NETLIST INC (NLST) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 30, 2017

View amendments to this 10-K report filed on 4/30/2018
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Exhibit 99.1

 

NETLIST REPORTS FULL YEAR AND FOURTH QUARTER 2017 RESULTS

 

IRVINE, CALIFORNIA, March 27, 2018 - Netlist, Inc. (Nasdaq: NLST) today reported financial results for the fiscal year and fourth quarter ended December 30, 2017.

 

Revenues for the year ended December 30, 2017 were $38.3 million, compared to revenues of $19.7 million for the year ended December 31, 2016, an increase of 95%.  Gross profit for the year ended December 30, 2017 was $2.5 million, or 6.4% of revenues, compared to a gross profit of $7.4 million, or 37.6% of revenues, for the year ended December 31, 2016.  The year ended December 31, 2016 included $6.9 million in non-recurring engineering revenues related to our joint development arrangement with Samsung Electronics.

 

GAAP net loss for the year ended December 30, 2017 was ($13.4) million, or ($0.20) loss per share, compared to a net loss in the prior year period of ($11.2) million, or ($0.21) loss per share.  These results include stock-based compensation expense of $1.2 million and $1.5 million for the years ended December 30, 2017 and December 31, 2016, respectively.

 

Revenues for the fourth quarter ended December 30, 2017 were $8.5 million, compared to revenues of $5.5 million for the quarter ended December 31, 2016.  Gross profit for the quarter ended December 30, 2017 was $0.4 million, or 4.8% of revenues, compared to a gross profit of $0.3 million, or 5.0% of revenues, for the quarter ended December 31, 2016.

 

GAAP net loss for the fourth quarter ended December 30, 2017 was ($3.1) million, or ($0.04) loss per share, compared to a net loss in the prior year period of ($3.9) million, or ($0.06) loss per share.  These results include stock-based compensation expense of $0.3 million and $0.4 million for the quarters ended December 30, 2017 and December 31, 2016, respectively.

 

As of December 30, 2017, cash and cash equivalents and restricted cash were $9.5 million, total assets were $18.8 million, working capital was $7.7 million, total debt, net of debt discount and accrued interest, was $16.8 million, and stockholders’ deficit was ($5.3) million.

 

“In 2017 we nearly doubled our revenues, made further progress in the commercialization of HybriDIMM™ and expanded our intellectual property with the issuance of important new patents. This year, we are committed to growing the NV/EV business and licensing our intellectual property amid an exploding high-performance memory market.” said C.K. Hong, Netlist’s Chief Executive Officer.

 

Adjusted EBITDA loss was ($11.4) million for the year ended December 30, 2017, compared to an adjusted EBITDA loss of ($9.3) million for the prior year period. Adjusted EBITDA (loss) was ($2.6) million for the fourth quarter ended December 30, 2017, compared to adjusted EBITDA (loss) of ($3.7) million for the quarter ended December 31, 2016.  Adjusted EBITDA is a non-GAAP financial measure.  Non-GAAP financial measures are described below under “Note Regarding Use of Non-GAAP Financial Measures,” and are reconciled to the most directly comparable GAAP financial measure, net loss, below under “Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA.”

 

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The following information was filed by NETLIST INC on Tuesday, March 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 1
  • Accession Number: 0001558370-18-002615
  • Submitted to the SEC: Friday, March 30, 2018 4:06:02 PM EST
  • Accepted by the SEC: Friday, March 30, 2018
  • Fiscal Year ending: December 2017
  • Industry: Semiconductors And Related Devices