Netlist Reports Second Quarter 2015 Financial Results
IRVINE, Calif., Aug. 12 -- Netlist, Inc. a leading provider of high performance memory solutions for the cloud computing and storage markets, has reported financial results for the second quarter ended June 27, 2015.
Revenues for the three months ended June 27, 2015, were $1.4 million, compared to revenues of $4.9 million for the second quarter ended June 28, 2014. Gross profit for the three months ended June 27, 2015, was $0.1 million compared to a gross profit of $1.0 million, for the second quarter ended June 28, 2014.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was a loss of ($4.9) million for the second quarter ended June 27, 2015, compared to an adjusted EBITDA loss of ($2.3) million for the prior year period.
Net loss for the second quarter ended June 27, 2015, was ($4.4) million, or ($0.09) loss per share, compared to a net loss in the prior year period of ($3.5) million, or ($0.08) loss per share. These results include stock-based compensation expense of $0.4 million for the second quarter of 2015 and $0.5 million for the second quarter of 2014.
As of June 27, 2015, cash and cash equivalents and restricted cash were $18.1 million, total assets were $21.9 million, working capital was $9.5 million, total debt, net of debt discounts, was $8.6 million, and stockholders' equity was $5.4 million.
C.K. Hong, Netlist's Chief Executive Officer, stated, "Our second quarter financial results reflect the ongoing transition to our next generation hybrid memory technologies and the litigation expense to protect over a decade of investment in our seminal intellectual property. During the second quarter we introduced the EXPRESSvault3 (EV3) PCIe hybrid product line and garnered significant interest, with a growing number of customers now in the early stages of qualification. We continue to make progress in the development of HyperVault which is on track to achieve major milestones later in the year."
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 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.
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Source: Netlist
