Netlist posts 121% year-over-year revenue growth in Q4 2025 and secures Federal Circuit patent win against Micron

Netlist reported $75.7 million in Q4 2025 revenue, a 121% year-over-year improvement and 79% sequential growth, driven by sales of its own high-performance memory products.

The company won a Federal Circuit patent challenge from Micron earlier this year, making Micron liable to pay $445 million if its challenges fall flat. Netlist also won two patent infringement cases against Samsung and could secure similar licensing agreements if courts rule in its favor against other defendants.

A five-year licensing agreement with SK Hynix, which gave the memory chipmaker access to Netlist's patent portfolio in exchange for per-unit royalties, expired in April 2026; the company is expected to announce an extension when reporting earnings on May 12.