Netlist, Inc. (NASDAQ:NLST) announced its financial results for the first quarter 2018 ending on March 31 recently. As per the reports, the company’s revenues, as well as gross profit earnings, have fallen a bit as compared to its earnings for the first quarter 2017. However, the CEO of the company, Chuck Hong has said that the first quarter revenue performance of NLST is in line with its internal plan.
NLST Report Shows Gross Profit Of 0.4 Million
The report says that the revenues for the first quarter of this year were $8.9 million whereas in 2017 the first quarter revenues were $9.4 million. Similarly, the gross profit for the current year’s first quarter was $0.4 million. And the gross profit for the first quarter of last year was $0.7 million. It indicates that both in terms of revenues and gross profit the company is lagging behind in its first quarter 2018 as compared to the first quarter in 2017.
As per the first quarter 2018 report, the GAAP net loss for the term was around $0.06 per share as compared to a net loss of $0.05 per share during the same period last year. The results are inclusive of the stock-based compensation expense of $0.2 million paid by NLST for the quarter ending on March 31, 2018. The stock-based compensation expense for the first-quarter 2017 was $0.3 million.
Hong Expects to Reduce Legal Expenses In Future
According to the CEO of the company, Chuck Hong, the performance of the company in the first quarter of this year was in line with the company’s internal plan. He said, “First quarter performance benefited from steady sales of specialty and legacy memory modules. The bottom line results reflect legal expenses associated with the litigation against SK Hynix and continued cost controls across the business.”
Hong said that despite an increase in the legal expenses, the bottom line results of the company reflect cost controls. NLST expects to reduce these increased legal expenses in its future quarters. The Chief Executive Officer of the Californian Company said that the company’s collaboration with other companies such as Nyriad, Tyan and others will open new work opportunities for the company. According to Hong, the HybriDIMM commercialization has also received a good response.