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Rambus Third Quarter 2026 Financial Results
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This presentation contains forward-looking statements, including those relating to the Company’s expectations regarding businessopportunities, the Company’s ability to deliver long-term profitable growth, industry growth rates, timing of expected product launches, demand forexisting and newly- acquired technologies, product and investment strategies, the Company’s outlook and financial guidance for recent and upcoming quarters and related drivers, the Company’s ability to effectively manage market challenges, and the geopolitical and macroeconomic environment, among other items. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in the Company’s 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. This presentation contains non-GAAP financial measures, including operating costs and expenses, operating income, net income, and diluted earnings per share. In computing these non-GAAP financial measures, stock-based compensation expenses, amortization of acquired intangible assets, restructuring charges, provision for income taxes, and certain other one-time adjustments were considered, if and as applicable.The non-GAAP financial measures 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’s performance compares to other periods. Reconciliations from GAAP to non-GAAP results are made available and more fully described on our website as well as in the back of this deck and in the earnings release. Safe Harbor for Forward-Looking Statements; Other Disclosures 2
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3 Third Quarter 2026 Highlights ➢ Achieved record quarterly revenue and non-GAAP earnings, exceeding guidance ➢ Generated record cash from operations of $102 million ➢ Delivered record product revenue, up 15% sequentially and 22% YoY, fueled by data center and AI demand ➢ Expanded product and IP offerings for next-generation AI systems, including industry- leading PMIC for LPDDR6 SOCAMM2 and data center-class Root of Trust security IP Q3 2026 FINANCIAL RESULTS REVENUE +22% YoY $218M PRODUCT REVENUE +22% YoY $114M NON-GAAP DILUTED EPS +35% YoY $0.84
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In Millions, except EPS Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue $178.5 $190.2 $180.2 $207.4 $218.3 Achieved record quarterly revenue Total Operating Costs and Expenses (1, 2) $99.3 $103.2 $104.6 $113.7 $116.1 Continued investment to support core growth initiatives Operating Income (1) $79.2 $87.0 $75.6 $93.7 $102.2 Profitable results drive cash generation Diluted Earnings Per Share (1) $0.62 $0.68 $0.63 $0.77 $0.84 EPS grows 10% sequentially and 35% YoY (1) Please refer to reconciliations of non-GAAP financial measures included in this presentation and in our earnings release. (2) Total operating costs and expenses include cost of sales and operating expenses. Q3 2026 Non-GAAP Income Summary 4
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Q3 2026 Balance Sheet Summary In Millions Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total Cash & Marketable Securities $673.3 $761.8 $786.1 $824.9 $776.9 $135M of total capital returned to stockholders in Q3, including $100M Accelerated Share Repurchase Total Assets $1,406.4 $1,529.5 $1,533.1 $1,612.3 $1,558.2 Strong balance sheet and debt free Stockholders’ Equity $1,288.5 $1,364.4 $1,393.2 $1,466.7 $1,417.7 Cash from Operations $88.4 $99.8 $83.2 $61.2 $102.5 Record cash generation 5
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Q4 2026 GAAP and Non-GAAP Outlook 6 GAAP (1) Non - GAAP (2) Revenue $227 - $233M $227 - $233M Product Revenue $127 – $133M $127 – $133M Royalties Revenue $68 – $74M $68 – $74M Contract & Other Revenue $26 – $32M $26 – $32M Total Operating Costs and Expenses (3) $143 – $139M $124 – $120M (4) Diluted Earnings Per Share $0.68 - $0.76 $0.84 - $0.92 Diluted Share Count 109M 109M (1) Outlook assumes a GAAP tax rate of 17.5%. (2) Outlook assumes a Non-GAAP tax rate of 16.0%. (3) Total operating costs and expenses include cost of sales and operating expenses. (4) Non-GAAP outlook excludes stock-based compensation expense ($18M) and amortization of acquired intangible assets ($1M).
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➢AI-driven data center growth expands long-term market opportunity ➢Broad portfolio of high-performance chips and silicon IP enables critical performance improvements for AI and advanced workloads ➢Innovation feeds sustained product leadership and strong patent portfolio ➢Focused investment advances strategic product roadmap to drive long-term profitable growth ➢Strong cash generation fuels growth initiatives and consistent return of value to stockholders Rambus Investment Summary 7
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Thank you
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Operating Income in Millions, except EPS Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GAAP Operating Income $63 $71 $62 $73 $84 Adjustments: Stock-based compensation 14 14 11 16 17 Amortization of acquired intangible assets 2 2 2 2 1 Restructuring and other charges 0 0 1 3 0 Non-GAAP Operating Income $79 $87 $76 $94 $102 Net Income in Millions, except EPS Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GAAP Net Income $48 $64 $60 $68 $75 Adjustments: Stock-based compensation 14 14 11 16 17 Amortization of acquired intangible assets 2 2 2 2 1 Restructuring and other charges 0 0 1 3 0 Provision for income taxes 4 (5) (4) (4) (1) Non-GAAP Net Income $68 $75 $69 $84 $92 Diluted Earnings Per Share $0.62 $0.68 $0.63 $0.77 $0.84 Reconciliation of GAAP to Non-GAAP Financial Measures * Certain amounts may be off $1M due to rounding. 9
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Reconciliation of GAAP to Non-GAAP Income Statement GAAP Non-GAAP Delta In Millions, except EPS Actual Actual to Q3 2026 Q3 2026 GAAP Revenue $218.3 $218.3 $- Cost of revenue 47.4 46.0 (1.3) Research and development 49.4 43.2 (6.2) Sales, general and administrative 37.7 26.9 (10.8) Restructuring charges 0.2 0.0 (0.2) Total operating cost and expenses 134.6 116.1 (18.6) Operating income 83.7 102.2 18.6 Interest and other income (expense), net 6.9 6.9 0.0 Income before income taxes 90.5 109.1 18.6 Provision for income taxes (1) 16.0 17.5 1.5 Net income $74.6 $91.7 $17.1 Diluted EPS $0.69 $0.84 $0.16 * Certain amounts may be off $0.1M due to rounding. (1) Assumes a non-GAAP tax rate of 16%. 10