UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-22339 _______________________________ RAMBUS INC. (Exact name o ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $166.7 million, exceeding expectations, with product revenue at $76.3 million, up 52% year over year [15][14] - Non-GAAP net income for the quarter was $64.6 million, with cash from operations amounting to $77.4 million [16][15] - The company ended the quarter with cash, cash equivalents, and marketable securities totaling $514.4 million, an increase from Q4 [16] Business Line Data and Key Metrics Changes - Memory Interface chips drove top-line growth, achieving record revenue of $76 million, up 52% year over year [8][15] - Royalty revenue was $74 million, while licensing billings were $73.3 million, reflecting timing differences in revenue recognition [15][16] - Contract and other revenue, primarily from Silicon IP, was $16.4 million [16] Market Data and Key Metrics Changes - The market for Rambus products is expected to grow mid to high single digits, driven by factors such as the number of sockets and channels per processor, as well as the mix between AI and standard servers [22][23] - The company anticipates continued growth in the second half of the year, particularly in the MRDIMM market, which is expected to ramp with new computing platforms [37][36] Company Strategy and Development Direction - Rambus is focused on advancing its product development roadmap for signal and power integrity solutions, addressing the needs of advanced workloads in data centers [5][6] - The company maintains a resilient business model with diversified revenue streams from chips, IP, and patents, providing financial stability [5][6] - Continued investment in technology leadership and new product development is a priority for long-term growth [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and potential tariff impacts, noting no direct impact on operations from tariffs at present [6][32] - The company expects revenue for Q2 2025 to be between $167 million and $173 million, with non-GAAP earnings per share projected between $0.57 and $0.64 [17][18] - Management highlighted the importance of ongoing communication with customers and suppliers to adapt to the evolving market landscape [32][19] Other Important Information - The company introduced its next-generation CryptoManager security IP solutions, enhancing security features including Quantum Safe functionality [11] - Rambus continues to monitor the impact of tariffs on its supply chain and customer design starts, with no current signs of inventory builds or pull-ins from customers [32][33] Q&A Session Summary Question: Trends in memory density for server configurations - Management noted that various factors, including the mix of AI servers and standard servers, are driving memory density growth, expecting mid to high single-digit market growth for their products this year [22][23] Question: Changes in revenue recognition under ASC 606 - A small patent agreement renewal resulted in upfront revenue recognition, aligning GAAP and non-GAAP results more closely [24][26] Question: Customer responses to tariff uncertainties - Management indicated that their business model is resilient to tariffs, with no direct impact on patent licensing and limited visibility on Silicon IP revenue due to potential indirect effects [32][33] Question: Product revenue mix and growth expectations - The majority of current business is still on DDR5 RCD chips, with expectations for new products to contribute more significantly in the second half of the year [35][36] Question: Operating margin expectations - Management expects operating margins to improve in the second half of the year due to a stronger product mix and manufacturing cost savings [74][75] Question: Pricing renegotiation patterns - Mid single-digit price erosion is typical at the start of the year, aligning with normal cycles and expectations [76][78]

Rambus First Quarter 2025 Financial Results Safe Harbor for Forward-Looking Statements; Other Disclosures This presentation contains forward-looking statements, including those relating to the Company's expectations regarding business opportunities, the Company's ability to deliver long-term, profitable growth, industry growth rates, timing of expected product launches, demand for existing and newly- acquired technologies, product and investment strategies, the Company's outlook and financial guidance for r ...

Group 1: Earnings Performance - Rambus reported quarterly earnings of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.55 per share, and up from $0.45 per share a year ago, representing an earnings surprise of 7.27% [1] - The company posted revenues of $166 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.47%, compared to year-ago revenues of $133.6 million [2] Group 2: Stock Performance and Outlook - Rambus shares have declined approximately 3.6% since the beginning of the year, while the S&P 500 has seen a decline of 6.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.57 on revenues of $165.5 million, and for the current fiscal year, it is $2.33 on revenues of $681.2 million [7] Group 3: Industry Context - The Electronics - Semiconductors industry, to which Rambus belongs, is currently ranked in the top 21% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Exhibit 99.1 News Release RAMBUS REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS • Exceeded guidance for Q1 revenue and earnings SAN JOSE, Calif. – April 28, 2025 – Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the first quarter ended March 31, 2025. GAAP revenue for the first quarter was $166.7 million, licensing billings were $73.3 million, product revenue was $76.3 million, and contract and other revenue was $16.4 mi ...

Core Viewpoint - Orchid Island Capital, Inc. has declared a monthly cash dividend of $0.12 per share for March 2025, payable on April 29, 2025, to shareholders of record as of March 31, 2025, with the ex-dividend date also on March 31, 2025. The next dividend announcement is expected on April 9, 2025 [1][7]. Dividend Policy - The company intends to make regular monthly cash distributions to its common stockholders. To qualify as a real estate investment trust (REIT), it must distribute at least 90% of its REIT taxable income annually, excluding net capital gains. The company has not set a minimum distribution level and cannot guarantee future distributions [2]. Share Information - As of March 19, 2025, the company had 105,873,628 shares of common stock outstanding, an increase from 98,853,628 shares as of February 28, 2025, and 82,622,464 shares as of December 31, 2024 [3]. RMBS Portfolio Characteristics - Orchid Island Capital, Inc. focuses on investing in Agency RMBS, including traditional pass-through Agency RMBS and structured Agency RMBS. The company is managed by Bimini Advisors, LLC, a registered investment adviser [4]. RMBS Valuation Characteristics - As of February 28, 2025, the company's RMBS portfolio includes various fixed-rate mortgage-backed securities with a total face value of $6,487,158,000 and a fair value of $6,345,027,000. The weighted average coupon rate is 5.22%, with a weighted average maturity of 24 months [6][11]. Borrowings and Counterparty Exposure - The total borrowings of the company amount to $5,591,286,000, with an average interest rate of 4.45%. The borrowings are diversified across multiple counterparties, with MUFG Securities Canada, Ltd. being the largest at $337,100,000 [13][14].

Customer Concentration and Revenue Dependence - The company's top five customers represented approximately 62% of consolidated revenue for both the years ended December 31, 2024 and 2023, and 58% for the year ended December 31, 2022[62]. - The company has a high degree of revenue concentration, making it vulnerable to fluctuations in customer demand and relationships[62]. - A significant portion of future revenue depends on sustaining or growing licensing revenue, with potential declines if expectations are not met[55]. - Revenue from licensing fees is expected to vary based on the success of renewing existing agreements and acquiring new customers, with potential declines if agreements are not favorable[64]. - A significant portion of future revenue depends on sustaining or growing licensing revenue, with risks if customers do not adopt the technology[84]. Market and Competitive Risks - The company operates in highly cyclical and competitive industries, which may affect revenue stability and growth[55]. - The company faces risks related to technological innovations and customer requirements, which could impact product competitiveness and revenue[55]. - The company may experience challenges in introducing new products and expanding into new markets, which could negatively affect operating results[61]. - The introduction of new products may not guarantee market acceptance, and failure to transition technologies could harm revenue growth[74]. - Demand for products is influenced by the sales volume and pricing of customers' end products, making revenue forecasting difficult[89]. Operational and Supply Chain Risks - The company relies on third parties for manufacturing and services, and any failure by these parties could adversely impact operations[55]. - The company relies on third-party manufacturers, and any disruptions in their operations could materially affect product supply and financial performance[104]. - Semiconductor supply chain disruptions could lead to shortages of materials needed for manufacturing, impacting product availability[105]. - Inventory management is critical, as overbuilding or underbuilding inventory could lead to financial losses due to obsolete inventory or unmet demand[79]. - Lengthy qualification processes for products may delay sales and impede growth if the company fails to qualify products successfully[66]. Financial and Economic Risks - Economic conditions, including inflation and geopolitical factors, may adversely affect demand for products and services, impacting revenue[99]. - The company has experienced historically high inflation, which could increase operating costs and affect financial results[102]. - Future revenue predictions are challenging due to lengthy license negotiation cycles and potential failure to renew licenses on anticipated timelines[87]. - The company may incur significant costs and operational consequences from cybersecurity breaches, which could harm its reputation and financial results[114]. - The company may need to incur debt or issue equity to finance future acquisitions, which could dilute existing shareholders[124]. Legal and Regulatory Risks - The company is subject to various laws and regulations that could increase compliance costs and affect operations[143]. - Litigation and regulatory matters could result in significant expenses and negatively impact financial condition[145]. - Adverse determinations by government agencies could severely limit the company's ability to protect and license its intellectual property[148]. - The company faces potential challenges regarding the patentability of its inventions, with the U.S. Patent and Trademark Office (USPTO) and European Patent Office (EPO) reviewing certain patents, which could lead to invalidation and revenue decline[149]. - Patent reform legislation may increase uncertainties and costs related to patent prosecution and enforcement, potentially impacting the company's business[155]. Strategic and Management Risks - The company has made and may continue to make acquisitions or enter into mergers that may not yield expected operational benefits[55]. - The company may face challenges in integrating acquired businesses, which could hinder the realization of anticipated benefits and synergies[120]. - The company emphasizes the importance of attracting and retaining qualified personnel, as the loss of key employees could disrupt operations[127]. - The company faces risks related to management changes that could disrupt sales, operations, and strategic direction[129]. - Restructuring activities may disrupt operations and incur significant expenses, impacting financial condition[135]. Investment and Market Risks - The trading price of the company's common stock has experienced volatility, influenced by various factors including financial performance and market conditions[164]. - Changes in corporate governance regulations may lead to increased compliance costs and uncertainty for the company[166]. - The company's bylaws contain provisions that could discourage change in control transactions, potentially affecting stock price and investor interest[167]. - As of December 31, 2024, the company had an investment portfolio of fixed income marketable securities totaling $394.4 million, including cash equivalents and time deposits[319]. - If market interest rates were to increase immediately and uniformly by 1.0%, the fair value of the portfolio would decline by approximately $2.3 million[319].

Rambus Fourth Quarter and Fiscal Year 2024 Financial Results Safe Harbor for Forward-Looking Statements; Other Disclosures This presentation contains forward-looking statements, including those relating to the Company's expectations regarding business opportunities, the Company's ability to deliver long-term, profitable growth, industry growth rates, timing of expected product launches, demand for existing and newly-acquired technologies, product and investment strategies, the Company's outlook and financia ...

Revenue Performance - GAAP revenue for Q4 2024 was $161.1 million, representing a 32% increase year-over-year from $122.2 million in Q4 2023[1][2] - Total revenue for the three months ended December 31, 2024, was $161,102,000, representing a 31.8% increase from $122,225,000 in the same period of 2023[28] - Product revenue reached a record $73.4 million, up 37% year-over-year from $53.7 million in Q4 2023[2][3] - Product revenue increased to $73,369,000 in Q4 2024, up 36.7% from $53,698,000 in Q4 2023[28] - Royalties revenue rose to $58,211,000, a 10.4% increase compared to $52,412,000 in the prior year[28] Income and Expenses - Operating income for Q4 2024 was $57.9 million, with an operating margin of 36%, up from 29% in Q4 2023[2][4] - Operating income for the year ended December 31, 2024, was $183,009,000, reflecting a 19.0% increase from $153,639,000 in 2023[28] - Total operating expenses for Q4 2024 were $71.7 million, up from $63.0 million in Q4 2023[2][4] - Non-GAAP operating expenses for Q4 2024 were $60.1 million, compared to $51.0 million in Q4 2023[4][11] - The company expects forward-looking Non-GAAP operating costs and expenses for Q1 2025 to be between $87,000,000 and $91,000,000[31] Cash Flow and Assets - Annual cash from operations for 2024 was $230.6 million, an 18% increase compared to the previous year[3][5] - Cash, cash equivalents, and marketable securities as of December 31, 2024, totaled $481.8 million, an increase of $49.1 million from the previous quarter[5] - Total current assets increased to $690,257,000 as of December 31, 2024, compared to $630,645,000 in 2023, marking a 9.5% growth[26] Equity and Net Income - Total stockholders' equity rose to $1,120,692,000 in 2024, up 7.9% from $1,038,101,000 in 2023[26] - Net income for the year ended December 31, 2024, was $179,821,000, down 46.3% from $333,904,000 in 2023[28] - The company reported diluted net income per share of $0.58 for Q4 2024, compared to $0.53 in Q4 2023[2][4] Future Guidance - The company expects Q1 2025 licensing billings to be between $59 million and $65 million, with product revenue guidance of $72 million to $78 million[7][8] Research and Development - Research and development expenses for the year ended December 31, 2024, were $162,881,000, a 3.0% increase from $156,827,000 in 2023[28] Strategic Developments - Rambus extended its patent license agreement with Micron through 2029, enhancing its market position[3]

Financial Results - Rambus Inc. RMBS is set to release its fourth-quarter financial results on February 3, 2025, after the market closes [1] - Analysts anticipate quarterly earnings of 47 cents per share, a decrease from 53 cents per share in the same period last year [1] - The company projects quarterly revenue of $160.29 million, up from $136 million a year earlier [1] Patent Agreement - On December 10, Rambus announced an extension of its comprehensive patent license agreement with Micron Technology, Inc. for an additional five years [2] - Following this announcement, Rambus shares increased by 0.7%, closing at $61.62 [2] Analyst Ratings - Baird analyst Tristan Gerra initiated coverage with an Outperform rating and a price target of $90 [4] - Loop Capital analyst Gary Mobley initiated coverage with a Buy rating and a price target of $70 [4] - Rosenblatt analyst Kevin Cassidy maintained a Buy rating with a price target of $85 [4] - Susquehanna analyst Mehdi Hosseini maintained a Positive rating but reduced the price target from $75 to $66 [4] - Jefferies analyst Blayne Curtis assumed a Buy rating and raised the price target from $72 to $75 [4]