Netlist Reports Fourth Quarter and Full Year 2014 Results

March 27, 2015

IRVINE, Calif.March 27 — Netlist, Inc., a leading provider of high performance memory solutions for the cloud computing and storage markets, today reported financial results for the fourth quarter and full year ended December 27, 2014.

Revenues for the three months ended December 27, 2014, were $2.5 million, compared to revenues of $7.7 million for the fourth quarter ended December 28, 2013.  Gross loss for the three months ended December 27, 2014, was ($0.1) million compared to a gross profit of $1.9 million, for the fourth quarter ended December 28, 2013.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was a loss of ($4.8) million for the fourth quarter ended December 27, 2014, compared to an adjusted EBITDA loss of ($0.5) million for the prior year period.

Net loss for the fourth quarter ended December 27, 2014, was ($5.8) million, or ($0.14) loss per share, compared to a net loss in the prior year period of ($1.6) million, or ($0.05) loss per share.  These results include stock-based compensation expense of $0.5 million for the fourth quarter of 2014, compared to $0.4 million for the fourth quarter of 2013.

Revenues for the twelve months ended December 27, 2014, were $19.2 million, compared to revenues of $23.0 millionfor the twelve months ended December 28, 2013.  Gross profit for the twelve months ended December 27, 2014, was $4.0 million, or 20.7 percent of revenues, compared to a gross profit of $3.1 million, or 13.5 percent of revenues, for the twelve months ended December 28, 2013.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss was ($12.9) million for the twelve months ended December 27, 2014, compared to an adjusted EBITDA loss of ($8.3) million for the prior year period.

Net loss for the twelve months ended December 27, 2014, was ($15.4) million, or ($0.38) loss per share, compared to a net loss in the prior year period of ($10.8) million, or ($0.35) loss per share.  These results include stock-based compensation expense of $2.0 million and $1.7 million for the twelve month periods ended December 27, 2014 and December 28, 2013, respectively.

As of December 27, 2014, cash and cash equivalents and restricted cash were $11.7 million, total assets were $16.2 million, working capital was $7.9 million, total debt, net of debt discounts, was $5.8 million, and stockholders’ equity was $4.7 million.

Commenting on the results, C.K. Hong, Netlist’s Chief Executive Officer, stated, “Our 2014 performance reflects ongoing investment in the development of our next generation NVvault product lines and HyperVault – the fastest next generation hybrid memory solution, as well as investment in our intellectual property portfolio. Netlist continues to be a pioneer in high performance memory for the enterprise computing and storage space. The technologies we have developed, including NVvault and EXPRESSvault, are gaining considerable industry validation and support, particularly with their enablement on the memory channel. We remain confident that we are well positioned to participate in the growth of these expanding markets over the next few years.”

About Netlist

Netlist, Inc. designs and manufactures high-performance, logic-based memory subsystems for server and storage applications for cloud computing. Netlist’s flagship products include NVvault and EXPRESSvault, a family of hybrid memory products that significantly accelerate system performance and provide mission critical fault tolerance, as well as HyperVault, its next generation hybrid memory solution which is under development and greatly expands the performance and capacity of DRAM channel storage. The Company’s product offering also includes HyperCloud, a patented memory technology that breaks traditional performance barriers, and a broad portfolio of industrial Flash and specialty memory subsystems including VLP (very low profile) DIMMs and Planar-X RDIMMs. Netlist has steadily invested in and grown its worldwide IP portfolio, which now includes 88 issued and pending patents in the areas of high performance memory and hybrid memory technologies.

Source: Netlist

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