Rambus delivered solid Q1 with revenue growth and strong cash flow, but GAAP EPS slipped slightly. Q2 product revenue guidance suggests continued AI-driven momentum. Monitor the earnings call for full revenue guidance and updates on HBM4E IP adoption, which could drive further upside.
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Executive Summary
Rambus reported Q1 2026 GAAP revenue of $180.2M (+8% YoY) and non-GAAP EPS of $0.63 (+7% YoY), with product revenue up 15% to $88.0M. Operating cash flow was $83.2M. Q2 guidance implies continued product revenue growth of $95-101M, but GAAP EPS slipped slightly to $0.55. Overall a solid but in-line quarter.
Key Financial Metrics
Key Facts
- GAAP revenue $180.2M (+8.1% YoY)
- Product revenue $88.0M (+15.3% YoY)
- GAAP diluted EPS $0.55 (vs $0.56 YoY)
- Non-GAAP diluted EPS $0.63 (vs $0.59 YoY, +6.8%)
- Operating cash flow $83.2M
- Q2 guidance: product revenue $95-101M, licensing billings $76-82M
- Cash and securities $786.1M
Financial Impact
Revenue growth of ~$13.5M YoY; GAAP net income $59.9M; operating cash flow $83.2M
Risk Factors
- Royalty revenue declined 5.9% YoY to $69.6M
- GAAP EPS decline could lead to some profit-taking
- Semiconductor cycle risk and customer concentration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-182076 |
| Document: 0001193125-26-182076-index.html | 0001193125-26-182076 |
| Document: 0001193125-26-182076.txt | 0001193125-26-182076 |
| 8-K Data (Synthetic) | 0001193125-26-182076 |
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