Financial Data and Key Metrics Changes - Revenue for Q3 was $178.5 million, exceeding expectations, with product revenue at a record $93.3 million, representing a 15% sequential increase and a 41% year-over-year growth [12][13] - Cash generation for the quarter was strong at $88 million, contributing to a total of $673.3 million in cash, cash equivalents, and marketable securities [12][14] - Non-GAAP net income for the quarter was $68.2 million, with an expected non-GAAP earnings per share range between $0.64 and $0.71 for Q4 [14][16] Business Line Data and Key Metrics Changes - The chip business achieved a record product revenue of $93 million, driven by DDR5 RCD leadership and new product contributions [6][12] - Silicon IP business is seeing increased demand driven by AI, with significant traction in high-speed memory and interconnect solutions [7][12] Market Data and Key Metrics Changes - The market for servers and DIMMs is expected to grow mid to high single digits, with specific tailwinds from AI workloads and the refresh cycle in hyperscaler and enterprise segments [8][51] - The total addressable market (TAM) for the RCD market is estimated at $800 million, with additional opportunities in companion chips and MRDIMM [46][48] Company Strategy and Development Direction - The company is focused on delivering complete solutions for high-performance memory subsystems, leveraging expertise in signal and power integrity [5][10] - The strategic roadmap includes capitalizing on the growing opportunities in data centers and AI, with a strong alignment to positive secular trends [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing success and long-term profitable growth, driven by product leadership in DDR5 and increasing momentum in new products [10][12] - The economic environment remains dynamic, with careful monitoring of supply chain situations and inventory levels [36][56] Other Important Information - The company is not on leading-edge technology nodes, which helps mitigate supply chain risks, and it has strong relationships with manufacturing partners [36] - The MRDIMM is expected to ramp in large volumes towards the end of 2026 and into 2027, with a long-term market share goal similar to DDR5 [19][46] Q&A Session Summary Question: Can MRDIMM replicate DDR5 market share? - Management believes that with time, MRDIMM can achieve similar market share as DDR5, depending on the rollout of platforms from Intel and AMD [19] Question: Opportunities from Ethernet scale-up networking architecture? - The silicon IP portfolio is well-positioned to capitalize on the demand for high-speed memory and interconnect solutions, particularly with the transition to PCIe7 [21] Question: Supply chain considerations and lead times? - The company has grown inventory to support Q4 demand and has not seen notable customer inventory buildup, maintaining a robust supply chain [36] Question: RCD market share potential? - Management indicated that there is room to gain share in the RCD market, with an objective of achieving 40%-50% market share [38] Question: Update on total addressable market (TAM)? - The TAM for the RCD market is around $800 million, with additional opportunities in companion chips and MRDIMM expected to contribute in the future [46][48] Question: Outlook for CXL and Rambus strategy? - Rambus is focusing on silicon IP for CXL, with a belief that memory expansion through MRDIMM will be a promising usage model [64] Question: MRDIMM qualification and share capture? - The success in capturing share will depend on collaboration with customers and platform providers, with a complete chipset being critical for interoperability [70] Question: Traction in PCIe7 and secured IP? - Security represents about 50% of the silicon IP business, with traction in PCIe7 and HBM being strong among large customers [71]

Financial Data and Key Metrics Changes - Revenue for Q3 was $178.5 million, exceeding expectations, with product revenue reaching a record $93.3 million, representing a 15% sequential increase and 41% year-over-year growth [14][15][12] - Cash from operations was strong at $88 million, contributing to a total of $673.3 million in cash, cash equivalents, and marketable securities at the end of the quarter [13][16] - Non-GAAP net income for the quarter was $68.2 million, with an expected Q4 non-GAAP earnings per share range between $0.64 and $0.71 [15][17] Business Line Data and Key Metrics Changes - The chip business delivered a product revenue record of $93 million, marking the sixth consecutive quarter of growth, driven by DDR5 product leadership and new product contributions [6][12] - Silicon IP business saw increased demand driven by AI, with significant contributions from HBM4, GDDR7, and PCIe 7 solutions [8][11] Market Data and Key Metrics Changes - The market for servers and DIMMs is expected to grow mid to high single digits, with ongoing demand for AI workloads driving this growth [9][60] - The total addressable market (TAM) for RCD is estimated at $800 million, with additional opportunities from MRDIMM expected to be around $600 million, projected to materialize by late 2026 or 2027 [54][56] Company Strategy and Development Direction - The company is focused on leveraging its expertise in signal and power integrity to deliver complete solutions for high-performance memory subsystems, aligning with strong trends in data centers and AI markets [6][11] - The strategic roadmap includes continued investment in product development and market expansion opportunities, particularly in the silicon IP and chip solutions sectors [18][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term profitable growth, supported by strong product leadership and alignment with positive market trends [12][18] - The economic environment remains dynamic, with ongoing monitoring of supply chain conditions and customer demand [17][45] Other Important Information - The company is utilizing both GAAP and non-GAAP financial presentations to provide clarity in financial reporting, with reconciliations available for investor insights [4] - The company is not on leading-edge technology nodes, which has helped maintain a robust supply chain and support growth objectives [44][45] Q&A Session Summary Question: Can Rambus replicate MRDIMM market share similar to DDR5? - Management believes that with time, they can achieve similar market share in MRDIMM as with DDR5, with significant ramp-up expected towards late 2026 and 2027 [20][21] Question: Opportunities from Ethernet scale-up networking architecture? - The company sees opportunities in high-speed memory and interconnect technology, particularly with the transition from PCIe 5 to PCIe 7 [23] Question: Outlook on SOCAM and its impact on Rambus? - Management is optimistic about SOCAM's emergence, which aligns with the company's strengths in signal and power integrity, although they do not expect high volumes initially [28][32] Question: Supply chain considerations and lead times? - The company has not seen notable inventory buildup and is monitoring supply chain conditions closely, with expectations of slight increases in internal inventory to support future demand [44][45] Question: Market share potential in RCD? - Management indicated that they are currently above 40% market share in RCD and see potential for further growth, aiming for 40% to 50% in the future [46][48] Question: Update on MRDIMM and its market potential? - MRDIMM is expected to double capacity and bandwidth, with the company well-positioned due to its complete chipset solutions [81][82] Question: CXL market evolution and Rambus' strategy? - The company is focusing on silicon IP for CXL, as the market is fragmented and developing bespoke solutions for specific customers is not economically viable [76][77] Question: Trends in server and AI markets? - Management anticipates continued growth in the server market, driven by AI workloads, with a positive outlook for 2026 [60][61]

Rambus Third 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 re ...