Patent Current · NLST Battle MapCurrent through Sep 7, 2026

Netlist is fighting for the right to get paid.

Samsung has converted years of litigation into a five-year license. Micron’s $445M judgment, award-linked patent appeals and three import tracks now define what comes next.

Samsung upfront≈$200MNet expected; receipt unconfirmed

Micron award$445MGross; appeal pending

Import tracks2 + 12 instituted; 1 complaint pending

Enter the battle map How the score works

Next fixed move02days

Sep 9 · 10:00 a.m. ET

Micron’s $445M appeal and linked validity cases

Three Federal Circuit arguments test the judgment, ’912 claim 16, and the consolidated ’215 / ’417 PTAB appeals.

Court calendar

SAMSUNG licensedMICRON AWARD on appealLEGACY VALIDITY weakenedITC 1472 narrowedITC 1511 activeNEW ITC institution pendingDILUTION elevated

01 / Battle map

Five fronts. One newly proven conversion.

Samsung changed the map from verdict risk to contract performance. Micron and the import cases remain litigation-dependent.

01Samsung licenseSigned Aug. 4

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02Cash receiptNot yet confirmed

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03Micron validityArguments Sep. 9

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04Micron appeal$445M at CAFC

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05ITC remediesTwo active tracks

01Settled · five-year cross-license

Samsung license

≈$200Mnet upfront expected; public receipt not yet confirmed

The bilateral Samsung campaign has converted into contracted economics: an upfront payment, 20 formula-based quarterly payments, supply access and future ITC cooperation.

Front posture

Next watchConfirm payment receipt and remaining docket dismissals

What could change this front ＋

Samsung’s gross obligation is up to about $898M over five years, including estimated Korean withholding taxes. Quarterly amounts can be adjusted and carry refund rights; contingency counsel receives 7.5% of amounts paid.

02Appeal active · validity linked

Micron verdict

$445Mgross jury award in 2:22-cv-00294

The largest unresolved damages award now meets two appellate tests at once: Micron’s merits-and-damages appeal and Netlist’s appeals over the ’912, ’215 and ’417 patent claims.

Front posture

Next watchSep. 9, 10:00 a.m. ET: three Federal Circuit arguments

What could change this front ＋

Post-trial motions were denied in 2025, but the award is not collected. The Federal Circuit can affirm, reverse, reduce or remand; the patent appeals directly affect durability.

03Active · scope narrowed

ITC 337-TA-1472

5 patentsremain after all asserted ’035 claims were withdrawn

The first import investigation continues toward a November hearing. Samsung is now licensed, while Google and Super Micro remain the key downstream respondents in the public record.

Front posture

Next watchNov. 23: evidentiary hearing begins

What could change this front ＋

On August 24 the Commission terminated the ’035 patent and selected claims of the ’366, ’731, ’608, ’523 and ’087 patents. Final initial determination is scheduled May 3, 2027; target date is September 3, 2027.

04Active · 20-month schedule set

ITC 337-TA-1511

Mar. 2028current target date on the ’537 and ’937 patents

The second investigation reaches Google, Super Micro, NVIDIA and Broadcom products in addition to licensed Samsung memory, but remains far from a merits ruling.

Front posture

Next watchNov. 19, 2027: final initial determination due

What could change this front ＋

The Commission instituted the case July 15 and set its target September 2. Institution and scheduling are procedural; no infringement or domestic-industry finding has been made.

05Filed · ITC institution pending

New Micron front

4 patentsnew import complaint; two also asserted in California

The August 12 campaign targets Micron, Supermicro, HPE and Lenovo products using the ’731, ’523, ’366 and ’407 patents, with a parallel district action against Micron.

Front posture

Next watchWatch for an ITC institution decision and early CDCA schedule

What could change this front ＋

A complaint is a request to investigate, not an active investigation or merits result. The parallel California complaint asserts only the ’523 and ’407 patents.

02 / Current docket

Every material live matter, in one ledger.

Statuses reflect primary public records available through September 7, 2026. “Pending” never implies a merits result.

Samsung settlement and license

Global resolution · CAFC 24-2203 dismissed Aug. 17

Patents / scopeFive-year portfolio cross-license

Current status

Signed Aug. 4. About $200M net upfront was expected in August; up to about $27.5M net is payable quarterly for 20 quarters under a revenue formula. The public filings reviewed do not yet confirm receipt.

Verify cash receipt and completion of every identified dismissal.

Micron $445M judgment

EDTX 2:22-cv-00294 · CAFC 25-1936

Patents / scope’912 and ’417

Current status

Final judgment entered; Micron’s post-trial motions were denied. The damages, infringement and willfulness appeal remains pending.

Oral argument Sep. 9, 2026 at 10:00 a.m. ET.

Award-linked PTAB appeals

CAFC 24-2304 · 25-1286/25-1296

Patents / scope’912 claim 16 · ’215 · ’417

Current status

Netlist is appealing adverse PTAB rulings. The ’215 and ’417 appeals are consolidated; Samsung settled, but Micron remains.

Oral arguments Sep. 9, 2026 at 10:00 a.m. ET.

Legacy Micron infringement suite

EDTX 2:22-cv-00203

Patents / scope’506 · ’339 · ’918 · ’054 · ’060 · ’160

Current status

Stayed for patent review. The ’506 adverse result was affirmed in 2025; on Sep. 2, 2026 the Federal Circuit affirmed adverse PTAB rulings on the other five patents.

Watch rehearing or Supreme Court options and the district court’s next order.

Earlier Micron WDTX cases

WDTX 1:22-cv-00134 · 1:22-cv-00136

Patents / scope’833 · ’035 · ’608 · ’314

Current status

Stayed since May 2022 pending patent review. The ’608 and ’314 records include favorable Federal Circuit outcomes; the ’035 challenge was denied institution.

Await lifting or modification of the district-court stays.

ITC import investigation I

USITC 337-TA-1472

Patents / scope’366 · ’731 · ’608 · ’523 · ’087; ’035 terminated

Current status

Active against the named product ecosystem. The Commission narrowed the scope Aug. 24; related district cases remain stayed. Samsung is licensed under the new settlement.

Hearing Nov. 23–24, Nov. 30 and Dec. 1–3, 2026.

ITC import investigation II

USITC 337-TA-1511

Patents / scope’537 · ’937

Current status

Active against Samsung, Google, Super Micro, NVIDIA and Broadcom. A 20-month target schedule is set; no merits determination has been made.

Final initial determination Nov. 19, 2027; target Mar. 20, 2028.

New Micron import + California actions

USITC case 8402 · CDCA action filed Aug. 12

Patents / scopeITC: ’731 · ’523 · ’366 · ’407; CDCA: ’523 · ’407

Current status

Complaints filed against Micron and, at the ITC, Supermicro, HPE and Lenovo. No public institution notice was located as of Sep. 7.

Await Commission institution and the first district-court schedule.

Newer Micron / Avnet district cluster

D. Del. 1:26-cv-00246 · 1:26-cv-00362 and DJ actions

Patents / scope’087 · ’731 · ’366 · ’537

Current status

The ’087 and ’366 infringement matters were transferred from Texas to Delaware. Micron’s Delaware declaratory actions on ’087, ’731, ’366 and ’537 remain part of the active cluster.

Watch consolidation, pleading and scheduling orders in Delaware.

Micron Idaho bad-faith cases

CV01-23-19920 · CV01-24-01032 · CV01-25-09858

Patents / scope’833 plus multiple EDTX-asserted patents

Current status

Three state-law cases have generated Federal Circuit remand appeals. The first appeal was argued June 5 and remains pending; the second state case is stayed; the third remand is also appealed.

First case trial currently set for Feb. 1, 2027.

Legacy Google district case

N.D. Cal. 3:09-cv-05718

Patents / scope’912

Current status

The latest filed 10-Q reports the case stayed pending resolution of the related Samsung action, including appeal. The Samsung settlement may require a status update, but no later public order was located.

Watch for a post-settlement status filing or stay order.

German Micron and Google proceedings

Düsseldorf infringement · German validity appeals

Patents / scopeEP660; EP735 withdrawn after final revocation

Current status

Infringement cases remain stayed on the EP660 validity path. EP735 was finally revoked in May 2026 and Netlist withdrew its EP735 infringement claims in July.

Await the EP660 appeal and any resulting Düsseldorf action.

03 / Timeline

Seventeen years, current through Sep. 7.

Filter by adversary or forum. Every event opens the source that bears the weight.

GoogleDec 2009

mixed

The Google case begins

Netlist files its long-running ’912 patent action in Northern California. The latest filed 10-Q says it remains stayed pending resolution of the related Samsung matter, including appeal.

Q2 2026 Form 10-Q

BusinessApr 2021

positive

SK hynix settlement resets the map

A $40M license payment and five-year supply arrangement resolve the SK hynix dispute, creating an early precedent for converting patents into cash and supply.

Netlist 8-K

SamsungApr 2023

positive

$303M Samsung jury verdict

A Texas jury finds willful infringement across five memory patents. The award later becomes historic leverage inside the August 2026 Samsung settlement—not a separate collectible judgment.

Q2 2026 Form 10-Q

MicronMay 2024

positive

$445M Micron jury verdict

A Texas jury finds willful infringement of the ’912 and ’417 patents. Post-trial motions were denied; the merits-and-damages appeal remains pending.

Q2 2026 Form 10-Q

SamsungNov 2024

positive

$118M second Samsung verdict

A second Texas jury finds willful infringement of the ’912, ’417 and ’608 patents. The matter is later resolved within the August 2026 Samsung settlement and cross-license.

Q2 2026 Form 10-Q

Patent officeDec 2025

mixed

Validity record splits

The Federal Circuit affirms an adverse ’506 outcome and a favorable ’608 outcome. Patent durability remains claim-specific.

Federal Circuit

ITCJan 2026

positive

First ITC investigation opens

Investigation 337-TA-1472 opens against Samsung, Google and Super Micro across six patents covering DDR5 DIMM and HBM-related products.

USITC case record

Patent officeFeb 2026

positive

’314 validity win survives appeal

The Federal Circuit affirms the Patent Trial and Appeal Board’s favorable decision for Netlist on challenged ’314 patent claims.

Federal Circuit opinion

Patent officeMar 2026

positive

New ’366 challenges are denied

The Patent Trial and Appeal Board declines to institute Samsung’s PGR and IPR challenges to the newer ’366 patent.

Q2 2026 Form 10-Q

ITCJun 2026

positive

New AI-memory actions filed

Netlist brings the ’537 and ’937 patents to the ITC and federal court, naming Samsung and a broader HBM and DDR5 product ecosystem.

Netlist release

ITCJul 2026

positive

Second ITC investigation instituted

Investigation 337-TA-1511 opens on the ’537 and ’937 patents against Samsung, Google, Super Micro, NVIDIA and Broadcom. Institution is not a merits finding.

USITC notice

BusinessJul 30, 2026

mixed

Q2 results extend the operating turn

Revenue reaches $109.8M, gross profit $22.9M and net income $1.4M. Six-month operating cash use is $18.5M; cash plus restricted cash totals $40.7M at June 27.

Q2 2026 Form 10-Q

SamsungAug 4, 2026

positive

Samsung dispute converts into a five-year license

Netlist and Samsung sign a settlement and cross-license: about $200M net upfront is expected, plus up to about $27.5M net in each of 20 quarterly payments, subject to formulas, adjustments and refund rights. The public filing does not yet confirm receipt.

Netlist 8-K

MicronAug 12, 2026

Watch

New Micron import and district actions filed

Netlist files an ITC complaint against Micron, Supermicro, HPE and Lenovo on the ’731, ’523, ’366 and ’407 patents, plus a Central District of California action against Micron on the ’523 and ’407 patents. ITC institution is not yet confirmed.

Netlist release

SamsungAug 17, 2026

positive

Samsung’s $303M judgment appeal is dismissed

The Federal Circuit dismisses appeal 24-2203 by agreement of the parties, a public implementation step following the Samsung settlement.

Federal Circuit order

ITCAug 24, 2026

mixed

First ITC investigation narrows

The Commission terminates every asserted claim of the ’035 patent and selected claims of the other asserted patents after Netlist’s unopposed withdrawal. The remaining investigation continues.

USITC notice

Patent officeSep 2, 2026

negative

Federal Circuit affirms five adverse patent rulings

The court affirms PTAB findings that challenged claims of the ’339, ’918, ’054, ’060 and ’160 patents are unpatentable. Those patents overlap the stayed legacy Micron case and historic $303M Samsung verdict.

Federal Circuit opinions

ITCSep 2, 2026

Watch

Second ITC receives a 20-month schedule

Investigation 337-TA-1511 receives a November 19, 2027 final initial-determination date and a March 20, 2028 target date.

USITC notice

UpcomingSep 9, 2026

Watch

$445M appeal + award-linked validity arguments

The Federal Circuit is scheduled to hear Micron’s merits-and-damages appeal alongside the ’912 claim 16 and consolidated ’215/’417 PTAB appeals at 10:00 a.m. ET.

Federal Circuit calendar

UpcomingNov 23, 2026

Watch

First ITC evidentiary hearing begins

The scheduled hearing in 337-TA-1472 runs November 23–24, November 30 and December 1–3, subject to later orders.

USITC case record

UpcomingFeb 1, 2027

Watch

Micron’s first Idaho case set for trial

Case CV01-23-19920 is scheduled for trial, subject to the court’s calendar and the pending Federal Circuit remand appeal.

Q2 2026 Form 10-Q

UpcomingMay 3, 2027

Watch

First ITC initial determination due

The administrative law judge’s scheduled initial determination in 337-TA-1472, before Commission review.

USITC case record

UpcomingSep 3, 2027

Watch

First ITC target date

The Commission’s current target for completing investigation 337-TA-1472. Schedules can move.

USITC case record

UpcomingNov 19, 2027

Watch

Second ITC final initial determination due

The administrative law judge’s scheduled final initial determination in 337-TA-1511, before Commission review.

USITC notice

UpcomingMar 20, 2028

Watch

Second ITC target date

The Commission’s current target for completing investigation 337-TA-1511. Schedules can move.

USITC notice

04 / Operating reality

One company. Three economic layers.

Netlist is not an HBM chip fabricator. Today’s revenue is primarily third-party memory resale, with proprietary modules and IP leverage layered on top.

Layer 01 · current engine

Third-party memory resale

94.5%

of Q2 revenue came from reselling third-party memory products. The business remains concentrated in a low-differentiation channel.

Layer 02 · operating option

Proprietary modules

5.5%

of Q2 revenue came from Netlist-branded products, including its higher-value module portfolio.

Layer 03 · asymmetric option

Patent licensing + enforcement

≈$200M

net Samsung upfront payment expected after quarter-end. Public SEC filings reviewed do not yet confirm receipt.

Q2 revenue$109.8M$214.7M for six months

Gross margin20.8%$22.9M gross profit

Net income$1.4M$10.0M for six months

Operating cash flow−$18.5MSix-month cash use

Cash + restricted$40.7M$30.7M unrestricted at Jun. 27

Diluted avg. shares370.8MQ2 weighted average

The operating read

Low-20% margin held. Cash conversion still lagged.

Q2 gross margin stayed close to Q1 while net income remained positive. Working capital still drove $18.5M of operating cash use across the first six months.

FY25 · 6.1%Q2 · 20.8%Q1 · 21.3%

What the headline misses

Supply: the Samsung settlement permits up to $300M of annual DRAM and NAND purchases for five years; economics are undisclosed.
Concentration: three customers produced 70% of Q2 sales.
Dilution: Samsung bought 10M shares after quarter-end, and another 5.7M warrants were exercised through August 6.
Controls: the Q2 filing still reported an unremediated material weakness.

Primary sourceQ2 2026 Form 10-Q · Filed Aug. 11, 2026

05 / Outlook

Three paths. No price targets.

These are conditional pathways, not probabilities. Each tells you what evidence would have to appear.

Base path

One license lands while the rest stays contested.

Samsung changes the funding base, but Micron and the downstream ITC matters remain expensive and slow. Some newer claims advance while legacy claims fall, leaving value dependent on contract performance and case-by-case durability.

Evidence that would confirm it

01Samsung pays but quarterly amounts fluctuate with the formula
02Micron appeals produce a remand or extended uncertainty
03ITC schedules advance without early resolution
04Product gross margin stays near the low-20% range

ImmediateSep 9

Micron judgment and three linked patent appeals argued

ContractAwait filing

Confirmation of Samsung upfront receipt and dismissals

MeritsNov 23

First ITC evidentiary hearing scheduled to begin

Long arcMar 20, 2028

Current target date for second ITC investigation

06 / Confidence pulse

Separate posture from certainty.

The posture score asks how favorable the record is. Evidence confidence asks how much primary-source coverage supports that judgment.

Netlist litigation posturev1.0

61out of 100

Converted / still contested

Samsung is contracted. Micron is unresolved.

Contracted licensing economics lift the record above the midpoint. Five fresh validity losses and uncollected Micron damages cap it.

Last change58 → 61

Sep. 7 reconciliation: Samsung settlement benefits outweigh—but do not erase—the Sep. 2 adverse patent affirmances.

Evidence confidence

86%High

Weighted toward SEC filings, court opinions and USITC records. No anonymous or social claims affect the score.

Primary / official 91% Company releases 9% Rumor input 0%

Weighted model

What makes the 61

Each factor is scored against published anchors from strongly unfavorable to strongly favorable, then multiplied by its disclosed weight.

Merits + validityStrong verdict record, offset by five adverse affirmances on Sep. 2.

30%

Procedural momentumTwo instituted ITC cases, a new complaint and imminent appeals.

15%

Remedy + collectabilitySamsung economics are contracted, though receipt is not yet confirmed.

20%

Appellate durabilityFive fresh patent losses; three award-linked arguments remain ahead.

20%

Commercial leverageSamsung licensing, supply and ITC cooperation materially broaden leverage.

15%

Score guardrail

A new complaint can move procedure, not merits. A jury verdict moves merits, not collection. A final appeal can move several factors.

Evidence guardrail

Final rulings receive the most weight. Pleadings are allegations. Company releases can confirm actions, not adjudicate them.

Change log

Every pulse update should publish the old score, new score, affected factor, source, editor and plain-English rationale.

08 / Source room

Trust should be inspectable.

Primary documents stay outside the paywall. Open the filings, court record and agency schedules for yourself.

Q2 2026 Form 10-QSEC · financials + comprehensive case matrix

Samsung settlement 8-KSEC · license, payments, supply + cooperation

September 2026 argument calendarFederal Circuit · Sep. 9 hearings

Sep. 2 ’339 opinionFederal Circuit · adverse validity affirmance

Sep. 2 ’918 / ’054 opinionFederal Circuit · adverse validity affirmances

Sep. 2 ’060 / ’160 opinionFederal Circuit · adverse validity affirmances

ITC 337-TA-1472USITC · narrowed active investigation

ITC 337-TA-1511 scheduleUSITC · final ID + target dates

New Micron ITC complaintUSITC · case 8402, institution pending

Independence

Not affiliated with Netlist, its management, any litigant or any court. Sponsor influence belongs in a public registry, not the score.

Scope

Informational, impersonal research only. No individualized investment advice, trade alerts, options calls or price targets.

Accuracy

Gross verdicts are not cash. Allegations are not findings. Scheduled court dates can move. Financial cards show their source period.

Netlist is fighting for the right to get paid.

Micron’s $445M appeal and linked validity cases

Five fronts. One newly proven conversion.

Samsung license

Micron verdict

ITC 337-TA-1472

ITC 337-TA-1511

New Micron front

Every material live matter, in one ledger.

Samsung settlement and license

Micron $445M judgment

Award-linked PTAB appeals

Legacy Micron infringement suite

Earlier Micron WDTX cases

ITC import investigation I

ITC import investigation II

New Micron import + California actions

Newer Micron / Avnet district cluster

Micron Idaho bad-faith cases

Legacy Google district case

German Micron and Google proceedings

Seventeen years, current through Sep. 7.

The Google case begins

SK hynix settlement resets the map

$303M Samsung jury verdict

$445M Micron jury verdict

$118M second Samsung verdict

Validity record splits

First ITC investigation opens

’314 validity win survives appeal

New ’366 challenges are denied

New AI-memory actions filed

Second ITC investigation instituted

Q2 results extend the operating turn

Samsung dispute converts into a five-year license

New Micron import and district actions filed

Samsung’s $303M judgment appeal is dismissed

First ITC investigation narrows

Federal Circuit affirms five adverse patent rulings

Second ITC receives a 20-month schedule

$445M appeal + award-linked validity arguments

First ITC evidentiary hearing begins

Micron’s first Idaho case set for trial

First ITC initial determination due

First ITC target date

Second ITC final initial determination due

Second ITC target date

One company. Three economic layers.

Third-party memory resale

Proprietary modules

Patent licensing + enforcement

Low-20% margin held. Cash conversion still lagged.

Three paths. No price targets.

One license lands while the rest stays contested.

Separate posture from certainty.

Samsung is contracted. Micron is unresolved.

What makes the 61

Keep the evidence open. Buy the work behind it.

Follow the next court move without paying.

Pay for the research—not the answer.

Trust should be inspectable.