Rambus, Inc. · NASDAQ:RMBS
Rambus — Investor Presentation (2025)
30 slides from Rambus's investor presentation, May 18, 2025
Slide 1: Rambus Investor Presentation Q2 2025
Rambus Investor Presentation Q2 2025
Slide 2: Safe Harbor for Forward-Looking Statements; Other Disclosures
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 o
Slide 3: Industry-Leading Chips and Silicon IP
Industry-Leading $247M Chips and Silicon IP 2024 Product Revenue Data Center & AI $231M >75% of Chip and 2024 Cash from Operations Silicon IP Revenue 2024 Record +28% Product Revenue and 5-year CAGR New Product Introductions Product Revenue 35 Years San Jose HQ ~725 Employees ~2700 Technology Leader
Slide 4: Semiconductor Solutions Built on Innovation
Semiconductor Solutions Built on Innovation Rambus Offerings Markets Served Chips Memory Interface Product Sales Automotive Chips Silicon IP Data Center IP Licenses Government & Edge Interface IP Security IP Innovations Patent Licenses \ IoT Foundational R&D and IP 4
Slide 5: Amplified Opportunities in Data Center and AI
Amplified Opportunities in Data Center and AI Meeting memory performance Addressing bandwidth and Broadening adoption of requirements of growing capacity requirements with novel key technologies into AI workloads memory solutions adjacent markets Cache Increasing latency and capacity On chip Perform
Slide 6: Rambus Solutions for the Data Center
Rambus Solutions for the Data Center DDR5 RDIMM Server Motherboard AI Accelerator/GPU Card 2 1 3 4 Rambus Products: Chips 1 Memory Interface Chips: Registering Clock Driver, PMIC, SPD Hub, Temperature Sensor 2 Root of Trust Security IP with Quantum Safe Cryptography Silicon IP 3 HBM/GDDR Memory Cont
Slide 7: Rambus Memory Interface Chips
Rambus Memory Interface Chips Driving the pace of server main memory performance DDR5 Server Chipset Expanding DDR5 chip portfolio: 42% Industry-leading DDR5 RCDs • MRCD & MDB 12800 MT/s • PMICs 5-Year Product Revenue CAGR Gen1 4800 MT/s to Gen5 8000 MT/s (~Memory Interface Chips) • SPD Hub* & Tempe
Slide 8: Silicon IP Solutions for AI
Silicon IP Solutions for AI • Essential building blocks for high- performance chips: HBM, GDDR, PCIe, CXL, PQC, Root of Trust, IME/IDE • Key Benefits • Deliver industry-leading bandwidth performance • Enable high-speed data communications between devices Interface IP Security IP PCIe or CXL • Protec
Slide 9: Rambus Uniquely Positioned for Novel Memory Solutions
Rambus Uniquely Positioned for Novel Memory Solutions Industry leading performance to 12800 MT/s (MRDIMM) Industry Leadership and 8000 MT/s (RDIMM) for DDR5-based servers and PCs DDR5 Memory Interface Chipset World-class expertise in memory interface and Core Expertise interconnect subsystems (digit
Slide 10: Product Leadership Driving Long-term Growth
Product Leadership Driving Long-term Growth DDR5 memory interface chipsets delivering industry- leading performance z HBM, GDDR, PCIe, and CXL 2019-2024 z controller IP critical to data center and AI 28% Product Revenue Broadest portfolio of secure root of trust, protocol engine, CAGR* and crypto ac
Slide 11: Financial Highlights
Financial Highlights Product Revenue* ($M) Pro Forma Operating Expenses ($M) 221 217 222 247 78 77 76 143 141 146 227 225 2022 2023 2024 2022 2023 2024 *Consisting Primarily of Memory Interface Chips R&D SG&A Cash from Operations ($M) & FCF per Share ($) Cash Equivalents & Return of Capital ($M) 250
Slide 12: Rambus Investment Summary
Rambus Investment Summary Amplified opportunity in data center fueled by AI with expanding product portfolio and sustained technical leadership Pioneer of industry-leading chips and silicon IP enabling critical performance improvements for the continued evolution of the data center Continued innovat
Slide 13: Detailed Financials
Detailed Financials Strong cash generation fuels growth initiatives and return of value to stockholders
Slide 14: Outstanding Cash Generation
Outstanding Cash Generation ASC 606 ASC 606 ASC 606 ASC 606 ASC 606 In Millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Continued execution with diverse revenue portfolio Revenue $117.9 $132.1 $145.5 $161.1 $166.7 Record quarterly chip performance Total Operating Costs and Strategic R&D investment t
Slide 15: Strong Balance Sheet Supports Strategic Initiatives
Strong Balance Sheet Supports Strategic Initiatives In Millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Cash & Driven by continued strong cash from $391.1 $432.9 $432.7 $481.8 $514.4 Marketable Securities operations Total Assets $1,208.8 $1,250.6 $1,251.6 $1,343.1 $1,379.4 Strong balance sheet
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Income in Millions (ASC 606) (ASC 606) (ASC 606) (ASC 606) (ASC 606) GAAP Net Income $33 $36 $49 $62 $60 Adjustments: Stock-based compensation $9 $12 $12 $12 $11 Amortization of acquired intangible assets $3 $3
Slide 17: Revenue and Licensing Billings
Revenue and Licensing Billings ASC 606 ASC 606 In Millions Q1'24 Q2'24 Q3'24 Q4'24 FY 2024 Q1’25 Product Revenue $50.4 $56.7 $66.4 $73.4 $246.8 $76.3 Royalty Revenue 47.5 56.4 64.1 58.2 226.2 74.0 Contract and Other Revenue 20.0 19.1 15.0 29.5 83.6 16.4 Total $117.9 $132.1 $145.5 $161.1 $556.6 $166.
Slide 18: GAAP to Non-GAAP Income Statement
GAAP to Non-GAAP Income Statement GAAP Non-GAAP Delta In $ Millions Actual Actual to Q1’25 Q1’25 GAAP Revenue $166.7 $166.7 $- Cost of revenue 32.8 31.0 (1.9) Research and development 42.6 38.1 (4.5) Sales, general and administrative 28.1 21.3 (6.7) Total operating cost and expenses 103.5 90.4 (13.1
Slide 19: Product Overview
Product Overview Industry-leading Chips and Silicon IP
Slide 20: Memory Interface Chips
Memory Interface Chips • DDR5 Server Chipset Chips • • DDR5 Client Chipset DDR4 Server Chipset Providing memory bandwidth and capacity to unleash the power of CPUs and accelerators CXL Memory Initiative Chips Silicon IP Innovations 20
Slide 21: DDR5 RDIMM Chipset
DDR5 RDIMM Chipset Industry-leading Performance and Margin • Compliant with latest JEDEC spec up to 8000 MT/s • Wide margin IO design with advanced programmability • Exceeds JEDEC reliability requirements Optimized Power • Frequency-based power optimization Best-in-class Debug and Serviceability • I
Slide 22: Industry-first DDR5 MRDIMM 12800 Chipset
Industry-first DDR5 MRDIMM 12800 Chipset Leading Performance • Supports industry-standard MRDIMM at 12800 MT/s • Full chipset solution, featuring: • Multiplexed Registering Clock Driver (MRCD) • Multiplexed Data Buffer (MDB) • PMIC5030 • Advanced clocking, control and power management • Supports sta
Slide 23: Rambus Expands Memory Interface Chip Offering to High-Performance PCs with DDR5 CKD
Rambus Expands Industry-Leading Memory Interface Chip Offering to High-Performance PCs with DDR5 Client Clock Driver (CKD) • Leverages Rambus broad server memory expertise to address the growing requirements of AI, gaming and content creation in desktop and notebook PCs • New client product offering
Slide 24: Silicon IP
Interface IP • Silicon IP • PCI Express CXL Enabling accelerated computing • HBM with high-performance interfaces • GDDR and hardware-level security Security IP • Root of Trust • MACsec • IPsec • IME Chips Silicon IP Innovations
Slide 25: Interface IP: Memory Interface and Interconnect IP
Interface IP: Memory Interface and Interconnect IP Video Memory Controllers Interconnect Controllers Compression DDR LPDDR GDDR HBM CXL PCI Express MIPI VESA FEC Application CSI-2/ DSC/ DP/ 4 4X/5X/5T 6/7 2/2E 3/3E 4 2.0 3.1 6.2 7.0 DSI-2 VDC-M HDMI Focus Data Center AI/Edge Automotive Government &
Slide 26: Security IP: Protecting Data at Rest, in Motion, and in Use
Security IP: Protecting Data at Rest, in Motion, and in Use Cipher Root of Trust Network Security Crypto Cores Provisioning Engines Application Firmware IPsec Key Programmable MACsec IME Crypto TRNG Infrastructure Focus Controlled TLS Management Data Center N/A AI/Edge Automotive N/A Government & De
Slide 27: Rambus Labs
Next-Gen Memory Rambus Labs Enabling next-generation data centers through innovation, Post-Quantum research and development Computing Security Chips Silicon IP Innovations
Slide 28: Key Areas of Focus for Rambus Labs
Key Areas of Focus for Rambus Labs Next-Gen Memory Secure and Reliable Security for AI/ML Strategic Customer & Architectures and Memory Systems and PQC Product Roadmap Performance Support 28
Slide 29: Rambus Patent Portfolio Overview
Rambus Patent Portfolio Overview 3500 600 ~2700 Industry Recognition of Rambus Patents Grants/Publications(pending) per Publication Year 3000 500 Cumulative Pending and Granted Patents 2500 400 2000 300 1500 200 Source: Innography, patent citations 1000 • Fundamental R&D feeds product 500 100 develo
Slide 30: Thank you
Thank you