Netlist Reports Third Quarter 2014 Results
Netlist, Inc. today reported financial results for the third quarter ended September 27, 2014.
Revenues for the three months ended September 27, 2014, were $4.8 million, compared to revenues of $4.3 million for the third quarter ended September 28, 2013. Gross profit for the three months ended September 27, 2014, was $1.1 million, or 23.2 percent of revenues, compared to a gross profit of $0.4 million, or 9.2 percent of revenues for the third quarter ended September 28, 2013.
The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss was ($3.0) million for the third quarter ended September 27, 2014, compared to an adjusted EBITDA loss of ($2.0) million for the prior year period.
Net loss for the third quarter ended September 27, 2014, was ($4.1) million, or ($0.10) loss per share, compared to a net loss in the prior year period of ($3.1) million, or ($0.10) loss per share. These results include stock-based compensation expense of $505,000 for the third quarter of 2014, compared to $441,000 for the third quarter of 2013.
Commenting on the results, C.K. Hong, Netlist's Chief Executive Officer, stated, "The third quarter results reflect our continuing investments in the three strategic areas of our business -- proliferation of our NVvault product line into the cloud computing space, development of HyperVault, the fastest next generation hybrid memory solution and the monetization of our intellectual property assets. We saw tangible evidence of progress in each of these areas as we achieved NV qualifications in a number of new customers, reached important milestones in the development of HyperVault and motioned for a preliminary injunction against the ULLtraDIMM product in our year-long trade secrets case in the Northern District of California. We remain confident that the continued investments in these key areas will unlock the value of our products and intellectual property assets, and position the company for the long term."
Revenues for the nine months ended September 27, 2014, were $16.7 million, compared to revenues of $15.3 million for the nine months ended September 28, 2013. Gross profit for the nine months ended September 27, 2014, was $4.1 million, or 24.4 percent of revenues, compared to a gross profit of $1.2 million, or 7.9 percent of revenues, for the nine months ended September 28, 2013.
Net loss for the nine months ended September 27, 2014, was ($9.6) million, or ($0.24) loss per share, compared to a net loss in the prior year period of ($9.2) million, or ($0.30) loss per share. These results include stock-based compensation expense of $1.6 million and $1.2 million for the nine month periods ended September 27, 2014 and September 28, 2013, respectively.
As of September 27, 2014, cash and cash equivalents and restricted cash were $15.2 million, total assets were $22.1 million, working capital was $13.5 million, total debt, net of debt discounts, was $5.6 million, and stockholders' equity was $10.1 million.
