Tillkännagivande • Jul 07
Rambus Inc. to Report Q2, 2026 Results on Jul 27, 2026 Rambus Inc. announced that they will report Q2, 2026 results on Jul 27, 2026 Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €102, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 42x in the Semiconductor industry in Germany. Total returns to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €64.58 per share. Recent Insider Transactions • Jun 07
Independent Director recently sold €1.4m worth of stock On the 2nd of June, Emiko Higashi sold around 10k shares on-market at roughly €138 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €5.0m. Insiders have been net sellers, collectively disposing of €12m more than they bought in the last 12 months. Recent Insider Transactions • May 27
EVP & COO recently sold €5.0m worth of stock On the 26th of May, Xianzhi Fan sold around 38k shares on-market at roughly €131 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Xianzhi's only on-market trade for the last 12 months. Tillkännagivande • May 27
Rambus Announces Complete Ddr5 9600 Client Memory Module Chipset for Cudimm and Csodimm Modules Rambus Inc. announced its complete DDR5 9600 Client Memory Module Chipset for high-performance CUDIMM, CQDIMM and CSODIMM modules in future generation AI PCs. The chipset includes the new Gen2 Client Clock Driver (CKD02), delivering breakthrough performance with support for PC memory module operation of up to 9600 MT/s, Power Management IC (PMIC5120) and Serial Presence Detect Hub (SPD Hub). With the rise of agentic AI, PCs now plan, execute, and adapt workflows in real time. These workloads require persistent context, concurrent processing, and continuous data movement between the processor and system memory requiring significant increases in both bandwidth and capacity. At the same time, scaling DDR5 memory beyond 6400 MT/s introduces new technical challenges, including signal degradation, clock jitter, and timing instability. To address these challenges, the industry is transitioning to clocked memory modules, including CUDIMM and CQDIMM for desktops and CSODIMM for laptops, which incorporate an on-module client clock driver (CKD) to condition and redistribute the clock signal. The new Rambus DDR5 9600 Client Chipset provides a complete solution for clocked DDR5 modules operating from 8000 to 9600 MT/s. Designed for performance and scalability, the chipset supports next-generation AI PCs, notebooks, and workstations. By addressing signal integrity, power delivery, and system coordination at the module level, Rambus simplifies the design and deployment of high-performance memory module solutions. The Rambus DDR5 9600 Client Chipset supporting high-bandwidth, high-capacity, clocked client memory modules and includes: Gen2 Client Clock Driver retimes, conditions and distributes the clock sent from the processor to the DRAM devices on the DIMM; PMIC5120 efficiently steps down the system voltage supply to the voltage levels needed to power the DRAM and all other active chips on the module; SPD Hub enables communication of module identification, configuration, and telemetry. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Victor Peng was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • May 08
Rambus Inc Introduces PCIe 7.0 Switch Ip With Time Division Multiplexing Rambus Inc. announced the Rambus PCIe 7.0 Switch IP with Time Division Multiplexing, a new addition to its advanced interconnect IP portfolio designed to address the rapidly escalating bandwidth, latency, and scalability requirements of AI, cloud, and high-performance computing (HPC) systems. Rambus PCIe 7.0 Switch IP with Time Division Multiplexing enables efficient, scalable PCIe fabrics that optimize link utilization and reduce system complexity for scale up and scale out of distributed AI clusters and high-performance computing networks. Supports bandwidth scaling, low latency, and efficient data movement for AI, cloud, and HPC systems. Increases link utilization through intelligent traffic multiplexing, enabling simpler architectures and scalable disaggregated and pooled compute designs. Extends the Rambus PCIe IP portfolio which spans switches, controllers, retimers, and debug solutions to support next-generation AI infrastructure. As AI infrastructure grows in scale and architectural complexity, system designers are increasingly challenged to move massive volumes of data efficiently across CPUs, GPUs, accelerators, and NVMe storage. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing is architected to help meet these demands by enabling more flexible and efficient utilization of PCIe links, supporting emerging disaggregated and pooled compute architectures while maintaining low latency and deterministic performance. Built on the PCIe 7.0 specification, the Rambus newest switch IP is optimized for next-generation AI and data center SoCs that require extreme bandwidth density, advanced traffic management, and seamless scalability. By incorporating Time Division Multiplexing capabilities, the switch enables designers to intelligently schedule and multiplex traffic across shared links, helping maximize fabric utilization while supporting diverse workload profiles, from large-scale AI training to latency-sensitive inference and data movement. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing is designed to integrate seamlessly into ASIC platforms and complements Rambus’ PCIe 7.0 IP portfolio, which includes controllers, retimers, and debug solutions. These IP offerings help customers accelerate time-to-market while addressing the demanding performance, power, and reliability requirements of modern AI infrastructure. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing reinforces the company’s leadership in high-speed interface IP and its commitment to delivering differentiated interconnect technologies that help customers solve the most challenging problems in AI, cloud, and HPC Infrastructure. Tillkännagivande • Apr 29
Rambus Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2026 Rambus Inc. provided earnings guidance for the second quarter ending June 30, 2026. For the quarter, the company expected royalty revenue to be between $72 million and $78 million, product revenue to be between $95 million and $101 million, and contract and other revenue to be between $19 million and $25 million. Tillkännagivande • Apr 23
Rambus Inc. Enables Power-Efficient AI Platforms with SOCAMM2 Server Module Chipset Rambus Inc. announced a SOCAMM2 (Small Outline Compression Attached Memory Module) chipset designed to enable low-power, high-performance LPDDR5X-based memory modules for AI server platforms. The SOCAMM2 chipset represents the first step in a broader Rambus roadmap of LPDDR-based server module solutions, reflecting the company’s ongoing collaboration with industry partners to support new memory architectures optimized for evolving workloads in AI data center infrastructure. This new product family extends the comprehensive Rambus offering of complete memory interface chipsets for all JEDEC-standard DDR5 and LPDDR5 memory modules. SOCAMM2 memory modules, based on LPDDR technology, are emerging as an innovative architectural approach to address these challenges by delivering high performance with lower power consumption in a modular, serviceable, board area efficient form factor. The Rambus SOCAMM2 chipset is designed to support this transition by providing the critical control, telemetry, and power delivery functions required by JEDEC-standard SOCAMM2 memory modules in demanding AI server environments. SOCAMM2 replaces soldered LPDDR memory with detachable, upgradable modules that combine LPDDR efficiency with server-class serviceability in the data center. The Rambus LPDDR5X SOCAMM2 chipset supports reliable, power-efficient operation of LPDDR-based server memory modules at up to 9.6 Gb/s and includes: SPD Hub for module identification, configuration, and telemetry; 12-amp (A) and 3A voltage regulators for localized, efficient power conversion. Tillkännagivande • Apr 07
Rambus Inc. to Report Q1, 2026 Results on Apr 27, 2026 Rambus Inc. announced that they will report Q1, 2026 results on Apr 27, 2026 Tillkännagivande • Mar 09
Rambus Inc., Annual General Meeting, Apr 23, 2026 Rambus Inc., Annual General Meeting, Apr 23, 2026. Tillkännagivande • Mar 05
Rambus Inc. Sets New Benchmark For AI Memory Performance With HBM4E Controller IP Rambus Inc. announced the industry’s leading HBM4E Memory Controller IP, extending its market leadership in HBM IP. This new solution delivers breakthrough performance with advanced reliability features enabling designers to address the demanding memory bandwidth requirements of next-generation AI accelerators and graphics processing units (GPUs). The Rambus HBM4E Controller enables a new generation of HBM memory deployments for cutting-edge AI accelerators, graphics and HPC applications. The HBM4E Controller is capable of supporting operation up to 16 Gigabits per second (Gbps) per pin providing an unprecedented throughput of 4.1 Terabytes per second (TB/s) to each memory device. For an AI accelerator with eight attached HBM4E devices, this translates to over 32 TB/s of memory bandwidth for next-generation AI workloads. The Rambus HBM4E Controller IP can be paired with third-party standard or TSV PHY solutions to instantiate a complete HBM4E memory subsystem in a 2.5D or 3D package as part of an AI SoC or custom base die solution. The Rambus HBM4E Controller IP is the latest addition to the Rambus leading-edge portfolio of digital controller solutions. The HBM4E Controller is available for licensing, and early access design customers can engage. Tillkännagivande • Feb 13
Rambus Inc. Appoints Victor Peng to Board of Directors, Effective February 12, 2026 Rambus Inc. announced the appointment of Victor Peng, Age 65, to its Board of Directors, effective February 12, 2026. Victor Peng is an accomplished executive with more than 40 years of leadership experience at top semiconductor companies. Most recently, Mr. Peng served as president of Advanced Micro Devices (AMD), leading AMD’s embedded and data center GPU businesses, AI software, and the research and advanced development group. Prior to AMD, Mr. Peng served 14 years at Xilinx, holding senior level positions including president and chief executive officer, board member, chief operating officer, executive vice president, and general manager of products. Mr. Peng currently serves on the Boards of KLA Corporation and Microchip Technology Inc. Mr. Peng holds a Master of Engineering in electrical engineering from Cornell University, and a Bachelor of Science in electrical engineering from Rensselaer Polytechnic Institute. Tillkännagivande • Feb 03
Rambus Inc. Provides Earnings Guidance for the First Quarter of 2026 Rambus Inc. provided earnings guidance for the first quarter of 2026. For the first quarter of 2026, the Company expects licensing billings to be between $66 million and $72 million. The Company also expects royalty revenue to be between $61 million and $67 million, product revenue to be between $84 million and $90 million, and contract and other revenue to be between $21 million and $27 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters. Tillkännagivande • Jan 13
Rambus Inc. to Report Q4, 2025 Results on Feb 02, 2026 Rambus Inc. announced that they will report Q4, 2025 results on Feb 02, 2026 Tillkännagivande • Oct 28
Rambus Inc. Provides Earnings Guidance for the Fourth Quarter of 2025 Rambus Inc. provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects revenue to be between $184 million and $190 million. The Company expects licensing billings to be between $60 million and $66 million. The Company also expects royalty revenue to be between $59 million and $65 million, product revenue to be between $94 million and $100 million, and contract and other revenue to be between $25 million and $31 million. Tillkännagivande • Oct 07
Rambus Inc. to Report Q3, 2025 Results on Oct 27, 2025 Rambus Inc. announced that they will report Q3, 2025 results on Oct 27, 2025 Tillkännagivande • Jul 29
Rambus Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2025 Rambus Inc. provided earnings guidance for the third quarter ending September 30, 2025. For the quarter, the company expects Product revenue (GAAP) of $87 million - $93 million. Contract and other revenue (GAAP) of $22 million - $28 million. Tillkännagivande • Jul 08
Rambus Inc. to Report Q2, 2025 Results on Jul 28, 2025 Rambus Inc. announced that they will report Q2, 2025 results on Jul 28, 2025 Tillkännagivande • May 14
Rambus Delivers Industry-Leading Client Chipsets for Next-Generation AI PC Memory Modules Rambus Inc. announced the availability of complete client chipsets for next-generation AI PC memory modules, featuring two new Power Management ICs (PMICs) for client computing. PMICs are critical to efficiently power memory modules providing breakthrough levels of performance for advanced computing applications. The two new Rambus PMICs are the PMIC5200, for LPDDR5 CAMM2 (LPCAMM2) memory modules and the PMIC5120, which supports DDR5 CSODIMMs and CUDIMMs. These PMICs, alongside the Client Clock Driver (CKD) and Serial Presence Detect Hub (SPD Hub), comprise a complete chipset offering to enable memory modules for AI PC notebooks, desktops and workstations. Further, with the addition of these new PMICs, Rambus now offers complete memory interface chipsets for all JEDEC standard DDR5 and LPDDR5 memory modules for both servers and clients. Tillkännagivande • Apr 29
Rambus Inc. Provides Earnings Guidance for the Second Quarter of 2025 Rambus Inc. provided earnings guidance for the second quarter of 2025. For the quarter, the company expects GAAP product revenue to be between $77 million to $83 million and contract and other revenue to be between $17 million to $23 million. Tillkännagivande • Apr 08
Rambus Inc. to Report Q1, 2025 Results on Apr 28, 2025 Rambus Inc. announced that they will report Q1, 2025 results on Apr 28, 2025 Tillkännagivande • Mar 11
Rambus Inc. Enhances Data Center and AI Protection with Next-Gen CryptoManager Security IP Solutions Rambus Inc. announced the introduction of its next-generation CryptoManager Security IP solutions including Root of Trust, Hub and Core families. The CryptoManager Security IP offerings deliver progressively higher levels of functional integration and security, enabling customers to choose the level of security features and capabilities best suited to their unique requirements. The CryptoManager Root of Trust delivers a fully-turnkey solution and offers the industry's first Quantum Safe boot flow. The CryptoManager Hub provides the ideal combination of proven cryptographic building blocks for customers designing their own root of trust or secure processor. With support for a broad set of security functionality and certifications, Rambus CryptoManager Security IP solutions help customers accelerate the time to market of chips for the data center, AI and other advanced applications. CryptoManager Security IP solutions include: CryptoManager Root of Trust products offer fully programmable security processor functionality including multithreading and multi-host capabilities. A complete turnkey solution, the CryptoManager Root of Trust family represents the highest level of security integration with advanced anti-tamper and Quantum Safe protection for boot and HW acceleration. CryptoManager Hub products are the ultimate solution for customers looking to build their own Root of Trust or security processor, ensuring unparalleled protection and performance. CryptoManager Hub products feature a suite of symmetric, asymmetric, and Quantum Safe cryptographic accelerators along with certified true random number generators designed to meet the highest security standards for a broad set of applications. CryptoManager Core products are a suite of symmetric cryptographic accelerators designed to provide unmatched flexibility for customers building their own Root of Trust solutions. Tillkännagivande • Feb 25
Rambus Inc., Annual General Meeting, Apr 25, 2025 Rambus Inc., Annual General Meeting, Apr 25, 2025. Tillkännagivande • Jan 15
Rambus Inc. to Report Q4, 2024 Results on Feb 03, 2025 Rambus Inc. announced that they will report Q4, 2024 results on Feb 03, 2025 Board Change • Dec 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €51.66, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 12x in the Semiconductor industry in Germany. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €54.87 per share. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: US$0.45 (vs US$0.95 in 3Q 2023) Third quarter 2024 results: EPS: US$0.45 (down from US$0.95 in 3Q 2023). Revenue: US$145.5m (up 38% from 3Q 2023). Net income: US$48.7m (down 53% from 3Q 2023). Profit margin: 33% (down from 98% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 29
Rambus Inc. Provides Earnings Guidance for the Fourth Quarter of 2024 Rambus Inc. provided earnings guidance for the fourth quarter of 2024. For the quarter, the company expects GAAP product revenue to be between $72 million to $78 million and contract and other revenue to be between $22 million to $28 million. The Company also expects royalty revenue to be between $54 million and $60 million. Tillkännagivande • Oct 15
Rambus Inc. Unveils Complete Chipsets for Next-Generation DDR5 RDIMMs and RDIMMs to Deliver Breakthrough Performance for Data Center and AI Rambus Inc. unveiled industry-first, complete memory interface chipsets for Gen5 DDR5 RDIMMs and next-generation DDR5 Multiplexed Rank Dual Inline Memory Modules (MRDIMMs). These innovative new products for RDIMMs and MRDIMMs will seamlessly extend DDR5 performance with unparalleled bandwidth and memory capacity for compute-intensive data center and AI workloads. The new Rambus chips include: The Gen5 Registering Clock Driver (RCD), enabling RDIMMs operating at 8000 megatransfers per second (MT/s). The Multiplexed Registering Clock Driver (MRCD) and Multiplexed Data Buffer (MDB), enabling upcoming MRDIMMs running at speeds up to 12,800 MT/s by doubling the bandwidth of the DIMM beyond the native DRAM device speed. The second-generation server Power Management IC (PMIC5030) designed for both DDR5 RDIMM 8000 and MRDIMM 12800, providing ultra-high current at low voltage to support higher speeds and more DRAM and logic chips per module. Enabling flexible and scalable end-user server configuration, the DDR5 RDIMM 8 and industry-standard MRDIMM 12800 utilize a common architecture with compatibility across server platforms. The DDR5 RDIMM 8000 chipset includes the Gen5 RCD, PMIC5030, Serial Presence Detect (SPD) Hub and Temperature Sensor (TS) chips. The DDR5 MRDIMM 12800 chipset includes the MRCD and MDB, as well as the same PMIC5030, SPD Hub and TS chips utilized in the RDIMM 8800. The DDR5 MRDIMM 12800 employs a novel and efficient module design that boosts data transfer rates and system performance by multiplexing two ranks of DRAM, effectively interleaving the two data streams. This allows the host memory bus to run at twice the data rate of the native DRAM devices, thus increasing bandwidth while using the same physical connections of DDR5 RDIMM 12800. This requires an MRCD that can address the two ranks of DRAMs on alternative clock cycles, as well as MDBs to direct the data stream to and from the correct DRAM devices. Each DDR5 RDIMM 12 800 requires one MRCD and ten MDB chips to multiplex the memory channel. The MRCD and MDB will also support a Tall MRDIMM form factor with four ranks of DDR5 DRAMs for double the capacity of a dual- rank RDIMM in a cost-effective manner. The Gen5 RCD, MRCD, MRCD, MDB and PMIC5030 are part of the growing Rambus portfolio of memory interface and power management solutions including Gen1 to Gen4 RCD, Client Clock Driver (CKD), Server PMIC, SPD Hub, and TS chips. Tillkännagivande • Oct 09
Rambus Inc. to Report Q3, 2024 Results on Oct 28, 2024 Rambus Inc. announced that they will report Q3, 2024 results on Oct 28, 2024 Buy Or Sell Opportunity • Sep 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to €35.61. The fair value is estimated to be €44.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €38.21, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Semiconductor industry in Germany. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €44.16 per share. Tillkännagivande • Jul 31
Rambus Inc. Provides Earnings Guidance for the Third Quarter of 2024 Rambus Inc. provided earnings guidance for the third quarter of 2024 . For the quarter, the company expects GAAP product revenue to be between $62 million to $68 million and contract and other revenue to be between $17 million to $23 million. The Company also expects royalty revenue to be between $59 million and $65 million. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: US$0.34 (vs US$1.55 in 2Q 2023) Second quarter 2024 results: EPS: US$0.34 (down from US$1.55 in 2Q 2023). Revenue: US$132.1m (up 10% from 2Q 2023). Net income: US$36.1m (down 79% from 2Q 2023). Profit margin: 27% (down from 141% in 2Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 6.2% per year for the foreseeable future. High level of non-cash earnings (35% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Significant insider selling over the past 3 months (€598k sold). Tillkännagivande • Jul 09
Rambus Inc. to Report Q2, 2024 Results on Jul 29, 2024 Rambus Inc. announced that they will report Q2, 2024 results on Jul 29, 2024 Recent Insider Transactions • May 09
Independent Director recently sold €598k worth of stock On the 8th of May, Eric Stang sold around 11k shares on-market at roughly €52.45 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.0m more than they bought in the last 12 months. New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 30% per year for the foreseeable future. High level of non-cash earnings (35% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Tillkännagivande • Apr 30
Rambus Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2024 Rambus Inc. provided earnings guidance for the second quarter ending June 30, 2024. For the quarter, the company expects GAAP product revenue to be between $52 million to $58 million and contract and other revenue to be between $17 million to $23 million. The Company also expects royalty revenue to be between $55 million and $61 million. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$0.30 (vs US$0.03 in 1Q 2023) First quarter 2024 results: EPS: US$0.30 (up from US$0.03 in 1Q 2023). Revenue: US$117.9m (up 3.6% from 1Q 2023). Net income: US$32.9m (up US$29.6m from 1Q 2023). Profit margin: 28% (up from 2.9% in 1Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 30
Rambus Expands Chipset for Advanced Data Center Memory Modules with Ddr5 Server PMICs Rambus Inc. announced the availability of its new family of DDR5 server Power Management ICs (PMICs), including an extreme current device for high-performance applications. With this new family of server PMICs, Rambus offers module manufacturers a complete DDR5 RDIMM memory interface chipset supporting a broad range of data center use cases. The PMIC is a critical component in the DDR5 memory architecture, enabling more memory channels, higher capacity modules and greater bandwidth. The Rambus DDR5 server PMIC family includes products for the JEDEC extreme current (PMIC5020), high current (PMIC5000) and low current (PMIC5010) specifications. The Rambus PMIC5020 will enable future generations of DDR5 RDIMM delivering new benchmarks for performance and capacity. This new family of Rambus server PMICs, together with Rambus DDR5 RCD, SPD Hub and Temperature Sensor ICs, comprise a complete memory interface chipset for a broad range of DDR5 RDIMM configurations and use cases. Buy Or Sell Opportunity • Apr 13
Now 25% overvalued Over the last 90 days, the stock has fallen 3.8% to €57.86. The fair value is estimated to be €46.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are forecast to decline by 13% per annum over the same time period. Tillkännagivande • Apr 09
Rambus Inc. to Report Q1, 2024 Results on Apr 29, 2024 Rambus Inc. announced that they will report Q1, 2024 results on Apr 29, 2024 Tillkännagivande • Mar 09
Rambus Inc., Annual General Meeting, Apr 25, 2024 Rambus Inc., Annual General Meeting, Apr 25, 2024, at 09:00 Pacific Standard Time. New Risk • Feb 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 13% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €54.10, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 20x in the Semiconductor industry in Germany. Total returns to shareholders of 202% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.26 per share. Reported Earnings • Feb 06
Full year 2023 earnings released: EPS: US$3.09 (vs US$0.13 loss in FY 2022) Full year 2023 results: EPS: US$3.09 (up from US$0.13 loss in FY 2022). Revenue: US$461.1m (up 1.4% from FY 2022). Net income: US$333.9m (up US$348.2m from FY 2022). Profit margin: 72% (up from net loss in FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 16
Rambus Inc. to Report Q4, 2023 Results on Feb 05, 2024 Rambus Inc. announced that they will report Q4, 2023 results on Feb 05, 2024 Tillkännagivande • Dec 28
Rambus Advances Data Center Server Performance with Industry-First Gen4 DDR5 RCD Rambus Inc. announced the availability of its Gen4 DDR5 Registering Clock Driver (RCD) which began sampling to the major DDR5 memory module (RDIMM) manufacturers in the fourth quarter of 2023. The Rambus Gen4 RCD boosts the data rate to 7200 MT/s, setting a new benchmark for performance and enabling a 50% increase in memory bandwidth over today’s 4800 MT/s DDR5 module solutions. It supports the rapid pace of server main memory performance improvements to meet the demands of generative AI and other advanced data center workloads. Rambus DDR5 memory interface chips including the RCD, Serial Presence Detect (SPD) Hub and Temperature Sensors are important in achieving a new level of performance for servers. With over 30 years of high-performance memory experience, Rambus is renowned for its signal integrity (SI) /power integrity (PI) expertise. This expertise helps enable DDR5 memory interface chips delivering superior performance and reliability for data center server RDIMMs. The Rambus 7200 MT/s DDR5 RCD is available December 27, 2023. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €62.50, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 14x in the Semiconductor industry in Germany. Total returns to shareholders of 375% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.07 per share. Recent Insider Transactions • Nov 12
Independent Director recently sold €448k worth of stock On the 8th of November, Emiko Higashi sold around 8k shares on-market at roughly €56.03 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €878k. Insiders have been net sellers, collectively disposing of €6.3m more than they bought in the last 12 months. New Risk • Nov 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Significant insider selling over the past 3 months (€1.3m sold). Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: US$0.95 (vs US$0.009 in 3Q 2022) Third quarter 2023 results: EPS: US$0.95 (up from US$0.009 in 3Q 2022). Revenue: US$105.3m (down 6.2% from 3Q 2022). Net income: US$103.2m (up US$102.3m from 3Q 2022). Profit margin: 98% (up from 0.8% in 3Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (€1.3m sold). New Risk • Oct 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (€1.3m sold). Tillkännagivande • Oct 12
Rambus Inc. to Report Q3, 2023 Results on Oct 30, 2023 Rambus Inc. announced that they will report Q3, 2023 results on Oct 30, 2023 Tillkännagivande • Sep 08
Cadence Design Systems, Inc. (NasdaqGS:CDNS) completed the acquisition of Rambus SerDes and memory interface PHY IP business from Rambus Inc. (NasdaqGS:RMBS). Cadence Design Systems, Inc. (NasdaqGS:CDNS) entered into a definitive agreement to acquire Rambus SerDes and memory interface PHY IP business from Rambus Inc. (NasdaqGS:RMBS) for $110 million on July 19, 2023. The transaction is expected to be funded through a combination of cash on hand and short-term borrowings. It is subject to certain closing conditions and is expected to close in the third calendar quarter of 2023. Robert Ishii and Ethan Lutske of Wilson Sonsini acted as legal advisor to Rambus on the transaction. Mark Bekheit and Ian Nussbaum of Latham & Watkins LLP acted as legal advisor to Cadence Design Systems.
Cadence Design Systems, Inc. (NasdaqGS:CDNS) completed the acquisition of Rambus SerDes and memory interface PHY IP business from Rambus Inc. (NasdaqGS:RMBS) September 6, 2023. Recent Insider Transactions • Aug 31
Senior VP & COO recently sold €878k worth of stock On the 29th of August, Xianzhi Fan sold around 17k shares on-market at roughly €50.71 per share. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Xianzhi has been a net seller over the last 12 months, reducing personal holdings by €5.1m. Tillkännagivande • Aug 23
Rambus Inc. Announces Full Suite of Security IP Solutions for the FPGA Market with Cryptographic, Side-Channel, and Quantum Safe Protections Rambus Inc. announced a full suite of Security IP solutions for the FPGA market with cryptographic, side-channel, and Quantum Safe protections. Designed to meet the unique needs of FPGAs, the offering secures the broad range of devices from high-performance accelerators for generative AI, to low-power solutions for IoT devices. Rambus security IP protects FPGAs serving applications in the Data Center, AI/ML, Edge, IoT, Defense, and beyond. As part of the portfolio, Rambus offers advanced FPGA targeted security IP products including root of trust, 800G MACsec, IPsec, classic and quantum safe public key encryption solutions. Leveraging pioneering work in differential power analysis (DPA) and fault injection attack (FIA) countermeasures, Rambus security IP delivers the highest levels of protection available against both cryptographic and side-channel attacks. With new Quantum Safe security IP products, Rambus futureproofs the protection of FPGAs for the coming Post Quantum Cryptography (PQC) era. Recent Insider Transactions • Aug 20
Independent Director recently sold €417k worth of stock On the 16th of August, Eric Stang sold around 9k shares on-market at roughly €48.81 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.3m more than they bought in the last 12 months. Tillkännagivande • Aug 05
Rambus Inc. Appoints John Allen as Chief Accounting Officer On July 27, 2023, Rambus Inc. appointed John Allen to the position of Vice President, Accounting and Chief Accounting Officer, effective as of August 1, 2023. Mr. Allen currently serves as the Company’s Vice President, Accounting and has served in that role since March 2023. Previously, Mr. Allen served as Senior Vice President, Corporate Controller of Xperi Inc., a consumer and entertainment technology company, from 2012 to March 2023. Mr. Allen received a BA degree in Business Economics from the University of California, Santa Barbara in 1985. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: US$1.55 (vs US$0.32 in 2Q 2022) Second quarter 2023 results: EPS: US$1.55 (up from US$0.32 in 2Q 2022). Revenue: US$119.8m (down 1.1% from 2Q 2022). Net income: US$168.9m (up 382% from 2Q 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 01
Rambus Inc. Provides Earnings Guidance for the Third Quarter of 2023 Rambus Inc. provided earnings guidance for the third quarter of 2023. For the quarter, the company expects GAAP product revenue to be between $47 million to $53 million and contract and other revenue to be between $17 million to $23 million. Tillkännagivande • Jul 13
Rambus Delivers Quantum Safe IP Solutions with Next-Generation Root of Trust for Data Center Security Rambus Inc. announced the first in a family of Quantum Safe security IP products with its next-generation Root of Trust for data center and communications security. Quantum computers will be able to rapidly break current asymmetric encryption, placing important data and assets at risk. The Rambus Root of Trust IP offers customers a complete Post Quantum Cryptography (PQC) hardware security solution that protects valuable data center and AI/ML assets and systems. Rambus Root of Trust IP with Quantum Safe Cryptography uses the quantum-compute resistant cryptographic algorithms selected by the National Institute of Standards and Technology (NIST): CRYSTALS-Kyber for key-encapsulation and CRYSTALS-Dilithium for digital signatures. In addition, Rambus Root of Trust IP supports the Commercial National Security Algorithm Suite (CNSA) algorithms for software and firmware updates including XMSS/LMS stateful hash firmware signatures, CNSA symmetric-key algorithms, and CNSA quantum-resistant public-key algorithms. Rambus Quantum Safe Root of Trust Features: Programmable 32-bit secure processor, Quantum Safe Encryption engine, Open Compute Project (OCP) Caliptra Root of Trust for Measurement with DICE and X.509 support, True Random Number Generator (TRNG) and Physical Unclonable Function (PUF) entropy source, Secure data store, FIPS 140-3 CAVP and CMVP compliant, and SDK for user development of secure and trusted applications. Tillkännagivande • Jun 25
Rambus Inc.(NasdaqGS:RMBS) dropped from Russell 2000 Value-Defensive Index Rambus Inc.(NasdaqGS:RMBS) dropped from Russell 2000 Value-Defensive Index Board Change • May 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$0.03 (vs US$0.60 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.03 (up from US$0.60 loss in 1Q 2022). Revenue: US$113.8m (up 15% from 1Q 2022). Net income: US$3.28m (up US$69.5m from 1Q 2022). Profit margin: 2.9% (up from net loss in 1Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 15
Independent Director recently sold €122k worth of stock On the 10th of February, Necip Sayiner sold around 3k shares on-market at roughly €42.63 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.9m. Insiders have been net sellers, collectively disposing of €4.6m more than they bought in the last 12 months. Reported Earnings • Feb 07
Full year 2022 earnings released: US$0.13 loss per share (vs US$0.17 profit in FY 2021) Full year 2022 results: US$0.13 loss per share (down from US$0.17 profit in FY 2021). Revenue: US$454.8m (up 39% from FY 2021). Net loss: US$14.3m (down 178% from profit in FY 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 07
Rambus Inc. Provides Earnings Guidance for the First Quarter of 2023 Rambus Inc. provided earnings guidance for the first quarter of 2023. For the quarter, the company expects GAAP product revenue to be between $57 million to $63 million and contract and other revenue to be between $19 million to $25 million. Recent Insider Transactions • Nov 17
Senior VP & COO recently sold €1.9m worth of stock On the 15th of November, Xianzhi Fan sold around 52k shares on-market at roughly €37.07 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Xianzhi's only on-market trade for the last 12 months. Recent Insider Transactions • Nov 05
Independent Director recently sold €263k worth of stock On the 3rd of November, Eric Stang sold around 8k shares on-market at roughly €35.09 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: US$0.009 (vs US$0.034 in 3Q 2021) Third quarter 2022 results: EPS: US$0.009 (down from US$0.034 in 3Q 2021). Revenue: US$112.2m (up 38% from 3Q 2021). Net income: US$939.0k (down 75% from 3Q 2021). Profit margin: 0.8% (down from 4.5% in 3Q 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Semiconductor industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be €30.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 76%. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: US$0.32 (vs US$0.10 in 2Q 2021) Second quarter 2022 results: EPS: US$0.32 (up from US$0.10 in 2Q 2021). Revenue: US$121.1m (up 43% from 2Q 2021). Net income: US$35.0m (up 214% from 2Q 2021). Profit margin: 29% (up from 13% in 2Q 2021). Over the next year, revenue is forecast to grow 43%, compared to a 14% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 04
First quarter 2022 earnings released: US$0.60 loss per share (vs US$0.023 loss in 1Q 2021) First quarter 2022 results: US$0.60 loss per share (down from US$0.023 loss in 1Q 2021). Revenue: US$99.1m (up 41% from 1Q 2021). Net loss: US$66.2m (loss widened US$63.6m from 1Q 2021). Over the next year, revenue is forecast to grow 55%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 23
Now 21% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be €30.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings is also forecast to grow by 45% per annum over the same time period. Reported Earnings • Feb 08
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.17 (up from US$0.36 loss in FY 2020). Revenue: US$328.3m (up 33% from FY 2020). Net income: US$18.3m (up US$58.8m from FY 2020). Profit margin: 5.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 54%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 04
Now 21% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be US$27.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Jan 20
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be US$29.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Nov 02
Third quarter 2021 earnings released: EPS US$0.034 (vs US$0.11 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$81.3m (up 43% from 3Q 2020). Net income: US$3.68m (up US$16.5m from 3Q 2020). Profit margin: 4.5% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The 4 analysts covering Rambus expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$23.2m in 2021. Earnings growth of 69% is required to achieve expected profit on schedule. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS US$0.10 (vs US$0.095 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$84.9m (up 42% from 2Q 2020). Net income: US$11.2m (up US$21.9m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 05
First quarter 2021 earnings released: US$0.023 loss per share (vs US$0.071 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$70.4m (up 10.0% from 1Q 2020). Net loss: US$2.61m (loss narrowed 67% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: US$0.36 loss per share (vs US$0.78 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$246.3m (up 8.2% from FY 2019). Net loss: US$40.5m (loss narrowed 53% from FY 2019). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 15% per year. Executive Departure • Mar 18
Director has left the company On the 12th of March, Gregory Lang's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Gregory's name. Gregory is the only executive to leave the company over the last 12 months. Tillkännagivande • Mar 17
Rambus Inc. Announces Board Changes On March 12, 2021, Gregory Lang informed the Board of Rambus Inc. that he would resign as a director, effective immediately. Mr. Lang's decision to resign from the Board was not because of any disagreement with the Company. On March 12, 2021, the Board appointed Mr. James A. Mitarotonda to serve as a Class I director of the Company. Subsequently, Mr. Mitarotonda was appointed to serve on the Board's audit committee. 
