Rambus, Inc.

Welcome to the RAMBUS first quarter fiscal year 2026 earnings conference call. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct a question and answer session. If you would like to ask a question, you may press star 1 on your touchtone phone at any time. If anyone should require assistance during the conference, please press star 0 at any time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to John Allen, interim chief financial officer. You may begin your conference.

Thank you, operator, and welcome to the RAMBUS first quarter 2026 results conference call. I am John Allen, interim chief financial officer at RAMBUS, and on the call with me today is Luke Serafin, our CEO. The press release for the results that we will be discussing today has been filed with the SEC on Form 8K. We are webcasting this call along with the slides that we will reference during portions of today's call. A replay of this call can be accessed on our website beginning today at 5 p.m. Pacific time. Our discussions today will contain forward-looking statements, including our expectations regarding projected financial results, financial prospects, market growth, demand for our solutions, other market factors, including reflections of the geopolitical and macroeconomic environment, and the effects of ASC 606 and reported revenue, among other items. These statements are subject to risks and uncertainties that may be discussed during this call and are more fully described in the documents we file with the SEC, including our 8Ks, 10Qs, and 10Ks. These forward-looking statements may differ materially from our actual results, and we are under no obligation to update these statements. In an effort to provide greater clarity in the financials, we are using both GAAP and non-GAAP financial presentations in both our press release and on this call. A reconciliation of these non-GAAP financials to the most directly comparable GAAP measures has been included in our press release, in our slide presentation, and on our website at rambus.com on the investor relations page under financial releases. In addition, we will continue to provide operational metrics such as licensing billings to give our investors better insight into our operational performance. The order of our call today will be as follows. Luke will start with an overview of the business. I will discuss our financial results, and then we will end with Q&A. I will now turn the call over to Luc to provide an overview of the quarter. Luc?

Good afternoon, everyone, and thank you for joining us. We opened 2026 with a strong first quarter, meeting our financial targets and broadening our portfolio to address the accelerating demands of AI. The quarter reflects solid momentum as we execute against our roadmap to support long-term profitable growth for the company. This is an exciting time for Rambo. and we are well positioned to capitalize on the market trends in the data center and AI. For decades, we have developed foundational technologies and solutions across a wide range of memory and interconnects. Data heritage positions us well as systems become more diverse, memory dependent, and performance driven. To give more context, there are several market and technology trends playing out across the data center and AI that continue to work in our favor. As AI adoption accelerates and inference use cases expand, workloads are becoming more persistent and context-rich, and performance is increasingly defined by how efficiently data can be stored, accessed, moved, and secured. To support these workloads, AI infrastructure is becoming more complex and heterogeneous, combining a mix of traditional and AI server platforms to support orchestration, data management, and real-time execution at scale. At the same time, the expansion of inference, and particularly agentic AI with continuous reasoning and multi-step workflows, is driving more always-on activity and placing even greater demands on memory capacity, bandwidth, latency, and power efficiency. Together, these strengths are driving new memory and connectivity architectures to support purpose-built solutions across a wider range of use cases and form factors. This increases our opportunities for richer chip content and broader adoption of our industry-leading IP, reinforcing our position for sustainable long-term growth. Now let me turn to our quarterly results, starting with our chip business. Our performance reflects strong execution and ongoing leadership in our core DDR5 R3D chips. We delivered product revenue of $88 million in Q1, in line with our guidance, and up 15% year-over-year. Looking ahead, we expect to deliver double-digit product revenue growth in the second quarter. We continue to see increasing customer adoption of new products and remain well-positioned to support the ramp of next-generation platforms as they enter the market. We continue to execute on our strategy of delivering comprehensive, industry-leading chip solutions to address growing customer and market requirements. As I mentioned in my opening remarks, We recently expanded our product portfolio with the introduction of our chipset for JEDEC standard LPDDR5 EXO-CAM2 modules, building on the same signal and power integrity expertise we have applied across multiple generations of DDR. This chipset is the first offering in our roadmap of LPDDR-based server module solutions and includes new voltage regulators as well as the SPD-Hub support reliable, power-efficient server-class operation. As part of that roadmap, we are actively working with industry partners on the definition and development of LPDDR6-based SOCAM2 solutions, which would offer a natural upgrade path for future generation AI platforms. As AI server architecture is diversified to address varying performance, power efficiency, and form factor requirements, some platforms are now leveraging LPDDR-based memory. While LP memory offers attractive power characteristics, It was originally designed for mobile environments with very short signal paths and tight power margins, making reliable deployment in server systems inherently challenging. The SOCAM2 addresses these limitations through a compact CPU-proximate module architecture with optimized signal routing and localized power management to enable LPDDR modules to operate in server environments. The RAMBUS SOCAM2 chipset enables power efficient, reliable operation of up to 9.6 gigabits per second in a compact module form factor. As LP-based server modules scale to higher speeds and bandwidth in future generations, they will require increasingly sophisticated interface power and control functionality. This progression is similar to what we have seen in DDR-based server modules and reinforces our opportunity to extend our roadmap of high-value chip content across memory types in the future. As I mentioned previously, the ongoing expansion of AI is driving demand for a broader range of memory types and form factor. To meet these needs, we continue to build on our leadership solutions in DDR5, including chipsets for RDM and MRDM, and selectively expand our roadmap of novel solutions as they begin to play a complementary role in heterogeneous systems. With active engagement across customers and ecosystem partners, we're helping shape next generation server modules, reinforcing the opportunity for richer chip content and sustained growth. Turning now to Silicon IP, we saw strong customer traction in the first quarter with continued design wins at tier one companies and growing engagement across our portfolio. We remain focused on delivering industry-leading premium IP that enables differentiated solutions to AI in the data center including accelerators and networking chips across a wide range of architectures. There's increasing momentum for custom silicon in AI, especially among hyperscalers, as they tailor hardware to their own software stacks and deployment needs, optimizing for performance, power efficiency, and total cost at scale. This is driving an accelerating pace of design and expanding demand for value-added IP to support memory bandwidth, advanced connectivity, and security. During the quarter, we saw growing traction for our value-added PCIe Retimer and Switch IP to support increasingly complex AI systems across scale-up and scale-out environments. We also expanded our memory IP portfolio with the introduction of the industry's fastest HBM4E controller, setting a new benchmark for AI accelerator memory throughput. In addition, we launched a new network security engine designed for ultra-Internet to protect distributed AI clusters. All of these IP offerings are in great demand and further strengthened our position as a critical enabler of next-generation compute and connectivity solutions for AI infrastructure. In summary, we executed well in the first quarter. We delivered solid results and expanded our offerings for both chips and IP to expand our leadership in our core markets. As we look ahead, Rambus is well positioned to capitalize on the megatrends in data center and AI. Our sustained technology leadership, disciplined execution, and increasing traction across our portfolio of leadership products will continue to fuel our results. With that, we expect strong growth in 2026 and I'm confident in our long-term trajectory. As always, I want to thank our customers, partners, and employees for their continued trust and support. Now, I turn the call over to John to walk through the financials. John?