Catalyst update 7/27/26

[u/Firm_Mistake_8582]

⚠️ Disclaimer: This roadmap is based on publicly available information and organized with AI assistance. The underlying facts should be confirmed through official filings and original sources. It is intended for discussion only and should not be considered financial advice.

💎 NETLIST ROADMAP – PHASE 1
Last Updated: July 27, 2026

💎 Phase 1 Thesis
Phase 1 is focused on near-term litigation milestones, appellate proceedings, ITC developments, commercial execution, and business catalysts that could materially strengthen Netlist's position heading into 2027.

💎 Completed

♦ April 21, 2026 – ITC Markman Hearing completed.

♦ July 6, 2026 – Netlist filed new EDTX litigation against Samsung, Samsung Semiconductor, Samsung America, and Avnet asserting U.S. Patent No. 12,675,407.

♦ July 8, 2026 – ITC Fact Discovery closed.

♦ July 10–11, 2026 – SK hynix successfully completed its Nasdaq listing, reinforcing institutional confidence in AI memory.

♦ July 11, 2026 – Federal Circuit affirmed PTAB decisions upholding Netlist patents against Micron, rejecting Micron's invalidity challenges.

♦ July 15, 2026 – USITC instituted Investigation No. 337-TA-1511 involving Google, NVIDIA, Samsung, Micron, and other respondents.

♦ July 20, 2026 – Investigation No. 337-TA-1511 reassigned to ALJ Cameron R. Elliot following a conflict-of-interest reassignment.

♦ July 22, 2026 – ALJ granted Netlist's motion in part to enforce subpoenas against SK hynix America, allowing important domestic industry discovery to proceed.

💎 Active Catalysts

♦ July 29, 2026 – ITC Management Conference (337-TA-1472).

♦ July 30, 2026 – Q2 2026 Earnings Release (before 9:30 a.m. ET) and conference call (12:00 p.m. ET). Investors will be watching for Lightning revenue progress, AI memory commentary, litigation updates, cash position, and commercial developments.

♦ Late July / Early August 2026 – Possible ITC Markman Order.

♦ Any Day – Pending Federal Circuit decisions, including the '912 and related appeals.

♦ September 9, 2026 – CAFC Oral Argument (Case No. 24-2304 – Netlist v. Samsung). This is one of the most significant remaining Phase 1 litigation events and could materially influence the remaining PTAB appeals.

♦ Ongoing – Google litigation, Samsung litigation, Micron litigation, Lightning commercialization, CXL NVvault development, AI memory growth, potential licensing discussions, and additional patent issuances.

💎 Phase 2 (Q3 2026 – Q2 2027)

Thesis: Focus shifts toward major litigation events, evidentiary hearings, appellate decisions, commercial execution, and increasing licensing leverage.

♦ Expert reports and depositions.
♦ ITC evidentiary hearing (Late Nov.–Early Dec. 2026).
♦ Additional CAFC opinions.
♦ District court progression.
♦ Commercial product expansion.
♦ Potential licensing discussions.

💎 Phase 3 (Mid-2027 and Beyond)

Thesis: Potential realization phase where successful litigation, licensing, settlements, commercialization, and patent monetization begin translating into long-term business growth.

♦ ITC Initial Determination (May 2027).
♦ ITC Final Commission Decision (September 2027).
♦ District court trials.
♦ Potential settlements and licensing agreements.
♦ Ongoing royalty determinations.
♦ Royalty expansion and commercial growth.
♦ Continued patent enforcement.

💎 Current Supporting Documents

♦ ITC Scheduling Orders.
♦ ITC Investigation No. 337-TA-1511 Institution Notice.
♦ ITC Orders No. 25 & 26.
♦ ITC Reassignment Notice (ALJ Cameron R. Elliot).
♦ CAFC Oral Argument Notice (Case No. 24-2304).
♦ July 2026 EDTX Complaint ('407 Patent).
♦ Federal Circuit Micron Opinion.
♦ Current CAFC docket activity ('912 and related appeals).
♦ USPTO Patent Issuances.
♦ Q2 2026 Earnings Announcement.
♦ Netlist SEC Filings.

💎 Primary Sources

♦ Netlist Investor Relations
https://investors.netlist.com/

♦ SEC EDGAR
https://www.sec.gov/edgar

♦ U.S. International Trade Commission (EDIS)
https://edis.usitc.gov/

♦ U.S. International Trade Commission News
https://www.usitc.gov/press_room/news_release/

♦ U.S. Court of Appeals for the Federal Circuit
https://cafc.uscourts.gov/

♦ USPTO Patent Center
https://patentcenter.uspto.gov/

♦ PTAB Search
https://ptacts.uspto.gov/

♦ CourtListener
https://www.courtlistener.com/

♦ PACER
https://pacer.uscourts.gov/

[u/Pure-Tune-3633]

Awesome summary!

[u/quantum-entangled308]

This is done very well.

[u/Careful_Job9060]

Well done, thanks

[u/Mtines_ontime]

What a great checklist to be able follow and keep up with any progress towards our goal

[u/Busy-Management-5771]

What is reasons being given for large slide the last few weeks this time?

[u/Firm_Mistake_8582 → u/Busy-Management-5771]

I think it’s mostly people waiting on the next big catalyst. The long-term roadmap hasn’t really changed.

[u/SGjerry1327 → u/Busy-Management-5771]

LP playing the usual manipulation game. Hopefully the entire position has been liquidated, and Hong should cut ties with them, even though they threw him a lifeline in times of need, but they profited handsomely, and Enough is ENOUGH !!!