Netlist Reports Fourth Quarter and Full Year 2014 Results
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."
