Netlist is a small memory technology company with two core businesses: selling memory products and licensing its patented memory technologies. On the product side, Netlist primarily resells DRAM and NAND flash chips sourced from manufacturers like SK Hynix to storage customers, system builders, and cloud/data center customers outside the major manufacturers' direct channels. Netlist also designs and sells its own branded specialty memory modules, including custom DDR4 modules for industrial and networking customers, its "Lightning" line of overclocked DDR5 DIMMs targeting high-frequency trading and HPC applications, and next-generation products like MRDIMM and CXL NVDIMM for data center platforms. Margins on commodity resale products are thin, while proprietary subsystems carry meaningfully higher margins. On the IP side, Netlist holds a portfolio of over 200 patents covering foundational memory architectures — including distributed buffer architecture and on-module power management — that Netlist argues underpin DDR5 and HBM products sold at scale by Samsung and Micron. Since large implementers rarely license voluntarily, Netlist uses litigation to force licensing. Netlist has secured jury verdicts totaling $866M in combined damages against Samsung and Micron, with additional cases and an ITC investigation pending. No significant licensing revenue has been collected yet, as cases remain in appeals. Any successful licensing outcome would be high-margin and potentially transformative relative to Netlist's current scale.