) pro Aktie, verglichen mit ($17,3) Millionen oder ($0,07) pro Aktie im dritten Quartal 2023. Das Unternehmen sammelte nach dem Quartal 15 Millionen Dollar ein und berichtete über liquiden Mittel und Äquivalente von 29,8 Millionen Dollar zum 28. September 2024.
- Revenue growth of 140% year-over-year to $40.2 million in Q3 2024
- Secured $303 million damages award against Samsung
- Improved net loss from ($17.3M) to ($9.4M) year-over-year
- Raised additional $15 million to strengthen balance sheet
- Working capital deficit of ($9.7) million
- Stockholders' deficit of ($8.4) million
- Continued net losses of ($9.4) million in Q3 2024
- Low gross profit margins of approximately 2.7%
IRVINE, CA / ACCESSWIRE / October 29, 2024 / Netlist, Inc. (OTCQB:NLST) today reported financial results for the third quarter ended September 28, 2024.
Recent Highlights:
Net sales for the third quarter of 2024 increased by
140% to$40.2 million compared to$16.7 million from the same quarter one year ago.Secured order finalizing
$303 million damages award against Samsung. The United States District Court for the Eastern District of Texas (EDTX) upheld the jury's verdict and damages award in the April 2023 trial and confirmed that Samsung willfully infringed Netlist's patented technologies and that none of the asserted claims are invalid. This brings the case to a close in the EDTX.Raised
$15 million subsequent to the end of the quarter strengthening Netlist's balance sheet.
"We continue to make significant progress in the defense of Netlist's intellectual property and look forward to the upcoming second patent infringement jury trial against Samsung in the EDTX," said Chief Executive Officer, C.K. Hong.
Net sales for the third quarter ended September 28, 2024 were
Net sales for the nine months ended September 28, 2024 were
Net loss for the third quarter ended September 28, 2024 was (
Net loss for the nine months ended September 28, 2024 was (
As of September 28, 2024, cash, cash equivalents and restricted cash were
Conference Call Information
C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, October 29, 2024 at 12:00 p.m. Eastern Time to review Netlist's results for the third quarter ended September 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 www.netlist.com.
About Netlist
Netlist is a leading innovator in advanced memory and storage solutions, pushing the boundaries of technology to deliver unparalleled performance and reliability. With a rich portfolio of patented technologies, Netlist inventions are foundational to the advancement of AI which is revolutionizing computing and empowering businesses and industries to thrive in the digital age. To learn more about Netlist, please visit www.netlist.com.
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 are statements other than historical facts and often address future events or Netlist's future performance. Forward-looking statements contained in this news release include statements about Netlist's ability to execute on its strategic initiatives. All forward-looking statements 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, risks that Micron will appeal the final judgment by the trial court, which could cause a lengthy delay in Netlist's ability to collect the damage award or overturn the verdict or reduce the damages award; risks that Netlist will suffer adverse outcomes in its pending 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 quarantines, factory slowdowns and/or shutdowns. The military conflict between Russia and Ukraine may increase the likelihood of supply interruptions. 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 its most recently completed fiscal year filed on February 23, 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 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:
The Plunkett Group
Mike Smargiassi
NLST@theplunkettgroup.com
(212) 739-6729
Gail M. Sasaki
Netlist, Inc., Chief Financial Officer
gsasaki@netlist.com
(949) 435-0025
NETLIST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
| September 28, |
|
| December 30, |
|
|
| |||
| 2024 |
|
| 2023 |
|
|
| |||
ASSETS |
| |||||||||
Current assets: |
|
|
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 17,163 |
|
| $ | 40,445 |
|
|
|
Restricted cash |
|
| 12,600 |
|
|
| 12,400 |
|
|
|
Accounts receivable, net |
|
| 1,660 |
|
|
| 4,562 |
|
|
|
Inventories |
|
| 3,768 |
|
|
| 12,031 |
|
|
|
Prepaid expenses and other current assets |
|
| 813 |
|
|
| 441 |
|
|
|
Total current assets |
|
| 36,004 |
|
|
| 69,879 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Property and equipment, net |
|
| 605 |
|
|
| 770 |
|
|
|
Operating lease right-of-use assets |
|
| 1,153 |
|
|
| 1,590 |
|
|
|
Other assets |
|
| 473 |
|
|
| 560 |
|
|
|
Total assets |
| $ | 38,235 |
|
| $ | 72,799 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
| |||||||||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 34,183 |
|
| $ | 39,831 |
|
|
|
Revolving line of credit |
|
| 1,563 |
|
|
| 3,844 |
|
|
|
Accrued payroll and related liabilities |
|
| 1,352 |
|
|
| 1,346 |
|
|
|
Deferred revenue |
|
| 5,914 |
|
|
| - |
|
|
|
Other current liabilities |
|
| 2,645 |
|
|
| 2,569 |
|
|
|
Total current liabilities |
|
| 45,657 |
|
|
| 47,590 |
|
|
|
Operating lease liabilities |
|
| 787 |
|
|
| 1,213 |
|
|
|
Other liabilities |
|
| 187 |
|
|
| 237 |
|
|
|
Total liabilities |
|
| 46,631 |
|
|
| 49,040 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
| |
Stockholders' equity (deficit): |
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
| - |
|
|
| - |
|
|
|
Common stock |
|
| 259 |
|
|
| 254 |
|
|
|
Additional paid-in capital |
|
| 316,319 |
|
|
| 307,328 |
|
|
|
Accumulated deficit |
|
| (324,974 | ) |
|
| (283,823 | ) |
|
|
Total stockholders' equity (deficit) |
|
| (8,396 | ) |
|
| 23,759 |
|
|
|
Total liabilities and stockholders' equity (deficit) |
| $ | 38,235 |
|
| $ | 72,799 |
|
|
|
NETLIST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
|
|
|
|
|
|
| |||||||||||
| September 28, |
|
| September 30, |
|
| September 28, |
|
| September 30, |
|
| |||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net sales |
| $ | 40,186 |
|
| $ | 16,725 |
|
| $ | 112,828 |
|
| $ | 35,772 |
|
|
Cost of sales(1) |
|
| 39,044 |
|
|
| 16,285 |
|
|
| 110,198 |
|
|
| 34,533 |
|
|
Gross profit |
|
| 1,142 |
|
|
| 440 |
|
|
| 2,630 |
|
|
| 1,239 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development(1) |
|
| 2,177 |
|
|
| 2,268 |
|
|
| 6,987 |
|
|
| 6,824 |
|
|
Intellectual property legal fees |
|
| 5,349 |
|
|
| 12,891 |
|
|
| 28,403 |
|
|
| 32,908 |
|
|
Selling, general and administrative(1) |
|
| 3,271 |
|
|
| 3,160 |
|
|
| 9,353 |
|
|
| 9,515 |
|
|
Total operating expenses |
|
| 10,797 |
|
|
| 18,319 |
|
|
| 44,743 |
|
|
| 49,247 |
|
|
Operating loss |
|
| (9,655 | ) |
|
| (17,879 | ) |
|
| (42,113 | ) |
|
| (48,008 | ) |
|
Other income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
| 162 |
|
|
| 507 |
|
|
| 796 |
|
|
| 840 |
|
|
Other income (expense), net |
|
| 88 |
|
|
| 33 |
|
|
| 167 |
|
|
| 14 |
|
|
Total other income, net |
|
| 250 |
|
|
| 540 |
|
|
| 963 |
|
|
| 854 |
|
|
Loss before provision for income taxes |
|
| (9,405 | ) |
|
| (17,339 | ) |
|
| (41,150 | ) |
|
| (47,154 | ) |
|
Provision for income taxes |
|
| - |
|
|
| - |
|
|
| 1 |
|
|
| 1 |
|
|
Net loss |
| $ | (9,405 | ) |
| $ | (17,339 | ) |
| $ | (41,151 | ) |
| $ | (47,155 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
| $ | (0.04 | ) |
| $ | (0.07 | ) |
| $ | (0.16 | ) |
| $ | (0.20 | ) |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
| 258,025 |
|
|
| 247,420 |
|
|
| 256,509 |
|
|
| 240,974 |
|
|
|
|
|
|
|
|
|
|
|
|
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| |
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| |
(1) Amounts include stock-based compensation expense as follows: |
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| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of sales |
| $ | 16 |
|
| $ | 19 |
|
| $ | 82 |
|
| $ | 90 |
|
|
Research and development |
|
| 238 |
|
|
| 231 |
|
|
| 798 |
|
|
| 691 |
|
|
Selling, general and administrative |
|
| 876 |
|
|
| 895 |
|
|
| 2,752 |
|
|
| 2,637 |
|
|
Total stock-based compensation |
| $ | 1,130 |
|
| $ | 1,145 |
|
| $ | 3,632 |
|
| $ | 3,418 |
|
|
SOURCE: Netlist, Inc.
View the original press release on accesswire.com
FAQ
What was Netlist's (NLST) revenue growth in Q3 2024?
How much was the damages award Netlist (NLST) secured against Samsung?
What was Netlist's (NLST) net loss per share in Q3 2024?
How much cash did Netlist (NLST) raise after Q3 2024?
