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Tuesday, August 3, 2021

The Fascinating Rise of Netlist, Inc. (OTCMKTS: NLST); (912) Patent

Netlist, Inc. (OTCMKTS: NLST) is easily among the most exciting stories in small caps that has transformed into a volume leader in recent months.  NLST skyrocketed in June after the U.S. Court of Appeals for the Federal Circuit affirmed the U.S. Patent Trial and Appeal Board’s decision upholding the validity of Netlist’s U.S. 7,619,912 (‘912) patent that applies to DDR server memory modules. The decision was final and binding on future cases and represents a resounding win for Netlist. The (‘912) patent is a seminal patent; an invention so impactful that it creates or shifts the technology space. This ruling has much larger implications than just GOOG which will more than likely set the tone for other settlements long overdue here.

Netlist also reported Q3 results this week showing the 5th consecutive quarter of increasing revenues. The Company reported Net sales for the third quarter ended September 26, 2020 were $10.2 million, compared to net sales of $6.1 million for the quarter ended September 28, 2019. As of September 26, 2020, cash, cash equivalents and restricted cash was $17.5 million.

Netlist, Inc. (OTCMKTS: NLST) provides high-performance modular memory subsystems to customers in diverse industries that require enterprise and storage class memory solutions to empower critical business decisions. We have a history of introducing disruptive new products, such as one of the first load reduced dual in-line memory modules (“LRDIMM”) based on our distributed buffer architecture, which has been adopted by the industry for DDR4 LRDIMM. We were also one of the first to bring NAND flash memory (“NAND flash”) to the memory channel with our NVvault non-volatile dual in-line memory modules (“NVDIMM”) using software-intensive controllers and merging dynamic random access memory integrated circuits (“DRAM ICs” or “DRAM”) and NAND flash to solve data bottleneck and data retention challenges encountered in high-performance computing environments. We also offer storage class memory products called HybriDIMM to address the growing need for real-time analytics in Big Data applications, in-memory databases, high performance computing and advanced data storage solutions.

Netlist has built a valuable and lucrative portfolio of over 130 issued and pending U.S. and foreign patents, many seminal, in the areas of hybrid memory, storage class memory, rank multiplication and load reduction. Netlist has been monetizing its intellectual property through a combination of product sales and licensing, royalty and other revenue-producing arrangements.

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NLSTThis week NLST reported financial results for the third quarter ended September 26, 2020. Net sales for the third quarter ended September 26, 2020 were $10.2 million, compared to net sales of $6.1 million for the quarter ended September 28, 2019. Gross profit for the quarter ended September 26, 2020 was $1.3 million, or 13.1% of net sales, compared to a gross profit of $0.5 million, or 7.4% of net sales, for the quarter ended September 28, 2019. As of September 26, 2020, cash, cash equivalents and restricted cash was $17.5 million, total assets were $28.3 million, working capital was $13.6 million, total debt and accrued interest, net of debt discount, was $20.2 million, and stockholders’ deficit was ($1.2) million.

Netlist’s Chief Executive Officer, C.K. Hong stated: “We delivered another quarter of positive financial performance with revenue increasing nearly 70% and bottom line improvement of 30% over the year ago period. These gains came from expanded gross margins on higher revenue along with proactive expense management. We also remain active with our intellectual property licensing and enforcement efforts and look forward to resuming the case against Google, and the Markman Hearing in the SK hynix case early next year.”

On November 11 NLST announced through a collaboration with Celestica and Violin, a StorCentric company, it will showcase its 3.84TB U.2 NVMe SSDs at the SuperComputing 2020 conference from November 9 to 19, 2020. During the virtual conference, Celestica, Violin, and Netlist will showcase a fully loaded QV2020, the latest line in Violin’s simple, fast, affordable high-performance NVMe storage platforms. The new high-performance storage platform features Celestica’s Athena+TM NVMe Platform coupled with Violin’s QV2020 software-defined all flash storage solution, and Netlist’s 3.84TB U.2 NVMe SSDs. Representatives will be available to discuss the solution through the Celestica SC20 conference booth throughout the conference.

 

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NLST is easily among the most exciting and explosive stories on the OTCQB that has skyrocketed out of obscurity in recent months to become a volume leader on the exchange. Earlier this year Netlist achieved a milestone victory against Google, as the U.S Court of Appeals for the Federal Circuit affirmed the Patent Trial and Appeal Board’s final decision, validating Netlist’s ‘912 patent. The ruling has much larger implications than just GOOG which will more than likely set the tone for a number of long overdue settlements for Netlist. Management noted the appellate court made it clear that the claims of this seminal patent are indeed valid and in so doing, further vindicate Netlist’s decade-long defense of the company’s strategic intellectual property. Netlist also reported Q3 results this week showing the 5th consecutive quarter of increasing revenues. The Company reported Net sales for the third quarter ended September 26, 2020 were $10.2 million, compared to net sales of $6.1 million for the quarter ended September 28, 2019. As of September 26, 2020, cash, cash equivalents and restricted cash was $17.5 million.We will be updating on Netlist when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Netlist.

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Disclosure: we hold no position in NLST either long or short and we have not been compensated for this article.

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