Q2 2024 Netlist Inc Earnings Call Transcript
Key Points
- Netlist Inc (NLST) secured two significant legal victories, validating their intellectual property protection efforts.
- The company won a $303 million patent infringement award against Samsung, with the court confirming Samsung's willful infringement.
- Netlist Inc (NLST) also won a $445 million damages award against Micron for willful patent infringement.
- Second quarter 2024 revenue was $36.8 million, nearly four times greater than the same period last year.
- The company expects a moderate increase in revenue for the third quarter of 2024, indicating continued growth.
- Netlist Inc (NLST) faces ongoing legal expenses, although these are expected to decrease by the end of the year.
- The company is involved in multiple IPR appeals, which can take several months to resolve, adding uncertainty.
- Patent litigation and the PTAB landscape remain hostile to patent owners, posing challenges for Netlist Inc (NLST).
- Gross margins are relatively low, with target product margins around 5% to 6%.
- The CXL market, a key area for future growth, is still in its infancy and may take another year or two for significant adoption.
Good day, and welcome to the Netlist second-quarter 2024 earnings conference call and webcast. (Operator Instructions). This event is being recorded.
I would now like to turn the conference over to Mike Smargiassi, Investor Relations. Please go ahead.
Thank you, Betsy, and good day, everyone. Welcome to Netlist's Second Quarter 2024 Conference Call. Leading today's call will be Chuck Hong, Chief Executive Officer of Netlist; and Gail Sasaki, Chief Financial Officer. As a reminder, you can access the earnings release and a replay of today's call on the Investors section of the Netlist website at netlist.com.
Before we start the call, I would note that today's presentation of Netlist's results and the answers to questions may include forward-looking statements, which are based on current expectations. The actual results could differ materially from those projected in the forward-looking statements.
Because of the number of our risks and uncertainties that are expressed in the call,
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