Rambus, Inc.

Welcome to the Rumble's second quarter fiscal 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 touch 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 Sumeet Gagneja, Chief Financial Officer. You may begin your conference.

Thank you, operator, and welcome to the RAMBUS second quarter 2026 results conference call. I am Sumeet Gagneja, Chief Financial Officer at RAMBUS, and on the call today with me is Luc Seraphin, our CEO. The press release for the results that we will be discussing today has been filed with SEC on Form 8-K. We are webcasting this call along with the slides that we will reference during portions of today's call. A replay of this call will be available on our website beginning today at 5 p.m. Pacific time. Our discussion 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, amongst other items. These statements are subject to risk and uncertainties that may be discussed during the call and more fully described in the documents we filed with SEC, including our 8-Ks, 10-Qs and 10-Ks. 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 on 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. I would like to note a change in how we present our results going forward. Since the adoption of ASA 606, we have disclosed licensing billings, an operational metric that bridges the difference between GAAP revenue and actual billings to our licenses. This was an important metric in the initial years after ASA 606 adoption when the delta between royalties revenue and licensing billings was material. As the difference is now minimal and we expect to remain so, we will focus our financial results and guidance on an ASC 606 revenue basis going forward. The order of the call today will be as follows. Luc will start with an overview of the business, I will discuss our financial results, and then we end with Q&As. I will now turn the call over to Luc to provide an overview of the quarter.

Luc? Thank you, Sumeet. Good afternoon, everyone, and thank you for joining us. Before we begin, I'd like to take a moment to welcome Sumeet Gagneja to his first earnings call as Rambus Chief Financial Officer. Sumeet brings more than two decades of leadership experience in the semiconductor industry and a wealth of knowledge in the data center ecosystem. Since joining Rambus, he has quickly become a valued member of the leadership team, and we are very pleased to have him on board. Welcome, Sumeet. With that, let's turn to our results. Rambus had an excellent second quarter, delivering a new all-time high in revenue and non-GAAP earnings and beating the high end of our guidance ranges. Fueled by record product revenue and strong contributions from our diversified revenue streams, this quarter marks the first time we have exceeded $200 million in revenue. These results reflect our sustained execution and leadership across our expanding portfolio of chiefs and IP. We also generated solid cash from operations, underscoring the strength of our business model and enabling us to continue investing in our product roadmap to drive long-term growth. This combination of record performance, disciplined execution, and sustained investment positions Rambus to capitalize on the exciting market trends in data center and AI. AI continues to drive a fundamental evolution in computing. As inference and agentic use cases scale, workloads are becoming more diverse, more persistent, and more memory intensive. To support these workloads, AI infrastructure deployments are becoming more complex and heterogeneous, combining a mix of traditional and AI server platforms. This is accelerating demand for CPU-based servers to support orchestration, data management, and real-time execution at scale while increasing requirements for memory, capacity, bandwidth and power efficiency. These trends align directly with our strengths and are driving new opportunities for richer chip content and broader adoption of our industry-leading IP. Now let me turn to our quarterly business results. Starting with chips, product revenue reached a new record of $99 million, up 22% year-over-year, and we expect another quarter of double-digit growth in Q3. This reflects our continued leadership in DDR5 RCDs, strength execution and growing traction in new products. And looking ahead, we see increasing customer adoption and remain well-positioned to support the ramp of next-generation platforms as they enter the market. We continue to execute well across our DDR5 roadmap. We expanded our portfolio with complete chipsets for DDR5 9600 client and server memory modules, further expanding our leadership in high-speed memory interface solutions. Our new DDR5 9600 client chipset enables top-of-the-line performance for emerging AI PCs and leverages the same high-speed memory interface expertise We have developed across multiple generations of server platforms as technology requirements increasingly waterfall from the data center into high-performance client systems. For servers, our new DDR5-9600 RDM chipset, built around our sixth-generation RCD and PNIC-5030, supports the next level of memory performance required by advanced CPU-based server platforms. As core accounts, memory channels, and bandwidth requirements increase, solutions like these are essential to enabling higher system throughput and power-efficient performance. Importantly, our server-chip solutions support the expanding range of new and existing processor and system architectures, positioning us to benefit from increasing memory requirements across the industry. These additions expand the breadth of our DDR5 roadmap and demonstrate our continued enablement of higher performance, improved signal integrity, and advanced power management across both data center and client applications. As AI workloads continue to diversify, there's increasing demand for novel memory architectures with application-specific performance, capacity, and power requirements. We are addressing these needs through products like our complete chipset for MR-DIN and LPDDR5 EXOCAM2 and remain on track to intercept the market as these architectures gain adoption. Supported by active engagements across customers and ecosystem partners, we are expanding our roadmap of differentiated memory subsystem solutions to help shape the next generation of server modules. These reinforces our opportunity for increased chip content and sustained growth in 2027 and beyond. Turning now to silicon IP, we delivered another strong quarter with increasing customer traction and key design wins across hyperscalers, custom silicon companies, and emerging AI semiconductor developers. As AI infrastructure scales, chip development cycles are accelerating and performance requirements at pushing beyond industry standard specifications. Customers are building advanced SOCs for high-performance AI systems, driving robust demand for our differentiated IP solutions, spanning advanced memory, connectivity and security IP. We also have a growing number of deep architectural engagements ahead of standards being finalized to help our customers be first to market with state-of-the-art performance. This includes an exciting design win with a Tier 1 US hyperscaler for next-generation HBM in future AI chips. These engagements are a great testament to the strategic importance of our premium IEP portfolio. The growth of custom silicon for acceleration and connectivity remains an important long-term trend, particularly among hyperscalers and leading AI infrastructure companies. As customers optimize hardware for their own workloads, software stacks, and deployment requirements, they need RAMBUS Advanced IP to help them deliver performance, power efficiency, and reliability at scale. Secure connectivity is also an increasingly important part of the overall architecture, and RAMBUS Proven Security IP is foundational to enabling trusted, high-performance data movements across distributed AI infrastructure. During the quarter, We also expanded our AI IP solutions with PCIe 7 switch IP supporting 128 giga transfer per second. This solution is designed to support the next generation of AI scale up and scale out architectures where high bandwidth, low latency connectivity is critical to overall system performance. As AI infrastructure scales, Rambus IP is in great demand, enabling faster, more efficient, and more secure data movements. With our strong customer partnerships and deep architectural engagements, we are enabling the future of advanced AI hardware. In summary, Rambus delivered an excellent second quarter with record revenue and earnings. Our results reflect the strength of our product leadership, the depth of our customer relationships, and our ability to execute in markets that continue to present significant opportunities for growth. Looking ahead, we are well positioned for the major trends reshaping data center and AI infrastructure. As AI scales and agentic workloads drive greater demand for CPU-based servers and memory, Rambus chips and IP are enabling the performance, connectivity, and security customers need to build the next generations of advanced computing systems. We remain confident in our strategy, our roadmap, and our ability to drive strong growth in 2026 and beyond. As always, I want to thank our customers, partners, and employees for their continued trust and support. Now, I turn the call over to Sumeet to walk us through the financials. Sumeet?