$RMBS

RAMBUS INC

CIK:0000917273|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 207,385	$ 172,209	$ 387,574	$ 338,873
Cost of revenue
Cost of product revenue	39,575	32,418	73,304	63,001
Cost of contract and other revenue	778	631	1,906	1,177
Amortization of acquired intangible assets	1,620	1,721	3,295	3,434
Cost of revenue	41,973	34,770	78,505	67,612
Gross profit	165,412	137,439	309,069	271,261
Operating expenses:
Research and development	51,099	46,331	101,328	88,951
Sales, general and administrative	38,262	28,115	69,932	56,173
Restructuring charges	3,320	0	3,320	0
Total operating expenses	92,681	74,446	174,580	145,124
Operating income	72,731	62,993	134,489	126,137
Interest income and other income (expense), net	7,060	5,228	14,211	10,084
Interest expense	(302)	(382)	(581)	(759)
Interest and other income (expense), net	6,758	4,846	13,630	9,325
Income before income taxes	79,489	67,839	148,119	135,462
Provision for income taxes	11,884	9,904	20,656	17,224
Net income	$ 67,605	$ 57,935	$ 127,463	$ 118,238
Net income per share:
Basic net income per share	$ 0.62	$ 0.54	$ 1.18	$ 1.10
Diluted net income per share	$ 0.61	$ 0.53	$ 1.16	$ 1.09
Weighted-average shares used in per share calculations:
Basic (in shares)	108,428	107,586	108,230	107,412
Diluted (in shares)	109,977	108,520	109,852	108,639
Product revenue
Revenue
Revenue	$ 99,154	$ 81,325	$ 187,156	$ 157,634
Royalties
Revenue
Revenue	84,261	68,607	153,903	142,582
Contract and other revenue
Revenue
Revenue	$ 23,970	$ 22,277	$ 46,515	$ 38,657

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 127,463	$ 118,238
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	27,339	25,616
Depreciation	19,370	16,605
Amortization of intangible assets	3,295	3,434
Deferred income taxes	10,807	4,618
Other	518	1
Change in operating assets and liabilities:
Accounts receivable	(6,671)	15,695
Unbilled receivables	2,579	(1,006)
Prepaids and other current assets	(1,257)	(661)
Inventories	(30,738)	6,031
Income taxes receivable	797	(11,350)
Accounts payable	4,300	(8,545)
Accrued salaries and benefits and other liabilities	(899)	(2,878)
Income taxes payable	(1,026)	9,845
Deferred revenue	(8,241)	(1,272)
Operating lease liabilities	(3,178)	(2,598)
Net cash provided by operating activities	144,458	171,773
Cash flows from investing activities:
Purchases of property and equipment	(20,706)	(14,379)
Purchases of marketable securities	(488,888)	(303,836)
Maturities of marketable securities	329,329	178,628
Net cash used in investing activities	(180,265)	(139,587)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans	5,234	3,743
Payments of taxes related to net share settlement of equity awards	(52,681)	(34,997)
Payments under installment payment arrangements	(8,487)	(7,686)
Repurchase and retirement of common stock	(2,956)	(5,810)
Net cash used in financing activities	(58,890)	(44,750)
Effect of exchange rate changes on cash and cash equivalents	(409)	548
Net decrease in cash and cash equivalents	(95,106)	(12,016)
Cash and cash equivalents at beginning of period	182,826	99,775
Cash and cash equivalents at end of period	87,720	87,759
Non-cash investing and financing activities:
Property and equipment received and accrued in accounts payable and other liabilities	$ 4,937	$ 25,983

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 87,720	$ 182,826
Marketable securities	737,228	579,005
Accounts receivable	144,094	137,476
Unbilled receivables	22,768	25,209
Inventories	74,836	44,098
Prepaids and other current assets	20,750	20,202
Total current assets	1,087,396	988,816
Intangible assets, net	6,875	10,171
Goodwill	286,812	286,812
Property and equipment, net	114,523	113,051
Operating lease right-of-use assets	14,855	17,112
Deferred tax assets	94,619	105,542
Other assets	7,248	8,041
Total assets	1,612,328	1,529,545
Current liabilities:
Accounts payable	37,640	35,915
Accrued salaries and benefits	21,667	22,044
Deferred revenue	21,179	29,980
EDA tools software licenses liability	14,815	14,884
Operating lease liabilities	6,035	6,310
Other current liabilities	10,150	11,441
Total current liabilities	111,486	120,574
Long-term operating lease liabilities	15,768	18,671
Long-term EDA tools software licenses liability	13,367	20,908
Other long-term liabilities	5,048	4,967
Total liabilities	145,669	165,120
Commitments and contingencies (Notes 10, 11 and 15)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value: Authorized: 5,000,000 shares; issued and outstanding: no shares as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value: Authorized: 500,000,000 shares; issued and outstanding: 108,461,603 shares as of June 30, 2026 and 107,781,863 shares as of December 31, 2025	108	108
Additional paid-in capital	1,264,582	1,287,646
Retained earnings	204,258	76,795
Accumulated other comprehensive loss	(2,289)	(124)
Total stockholders’ equity	1,466,659	1,364,425
Total liabilities and stockholders’ equity	$ 1,612,328	$ 1,529,545