Core Viewpoint - Growth investors seek stocks with above-average financial growth, but identifying such stocks can be challenging due to associated risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Rambus (RMBS) is currently recommended due to its favorable Growth Score and top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for attracting investor attention, with double-digit growth preferred by growth investors [4] - Rambus has a historical EPS growth rate of 386%, with projected EPS growth of 23.5% this year, surpassing the industry average of 22.3% [5] Group 3: Cash Flow Growth - High cash flow growth is vital for growth-oriented companies, enabling them to fund new projects without external financing [6] - Rambus has a year-over-year cash flow growth of 6.4%, significantly better than the industry average of -7.5% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 104.2%, compared to the industry average of 10.4% [7] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [8] - The current-year earnings estimates for Rambus have increased by 7.4% over the past month [9] Group 5: Overall Assessment - Rambus has achieved a Zacks Rank 1 and a Growth Score of B, indicating its potential as an outperformer and a solid choice for growth investors [11]

I'm an avid investor with a long-term, and sometimes contrarian, approach to equities investing. I started out as a Tech analyst but now also cover Commodities and Energy sectors as the world navigates the energy transition. Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it ...

Group 1: Core Insights - The demand for data-centric workloads is increasing in the AI era, posing unprecedented challenges for modern servers, particularly in matching computing power with memory bandwidth [1] - A new memory technology, MRDIMM, has emerged, potentially becoming a key player in the AI storage industry and significantly impacting the memory market [1][2] Group 2: MRDIMM Technology Overview - MRDIMM is based on the LRDIMM architecture, evolving from DDR4 to DDR5, and utilizes a "1+10" configuration to achieve higher memory bandwidth [2] - The first generation of MRDIMM can reach speeds of 8800MT/s, while the second generation is expected to achieve 12800MT/s, with future generations projected to reach 17600MT/s by 2030 [3] Group 3: Performance Improvements - MRDIMM can operate two memory channels simultaneously, effectively doubling the data rate compared to standard DDR5 DIMMs, enhancing overall system performance [3][4] - In tests, MRDIMM demonstrated a 1.2 times improvement in computational efficiency over RDIMM, and a 1.7 times improvement when using TFF MRDIMM with doubled capacity [6][7] Group 4: Industry Developments - Major companies like Intel and AMD are launching processors that support MRDIMM, with Intel's Xeon 6 processors showing a performance increase of up to 33% when using MRDIMM [8][9] - Micron and Rambus have introduced MRDIMM products, with Rambus launching MRCD and MDB chips designed for 12800MT/s MRDIMM [9][10] Group 5: Future Prospects - The second generation of MRDIMM is expected to become the preferred memory solution for high-performance computing and AI applications, with increasing support from various CPU platforms [12] - MRDIMM is anticipated to coexist with HBM technology, offering advantages in capacity, cost-effectiveness, and scalability, thus driving innovation in the memory market [12]

Rambus (RMBS) closed the last trading session at $48.88, gaining 5.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $72.25 indicates a 47.8% upside potential.The average comprises eight short-term price targets ranging from a low of $55 to a high of $90, with a standard deviation of $9.97. While the lowest estimate indicates an increase of 12.5% from the current price level, the ...

Revenue Performance - Record quarterly product revenue of $76.3 million in Q1 2025, an increase of approximately 52% compared to Q1 2024[94] - Total revenue for Q1 2025 was $166.7 million, representing a 41.4% increase from $117.9 million in Q1 2024[110] - Royalties revenue increased by approximately $26.5 million in Q1 2025, primarily due to the timing and structure of license agreements[113] - Product revenue accounted for 46% of consolidated revenue in Q1 2025, up from 43% in Q1 2024[97] - Royalties revenue represented 44% of consolidated revenue in Q1 2025, compared to 40% in Q1 2024[98] - Contract and other revenue decreased to 10% of consolidated revenue in Q1 2025, down from 17% in Q1 2024[99] - The company expects revenue from international customers to continue representing a significant portion of total revenue, accounting for approximately 84% in Q1 2025[107] - The top five customers represented approximately 71% of consolidated revenue in Q1 2025, up from 64% in Q1 2024[106] Expenses - Total research and development expenses increased by approximately $5.3 million in Q1 2025, driven by payroll-related expenses and headcount growth[102] - For the three months ended March 31, 2025, total research and development expenses increased to $42.6 million, a 14.1% increase from $37.3 million in the same period of 2024[121] - Research and development expenses, excluding stock-based compensation, rose to $38.1 million, reflecting a 12.4% increase from $33.9 million in the prior year[121] - Total sales, general and administrative expenses for the three months ended March 31, 2025, increased to $28.0 million, an 8.6% increase from $25.8 million in 2024[124] Tax and Cash Flow - The provision for income taxes for the three months ended March 31, 2025, was $7.3 million, a significant increase of 403.4% compared to $1.5 million in 2024[133] - Cash and cash equivalents as of March 31, 2025, were $132.2 million, up from $99.8 million as of December 31, 2024[137] - Net cash provided by operating activities for the three months ended March 31, 2025, was $77.4 million, compared to $39.1 million in the same period of 2024[138] - Cash used in investing activities for the three months ended March 31, 2025, was $8.4 million, primarily due to purchases of available-for-sale marketable securities[145] - Cash used in financing activities for the three months ended March 31, 2025, was $36.8 million, mainly due to $30.8 million in payments of taxes on restricted stock units[147] Amortization and Liabilities - Total amortization of acquired intangible assets decreased to $1.7 million for the three months ended March 31, 2025, down 47.3% from $3.3 million in 2024[127] - The change in fair value of earn-out liability was $0 for the three months ended March 31, 2025, compared to an expense of $0.7 million in the same period of 2024[129] - As of March 31, 2025, the total contractual obligations amounted to $17.255 million, with $7.428 million due in the remainder of 2025[149] - The company has unrecognized tax benefits of approximately $138.3 million, including $23.2 million recorded as a reduction of long-term deferred tax assets[149] Share Repurchase and Investments - During the three months ended March 31, 2024, the company repurchased approximately 0.8 million shares for approximately $50.8 million under the 2020 Repurchase Program[152] - As of March 31, 2025, there remained an outstanding authorization to repurchase approximately 5.6 million shares of common stock under the 2020 Repurchase Program[152] - The investment portfolio of fixed income marketable securities was valued at $408.5 million as of March 31, 2025[159] - If market interest rates were to increase by 1.0%, the fair value of the investment portfolio would decline by approximately $2.2 million[159] Currency and Contracts - The company invoices the majority of its customers in U.S. dollars and does not hedge indirect currency exchange risks[160] - As of March 31, 2025, no foreign currency forward contracts were outstanding, and none were entered into during 2025[161]

Market Reaction - Semiconductor stocks experienced significant declines, with Wolfspeed dropping 14.6%, NXP Semiconductors down 6.6%, and Rambus falling 4.7% [1] - Other notable declines include ON Semiconductor at 2.4%, Supermicro at 2.3%, and Micron Technology at 1.67% [1] Government Policy Impact - The Trump administration is reportedly working on modifying a rule from the Biden era that restricts most countries from accessing U.S.-designed AI chips [1] - The proposed changes may involve replacing the current tiered system with intergovernmental agreements [1]

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]

Financial Performance - Rambus achieved record quarterly product revenue, with Memory Interface Chips up by 52% year-over-year[8] - Q1 2025 revenue reached $166.7 million[10] - Q1 2025 cash from operations was $77.4 million[10] - Non-GAAP operating income for Q1 2025 was $76.3 million[10] - Total cash and marketable securities reached $514.4 million in Q1 2025[12] Q2 2025 Outlook (Non-GAAP) - Product revenue is projected to be between $77 million and $83 million[15] - Licensing billings are expected to be between $64 million and $70 million[15] - Contract & Other Revenue is expected to be between $17 million and $23 million[15] - Total operating costs are projected to be between $90 million and $94 million, excluding certain expenses[15, 16] Strategic Focus - The company is focused on expanding its product portfolio and sustaining technical leadership in the data center market, particularly with AI applications[18]

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]

[Q1 2025 Financial Results Overview](index=1&type=section&id=Q1%202025%20Financial%20Results%20Overview) Rambus exceeded Q1 2025 revenue and earnings guidance, driven by strong operating cash flow and record product revenue from memory interface chips [Key Highlights and CEO Commentary](index=1&type=section&id=Key%20Highlights%20and%20CEO%20Commentary) Rambus exceeded its Q1 2025 revenue and earnings guidance, driven by strong cash from operations and record product revenue from memory interface chips. The CEO highlighted the company's market leadership in DDR5 chip products and progress in new products, positioning it for long-term growth - Exceeded guidance for Q1 revenue and earnings[1](index=1&type=chunk) - Generated **$77.4 million** in cash provided by operating activities in Q1 2025[1](index=1&type=chunk)[3](index=3&type=chunk) - Achieved record quarterly product revenue of **$76.3 million**, a **52% increase year over year**[2](index=2&type=chunk)[3](index=3&type=chunk) - CEO Luc Seraphin emphasized market leadership in core DDR5 chip products and progress in new products, aiming for long-term growth and stockholder value[2](index=2&type=chunk) [Q1 2025 Financial Performance (GAAP & Supplemental)](index=1&type=section&id=Q1%202025%20Financial%20Performance%20(GAAP%20%26%20Supplemental)) This section provides a detailed review of Rambus's Q1 2025 GAAP and supplemental financial performance, highlighting significant year-over-year growth in key metrics [GAAP Quarterly Financial Review](index=1&type=section&id=GAAP%20Quarterly%20Financial%20Review) Rambus reported significant year-over-year growth in Q1 2025 GAAP financials, with total revenue increasing by 41.4%, operating income more than doubling, and net income rising by 83.9%. Product revenue was a key driver of this growth GAAP Quarterly Financial Review (Millions) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | YoY Change (%) | | :-------------------------------- | :------------------ | :------------------ | :------------- | | Product revenue | $76.3 | $50.4 | 51.4% | | Royalties | $74.0 | $47.5 | 55.8% | | Contract and other revenue | $16.4 | $20.0 | -18.0% | | **Total revenue** | **$166.7** | **$117.9** | **41.4%** | | Cost of product revenue | $30.6 | $20.0 | 53.0% | | Total operating expenses | $70.7 | $64.1 | 10.3% | | **Operating income** | **$63.1** | **$30.1** | **109.6%** | | Operating margin | 38% | 26% | 12 pp | | **Net income** | **$60.3** | **$32.9** | **83.3%** | | Diluted net income per share | $0.56 | $0.30 | 86.7% | | Net cash provided by operating activities | $77.4 | $39.1 | 97.9% | [Supplemental Financial Information](index=2&type=section&id=Supplemental%20Financial%20Information) In Q1 2025, Rambus reported licensing billings of $73.3 million, an operational metric, alongside GAAP product and contract revenue. The company's cash, cash equivalents, and marketable securities increased to $514.4 million, primarily due to strong operating cash flow Supplemental Financial Information (Millions) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | YoY Change (%) | | :-------------------------------- | :------------------ | :------------------ | :------------- | | Licensing billings (operational) | $73.3 | $63.2 | 16.0% | | Product revenue (GAAP) | $76.3 | $50.4 | 51.4% | | Contract and other revenue (GAAP) | $16.4 | $20.0 | -18.0% | | Non-GAAP cost of product revenue | $30.4 | $19.9 | 52.8% | | Non-GAAP total operating expenses | $59.4 | $53.7 | 10.6% | - Cash, cash equivalents, and marketable securities as of March 31, 2025, were **$514.4 million**, an increase of **$32.6 million** from December 31, 2024, driven by **$77.4 million** in operating cash flow[5](index=5&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Rambus's total assets increased to $1,379.4 million from $1,343.1 million at the end of 2024, primarily driven by an increase in cash and cash equivalents. Total stockholders' equity also saw a healthy increase Condensed Consolidated Balance Sheets (Thousands) | Metric | March 31, 2025 (Thousands) | December 31, 2024 (Thousands) | QoQ Change (Thousands) | | :-------------------------- | :------------- | :---------------- | :--------- | | Cash and cash equivalents | $132,185 | $99,775 | +$32,410 | | Marketable securities | $382,204 | $382,023 | +$181 | | Total current assets | $719,456 | $690,257 | +$29,199 | | Total assets | $1,379,365 | $1,343,136 | +$36,229 | | Total current liabilities | $70,862 | $81,812 | -$10,950 | | Total liabilities | $219,528 | $222,444 | -$2,916 | | Total stockholders' equity | $1,159,837 | $1,120,692 | +$39,145 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Rambus's Q1 2025 income statement shows robust growth across key revenue and profitability metrics compared to Q1 2024. Total revenue increased significantly, leading to a substantial rise in gross profit, operating income, and net income Condensed Consolidated Statements of Income (Thousands) | Metric | Q1 2025 (Thousands) | Q1 2024 (Thousands) | YoY Change (%) | | :-------------------------- | :------ | :------ | :------------- | | Product revenue | $76,309 | $50,360 | 51.5% | | Royalties | $73,975 | $47,476 | 55.8% | | Contract and other revenue | $16,380 | $20,035 | -18.2% | | **Total revenue** | **$166,664** | **$117,871** | **41.4%** | | Total cost of revenue | $32,842 | $23,659 | 38.8% | | **Gross profit** | **$133,822** | **$94,212** | **42.0%** | | Research and development | $42,620 | $37,359 | 14.1% | | Sales, general and administrative | $28,058 | $25,827 | 8.6% | | Total operating expenses | $70,678 | $64,081 | 10.3% | | **Operating income** | **$63,144** | **$30,131** | **109.6%** | | Income before income taxes | $67,623 | $34,352 | 96.8% | | Provision for income taxes | $7,320 | $1,454 | 403.4% | | **Net income** | **$60,303** | **$32,898** | **83.3%** | | Diluted net income per share | $0.56 | $0.30 | 86.7% | [Q2 2025 Financial Outlook](index=2&type=section&id=Q2%202025%20Financial%20Outlook) Rambus presents its Q2 2025 financial guidance, forecasting expected ranges for key revenue streams and operating expenses [Second Quarter Guidance](index=2&type=section&id=Second%20Quarter%20Guidance) Rambus provided its Q2 2025 outlook, projecting continued strong performance with expected ranges for licensing billings, product revenue, and contract and other revenue. Operating costs and expenses are also forecasted for the quarter Second Quarter Guidance (Millions) | Metric | GAAP Range (Millions) | Non-GAAP Range (Millions) | | :-------------------------- | :--------- | :------------- | | Licensing billings (operational) | $64 - $70 | $64 - $70 | | Product revenue | $77 - $83 | $77 - $83 | | Contract and other revenue | $17 - $23 | $17 - $23 | | Total operating costs and expenses | $110 - $106 | $94 - $90 | | Interest and other income (expense), net | $4 | $4 | | Diluted share count | 109 | 109 | | Expected tax rate | 20% | 20% | - The outlook for operating costs and expenses excludes stock-based compensation expense of **$14 million** and amortization of acquired intangible assets of **$2 million** for non-GAAP calculations[8](index=8&type=chunk) [Reconciliation of GAAP to Non-GAAP Forward-Looking Estimates](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Forward-Looking%20Estimates) The company provided a reconciliation for its Q2 2025 forward-looking estimates, detailing the adjustments made to GAAP operating costs and expenses to arrive at non-GAAP figures, primarily by excluding stock-based compensation and amortization of acquired intangible assets Reconciliation of GAAP to Non-GAAP Forward-Looking Estimates (Millions) | Metric | Low (Millions) | High (Millions) | | :------------------------------------------ | :-- | :--- | | Forward-looking operating costs and expenses (GAAP) | $110 | $106 | | Adjustments: | | | | Stock-based compensation expense | ($14) | ($14) | | Amortization of acquired intangible assets | ($2) | ($2) | | Forward-looking Non-GAAP operating costs and expenses | $94 | $90 | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section explains Rambus's use of non-GAAP financial measures and provides a reconciliation of GAAP to non-GAAP results for Q1 2025 [Explanation of Non-GAAP Adjustments](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Adjustments) Rambus utilizes non-GAAP financial measures to provide a clearer view of its ongoing operating results and to facilitate comparisons with peer companies. These measures exclude specific non-cash or non-recurring items that management believes are not reflective of core business operations - Non-GAAP financial measures are used to assess performance and provide investors with comparable information, excluding items not reflective of ongoing operating results[11](index=11&type=chunk) - Adjustments include: Stock-based compensation expense (non-cash, not reflective of ongoing operations)[12](index=12&type=chunk) - Adjustments include: Acquisition-related costs and retention bonus expense (related to acquisitions, no direct correlation to operations)[13](index=13&type=chunk) - Adjustments include: Amortization of acquired intangible assets (not reflective of ongoing operating results, from prior acquisitions)[14](index=14&type=chunk) - Adjustments include: Change in fair value of earn-out liability (not directly related to ongoing business results)[15](index=15&type=chunk) - Adjustments include: Income tax adjustments (fixed, long-term projected tax rate of **20%** for 2025 for internal planning)[16](index=16&type=chunk) [Supplemental Reconciliation of GAAP to Non-GAAP Results (Q1 2025)](index=8&type=section&id=Supplemental%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results%20(Q1%202025)) Rambus provided a detailed reconciliation for its Q1 2025 GAAP to non-GAAP results, showing the specific adjustments made to cost of product revenue and total operating expenses, primarily for stock-based compensation, acquisition-related costs, and amortization of acquired intangible assets Supplemental Reconciliation of GAAP to Non-GAAP Results (Q1 2025) (Thousands) | Metric | Q1 2025 (Thousands) | Q1 2024 (Thousands) | | :------------------------------------------ | :------ | :------ | | Cost of product revenue (GAAP) | $30,583 | $20,048 | | Adjustment: Stock-based compensation expense | ($162) | ($124) | | **Non-GAAP cost of product revenue** | **$30,421** | **$19,924** | | Total operating expenses (GAAP) | $70,678 | $64,081 | | Adjustments: | | | | Stock-based compensation expense | ($11,221) | ($9,372) | | Acquisition-related costs and retention bonus expense | ($21) | ($111) | | Amortization of acquired intangible assets | — | ($195) | | Change in fair value of earn-out liability | — | ($700) | | **Non-GAAP total operating expenses** | **$59,436** | **$53,703** | [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Rambus Inc., detailing its focus on memory and security solutions for data centers and AI [About Rambus Inc.](index=3&type=section&id=About%20Rambus%20Inc.) Rambus Inc. is a global semiconductor company with 35 years of experience, specializing in innovative memory and security solutions. The company focuses on enabling the future of data centers and AI by addressing challenges in data movement for data center, edge, and client markets - Rambus is a global semiconductor company focused on enabling the future of data centers and AI[18](index=18&type=chunk) - Delivers innovative memory and security solutions to accelerate and secure data movement in data center, edge, and client markets[18](index=18&type=chunk)[19](index=19&type=chunk) - A pioneer with **35 years** of advanced semiconductor design experience, leading in high-performance memory subsystems (chips and silicon IP)[18](index=18&type=chunk)[19](index=19&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) This section includes details on the Q1 2025 conference call, forward-looking statements, and investor contact information [Conference Call](index=3&type=section&id=Conference%20Call) Rambus hosted a conference call on April 28, 2025, to discuss its Q1 2025 financial results, with audio and slides available online and a replay service provided - Conference call held on April 28, 2025, at 2:00 p.m. PT to discuss quarterly results[10](index=10&type=chunk) - Audio and slides available online at investor.rambus.com, with a replay service for one week[10](index=10&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This release includes forward-looking statements regarding Rambus's business opportunities, growth, strategies, and Q2 2025 financial guidance. These statements are based on current expectations and are subject to risks, with actual results potentially differing materially - The release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995[20](index=20&type=chunk) - Statements relate to business opportunities, long-term growth, product/investment strategies, and Q2 2025 outlook[20](index=20&type=chunk) - Forward-looking statements are based on current expectations and are subject to risks, meaning actual results may differ materially[20](index=20&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Contact details for investor inquiries are provided, listing the Senior Vice President, Finance and Chief Financial Officer - Contact: Desmond Lynch, Senior Vice President, Finance and Chief Financial Officer[21](index=21&type=chunk) - Email: dlynch@rambus.com, Phone: (408) 462-8000[21](index=21&type=chunk)