Netlist: Strong Growth Makes The Stock Interesting

Netlist delivered strong Q2 2026 results, with revenue up 163% to $109.8M and a return to profitability. Current profitability is driven by cyclical DRAM resales, not yet by proprietary products or recurring licensing revenue. I assign a speculative buy rating, citing significant upside if NLST transitions to a product and IP-driven model over the next five years. Key risks include continued reliance on resales, high legal costs, dilution, and uncertain outcomes from ongoing patent litigation. Netlist ( NLST ) reported very strong figures for the second quarter of 2026 . Revenue rose by 163% to $109.8 million, and gross profit increased from just $1.4 million to $22.9 million. Over the first 6 months, Netlist posted a net