NetList Inc (NLST)

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NETLIST REPORTS FULL YEAR AND FOURTH QUARTER 2020 RESULTS

https://investors.netlist.com/websites/netlist/English/2120/us-press-release.html?airportNewsID=abff1059-1cbc-471d-bdcc-4a090821441e

IRVINE, CA / ACCESSWIRE / March 1, 2021 / Netlist, Inc. (OTCQB:NLST) today reported financial results for the full year, and the fourth quarter ended January 2, 2021.

Net sales for the full year ended January 2, 2021 were $47.2 million, compared to net sales of $26.1 million for the full year ended December 28, 2019. Gross profit for the full year ended January 2, 2021 was $6.7 million, or 14.3% of net sales, compared to a gross profit of $2.6 million, or 9.8% of net sales, for the full year ended December 28, 2019.

Net loss for the full year ended January 2, 2021 was ($7.3) million, or a loss per share of ($0.04), compared to a net loss in the prior-year period of ($12.5) million, or a loss per share of ($0.08). These results include stock-based compensation expense of $0.8 million and $1.0 million for the years ended January 2, 2021 and December 28, 2019, respectively.

Net sales for the fourth quarter ended January 2, 2021 were $11.5 million, compared to net sales of $9.4 million for the quarter ended December 28, 2019. Gross profit for the quarter ended January 2, 2021 was $1.5 million, or 12.7% of net sales, compared to a gross profit of $1.4 million, or 15.3% of net sales, for the quarter ended December 28, 2019.

Net loss for the fourth quarter ended January 2, 2021 was ($1.8) million, or a loss per share of ($0.01), compared to a net loss in the prior-year period of ($1.8) million, or a loss per share of ($0.01). These results include a stock-based compensation expense of $0.2 million for both of the quarters ended January 2, 2021 and December 28, 2019.

As of January 2, 2021, cash, cash equivalents, and restricted cash was $16.5 million, total assets were $25.3 million, working capital was ($2.7) million, total debt and accrued interest, net of debt discount, was $20.9 million, and stockholders' deficit was ($2.6) million.

"During 2020 revenue grew by 81%, gross profit dollars improved by 162%, and operating expenses decreased by 3.5%, resulting in a 42% improvement to the bottom line compared to the prior year," said Netlist's Chief Executive Officer, C.K. Hong. "For 2021 we are well-positioned to execute on the product business and our intellectual property initiatives. We look forward to the resumption of the Google case and the SK hynix jury trial."

Conference Call Information

C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, March 1, 2021 at 5:00 p.m. Eastern Time, to review Netlist's results for the fourth quarter ended January 2 2021. 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.