Overview

• US memory solutions firm's Q1 revenue jumped 262% yr/yr on strong AI-related demand

• Company swung to Q1 net income from loss a year earlier

• Gross profit rose sharply, up over 1,600% yr/yr

Outlook

• Netlist did not provide specific financial guidance for the current quarter or full year

Result Drivers

• AI MEMORY DEMAND - Co said robust demand for its memory products, especially DDR5 and HBM for AI applications, drove results, per CEO C.K. Hong

Company press release: ID:nACStdFRBa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$104.89 mln	$79 mln (1 Analyst)
Q1 EPS	Beat	$0.03	$0 (1 Analyst)
Q1 Net Income	Beat	$8.65 mln	-$1.20 mln (1 Analyst)
Q1 Operating Income	Beat	$8.57 mln	-$1.30 mln (1 Analyst)
Q1 Gross Profit		$22.39 mln
Q1 Operating Expenses		$13.82 mln

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the computer hardware peer group is "buy"

• Wall Street's median 12-month price target for Netlist Inc is $3.00, about 13% below its May 11 closing price of $3.45

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