Resales Of Third-Party Products was Netlist’s largest revenue line in fiscal 2025, bringing in $180.07M of $188.63M (95%).
| Products and Services | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Resales Of Third-Party Products | — | — | — | $134.85M | $180.07M | ||||
| Resales Of Third Party Products | — | — | — | — | — | ||||
| Net Product Sales | $53.52M | $114.48M | $50.29M | — | — | ||||
| License Fee | $40.00M | — | — | — | — | ||||
| Sale Of Our Modular Memory Subsystems | — | — | — | $12.25M | $8.56M | ||||
| Sale Of The Company'S Modular Memory Subsystems | — | — | — | — | — | ||||
| Sale Of The Company’S Modular Memory Subsystems | — | — | — | — | — | ||||
| Total | $93.52M | $114.48M | $50.29M | $147.10M | $188.63M |
Netlist brought in $188.63M from its two revenue lines in fiscal 2025, the year ended December 27, 2025. That was up 28.2% from $147.10M in fiscal 2024. Resales Of Third-Party Products was the largest at $180.07M (95.5%), ahead of Sale Of Our Modular Memory Subsystems at $8.56M (4.5%).
Compared with fiscal 2024, Resales Of Third-Party Products grew 33.5% to $180.07M, while Sale Of Our Modular Memory Subsystems fell 30.1% to $8.56M.
Netlist began breaking out Sale Of Our Modular Memory Subsystems in fiscal 2024, when it brought in $12.25M. Netlist stopped reporting Net Product Sales ($50.29M in fiscal 2023) and License Fee ($40.00M in fiscal 2022) as separate revenue lines.
People'S Republic Of China was Netlist’s largest region in fiscal 2025, bringing in $170.75M of $188.63M (91%).
| Geography | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| People'S Republic Of China | $114.48M | $50.29M | $124.17M | $170.75M | ||||
| China | — | — | — | — | ||||
| United States | $39.55M | $15.25M | $19.74M | $11.22M | ||||
| Other Countries | $7.61M | $3.66M | $3.19M | $6.66M | ||||
| Total | $161.64M | $69.21M | $147.10M | $188.63M |
Netlist brought in $188.63M from its three regions in fiscal 2025, the year ended December 27, 2025. That was up 28.2% from $147.10M in fiscal 2024. People'S Republic Of China was the largest at $170.75M (90.5%), ahead of United States at $11.22M (5.9%) and Other Countries at $6.66M (3.5%).
Compared with fiscal 2024, Other Countries grew fastest, up 108.7% to $6.66M, while United States fell the most, down 43.1% to $11.22M. From fiscal 2022 to 2025, combined revenue from these regions grew from $161.64M to $188.63M, a compound annual growth rate of 5.3%. People'S Republic Of China's share of the total rose from 70.8% to 90.5%.
Netlist (NLST) reports its revenue by products and services and by geography. In fiscal 2025, Resales Of Third-Party Products was its largest revenue line, bringing in $180.07M (95.5% of the total), followed by Sale Of Our Modular Memory Subsystems at $8.56M (4.5%).
Resales Of Third-Party Products was Netlist's largest revenue line in fiscal 2025, bringing in $180.07M, or 95.5% of the $188.63M total across its two revenue lines.
People'S Republic Of China was Netlist's largest region in fiscal 2025, bringing in $170.75M, or 90.5% of the $188.63M total across its three regions.
Resales Of Third-Party Products grew faster than Sale Of Our Modular Memory Subsystems in fiscal 2025, up 33.5% from $134.85M to $180.07M. Sale Of Our Modular Memory Subsystems fell 30.1% to $8.56M.
Every figure comes from Netlist's annual financial filings, as reported. Each line keeps the name Netlist gives it, and years follow its fiscal calendar.
Netlist's revenue by products and services goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.