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Embedded Wisely, Embedded Widely Q3 2025 Investor Conference Nov 14th, 2025 Embedded Wisely, Embedded Widely
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Embedded Wisely, Embedded Widely All rights, titles and interests contained in this information, texts, images, figures, tables or other files herein, including, but not limited to, its ownership and the intellectual property rights, are reserved to eMemory. This information may contain privileged and confidential information. Some contents in this information can be found in Logic Non- Volatile Memory (The NVM solutions from eMemory), published in 2014. Any and all information provided herein shall not be disclosed, copied, distributed, reproduced or used in whole or in part without prior written permission of eMemory Technology Inc. eMemory, NeoBit, NeoFuse, NeoEE, NeoMTP, NeoROM, EcoBit and NeoPUF are all trademarks and/or service marks of eMemory in Taiwan and/or in other countries. IPR Notice Embedded Wisely, Embedded Widely 2
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Embedded Wisely, Embedded Widely This presentation contains forward-looking statements, which are subject to risk factors associated with semiconductor and intellectual property business. It is believed that the expectations reflected in these statements are reasonable. But they may be affected by a variety of variables, many of which are beyond our control. These variables could cause actual results or trends to differ materially which include, but are not limited to: wafer price fluctuation, actual demand, rapid technology change, delays or failures of customers’ tape-outs into wafer production, our ability to negotiate, monitor and enforce agreements for the determination and payment of royalties, any bug or fault in our technology which leads to significant damage to our technology and reputation, actual or potential litigation, semiconductor industry cycle and general economic conditions. Except as required by law, eMemory undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Cautionary Statement Embedded Wisely, Embedded Widely 3
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Embedded Wisely, Embedded Widely Contents Embedded Wisely, Embedded Widely 4 1 2 3 4 Review of Operations Future Outlook Appendix Q&A PUF Technology on National Security 5
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Embedded Wisely, Embedded Widely Review of Operations 5
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Embedded Wisely, Embedded Widely Q3 2025 Financial Results (thousands of NT dollars) *Net income attributable to Shareholders of the Company 6 Q3 2025 Q2 2025 QoQ Q3 2024 YoY Q1-Q3 2025 Q1-Q3 2024 YoY Revenue 952,422 936,535 1.7% 899,477 5.9% 2,800,691 2,595,251 7.9% Gross Margin 100% 100% - 100% - 100% 100% - Operating Expenses 404,068 390,644 3.4% 394,561 2.4% 1,184,099 1,174,533 0.8% Operating Income 548,354 545,891 0.5% 504,916 8.6% 1,616,592 1,420,718 13.8% Operating Margin 57.6% 58.3% -0.7ppt 56.1% 1.5ppts 57.7% 54.7% 3.0ppts *Net Income 487,135 399,995 21.8% 413,969 17.7% 1,348,836 1,319,642 2.2% Net Margin 51.3% 42.5% 8.8ppts 45.5% 5.8ppts 47.9% 50.3% -2.4ppts EPS (NT$) 6.52 5.36 21.6% 5.54 17.7% 18.06 17.68 2.1% ROE 57.0% 50.4% 6.6ppts 54.6% 2.4ppts 52.6% 58.0% -5.4ppts
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Embedded Wisely, Embedded Widely Revenue across Different Streams 7 $0 $500,000 $1,000,000 Licensing Royalty 25Q3 in comparison to 25Q2 25Q2 25Q3 Royalty 63.6% Licensing 36.4% Revenue Breakdown (NT$ K) NT$ Thousands Q3 2025 Q2 2025 QoQ Q3 2024 YoY Q1-Q3 2025 Q1-Q3 2024 YoY Licensing 347,011 317,976 9.1% 290,639 19.4% 905,204 818,679 10.6% Royalty 605,411 618,559 -2.1% 608,838 -0.6% 1,895,487 1,776,572 6.7% Total 952,422 936,535 1.7% 899,477 5.9% 2,800,691 2,595,251 7.9% US$ Thousands Q3 2025 Q2 2025 QoQ Q3 2024 YoY Q1-Q3 2025 Q1-Q3 2024 YoY Licensing 11,546 10,274 12.4% 9,019 28.0% 29,167 25,665 13.6% Royalty 20,596 19,440 5.9% 18,714 10.1% 60,422 55,468 8.9% Total 32,142 29,714 8.2% 27,733 15.9% 89,589 81,133 10.4%
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Embedded Wisely, Embedded Widely Revenue by Technology 8 Technology Q3 2025 Total Revenue Licensing Revenue Royalty Revenue % of Q3 Revenue QoQ YoY % of Q3 Licensing QoQ YoY % of Q3 Royalty QoQ YoY NeoBit 24.5% 4.6% -6.1% 23.2% 34.2% -11.3% 25.3% -6.2% -3.1% NeoFuse 61.0% 3.4% 11.2% 42.8% 18.4% 70.9% 71.4% -0.8% -0.7% PUF-Based 5.4% 9.1% 46.2% 14.5% 8.1% 44.1% 0.2% 83.9% 326.9% MTP 9.1% -17.3% -7.2% 19.5% -21.3% -13.3% 3.1% 0.9% 24.8% Technology Q1-Q3 2025 Total Revenue Licensing Revenue Royalty Revenue % of Revenue YoY % of Licensing YoY % of Royalty YoY NeoBit 24.4% 2.1% 21.8% -7.1% 25.7% 6.3% NeoFuse 62.3% 10.6% 43.3% 27.7% 71.5% 6.5% PUF-Based 4.2% 27.6% 12.6% 25.7% 0.1% 337.0% MTP 9.1% -0.4% 22.3% -3.3% 2.7% 13.0% (thousands of NT dollars)
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Embedded Wisely, Embedded Widely Royalty Revenue by Wafer Size • 8-inch wafers contributed 40.6% of royalty, down 0.6% sequentially and down 1.4% yearly. • 12-inch wafers contributed 59.4% of royalty, down 3.1% sequentially but flat compared to last year. 9 12-inch 59.4% 8-inch 40.6% Q3 Royalty Breakdown Wafer Size Q3 2025 Q1-Q3 2025 % of Royalty QoQ YoY % of Royalty YoY 8-Inch 40.6% -0.6% -1.4% 41.1% 4.2% 12-Inch 59.4% -3.1% 0.0% 58.9% 8.5%
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Embedded Wisely, Embedded Widely Future Outlook 10
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Embedded Wisely, Embedded Widely 11 Future Outlook Licensing & Royalty: ◼ Licensing growth will be driven by: − 10 years contract including 18 3nm tape outs for US defense applications and 3nm CPU for AI server will drive strong PUF security license growth. − Strong licenses for embedded ReRAM and NeoFlash technologies that replace external memories. ◼ Royalty growth is expected to accelerate due to customers’ tape outs moving into mass production for: – RF chips for a leading U.S. smartphone customer’s in-house modem module. – DDR5-related applications for a major Korean memory manufacturer. – AI servers featuring secure BMCs, SSD controllers, and networking chips. – Automotive applications in ADAS, networking. – Secure embedded controllers for PC/ NB. – ASIC applications from various customers.
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Embedded Wisely, Embedded Widely 12 Future Outlook New IP Technology & Business Development: ◼ New IP Technologies: − OTP: Continuing joint development with TSMC on 2nm technologies and IPs. − ReRAM: Co-developing FinFET technologies and IPs with Korea’s largest company. − NeoFlash: Collaborating with multiple foundries to develop BCD process technologies and IPs at various nodes, targeting smart power applications. − Security: Accelerating the development of security server hardware and software for Security-as-a-Service. ◼ Regarding the business development platforms: – Jointly developing end-to-end chiplet security solutions with multiple partners to ensure chiplet supply chain protection. The main collaborations focus on supply chain security and chip authentication, ensuring that every chip’s role can be securely verified locally. – Collaborating with Arm to develop PUF-based Security Root of Trust to enhance the security capabilities of Arm’s Runtime Security Engine. – Working with automotive system suppliers and hospitals to provide a PUF-based HSM server platform for OTA software protection and DID-based personal privacy protection.
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PUF Technology on National Security 14
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PUF: The Foundation of National Security • Modern defense systems rely on global multi-tier supply chains — a single counterfeit or tampered chip can compromise a weapon system or entire network create a unique and unforgeable hardware identity for every chip provide a hardware root-of-trust, enabling secure verification, key generation, and device authentication turn each chip, drone, radio, or satellite into a trusted and traceable element of the mission system 15
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What Applications in Defense Are Using PUF? Device Level System Level Supply Chain Level Device-Level Protection (secure the hardware itself) • Device Authentication & Identification • Secure Key Generation Supply Chain Assurance (verify origin and traceability) • Anti-Counterfeiting for Military Electronics • Supply Chain Security System-Level Security (ensure trusted operation) • Secure Boot & Firmware Integrity • IoT & Sensor Network Security 16
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Embed PUF IP for unique chip Design & Fabrication Assembly & Testing Use PUF - based ID to authenticate each module Continuous attestation via PUF - based HSM Link shipments to PUF - signed digital certificates Guarantee authenticity at silicon level Detect counterfeits or altered components Verify runtime integrity and firmware authenticity Prevent supply-chain swaps or fake deliveries Logistics & Deployment Operation & Maintenance Applying PUF to Supply Chain Management for Defense 17
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NeoPUF: Excels in National Defense Reliable in Any Condition 01 Stay stable and accurate even in extreme heat, cold, or noise. Radiation-Resistant Unlike SRAM, its gate-oxide quantum tunneling mechanism prevents space-radiation effects from disrupting stability Tamper-Proof & Unclonable Its physical structure can’t be flipped or copied, making hacking or cloning nearly impossible. Adaptable Across the Defense Ecosystem Deployed across multiple domains such as communication, surveillance, and aerospace, ensuring consistent hardware trust foundation. 02 03 04 • Deliver proven reliability and radiation strength — securing every chip, every mission, every supply chain 18
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Embedded Wisely, Embedded Widely Q&A 19
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Embedded Wisely, Embedded Widely Appendix 20
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Embedded Wisely, Embedded Widely 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Royalty License/Design Revenue Company Overview ▪ eMemory is the global leader of embedded non-volatile memory IP Based in Hsinchu, Taiwan. IPO in 2011. Over 72M wafers shipped. In 2000 Founded 205 pending patents. 346 employees with 72% R&D personnel. Patents Issued 1330+ TSMC Best IP Partner Award since 2010. With TSMC Best IP Partner Revenue Trend (Unit: NT$ 1,000) Embedded Wisely, Embedded Widely 21
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Embedded Wisely, Embedded Widely 290,059 241,928 308,050 309,469 419,581 324,995 372,498 378,185 433,528474,179 492,441 519,769 394,270356,102 428,676 495,333 453,365487,655509,347 561,522 545,007542,896 546,080 622,668 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 First Month Second Month Third Month (Unit: NT$ 1,000) 2020 2021 2022 2023 2024 2025 Quarterly Revenue Pattern ▪ 1st month: Receive License Fees of the month and Royalty from most foundries on previous quarter’s wafer shipments. ▪ 2nd month: Receive License Fees of the month and Royalty from other foundries. ▪ 3rd month: License Fees Only. 22
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Embedded Wisely, Embedded Widely 91 100111 97 89 107 109 86 109103 134136 149 143150 154 138 184 143150 137 147139149154 171179181 137 160 173 0 20 40 60 80 100 120 140 160 180 200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 2021 2022 2023 2024 2025 Quarterly Number of New Tape-outs (Unit: IP Numbers) 23
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Embedded Wisely, Embedded Widely Country Foundry IDM Fabless Taiwan 4 1 350 China 12 0 1361 Korea 4 0 103 Japan 1 9 88 North America 2 2 368 Europe 2 2 237 Others 1 0 127 Worldwide Customers ▪ Our IP solutions are adopted by leading foundries, IDMs and fabless worldwide max_logo_header_25yrs 24
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Embedded Wisely, Embedded Widely Foundries Process Development License Fee Fabless Product Development Design License Fee Wafer Mass Production Royalty Business Model ▪ Recurring royalty is the backbone of our business 1-4 years 1-4 years Revenue Breakdown ▪ Around 70% revenue are from royalty based on wafer production ▪ More adoption = more volume shipment ▪ More advanced node wafers = higher ASP per wafer 25 Royalty: ≈70% License Fee: ≈30%
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Embedded Wisely, Embedded Widely Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-Q3 License 43 20 26 18 28 32 29 48 41 56 20 42 61 85 113 141 181 201 213 232 253 281 324 344 370 388 416 448 477 525 566 22 19 24 28 28 40 20 12 19 21 28 43 20 26 18 28 32 29 48 41 56 0 100 200 300 400 500 600 700 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-Q3 No. of Cumulative Technology Licenses of the Previous Years No. of New Technology Licenses in the Corresponding Period Technology Licenses Note: Terms (including number of process platforms and licensing fees) for each technology license are set contractually. Payments are made according to set milestones, and there are no particular seasonal factors involved. Number of Licenses 26
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Embedded Wisely, Embedded Widely New Technology Under Development Note: As of September 30th, 2025 ▪ New technologies are being developed for 202 platforms by Q3 2025. ▪ 22 licensing contracts were signed. 27 Technology 2nm 3nm 4/5nm 6/7nm 12/16/ 17nm 22/28nm 40nm 55/65nm 80/90nm 0.11/ 0.13um 0.15~ 0.18um >0.25um NeoBit - - - - - - - 1 2 14 11 3 NeoFuse 2 2 1 1 5 24 9 15 8 7 1 - PUF-Based - 1 1 1 1 2 - 1 - 1 - - MTP - - - - 1 2 4 12 14 20 35 -
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Embedded Wisely, Embedded Widely 8" Fabs Production Development IP Type Process Type 80/90nm 9 4 OTP, MTP HV-DDI, LL, BCD 0.11/0.13um 90 34 OTP, PUF, MTP HV/HV-MR, BCD, LP/LL, CIS, Green, Flash, SOI, Generic, BiCMOS 0.152/0.16/0.18um 259 31 OTP, MTP HV/HV-MR, BCD, LP/LL, CIS, Green, Generic 0.25um 42 2 OTP BCD 0.3/0.35um 53 0 OTP, MTP UHV, BCD 0.4/0.5um 11 1 OTP UHV, BCD Total 464 72 12" Fabs Production Development IP Type Process Type 2nm 0 2 OTP Nanosheet 3nm 2 3 OTP, PUF FF, FFP 4/5nm 6 2 OTP, PUF FF, FF-Auto 6/7nm 4 2 OTP, PUF FF, FF+ 12/16/17nm 16 7 OTP, PUF, MTP FF, FF+, FFC. FFC+, LPP, DRAM, HV 22/28nm 66 28 OTP, PUF, MTP LP/ULP/ULL, HPC/HPC+, HV-OLED, DRAM, SOI, RRAM, MRAM, E-Flash, BCD, WoW 40nm 30 13 OTP, PUF, MTP LP/ULP, E-Flash, HV-DDI/OLED,ReRAM, BCD+ 55/65nm 63 29 OTP, PUF, MTP LP/ULP, E-Flash, HV-DDI/OLED, DRAM, CIS, BCD, PM 80/90nm 35 20 OTP, MTP HV-DDI/OLED, LP,Generic ,BCD, CIS 0.11/0.13um 27 8 OTP, MTP HV-DDI, BCD, Generic 0.15/0.18um 15 16 OTP, MTP BCD, Generic Total 264 130 Technology Development ▪ Developments by process nodes Note: As of September 30th, 2025 28
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Embedded Wisely, Embedded Widely Embedded Wisely, Embedded Widely 29 For more information, please visit: eMemory Website: https://www.ememory.com.tw/ PUFsecurity Website: https://www.pufsecurity.com/