Rambus Inc.

The grade, in three tenses

Headline 6.4 out of ten, 9 of 9 metrics filed: past 4.5 out of ten, present 7.4 out of ten, future 7.0 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 2.5 out of ten. 2 warning events since 2017; the latest 2024-02-28. 25th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.2 out of ten. +8.6% a year over 10 filed years; profitable in 5 of 10. 52nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 6.2 out of ten. Share count shrank 0.1% a year. 28% of cash flow returned. Insiders: 34 sales, 0 purchases. 62nd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 8.0 out of ten. ROE 17%: 17¢ of profit per shareholder dollar. Leverage 11%: owes 11¢ per asset dollar. 80th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.1 out of ten. top 29% of 97 in its family; net margin 32.6%. 71st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.6 out of ten. top 34% of 66 in its family for leadership; chief executive since 2018. 66th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 7.9 out of ten. top 21% of 94 in its family for room to expand. 79th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.7 out of ten. top 33% of 93 in its family for growth drivers. 67th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.5 out of ten. top 45% of 88 in its family for expectations against reality. 55th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-18 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-28 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-27 (on EDGAR). Newest filing: Form 4, 2026-10-05. Filings on record since 1997. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-18.

The people

Luc Seraphin has been president and chief executive since October 2018, and was interim chief executive from June 2018 to October 2018. He came up through the business: before the top job he ran the Memory and Interface Division, which develops the company's memory architectures and high-speed serial link work, and before that he was senior vice president of worldwide sales and operations. He began as a field application engineer at NEC, then joined AT&T Bell Labs, which became Lucent Technologies and Agere Systems, now Broadcom; he spent 18 years at Agere and finished there as executive vice president and general manager of the wireless business unit. On the record this site holds, he has filed as an officer and a director since 2018. [1, 2, 3, 4]

The finance seat changed hands during 2026. Desmond Lynch had been chief financial officer since August 2022, after serving as vice president of finance. On February 4, 2026 he notified the company that he was resigning, effective February 27, 2026, to pursue another professional opportunity, and the company appointed John Allen, its chief accounting officer, as vice president and interim chief financial officer, with Allen keeping the accounting role as well. On the record this site holds, Sumeet Gagneja first filed as senior vice president and chief financial officer in 2026. [5, 6, 4]

Sean Fan has been executive vice president and chief operating officer since November 2024, and was senior vice president and chief operating officer from August 2019. Before Rambus he led the computing and communications group at Integrated Device Technology, from May 2017 until Renesas Electronics Corporation bought it in March 2019. John Shinn has been senior vice president, general counsel, corporate secretary and chief compliance officer since February 2021, and was vice president and deputy general counsel from October 2016. The board is long serving on the record this site holds: Eric B. Stang has filed as a director since 2008 and Charles Kissner since 2012, with Victor Peng the newest, first filing in 2026. That record carries 28 people in all, 13 of them filing in the last fifteen months. [7, 8, 9, 4]

At the end of 2025 the company had 791 employees, about 47% of them in the United States and 53% in other regions, among them Bulgaria, Canada, China, Finland, France, India, the Netherlands, South Korea and Taiwan. About 71% were engineers, the rest in sales and in general and administrative roles, and none are covered by collective bargaining agreements. Research and development cost 187.7 million dollars in 2025, against 162.9 million in 2024 and 156.8 million in 2023, and the company says it expects to keep putting substantial funds into it. [10, 11]

How it operates

Rambus describes itself as a global semiconductor company providing chips and silicon IP for data-intensive computing systems, focused on data center and artificial intelligence infrastructure. The money arrives in three ways: product revenue, royalties, and contract and other revenue. The products are memory interface chips, the parts that sit on a memory module and relay the clock and the commands between the processor and the memory chips themselves. The company sells complete chipsets for industry-standard DDR5 and LPDDR5 memory modules for server and client systems, including registered modules and the newer multiplexed rank modules. A chipset takes in registering clock drivers, multiplexed registering clock drivers, multiplexed data buffers, client clock drivers, power management integrated circuits, serial presence detect hubs and temperature sensors. [12, 13, 14, 15]

The second line is silicon IP, meaning designs that other chip makers build into their own chips rather than parts Rambus ships. It covers interface work, the HBM and GDDR memory controllers and the PCIe controllers, retimer and switch designs and CXL controllers that move data between chips, and security work: hardware roots of trust, high-speed protocol engines, crypto cores and chip provisioning. The company says these move and protect data in advanced AI, data center, government and automotive applications, and sells them to chip makers worldwide for their custom silicon, their application specific standard products and their field programmable gate array designs, mainly through its own sales force. [16, 17, 18, 19]

The third line is patent licensing. A licence lets a customer use part of the portfolio in its own electronics, typically runs up to ten years, and is structured as fixed payments, variable ones or a mix of the two. The filing names the licensees: AMD, Amlogic, Broadcom, CXMT, IBM, Infineon, Kioxia, Marvell, MediaTek, Micron, Nanya, Nuvoton, NVIDIA, Phison, Qualcomm, Samsung, Silicon Motion, SK hynix, Socionext, STMicroelectronics, Toshiba, Western Digital and Winbond. Sales of patent assets, and any profit sharing that follows them, are counted as royalties too. Royalties were 40% of revenue in 2025, 41% in 2024 and 32% in 2023. Where a licence is a fixed fee, revenue is recognised when control of the right to use the intellectual property passes to the licensee, with a financing component figured at customer-specific rates that typically run between 5% and 10%. [20, 21, 22, 23]

Concentration is high and the company says so. The top five customers were about 66% of revenue in 2025 and 62% in both 2024 and 2023. Two customers the filing does not name were 23% and 18% of 2025 revenue; a third was 12% in 2024 and under a tenth in the other two years. Memory interface chips go to the major DRAM makers Micron, Samsung and SK hynix, and directly to system makers and cloud providers, for building into server memory modules; they also reach memory module manufacturers, OEMs and hyperscalers through a direct sales force and through distributors. Revenue from international customers was about 82% of the total in 2025, against 64% in 2024 and 62% in 2023. [24, 25, 26, 27, 28]

Revenue is reported by where the contracting party sits. On that basis South Korea was 329.3 million dollars, 46.5% of 2025 revenue, up 66.7% on the year; Singapore 163.8 million, 23.2%, up 143.4%; the United States 124.1 million, 17.5%, down 38.4%; and other countries 90.5 million, 12.8%. Rambus is fabless, meaning it designs its chips and hires third-party foundries and manufacturing contractors to make, assemble and test them, though it inspects and tests parts in its own United States facilities. Nearly all of its property and equipment sits in the United States, 108.0 million dollars of 113.1 million at the end of 2025. Chip sales are made on short-term purchase orders that are often rescheduled, cancelled or changed at short notice, so the company says backlog is not a reliable indicator of future product sales. [29, 30, 31, 32, 33]

The specifics

The patent estate is the asset behind the licensing line. At the end of 2025 the semiconductor, security and other technologies were covered by 2,049 United States and foreign patents, with expiry dates running from 2026 to 2044, and 486 applications were pending in various countries. Beyond patents the company relies on agreements with customers and prospective customers, confidentiality agreements with employees and consultants, and copyright, trademark and trade secret law. It says that, as in the past, litigation may be required to enforce and protect those rights, on top of what it spends to research and develop them. [34, 35, 36]

In memory interface chips the named competitors are Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments. In silicon IP the competition is the in-house design teams at the very customers it sells to, plus third-party suppliers such as Cadence and Synopsys; the filing adds that many competitors are larger and may have better access to financial, technical, sales and marketing resources. For reporting, the whole company is one piece: the chief operating decision maker is the chief executive, who reviews the figures on a consolidated basis, so at the end of 2025 there was a single operating and reportable segment. [37, 38]

Rambus was founded in 1990 and reincorporated in Delaware in March 1997, and it has filed with the SEC since 1997; its principal offices are in San Jose, California. Two moves shaped the business as it stands. It bought the PLDA Group in 2021 under an earn-out tied to that business's revenue over three years and settled each year in shares. Then in July 2023 it agreed to sell its PHY IP group to Cadence Design Systems, the same company it names as a silicon IP competitor, so as to concentrate on digital IP and chips for the data center and AI; the sale closed on September 6, 2023, bringing net proceeds of about 106.3 million dollars and a net gain of about 90.8 million, one reason filed net income for 2023, at 333.9 million dollars, stands well above every other year in the record this site holds. [39, 40, 41, 42, 43, 44, 45]

Rules reach this business through what it sells and through where the parts are made. Products that use encryption run into export controls in the United States and other countries, and the company says failing to comply could bring sanctions, fines and the suspension or revocation of export or import privileges. Separately, the United States has put controls on sending semiconductor, semiconductor manufacturing and supercomputing technology to China without a licence, and Rambus says it may be affected if those controls widen to cover its key products and markets. On the supply side it leans on third parties that are, or may be, its sole manufacturer or sole source of certain production materials, in places it describes as subject to geopolitical uncertainty; changing a manufacturer means porting and qualifying, which it calls an expensive and lengthy process. It reports no material pending legal proceeding. [46, 47, 48, 49, 50, 51]

What drives growth, line by line

Product Revenue. The largest line and the one that grew most: 347.8 million dollars, 49.1% of 2025 revenue, up 40.9% from 246.8 million the year before. The filing calls it a record and puts the rise of about 101.0 million dollars down to higher sales of memory interface chips and to contributions from new products. In the company's own account of the year it strengthened its position in DDR5 registering clock drivers, widened the adoption of newer products, and launched a complete client chipset that carried it into high-performance and AI personal computers. [29, 52, 53]

Royalty. 279.4 million dollars, 39.5% of revenue, up 23.5% from 226.2 million. The increase of about 53.2 million is attributed to the timing and structure of licence agreements and renewals rather than to shipments, and the company says it secured and extended key patent licensing agreements during the year. It also reports customer momentum across its HBM4, GDDR7 and PCIe 7.0 digital IP families and its security IP. It expects royalties to keep varying from period to period with its success in adding customers and in renewing or extending agreements, and with the shipment volumes and product mix its customers report. [29, 54, 55, 56, 57]

Contractandother Revenue. The smallest line, 80.5 million dollars, 11.4% of revenue, down 3.8% from 83.6 million. It is mostly silicon IP: core licences, software licences and the implementation, support, maintenance and engineering fees around them. The fall of about 3.2 million dollars is attributed to lower revenue from the silicon IP offerings; the year before it fell for a different reason, the sale of the PHY IP group in the third quarter of 2023. The company says this line will fluctuate with its technology development commitments, the amount of work performed and the timing of engineering deliverables. [29, 58, 59, 60]

What comes next, in the company's own words: it expects to keep putting substantial funds into research and development; it expects revenue from international customers to stay a significant part of the total, predominantly in United States dollars; it expects the cost of product revenue to fluctuate in the near term with product mix and the timing of orders; and it says it will go on weighing acquisitions that fit the core business and divestitures of what does not. It names the trends it thinks could matter: the evolution of memory technology, adoption of security solutions, industry consolidation, global economic conditions, and uncertainty from tariffs and global inflation. [11, 61, 62, 63, 64]

What the desk infers (inferred, not filed)

• The two unnamed customers at 23% and 18% of 2025 revenue are most likely two of the three DRAM makers the filing names as the buyers of its memory interface chips: Micron, Samsung and SK hynix. Because: The filing says the memory interface chips are sold to major DRAM manufacturers, Micron, Samsung and SK hynix, as well as directly to system manufacturers and cloud providers. [24] Those same three names appear again on the list of companies that have licensed the patents, so one customer can sit in both the product line and the royalty line and count twice toward its share. [21, 24] Revenue is counted by where the contracting party sits, and South Korea alone was 329.3 million dollars, 46.5% of 2025 revenue, more than the United States and more than Singapore. [30, 29] Only three names are given as chip buyers, while the top five customers together were about 66% of 2025 revenue. [24, 25] Confidence 70 of 100. Wrong if: A filing or a customer disclosure identifying Customer A or Customer B as a company other than Micron, Samsung or SK hynix, for instance a memory module maker, an OEM or a hyperscaler.
• The swing of revenue out of the United States and into Singapore in 2025 is more likely a change in which entity signs the contracts than a change in where the business is done. Because: The geographic split is reported by the location of contracting parties, not by where the products are used. [30] United States revenue fell 38.4% to 124.1 million dollars while Singapore revenue rose 143.4% to 163.8 million, two moves of comparable size in opposite directions in one year. [29] Revenue from companies headquartered outside the United States jumped to about 82% of the total in 2025 from 64% in 2024, a step far larger than the change in the business itself. [28] Royalties rose about 53.2 million dollars on the timing and structure of licence agreements and renewals, the kind of event that can move a whole contract to a different signing entity. [54] Confidence 55 of 100. Wrong if: A filing or a company statement attributing the United States decline to customers lost or to lower shipments rather than to where the contracts were signed.
• A large part of royalty revenue is recognised when a licence is signed, renewed or extended rather than as licensed chips ship, which is why that line moves with the contract calendar instead of with the memory cycle. Because: For fixed-fee licences, including those carrying minimum guaranteed amounts, revenue is recognised when control of the right to use the intellectual property passes to the licensee, with a financing component at customer-specific rates typically between 5% and 10%. [23] Licences are structured as fixed payments, variable ones or a mix, and typically run up to ten years. [20] The rise in royalties is attributed to the timing and structure of licence agreements and renewals, not to higher volumes. [54] The company says its customers generally do not tell it the identity or the volume of licensed chips that system companies buy from them. [65] Confidence 75 of 100. Wrong if: A revenue note showing that most royalty revenue is recognised over time on customers' reported unit shipments rather than at the transfer of the right to use the intellectual property.

Sources

1. Rambus Inc., Form 10-K filed 2026-02-18: “Mr. Seraphin has served as President & Chief Executive Officer since October 2018 and was interim Chief Executive Officer from June 2018 to October 2018.”
2. Rambus Inc., Form 10-K filed 2026-02-18: “Prior to this role, Mr. Seraphin was the Senior Vice President and General Manager of the Memory and Interface Division, leading the development of the company’s innovative memory architectures and high-speed serial link solutions. Mr. Seraphin also served as the Senior Vice President of Worldwide Sales and Operations where he oversaw sales, business development, customer support and operations across the various business units within Rambus.”
3. Rambus Inc., Form 10-K filed 2026-02-18: “Mr. Seraphin started his career as a field application engineer at NEC and later joined AT&T Bell Labs, which became Lucent Technologies and Agere Systems (now Broadcom Inc.). During his 18 years at Agere, Mr. Seraphin held several senior positions in sales, marketing and general management, culminating in his last position as Executive Vice President and General Manager of the Wireless Business Unit.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. Rambus Inc., Form 10-K filed 2026-02-18: “Mr. Lynch has served as Chief Financial Officer since August 2022, where he is responsible for the global finance organization, with responsibility for financial management, planning, tax, treasury, controls and reporting. Previously, he served as the Vice President of Finance for Rambus. On February 4, 2026, Mr. Lynch notified the Company that he is resigning, effective February 27, 2026.”
6. Rambus Inc., Form 10-K filed 2026-02-18: “On February 4, 2026, Desmond Lynch, Senior Vice President, Chief Financial Officer of the Company notified the Company that he was resigning with an effective date as of February 27, 2026, to pursue another professional opportunity. In connection with and effective upon Mr. Lynch’s departure, the Company is appointing John Allen to the position of Vice President, Interim Chief Financial Officer. Mr. Allen will also continue to serve in his current role of the Company’s Chief Accounting Officer.”
7. Rambus Inc., Form 10-K filed 2026-02-18: “Mr. Fan has served as the Executive Vice President, Chief Operating Officer since November 2024 and as the Senior Vice President, Chief Operating Officer since August 2019.”
8. Rambus Inc., Form 10-K filed 2026-02-18: “Prior to his role at Renesas, Mr. Fan was Senior Vice President and Corporate General Manager of the Computing and Communications Group at Integrated Device Technology, Inc. (“IDT”), a leading supplier of analog mixed-signal products including sensors, connectivity and wireless power, from May 2017 until March 2019 when IDT was acquired by Renesas Electronics Corporation.”
9. Rambus Inc., Form 10-K filed 2026-02-18: “Mr. Shinn has served as the Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer since February 2021 and as our Vice President, Deputy General Counsel since October 2016.”
10. Rambus Inc., Form 10-K filed 2026-02-18: “As of December 31, 2025, we had 791 employees, of which approximately 47% were in the United States and 53% in other global regions, including but not limited to Bulgaria, Canada, China, Finland, France, India, the Netherlands, South Korea and Taiwan. Additionally, approximately 71% of our employees were engineers with the remaining employees in sales, general and administrative positions. None of our employees are covered by collective bargaining agreements.”
11. Rambus Inc., Form 10-K filed 2026-02-18: “For the years ended December 31, 2025, 2024 and 2023, research and development expenses were $187.7 million, $162.9 million and $156.8 million, respectively. We expect to continue to invest substantial funds in research and development activities.”
12. Rambus Inc., Form 10-K filed 2026-02-18: “Rambus is a global semiconductor company providing industry-leading chips and silicon IP for data-intensive computing systems, focusing on data center and artificial intelligence (“AI”) infrastructure.”
13. Rambus Inc., Form 10-K filed 2026-02-18: “The Company’s consolidated revenue is comprised of product revenue, royalties, and contract and other revenue.”
14. Rambus Inc., Form 10-K filed 2026-02-18: “Rambus provides complete chipset solutions for industry-standard DDR5 and LPDDR5 memory modules for server and client systems, including Registered Dual Inline Memory Modules (“RDIMM”) and next-generation Multiplexed Rank Dual Inline Memory Modules (“MRDIMM”), enabling high memory subsystem performance, capacity, reliability and power efficiency.”
15. Rambus Inc., Form 10-K filed 2026-02-18: “The Company’s leading-edge chipset offerings include: • Registering Clock Drivers (“RCD”) • Multiplexed Registering Clock Driver (“MRCD”) • Multiplexed Data Buffer (“MDB”) • Client Clock Driver (“CKD”) • Power Management Integrated Circuits (“PMIC”) • Serial Presence Detect Hubs (“SPD Hub”) • Temperature Sensors (“TS”)”
16. Rambus Inc., Form 10-K filed 2026-02-18: “Rambus Silicon IP includes high-performance interface and security IP solutions that move and protect data in advanced AI, data center, government and automotive applications.”
17. Rambus Inc., Form 10-K filed 2026-02-18: “Our interface IP solutions feature both high-speed memory and chip-to-chip digital controller IP, including: • HBM Memory Controller IP • GDDR Memory Controller IP • PCIe Controllers, Retimer and Switch IP • CXL Controller IP”
18. Rambus Inc., Form 10-K filed 2026-02-18: “Our security IP offerings comprise one of the industry’s most comprehensive portfolio of solutions, including: • Hardware Roots of Trust • High-speed Protocol Engines • Crypto Cores • Chip Provisioning Technologies”
19. Rambus Inc., Form 10-K filed 2026-02-18: “We sell Silicon IP solutions to leading chip makers worldwide for integration into their custom silicon, Application Specific Standard Products (“ASSP”) and Field Programmable Gate Array (“FPGA”) designs. Rambus Silicon IP is sold primarily through our direct global sales force.”
20. Rambus Inc., Form 10-K filed 2026-02-18: “Our patent licenses enable our customers to use a portion of our patent portfolio in their own digital electronics products. The licenses typically range in duration up to ten years and may define the specific field of use where our customers may utilize our inventions in their products. Royalties may be structured as fixed, variable or a hybrid of fixed and variable royalty payments.”
21. Rambus Inc., Form 10-K filed 2026-02-18: “Leading semiconductor and electronic system companies, such as AMD, Amlogic, Broadcom, CXMT, IBM, Infineon, Kioxia, Marvell, MediaTek, Micron, Nanya, Nuvoton, NVIDIA, Phison, Qualcomm, Samsung, Silicon Motion, SK hynix, Socionext, STMicroelectronics, Toshiba, Western Digital and Winbond have licensed our patents.”
22. Rambus Inc., Form 10-K filed 2026-02-18: “Additionally, from time to time, we enter into agreements to sell certain patent assets under agreements which may also include subsequent profit-sharing. The sale of these patents, as well as the subsequent profit-sharing, are included as part of our royalties revenue. Revenue from royalties accounted for 40%, 41% and 32% of our consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively.”
23. Rambus Inc., Form 10-K filed 2026-02-18: “For fixed-fee arrangements (including arrangements that include minimum guaranteed amounts), we recognize revenue upon control over the underlying IP use right transferring to the licensee, net of the effect of significant financing components calculated using customer-specific, risk-adjusted lending rates typically ranging between 5% and 10%, with the related interest income recognized over time on an effective rate basis.”
24. Rambus Inc., Form 10-K filed 2026-02-18: “Our memory interface chips are sold to major DRAM manufacturers, Micron, Samsung and SK hynix, as well as directly to system manufacturers and cloud providers, for integration into server memory modules.”
25. Rambus Inc., Form 10-K filed 2026-02-18: “We have a high degree of revenue concentration. Our top five customers for each reporting period represented approximately 66% of our consolidated revenue for the year ended December 31, 2025 and 62% of our consolidated revenue for both the years ended December 31, 2024 and 2023.”
26. Rambus Inc., Form 10-K filed 2026-02-18: “Revenue from the Company’s major customers representing 10% or more of total revenue for the years ended December 31, 2025, 2024 and 2023, respectively, was as follows: Years Ended December 31, Customer 2025 2024 2023 Customer A 23 % 23 % 27 % Customer B 18 % 17 % 18 % Customer C * 12”
27. Rambus Inc., Form 10-K filed 2026-02-18: “We sell memory interface chips directly and indirectly to memory module manufacturers, OEMs and hyperscalers worldwide through multiple channels, including our direct sales force and distributors, and we employ global sales personnel to support such operations.”
28. Rambus Inc., Form 10-K filed 2026-02-18: “For the years ended December 31, 2025, 2024 and 2023, revenue from our international customers constituted approximately 82%, 64% and 62%, respectively, of our total consolidated revenue.”
29. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
30. Rambus Inc., Form 10-K filed 2026-02-18: “Revenue from customers in the geographic regions based on the location of contracting parties was as follows”
31. Rambus Inc., Form 10-K filed 2026-02-18: “We operate a fabless business model and use third-party foundries and manufacturing contractors to fabricate, assemble and test our memory interface chips. We also inspect and test parts in our U.S.-based facilities.”
32. Rambus Inc., Form 10-K filed 2026-02-18: “As of December 31, 2025, of the $113.1 million of total property and equipment, approximately $108.0 million was located in the United States, $2.5 million was located in India and $2.6 million was located in other foreign locations.”
33. Rambus Inc., Form 10-K filed 2026-02-18: “Our sales of memory interface chips are generally made pursuant to short-term purchase orders. These purchase orders are made without deposits and may be, and often are, rescheduled, canceled or modified on relatively short notice, without substantial penalty. Therefore, we believe that purchase orders or backlog are not necessarily a reliable indicator of our future product sales.”
34. Rambus Inc., Form 10-K filed 2026-02-18: “As of December 31, 2025, our semiconductor, security and other technologies are covered by 2,049 U.S. and foreign patents, with expiration dates ranging from 2026 to 2044. Additionally, we have 486 patent applications pending in various countries.”
35. Rambus Inc., Form 10-K filed 2026-02-18: “In addition, we attempt to protect our trade secrets and other proprietary information through agreements with current and prospective customers, and confidentiality agreements with employees and consultants and other security measures. We also rely on copyright, trademarks and trade secret laws to protect our IP and other proprietary assets.”
36. Rambus Inc., Form 10-K filed 2026-02-18: “As in the past, litigation may be required to enforce and protect our IP rights, on top of the substantial investments undertaken to research and develop our innovations and technologies.”
37. Rambus Inc., Form 10-K filed 2026-02-18: “In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments. In the Silicon IP market, Rambus competes with the in-house design teams at our potential customers, as well as with third-party IP suppliers, such as Cadence and Synopsys. Many of our competitors are larger and may have better access to financial, technical, sales and marketing resources than we possess.”
38. Rambus Inc., Form 10-K filed 2026-02-18: “The Company has determined its CODM to be the Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of managing the business, allocating resources, making operating decisions and assessing financial performance. On this basis, the Company is organized and operates as a single segment within the semiconductor space. As of December 31, 2025, the Company has a single operating and reportable segment.”
39. Rambus Inc., Form 10-K filed 2026-02-18: “Rambus Inc. was founded in 1990 and reincorporated in Delaware in March 1997. Our principal executive offices are located at 4453 North First Street, Suite 100, San Jose, California, 95134.”
40. The record on this page: the filing record (the EDGAR submissions feed)
41. The record on this page: the filing record (the EDGAR submissions feed)
42. Rambus Inc., Form 10-K filed 2026-02-18: “The changes in the fair value of the earn-out liability related to the 2021 acquisition of the PLDA Group (“PLDA”), which was subject to certain revenue targets of the acquired business for a period of three years from the date of acquisition, and which was settled annually in shares of our common stock”
43. Rambus Inc., Form 10-K filed 2026-02-18: “In July 2023, we entered into an asset purchase agreement (the “Purchase Agreement”) with Cadence Design Systems, Inc. (the “Purchaser”), pursuant to which we agreed to sell certain assets and the Purchaser agreed to assume certain liabilities from us, in each case with respect to our PHY IP group. The decision to sell this portion of our business reflected the ongoing review of our core semiconductor business to focus on our development of digital IP and chips, including novel memory solutions for high-performance computing, to support the continued evolution of the data center and AI.”
44. Rambus Inc., Form 10-K filed 2026-02-18: “The Transaction was completed on September 6, 2023 and resulted in net proceeds of approximately $106.3 million, which consisted of the initial selling price of $110.0 million offset by approximately $3.7 million related to certain purchase price adjustments. The Company recognized a net gain on divestiture of the PHY IP group in its Consolidated Statements of Income of approximately $90.8 million during the year ended December 31, 2023.”
45. The record on this page: the filed annual figures (EDGAR's company facts)
46. Rambus Inc., Form 10-K filed 2026-02-18: “In addition, the United States and other countries have imposed export controls that prohibit the export of encryption and other technology to certain countries, entities and individuals. Our failure to comply with export and use regulations concerning encryption and other technology could subject us to sanctions and penalties, including fines, and suspension or revocation of export or import privileges.”
47. Rambus Inc., Form 10-K filed 2026-02-18: “In addition, the U.S. government has implemented controls affecting the ability to send certain products and technology related to semiconductors, semiconductor manufacturing and supercomputing to China without an export license and added additional entities to restricted party lists in addition to other import/export and national security laws and regulations. We may be impacted by any of these current or new restrictions in the future if such controls are expanded to cover our key products/markets.”
48. Rambus Inc., Form 10-K filed 2026-02-18: “We rely on third parties for a variety of services, including our manufacturing supply chain partners and third parties within our sales and distribution channels. Some of these third parties are, and may be, our sole manufacturer or sole source of certain”
49. Rambus Inc., Form 10-K filed 2026-02-18: “production materials and may be located in regions subject to geopolitical uncertainty (e.g., tensions between China and Taiwan and evolving export/import and national security restrictions).”
50. Rambus Inc., Form 10-K filed 2026-02-18: “In addition, porting to and qualifying a new manufacturer and commencing production can be an expensive and lengthy process.”
51. Rambus Inc., Form 10-K filed 2026-02-18: “We are not currently a party to any material pending legal proceeding; however, from time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business.”
52. Rambus Inc., Form 10-K filed 2026-02-18: “Product revenue consists primarily of revenue from the sale of memory products. Product revenue increased by approximately $101.0 million for the year ended December 31, 2025 as compared to 2024. Product revenue increased by approximately $22.2 million for the year ended December 31, 2024 as compared to 2023. The increases were due to higher sales of memory interface chips, as well as contributions from new products.”
53. Rambus Inc., Form 10-K filed 2026-02-18: “We delivered record product revenue of $347.8 million in 2025 which increased by approximately 41% as compared to 2024. We also generated record cash provided by operating activities of $360.0 million in 2025. We delivered strong execution across our memory and interface portfolio. We strengthened our leadership in DDR5 RCD and expanded the adoption of our new products. We also expanded into high-performance and AI PCs through the launch of our complete client chipset.”
54. Rambus Inc., Form 10-K filed 2026-02-18: “Royalties revenue, which includes patent and technology license royalties, increased approximately $53.2 million for the year ended December 31, 2025 as compared to 2024. Royalties revenue increased approximately $76.1 million for the year ended December 31, 2024 as compared to 2023. The increases were primarily due to the timing and structure of license agreements and renewals.”
55. Rambus Inc., Form 10-K filed 2026-02-18: “In addition, we achieved strong customer momentum across our HBM4, GDDR7, and PCIe 7.0 digital IP families, as well as our security IP, reinforcing our position as a key enabler of next-generation data center and AI architectures.”
56. Rambus Inc., Form 10-K filed 2026-02-18: “We expect royalties revenue will continue to vary from period to period based on our success in adding new customers, renewing or extending existing agreements, as well as the level of variation in our customers’ reported shipment volumes, sales price and product mix”
57. Rambus Inc., Form 10-K filed 2026-02-18: “Finally, further fueling our continuous technology investment, we successfully secured and extended key patent licensing agreements, providing a strong foundation for sustained cash generation and consistent return of value to our stockholders.”
58. Rambus Inc., Form 10-K filed 2026-02-18: “Contract and other revenue consists primarily of Silicon IP, which is comprised of our high-speed interface and security IP. Revenue sources under contract and other include our IP core licenses, software licenses and related implementation, support and maintenance fees and engineering services fees.”
59. Rambus Inc., Form 10-K filed 2026-02-18: “Contract and other revenue decreased approximately $3.2 million for the year ended December 31, 2025 as compared to 2024, due to lower revenue associated with our Silicon IP offerings. Contract and other revenue decreased approximately $2.8 million for the year ended December 31, 2024 as compared to 2023, primarily attributed to the sale of our PHY IP group in the third quarter of 2023.”
60. Rambus Inc., Form 10-K filed 2026-02-18: “We believe that contract and other revenue will fluctuate over time based on our ongoing technology development contractual requirements, the amount of work performed, the timing of completing engineering deliverables and the changes to work required, as well as new technology development contracts booked in the future.”
61. Rambus Inc., Form 10-K filed 2026-02-18: “We expect that revenue derived from international customers will continue to represent a significant portion of our total revenue in the future. Currently, our revenue from international customers is predominantly denominated in U.S. dollars.”
62. Rambus Inc., Form 10-K filed 2026-02-18: “In the near term, we expect cost of product revenue to fluctuate due to changes in product mix and the timing of orders.”
63. Rambus Inc., Form 10-K filed 2026-02-18: “As a part of our overall business strategy, we evaluate businesses and technologies for potential acquisitions that are aligned with our core business and designed to supplement our growth. Similarly, we evaluate our current businesses and technologies that are not aligned with our core business for potential divestitures.”
64. Rambus Inc., Form 10-K filed 2026-02-18: “There are a number of trends that may have a material impact on us in the future, including but not limited to, the evolution of memory technology, adoption of security solutions, the use and adoption of our inventions or technologies generally, industry consolidation and global economic conditions with the resulting impact on sales of consumer electronic systems. Additionally, there is ongoing uncertainty and volatility in future revenue and costs due to various macroeconomic events, such as tariffs and global inflation, which could have a significant impact on our business and operating results.”
65. Rambus Inc., Form 10-K filed 2026-02-18: “Our customers generally do not provide us with details as to the identity or volume of licensed semiconductors purchased by particular system companies.”

Where the revenue comes from

Product and service lines in fiscal 2025: Product Revenue 49%, Royalty 40%, Contractandother Revenue 11%. By geography: South Korea 47%, Singapore 23%, United States 18%, Other Countries 13%. As tagged in its annual report (Form 10-K, filed 2026-02-18).

Who runs it

Seraphin, Luc (President and CEO); Gagneja, Sumeet (SVP, CFO); Lynch, Desmond (SVP, CFO); Fan, Xianzhi Sean (EVP, COO); Taulbee, William Clarence II (Chief Accounting Officer); Allen, John K (Chief Accounting Officer); Shinn, John (SVP, General Counsel); Kissner, Charles (director); Higashi, Emiko (director); Sayiner, Necip (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-05.

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