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Sep 30
Rambus Q3 2025 Earnings Report
Rambus reported strong Q3 2025 results with record product revenue and solid profitability.
Key Takeaways
Rambus delivered strong Q3 performance driven by record product revenue, steady licensing activity, and robust operating cash flow.
Achieved record product revenue of $93.3M, marking the fourth consecutive quarterly high
Generated $88.4M in operating cash flow, highlighting strong cash generation
Posted GAAP EPS of $0.44 and non-GAAP EPS of $0.62
Reported net income of $48.4M and operating income of $63.3M
Rambus
Rambus
Rambus Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comRoyalties Revenue
CapyFin.comContract and other Revenue
CapyFin.com Forward Guidance
Rambus expects stable licensing and product revenues in Q4 2025 with elevated contract revenue and continued expense discipline.
Positive Outlook
- Product revenue guidance of $94M to $100M
- Contract and other revenue expected to grow to $25M–$31M
- Continued strong interest and other income projected at $6M
- Non-GAAP expense guidance remains controlled between $99M–$103M
- Steady diluted share count forecasted at 109.5M
Challenges Ahead
- Licensing billings expected to slightly decline ($60M–$66M)
- Higher GAAP operating costs expected at $116M–$120M
- Stock-based compensation expenses projected at $15M
- Amortization of intangible assets expected to persist at $2M
- Full revenue achievement depends on successful customer agreements
Revenue & Expenses
Visualization of income flow from segment revenue to net income