{"id":65463,"date":"2025-04-28T13:05:43","date_gmt":"2025-04-28T20:05:43","guid":{"rendered":"https:\/\/www.rambus.com\/?p=65463"},"modified":"2025-04-28T13:05:43","modified_gmt":"2025-04-28T20:05:43","slug":"first-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/","title":{"rendered":"Rambus Reports First Quarter 2025 Financial Results"},"content":{"rendered":"<ul>\n<li>Exceeded guidance for Q1 revenue and earnings<\/li>\n<li>Delivered record quarterly product revenue of $76.3\u00a0million, up 52% year over year<\/li>\n<li>Generated outstanding quarterly cash from operations of $77.4\u00a0million<\/li>\n<\/ul>\n<p><strong>SAN JOSE, Calif. <\/strong>\u2013<strong> April 28, 2025 <\/strong>\u2013 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\u00a031, 2025. GAAP revenue for the first quarter was $166.7\u00a0million, licensing billings were $73.3\u00a0million, product revenue was $76.3\u00a0million, and contract and other revenue was $16.4\u00a0million. The Company also generated $77.4\u00a0million in cash provided by operating activities in the first quarter.<\/p>\n<p>\u201cWe had an excellent start to 2025, beating revenue and earnings expectations for Q1 with very strong cash from operations and record product revenue from memory interface chips,\u201d said Luc Seraphin, chief executive officer of Rambus. \u201cThrough our ongoing strategic execution and robust business model, we continued our market leadership in core DDR5 chip products and progress in new products, positioning us well to deliver long-term growth and continued value to stockholders.\u201d<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"523\"><strong>Quarterly Financial Review &#8211; GAAP<\/strong><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended<br \/>\nMarch 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\"><strong>(In millions, except for percentages and per share amounts)<\/strong><\/td>\n<td width=\"77\"><strong>2025<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Revenue<\/td>\n<td width=\"77\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Product revenue<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76.3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50.4<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Royalties<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 74.0<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 47.5<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Contract and other revenue<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Total revenue<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 166.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 117.9<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Cost of product revenue<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.6<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Cost of contract and other revenue<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.6<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.6<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Amortization of acquired intangible assets (included in total cost of revenue)<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.1<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Total operating expenses <sup>(1)<\/sup><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70.7<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 64.1<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Operating income<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63.1<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.1<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Operating margin<\/td>\n<td width=\"77\">38 %<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">26 %<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Net income<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60.3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32.9<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Diluted net income per share<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.56<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.30<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Net cash provided by operating activities<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 77.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>_________________________________________<\/p>\n<p><sup>(1)<\/sup>\u00a0\u00a0 Includes amortization of acquired intangible assets of approximately $0.2\u00a0million for the three months ended March 31, 2024.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"523\"><strong>Quarterly Financial Review &#8211; Supplemental Information<sup>(1)<\/sup><\/strong><\/td>\n<td style=\"text-align: center;\" colspan=\"3\" width=\"159\"><strong>Three Months Ended<br \/>\nMarch 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\"><strong>(In millions)<\/strong><\/td>\n<td width=\"77\"><strong>2025<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Licensing billings (operational metric) <sup>(2)<\/sup><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 73.3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63.2<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Product revenue (GAAP)<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76.3<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50.4<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Contract and other revenue (GAAP)<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.0<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Non-GAAP cost of product revenue<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19.9<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Cost of contract and other revenue (GAAP)<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.6<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.6<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Non-GAAP total operating expenses<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 59.4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 53.7<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Interest and other income (expense), net (GAAP)<\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.5<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.2<\/td>\n<\/tr>\n<tr>\n<td width=\"523\">Diluted share count (GAAP)<\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 109<\/td>\n<td width=\"5\"><\/td>\n<td width=\"77\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 110<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>_________________________________________<\/p>\n<p><sup>(1)<\/sup>\u00a0\u00a0 See \u201cSupplemental Reconciliation of GAAP to Non-GAAP Results\u201d table included below.<\/p>\n<p><sup>(2)<\/sup>\u00a0\u00a0 Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements.<\/p>\n<p>GAAP revenue for the quarter was $166.7\u00a0million. The Company also had licensing billings of $73.3\u00a0million, product revenue of $76.3\u00a0million, and contract and other revenue of $16.4\u00a0million. The Company had total GAAP cost of revenue of $32.9\u00a0million and operating expenses of $70.7\u00a0million. The Company also had total non-GAAP operating expenses of $90.4\u00a0million (including non-GAAP cost of revenue of $31.0\u00a0million). The Company had GAAP diluted net income per share of $0.56. The Company\u2019s basic share count was 107\u00a0million shares and its diluted share count was 109\u00a0million shares.<\/p>\n<p>Cash, cash equivalents, and marketable securities as of March\u00a031, 2025 were $514.4\u00a0million, an increase of $32.6\u00a0million as compared to December 31, 2024, mainly due to $77.4\u00a0million in cash provided by operating activities, offset by $30.8\u00a0million in payments of taxes on restricted stock units and $7.9\u00a0million paid to acquire property and equipment.<\/p>\n<p><strong>2025 Second Quarter Outlook<\/strong><\/p>\n<p>The Company will discuss its full revenue guidance for the second quarter of 2025 during its upcoming conference call. The following table sets forth the second quarter outlook for other measures.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"455\"><strong>(In millions)<\/strong><\/td>\n<td width=\"112\"><strong>GAAP<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\"><strong>Non-GAAP <sup>(1)<\/sup><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Licensing billings (operational metric) <sup>(2)<\/sup><\/td>\n<td width=\"112\">$64 &#8211; $70<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$64 &#8211; $70<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Product revenue (GAAP)<\/td>\n<td width=\"112\">$77 &#8211; $83<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$77 &#8211; $83<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Contract and other revenue (GAAP)<\/td>\n<td width=\"112\">$17 &#8211; $23<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$17 &#8211; $23<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Total operating costs and expenses<\/td>\n<td width=\"112\">$110 &#8211; $106<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$94 &#8211; $90<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Interest and other income (expense), net<\/td>\n<td width=\"112\">$4<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">$4<\/td>\n<\/tr>\n<tr>\n<td width=\"455\">Diluted share count<\/td>\n<td width=\"112\">109<\/td>\n<td width=\"5\"><\/td>\n<td width=\"112\">109<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>_________________________________________<\/p>\n<p><sup>(1)<\/sup>\u00a0\u00a0 See \u201cReconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates\u201d table included below.<\/p>\n<p><sup>(2)<\/sup>\u00a0\u00a0 Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements.<\/p>\n<p>For the second quarter of 2025, the Company expects licensing billings to be between $64\u00a0million and $70\u00a0million. The Company also expects royalty revenue to be between $67\u00a0million and $73\u00a0million, product revenue to be between $77\u00a0million and $83 million, and contract and other revenue to be between $17\u00a0million and $23\u00a0million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.<\/p>\n<p>The Company also expects operating costs and expenses to be between $110 million and $106 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $94 million and $90\u00a0million. These expectations also assume a tax rate of 20% and a diluted share count of 109\u00a0million, and exclude stock-based compensation expense of $14 million and amortization of acquired intangible assets of $2 million.<\/p>\n<p><strong>Conference Call<\/strong><\/p>\n<p>The Company\u2019s management will discuss the results of the quarter during a conference call scheduled for 2:00\u00a0p.m. PT today. The call will be audio and slides will be available online at investor.rambus.com and a replay will be available for the next week at the following numbers: (866)\u00a0813-9403 (domestic) or (+1)\u00a0929-458-6194 (international) with ID#\u00a0214203.<\/p>\n<p><strong>Non-GAAP Financial Information<\/strong><\/p>\n<p>In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the cost of product revenue and operating expenses as non-GAAP financial measures.\u00a0In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, and certain other one-time adjustments. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company\u2019s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.<\/p>\n<p>The Company\u2019s non-GAAP financial measures reflect adjustments based on the following items:<\/p>\n<p><em>Stock-based compensation expense<\/em>. These expenses primarily relate to employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different option valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company\u2019s results with peer companies.<sup>\u00a0<\/sup><\/p>\n<p><em>Acquisition-related costs and retention bonus expense. <\/em>These expenses include all direct costs of certain acquisitions and the current periods\u2019 portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company\u2019s operations.<\/p>\n<p><em>Amortization of acquired intangible assets<\/em>. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company\u2019s prior acquisitions and have no direct correlation to the operation of the Company\u2019s core business.<\/p>\n<p><em>Change in fair value of earn-out liability.<\/em> This change is due to adjustments to acquisition purchase consideration. The Company excludes these adjustments because such adjustments are not directly related to ongoing business results and do not reflect expected future operating expenses.<\/p>\n<p><em>Income tax adjustments<\/em>. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 20\u00a0percent and 22 percent for 2025 and 2024, respectively, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied these tax rates to its non-GAAP financial results for all periods in the relevant years to assist the Company\u2019s planning.<sup>\u00a0<\/sup><\/p>\n<p>On occasion in the future, there may be other items, such as significant gains or losses from contingencies, that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.<\/p>\n<p><strong>Forward-Looking Statements<\/strong><\/p>\n<p>This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus\u2019 expectations regarding business opportunities, the Company\u2019s ability to deliver long-term, profitable growth, product and investment strategies, and the Company\u2019s outlook and financial guidance for the second quarter of 2025 and related drivers, and the Company\u2019s ability to effectively manage market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management\u2019s beliefs and certain assumptions made by the Company\u2019s management. Actual results may differ materially. The Company\u2019s business generally is subject to a number of risks which are described more fully in Rambus\u2019 periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.<\/p>\n<p><strong>Contact<\/strong><br \/>\nDesmond Lynch<br \/>\nSenior Vice President, Finance and Chief Financial Officer<br \/>\n(408) 462-8000<br \/>\ndlynch@rambus.com<\/p>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nCondensed Consolidated Balance Sheets<br \/>\n(Unaudited)<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"495\"><strong>(In thousands)<\/strong><\/td>\n<td width=\"91\"><strong>March 31,<\/strong><br \/>\n<strong>2025<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><strong>December 31,<\/strong><br \/>\n<strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><strong>ASSETS<\/strong><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Current assets:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Cash and cash equivalents<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 132,185<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 99,775<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Marketable securities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 382,204<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 382,023<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Accounts receivable<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 119,142<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 122,813<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Unbilled receivables<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,624<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,070<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Inventories<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 44,701<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 44,634<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Prepaids and other current assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,600<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,942<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total current assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 719,456<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 690,257<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Intangible assets, net<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,347<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,059<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Goodwill<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 286,812<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 286,812<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Property and equipment, net<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,988<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 75,509<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Operating lease right-of-use assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,369<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,454<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Deferred tax assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 134,230<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 136,466<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Income taxes receivable<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115,898<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 109,947<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Other assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,265<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,632<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total assets<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0 1,379,365<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0 1,343,136<\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><strong>LIABILITIES &amp; STOCKHOLDERS\u2019 EQUITY<\/strong><\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Current liabilities:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Accounts payable<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,356<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,522<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Accrued salaries and benefits<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,157<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,193<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Deferred revenue<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,336<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,903<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">EDA tools software licenses liability<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,086<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,438<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Operating lease liabilities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,727<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,617<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Other current liabilities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,200<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,139<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total current liabilities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70,862<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,812<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Long-term operating lease liabilities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,467<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,534<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Long-term income taxes payable<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115,124<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 109,383<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Other long-term liabilities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,075<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,715<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total long-term liabilities<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 148,666<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 140,632<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total stockholders\u2019 equity<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,159,837<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,120,692<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total liabilities and stockholders\u2019 equity<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0 1,379,365<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0 1,343,136<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nCondensed Consolidated Statements of Income<br \/>\n(Unaudited)<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"495\"><\/td>\n<td colspan=\"3\" width=\"187\"><strong>Three Months Ended<br \/>\nMarch\u00a031,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"495\"><strong>(In thousands, except per share amounts)<\/strong><\/td>\n<td width=\"91\"><strong>2025<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Revenue:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Product revenue<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76,309<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50,360<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Royalties<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 73,975<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 47,476<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Contract and other revenue<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,380<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,035<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total revenue<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 166,664<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 117,871<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Cost of revenue:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Cost of product revenue<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,583<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,048<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Cost of contract and other revenue<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 546<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 555<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Amortization of acquired intangible assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,713<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,056<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total cost of revenue<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32,842<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,659<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Gross profit<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 133,822<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 94,212<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Operating expenses:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Research and development<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42,620<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37,359<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Sales, general and administrative<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28,058<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,827<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Amortization of acquired intangible assets<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 195<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Change in fair value of earn-out liability<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 700<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Total operating expenses<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70,678<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 64,081<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Operating income<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63,144<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,131<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Interest income and other income (expense), net<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,856<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,587<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Interest expense<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (377)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (366)<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Interest and other income (expense), net<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,479<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,221<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Income before income taxes<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 67,623<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34,352<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Provision for income taxes<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,320<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,454<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Net income<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60,303<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32,898<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Net income per share:<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Basic<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.56<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.30<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Diluted<\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.56<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.30<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Weighted average shares used in per share calculation<\/td>\n<td width=\"91\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\"><\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Basic<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 107,236<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 108,090<\/td>\n<\/tr>\n<tr>\n<td width=\"495\">Diluted<\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 108,628<\/td>\n<td width=\"5\"><\/td>\n<td width=\"91\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 110,037<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nSupplemental Reconciliation of GAAP to Non-GAAP Results<br \/>\n(Unaudited)<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"502\"><\/td>\n<td colspan=\"3\" width=\"181\"><strong>Three Months Ended<br \/>\nMarch 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"502\"><strong>(In thousands)<\/strong><\/td>\n<td width=\"88\"><strong>2025<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Cost of product revenue<\/td>\n<td width=\"88\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,583<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,048<\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Adjustment:<\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Stock-based compensation expense<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (162)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (124)<\/td>\n<\/tr>\n<tr>\n<td width=\"502\"><strong>Non-GAAP cost of product revenue<\/strong><\/td>\n<td width=\"88\"><strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,421 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,924 <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"502\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Total operating expenses<\/td>\n<td width=\"88\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70,678<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 64,081<\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Adjustments:<\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Stock-based compensation expense<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (11,221)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (9,372)<\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Acquisition-related costs and retention bonus expense<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (21)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (111)<\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Amortization of acquired intangible assets<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (195)<\/td>\n<\/tr>\n<tr>\n<td width=\"502\">Change in fair value of earn-out liability<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (700)<\/td>\n<\/tr>\n<tr>\n<td width=\"502\"><strong>Non-GAAP total operating expenses<\/strong><\/td>\n<td width=\"88\"><strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 59,436 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 53,703 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong>Rambus Inc.<br \/>\nReconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates<br \/>\n(Unaudited)<\/strong><\/p>\n<p>&nbsp;<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"499\"><strong>2025<\/strong><strong> Second Quarter Outlook<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td colspan=\"3\" width=\"181\"><strong>Three Months Ended <\/strong><\/p>\n<p><strong>June 30, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"499\"><strong>(In millions)<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><strong>Low<\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>High<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Forward-looking operating costs and expenses<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 110<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106<\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Adjustments:<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Stock-based compensation expense<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (14)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (14)<\/td>\n<\/tr>\n<tr>\n<td width=\"499\">Amortization of acquired intangible assets<\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2)<\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2)<\/td>\n<\/tr>\n<tr>\n<td width=\"499\"><strong>Forward-looking Non-GAAP operating costs and expenses<\/strong><\/td>\n<td width=\"4\"><\/td>\n<td width=\"88\"><strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 94 <\/strong><\/td>\n<td width=\"5\"><\/td>\n<td width=\"88\"><strong>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 90 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Exceeded guidance for Q1 revenue and earnings Delivered record quarterly product revenue of $76.3\u00a0million, up 52% year over year Generated outstanding quarterly cash from operations of $77.4\u00a0million SAN JOSE, Calif. \u2013 April 28, 2025 \u2013 Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":24756,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[799,68,34],"tags":[],"class_list":{"0":"post-65463","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-press-releases-corporate","8":"category-customer","9":"category-pressreleases","10":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rambus Reports First Quarter 2025 Financial Results - Rambus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rambus Reports First Quarter 2025 Financial Results\" \/>\n<meta property=\"og:description\" content=\"Exceeded guidance for Q1 revenue and earnings Delivered record quarterly product revenue of $76.3\u00a0million, up 52% year over year Generated outstanding\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Rambus\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RambusInc\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-28T20:05:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rambus.com\/wp-content\/uploads\/2020\/05\/financial-reports.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"286\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"fongj@rambus.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rambusinc\" \/>\n<meta name=\"twitter:site\" content=\"@rambusinc\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/\"},\"author\":{\"name\":\"fongj@rambus.com\",\"@id\":\"https:\/\/www.rambus.com\/#\/schema\/person\/37e2e7e0a04304c805d567b056b6282e\"},\"headline\":\"Rambus Reports First Quarter 2025 Financial Results\",\"datePublished\":\"2025-04-28T20:05:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/\"},\"wordCount\":1861,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.rambus.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rambus.com\/wp-content\/uploads\/2020\/05\/financial-reports.png\",\"articleSection\":[\"Corporate\",\"Customer\",\"Press Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/\",\"url\":\"https:\/\/www.rambus.com\/first-quarter-2025-financial-results\/\",\"name\":\"Rambus Reports First Quarter 2025 Financial Results - 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