Rambus Inc (RMBS) 2025 Q4 法說會逐字稿

Welcome to the Rambus fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Desmond Lynch, Chief Financial Officer. You may begin your conference.

歡迎參加 Rambus 2025 財年第四季及全年業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。現在我將把會議交給財務長德斯蒙德·林奇。您可以開始會議了。

Thank you, operator, and welcome to the Rambus fourth quarter and fiscal year 2025 results conference call. I am Desmond Lynch, Chief Financial Officer at Rambus. And on the call with me today is Luc Seraphin, our CEO.

謝謝接線員，歡迎參加 Rambus 2025 財年第四季業績電話會議。我是 Rambus 的財務長 Desmond Lynch。今天和我一起通話的是我們的執行長盧克·塞拉芬。

The press release for the results that we will be discussing today has been filed with the 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 can be accessed on our website beginning today at 5:00 PM Pacific Time.

我們今天將要討論的業績新聞稿已以 8-K 表格的形式提交給美國證券交易委員會。我們將對本次電話會議進行網路直播，同時也會播放我們在今天電話會議部分內容中將要參考的幻燈片。從太平洋時間今天下午 5 點開始，您可以在我們的網站上收聽本次電話會議的錄音。

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 and the effects of ASC 606 and reported revenue amongst other items.

我們今天的討論將包含前瞻性陳述，包括我們對預期財務表現、財務前景、市場成長、對我們解決方案的需求、其他市場因素（包括地緣政治和宏觀經濟環境的反映以及 ASC 606 的影響）和已報告收入等項目的預期。

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 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.

這些聲明存在風險和不確定性，可能會在本次電話會議中討論，並在我們向美國證券交易委員會提交的文件中進行了更詳細的描述，包括我們的 8-K、10-Q 和 10-K 表格。這些前瞻性陳述可能與我們的實際結果有重大差異，我們沒有義務更新這些陳述。

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.

為了讓財務數據更加清晰明了，我們在新聞稿和本次電話會議中同時採​​用了 GAAP 和非 GAAP 財務報表。我們已在新聞稿、幻燈片演示以及公司網站 rambus.com 的「投資者關係」頁面「財務發布」欄位中提供了這些非 GAAP 財務數據與最直接可比較的 GAAP 指標的調整表。

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: Luc will start with an overview of the business. I will discuss our financial results, and then we will end with Q&A.

此外，我們將繼續提供許可費等營運指標，以便讓我們的投資者更了解我們的營運績效。我們今天的通話順序如下：盧克將首先概述一下業務狀況。我將介紹我們的財務業績，最後我們將進行問答環節。

I'll now turn the call over to Luc to provide an overview of the quarter. Luc?

現在我將把電話交給盧克，讓他概述一下本季的情況。盧克？

Thank you, Des. Good afternoon, everyone, and thank you for joining us. 2025 was an excellent year for Rambus. We closed with a strong Q4 and finished the full year with record revenue and earnings. Our financial success is a testament to both our strategy and execution as we continue to deliver products and technologies that accelerate memory, compute and connectivity advancements in rapidly growing markets.

謝謝你，德斯。各位下午好，感謝各位的參與。 2025年對Rambus來說是碩果累累的一年。我們以強勁的第四季度業績收官，並以創紀錄的收入和利潤結束了全年。我們的財務成功證明了我們的策略和執行力，我們不斷推出產品和技術，加速快速成長的市場中記憶體、運算和連接技術的進步。

Our diversified portfolio remains a core strength for the company and each of our businesses contributed meaningfully to our results as we delivered a new annual high in cash from operations. This positions us well to continue to invest strategically in our product road map, expand our market opportunity and drive long-term growth.

我們多元化的業務組合仍然是公司的核心優勢，我們每項業務都為公司業績做出了重要貢獻，使我們實現了年度經營現金流的新高。這使我們能夠繼續對產品路線圖進行策略性投資，擴大市場機會，並推動長期成長。

Before I go into detail on our business results, let me take a moment to discuss the importance market and technology trends influencing our strategy and highlight several of our key accomplishments in 2025. Both AI and traditional server markets remained strong throughout the year, driven by the accelerating need for significantly higher compute and memory performance.

在詳細介紹我們的業務成果之前，請允許我花一點時間討論影響我們策略的市場和技術趨勢的重要性，並重點介紹我們在 2025 年取得的幾項主要成就。受對更高運算和記憶體效能日益增長的需求推動，人工智慧和傳統伺服器市場全年均保持強勁勢頭。

As workloads become more complex and diverse, and inference rapidly expands across applications, including agentic and physical AI, the demands placed on memory subsystems continue to identify. This environment drove further adoption of DDR5 as well as other high-performance memory and interconnect technologies where Rambus signal and power integrity expertise are foundational.

隨著工作負載變得越來越複雜和多樣化，推理在包括智慧體和實體人工智慧在內的各種應用中迅速擴展，對記憶體子系統的要求也日益提高。在這種環境下，DDR5 以及其他高效能記憶體和互連技術的進一步普及，而 Rambus 訊號和電源完整性方面的專業知識是其基礎。

The accelerated pace of innovation continued across the industry with customers increasingly operating on one year product cadences to stay ahead of demand for greater performance. This dynamic amplified the need for cutting-edge merchant and custom solutions, where our advanced technology portfolio enables accelerated design cycles for our customers.

整個產業的創新步伐持續加快，客戶越來越多地採用一年一換的產品週期，以滿足對更高性能的需求。這種動態加劇了對尖端商家和客製化解決方案的需求，而我們先進的技術組合能夠為客戶加快設計週期。

Against this backdrop, Rambus had a number of achievements that fueled our performance in 2025 and strengthened our position across key markets as we move into 2026. We furthered our leadership in DDR5 with increased market share in our CDs, reflecting both the depth of our expertise and the continued trust of our customers. Our power management chips made meaningful progress with growing adoption of our DDR5 PMIC contributing to revenue growth.

在此背景下，Rambus 取得了一系列成就，推動了我們在 2025 年的業績成長，並鞏固了我們在 2026 年關鍵市場的地位。我們在 DDR5 領域的領先地位進一步鞏固，CD 市佔率不斷成長，這不僅體現了我們深厚的專業知識，也體現了客戶對我們的持續信任。我們的電源管理晶片取得了顯著進展，DDR5 PMIC 的日益普及也促進了營收成長。

We extended our reach in high performance and AI PCs through the introduction of our complete client chipset. With this addition, Rambus offers a comprehensive chipset portfolio that supports all JEDEC standard DDR5 and LPDDR5 modules across server and client systems. With that, we offer customers greater assurance of interoperability and reliable performance at scale.

我們透過推出完整的客戶端晶片組，擴大了我們在高效能和人工智慧PC領域的覆蓋範圍。透過此次新增，Rambus 提供了全面的晶片組產品組合，支援伺服器和用戶端系統中所有符合 JEDEC 標準的 DDR5 和 LPDDR5 模組。由此，我們能夠為客戶提供更大的互通性和大規模可靠性能的保證。

And finally, in addition to these chip milestones, we saw increasing design wins and customer engagement led by our latest generation HBM4, GDDR7, and PCIe 7.0 digital IP, as well as a broad range of security IP to safeguard data transmission and storage.

最後，除了這些晶片里程碑之外，我們還看到，在最新一代 HBM4、GDDR7 和 PCIe 7.0 數位 IP 以及廣泛的安全 IP 的推動下，設計訂單數量和客戶參與度不斷提高，這些安全 IP 可保障資料傳輸和儲存的安全。

Turning now to our quarterly business results. Chip capped off the year with a strong Q4 performance, delivering product revenue of $97 million. This brought us to a new annual record of $348 million. which was up 41% year-over-year. This achievement reflects our continued product leadership and ongoing market share gains in DDR5 RCDs.

接下來，我們來看季度業績報告。Chip公司第四季業績強勁，產品營收達9,700萬美元，為這一年畫下了圓滿的句點。這使我們的年度收入創下新紀錄，達到 3.48 億美元，年增 41%。這項成就反映了我們在 DDR5 RCD 領域持續的產品領先地位和不斷增長的市場份額。

In addition, customer adoption of new products continues to progress with growing revenue contributions and [volume] underway. For silicon IP, we are strategically focused on delivering industry-leading solutions that empower the next wave of AI hardware.

此外，隨著收入貢獻和銷售的成長，客戶對新產品的接受度也不斷提高。對於矽IP，我們的策略重點在於提供業界領先的解決方案，以推動下一代人工智慧硬體的發展。

The increasing pace and diversity of AI chip designs, including custom silicon for hyperscalers is driving design wins for our high-speed memory, interconnect and security IP. With market leadership and expertise across multiple generations of HBM, GDDR and PCIe as well as a best-in-class security solutions.

人工智慧晶片設計（包括為超大規模資料中心定制的晶片）的快速發展和多樣化，推動了我們高速記憶體、互連和安全 IP 的設計訂單不斷增加。憑藉在多代 HBM、GDDR 和 PCIe 領域的市場領導地位和專業知識，以及一流的安全解決方案。

Our IP is a critical enabler of the performance required by AI workloads. We see strong traction across our portfolio of cutting-edge solutions. In particular, this growing demand for our interface and security IP solutions as we see the increased need to move and secure data in scale-up and scale-out scenarios.

我們的智慧財產權是人工智慧工作負載所需效能的關鍵推動因素。我們看到，我們一系列尖端解決方案都獲得了強勁的市場反應。特別是，隨著在縱向擴展和橫向擴展場景中移動和保護資料的需求不斷增長，對我們的介面和安全 IP 解決方案的需求也在不斷增長。

Looking ahead, the ongoing expansion of AI and the transformation of the data center continues to reshape memory and interconnect requirements. AI training and inference at scale are driving increased demand for bandwidth, capacity and power-efficient performance. The expansion of agentic AI is catalyzing traditional CPU-based server demand and continues to drive the need for more DIMMs per system, higher speed interfaces and sophisticated power management.

展望未來，人工智慧的持續發展和資料中心的轉型將繼續重塑記憶體和互連需求。大規模人工智慧訓練和推理正在推動對頻寬、容量和節能效能的需求不斷增長。智慧人工智慧的擴展正在刺激對傳統 CPU 伺服器的需求，並持續推動對每個系統更多 DIMM、更高速度介面和更複雜的電源管理的需求。

Our product and IP sit at the core of this transition, enabling the massive compute infrastructure required for increasingly complex and diverse AI models. In addition, the rise of purpose-built systems and increasingly heterogeneous compute is accelerating the adoption of new memory architectures, higher data rates and advanced security solutions.

我們的產品和智慧財產權是這項轉型的核心，為日益複雜多樣的人工智慧模型提供了所需的大規模運算基礎設施。此外，專用系統的興起和日益異質的運算正在加速採用新的記憶體架構、更高的資料速率和先進的安全解決方案。

All of these trends play directly to Rambus' strength, open opportunities to broaden our leadership across next-generation platforms and reinforce the long-term tailwinds for our businesses. Rambus is well positioned to capitalize on these trends. And in 2026, we expect to grow faster than market.

所有這些趨勢都直接有利於 Rambus 的優勢，為我們擴大在下一代平台上的領導地位提供了機會，並鞏固了我們業務的長期發展勢頭。Rambus 已做好充分準備，能夠掌握這些趨勢帶來的機會。預計到 2026 年，我們的成長速度將超過市場平均。

Now as reflected in our Q1 outlook, we experienced a onetime supply chain issue that will affect product revenue for Q1. The issue is being resolved in collaboration with our supply chain partners, and we expect our product business to return to strong growth in the second quarter, fueled by market share gains and the continued ramp of new products I am confident in our long-term trajectory for 2026 and beyond.

正如我們在第一季展望中所反映的那樣，我們遇到了一次性的供應鏈問題，這將影響第一季的產品收入。我們正在與供應鏈合作夥伴共同解決這個問題，預計在第二季度，在市場佔有率提升和新產品持續成長的推動下，我們的產品業務將恢復強勁成長。我對我們2026年及以後的長期發展軌跡充滿信心。

As always, I want to thank our customers, partners and employees for their continued support. With that, I'll turn the call over to Des to walk through the financials. Des?

一如既往，我要感謝我們的客戶、合作夥伴和員工一直以來的支持。接下來，我會把電話交給德斯，讓他來分析財務狀況。德斯？

Thank you, Luc. I'd like to begin with a summary of our financial results for the fourth quarter and for the full year 2025 on slide 3. We delivered strong financial results in both the fourth quarter and full year 2025 as we continue to execute on our long-term growth strategy.

謝謝你，盧克。首先，我想在第 3 張投影片上總結我們 2025 年第四季和全年的財務表現。我們繼續執行長期成長策略，並在2025年第四季和全年都取得了強勁的財務業績。

Full year revenue and earnings per share reached record levels driven by a 41% increase in product revenue to $348 million due to DDR5 market share gains, and new product contributions. In 2025, we generated a company record $360 million in cash from operations, which was up 56% from 2024. An established track record of generating cash enables us to invest in initiatives that fuel our long-term growth.

全年營收和每股盈餘均創歷史新高，主要得益於DDR5市場佔有率的成長和新產品的貢獻，產品收入成長了41%，達到3.48億美元。2025 年，我們從經營活動中獲得了公司創紀錄的 3.6 億美元現金，比 2024 年成長了 56%。良好的現金流記錄使我們能夠投資於推動我們長期成長的各項措施。

Let me now provide you a summary of our non-GAAP income statement on slide 5. Revenue for the fourth quarter was $190.2 million, which is above our expectations. Royalty revenue was $71.7 million, but licensing billings were $71.5 million.

現在，我將在第 5 頁向您提供我們的非 GAAP 損益表摘要。第四季營收為 1.902 億美元，超出我們的預期。版稅收入為 7,170 萬美元，但授權費收入為 7,150 萬美元。

Product revenue was $96.8 million as we delivered another quarter of record product revenue. This represents 32% year-over-year growth driven by continued strength in DDR5 products and ramping new product contributions.

本季產品收入達9,680萬美元，我們再次創下產品收入新高。這代表著同比增長 32%，這主要得益於 DDR5 產品的持續強勁增長和新產品貢獻的不斷增加。

For the full year, we delivered $347.8 million in product revenue, which was a new annual record for the company. Contract and other revenue was $21.8 million, consisting predominantly of silicon IP. As a reminder, only a portion of our silicon IP revenue is reflected in contract and other revenue and the remaining portion is reported in royalty revenue as well as in licensing billings.

全年產品收入達到 3.478 億美元，創下公司年度新紀錄。合約及其他收入為 2,180 萬美元，主要包括矽知識產權。需要提醒的是，我們矽IP收入只有一部分反映在合約和其他收入中，其餘部分則計入特許權使用費收入和許可費帳單中。

Total operating costs, including cost of goods sold for the quarter were $103.2 million. Operating expenses of $64.9 million were in line with our expectations and flat compared to Q3. Interest and other income for the fourth quarter was $6.4 million, using an assumed flat tax rate of 20% for non-GAAP pretax income, non-GAAP net income for the quarter was $74.7 million.

本季總營運成本（包括銷售成本）為 1.032 億美元。營運支出為 6,490 萬美元，符合我們的預期，與第三季持平。第四季利息及其他收入為 640 萬美元，假設非 GAAP 稅前收入的統一稅率為 20%，則該季度非 GAAP 淨收入為 7,470 萬美元。

Now let me turn to the balance sheet details on slide 6. We ended the quarter with cash, cash equivalents and marketable securities totaling $761.8 million, up from Q3, primarily driven by record cash from operations of $99.8 million.

現在讓我來看看第 6 頁的資產負債表詳情。本季末，我們持有的現金、現金等價物和有價證券總額為 7.618 億美元，高於第三季度，主要得益於創紀錄的經營活動現金流 9,980 萬美元。

Fourth quarter capital expenditures were $8.6 million, with depreciation expense was $8.4 million. Free cash flow in the quarter was $91.2 million, and for the full year, we delivered $320.9 million or 45% free cash flow margin.

第四季資本支出為 860 萬美元，折舊費用為 840 萬美元。本季自由現金流為 9,120 萬美元，全年自由現金流為 3.209 億美元，自由現金流利潤率為 45%。

Let me now review our non-GAAP outlook for the first quarter on slide 7. As a reminder, the forward-looking guidance reflects our best estimates at this time, and our actual results could differ materially from what I'm about to review.

現在，請容許我在第 7 頁回顧我們第一季的非 GAAP 業績展望。再次提醒大家，前瞻性指引反映的是我們目前的最佳估計，而我們的實際結果可能與我即將介紹的內容有重大差異。

In addition to the non-GAAP financial outlook under ASC 606, we also provide information on licensing billings, which is an operational metric that reflects amounts invoiced to our licensing customers during the period adjusted for certain differences.

除了根據 ASC 606 提供的非 GAAP 財務展望外，我們還提供有關許可帳單的信息，這是一個營運指標，反映了在特定期間內向我們的許可客戶開立的發票金額，並已根據某些差異進行了調整。

We expect revenue in the first quarter to be between $172 million and $178 million. We expect royalty revenue to be between $61 million and $67 million and licensing billings between $66 million and $72 million.

我們預計第一季營收將在 1.72 億美元至 1.78 億美元之間。我們預計版稅收入將在 6,100 萬美元至 6,700 萬美元之間，授權費收入將在 6,600 萬美元至 7,200 萬美元之間。

As Luc mentioned earlier, our Q1 product revenue is impacted by a supply chain issue, which has been resolved. We expect resumption of growth from the second quarter onwards. We expect Q1 non-GAAP total operating costs, which includes COGS to be between $104 million and $100 million. We expect Q1 capital expenditures to be approximately [$13 million]. Non-GAAP operating results for the first quarter are expected to be between a profit of $68 million and $78 million.

正如 Luc 之前提到的，我們第一季的產品收入受到了供應鏈問題的影響，但這個問題已經解決。我們預計從第二季開始將恢復成長。我們預計第一季非GAAP總營運成本（包括銷售成本）將在1.04億美元至1億美元之間。我們預計第一季資本支出約為[1300萬美元]。預計第一季非GAAP營運利潤將在6,800萬美元至7,800萬美元之間。

For non-GAAP interest and other income and expense, we expect $6 million of interest income. We expect our pro forma tax rate for 2026 will be 16%, driven by tax legislation changes last year. We expect non-GAAP tax expenses to be between $11.8 million and $13.4 million in Q1. We expect Q1 share count to be 110 million diluted shares outstanding. Overall, we anticipate the Q1 non-GAAP earnings per share range between $0.56 and $0.64.

對於非GAAP利息及其他收入和支出，我們預期利息收入為600萬美元。受去年稅收立法變化的影響，我們預計 2026 年的預計稅率將為 16%。我們預計第一季非GAAP稅項支出將在1,180萬美元至1,340萬美元之間。我們預計第一季稀釋後流通股數為1.1億股。整體而言，我們預計第一季非GAAP每股收益將在0.56美元至0.64美元之間。

Let me finish with a summary on slide 8. In closing, I am pleased with our excellent 2025 financial performance and the continued progress we are making against our strategic goals. We delivered record top line revenue growth, resulting in record profitability and cash generation. Our diversified portfolio continues to be a core strength for the company.

最後，我來總結第 8 張投影片的內容。最後，我對我們2025年的出色財務業績以及我們在實現策略目標方面取得的持續進展感到滿意。我們實現了創紀錄的營收成長，從而帶來了創紀錄的獲利能力和現金流。我們多元化的業務組合仍然是公司的核心優勢。

First, patent licensing continues to deliver consistent and predictable results. Also, our silicon IP portfolio is well positioned to address the accelerating demand for AI solutions. In addition, our product business continues to drive our growth with strong leadership and market share gains in our core RCD business, which is complemented by our expanding new product contributions. Overall, we are well positioned to drive long-term shareholder value.

首先，專利許可持續帶來穩定且可預測的結果。此外，我們的矽IP產品組合完全有能力滿足日益增長的人工智慧解決方案需求。此外，我們的產品業務繼續推動公司成長，我們在核心 RCD 業務中保持著強大的領導地位並獲得了市場份額，同時不斷擴大的新產品貢獻也為此提供了補充。整體而言，我們已做好充分準備，為股東創造長期價值。

Before I open up the call to Q&A, I would like to thank our employees for their continued teamwork and execution. With that, I'll turn the call back to our operator to begin Q&A. Could we have our first question?

在正式開始問答環節之前，我想感謝我們員工的持續團隊合作和出色執行。接下來，我將把電話轉回給我們的接線生，開始問答環節。我們可以問第一個問題了嗎？

(Operator Instructions)

（操作說明）

Kevin Cassidy, Rosenblatt.

凱文·卡西迪，羅森布拉特。

Yeah. Thanks for taking my questions. Congratulations on the great results. But of course, the questions will be around the supply chain issue. I understand you've resolved the issue. Will there be catch-up -- meaning in the second quarter, can you make up for that revenue lost in the first quarter, or is that just lost market share at -- a competitor picking up the business?

是的。謝謝您回答我的問題。祝賀你們取得如此優異的成績。當然，問題肯定會圍繞著供應鏈問題。據我了解，您已經解決了這個問題。能否實現追趕——也就是說，在第二季度，你能否彌補第一季損失的收入，還是說這只是損失的市場份額——被競爭對手搶佔了市場？

Thank you, Kevin. Let me maybe take a few minutes to explain what the supply issue is that we understand the dynamics in the market. So in Q4, we -- as we said, we identified the back-end manufacturing issue with one of our OSATs. We have identified the root cause of that issue, and we have implemented all the corrective actions in collaboration with our supply chain partners.

謝謝你，凱文。請容許我花幾分鐘時間解釋一下什麼是供應問題，以便我們了解市場動態。因此，在第四季度，正如我們所說，我們發現了我們的一家 OSAT 的後端製造問題。我們已經找出了該問題的根本原因，並與供應鏈合作夥伴合作實施了所有糾正措施。

And before I go into the detail, Note that the issue was affecting an extremely low number of parts, which made the identification of the group was a bit difficult because it was hard to reproduce. But we have identified the root cause. We've put the measures in place.

在詳細介紹之前，請注意，該問題影響的零件數量非常少，因此很難確定受影響的零件組，因為很難重現問題。但我們已經找到了根本原因。我們已經採取了相應措施。

And in reality, what we've done is around two things. The first thing we've done is once the root cause was identified and the corrective actions were in place, we did actually pull forward fresh material from inventory that was originally staged for Q1 to meet our Q4 customer demand because our customer demand remained very strong in Q4. So that's the first thing we did. We accelerated fresh material once these measures were in place.

實際上，我們所做的一切都圍繞著兩件事。我們做的第一件事是，一旦確定了根本原因並採取了糾正措施，我們就提前從庫存中調取了原本為第一季度準備的新材料，以滿足第四季度的客戶需求，因為我們的客戶需求在第四季度仍然非常強勁。所以這是我們做的第一件事。這些措施到位後，我們加快了新材料的生產。

The second thing we did is, despite the very, very low PPMs that we observed and because quality is paramount out of abundance of precaution, we actually quarantined all potentially impacted production material.

第二件事是，儘管我們觀察到的 PPM 值非常非常低，但出於謹慎起見，品質至關重要，我們實際上隔離了所有可能受影響的生產材料。

And now we are recasting this material with enhanced screens in place. So these measures have put additional strain on capacity in a tight supply environment, and that impacts Q1, as we said. But the issue was identified in Q4, we accelerated material through -- after we put the measures in place. We are rescreening parts that were potentially painted, and that's what's creating that issue in Q1.

現在我們正在用更先進的螢幕重新製作這些材料。因此，這些措施在供應緊張的環境下給產能帶來了額外的壓力，正如我們所說，這將影響第一季業績。但這個問題在第四季被發現，我們在採取措施後加快了材料的審批流程。我們正在對可能被噴漆的零件進行重新篩檢，這就是第一季出現問題的原因。

So that issue is behind us. and the lower Q1 product revenue does not change the trajectory of the business. We expect the business to return to strong growth in Q2. And the product revenue for 2026 remain on track to grow faster than market. And that's how I would qualify the issue, Des. I don't know whether want to add anything to this.

所以這個問題已經過去了。第一季產品營收下降並不會改變公司的發展軌跡。我們預計第二季業務將恢復強勁成長。2026 年產品收入仍有望超過市場平均。這就是我對這個問題的定性，Des。我不知道是否要補充什麼。

No, I think you've summarized it well, Luc. The issue in Q1 is behind us, and we're expecting strong recovery both in Q2 and also for the full year. And as you said, we do expect the business to grow faster than market for the year. So we're very well positioned from here.

不，我覺得你總結得很好，盧克。第一季的問題已經過去，我們預計第二季以及全年都將強勁復甦。正如您所說，我們預計今年的業務成長速度將超過市場平均水平。所以我們現在處境非常有利。

Okay. Great. Thanks for that detailed explanation. Maybe a more difficult question, but what -- can you quantify what the revenue would have been?

好的。偉大的。謝謝你的詳細解釋。或許這個問題更難回答，但是──你能量化一下原本應該有多少收入嗎？

Hi, Kevin, it's Des. What I would see is the impact would probably have been around low double-digit million impact in what's already a seasonally soft quarter for the business. So that's how I would sort of quantify the sort of Q1 revenue impact from there. As Luc mentioned, we are -- we will build inventory by the end sort of Q1, and we'll be in a position to return to strong growth in Q2 from there. But I would say quantification probably in the low double-digit million impact is what I would say, Kevin.

嗨，凱文，我是德斯。我認為，在公司業務原本就處於季節性淡季的這個季度，影響可能只有幾千萬美元左右。所以，這就是我量化第一季營收影響的方法。正如盧克所提到的，我們將在第一季末建立庫存，並有望在第二季恢復強勁成長。但我認為量化影響可能在幾千萬美元左右，凱文。

Okay. Great. Thank you for that help.

好的。偉大的。謝謝你的幫忙。

Thanks, Kevin.

謝謝你，凱文。

Kevin Garrigan, Jefferies.

凱文‧加里根，傑富瑞集團。

Hey, guys. Thanks for taking my questions. Can you just talk about how your RCD market share finished for 2025?

嘿，夥計們。謝謝您回答我的問題。能否談談貴公司 2025 年的 RCD 市佔率？

Yes. Thanks, Kevin. So we believe that we ended up the year in the mid-40% share for DDR5. We -- the market between '24 and '25 grew mid-single digit, but the portion of DDR5 became more important. DDR4 continues to decrease in terms of share.

是的。謝謝你，凱文。因此，我們相信我們最終在 DDR5 領域佔據了 40% 左右的市場。我們－2024 年至 2025 年間，市場實現了中等個位數的成長，但 DDR5 的份額變得更加重要。DDR4的市佔率持續下降。

So in 2024, we were in the early 40s for DDR5, in 2025, we believe we are in the mid-40s on DDR5 in a market where DDR5 dominated even more. And I think as we said in the prepared remarks, we expect to continue to grow faster than market in 2026, despite the glitch we had in Q1.

因此，到 2024 年，DDR5 的市佔率約為 40 倍；到 2025 年，我們相信 DDR5 的市佔率將達到 40 倍左右，而 DDR5 在市場上的主導地位將更加顯著。正如我們在準備好的演講稿中所說，儘管我們在第一季遇到了一些小問題，但我們預計到 2026 年仍將保持比市場更快的成長速度。

Okay. Perfect. I appreciate that color. And then just as a follow-up. So there's a lot going on with the Intel Diamond Rapids platform and even the AMD Venice platform. So just kind of wondering if the time line and opportunity that you're expecting on the MRDIMM front hasn't changed at all?

好的。完美的。我喜歡這個顏色。然後，作為後續。所以英特爾 Diamond Rapids 平台，甚至 AMD Venice 平台都有很多值得關注的地方。所以我想問一下，您在 MRDIMM 方面的預期時間表和機會是否有所改變？

Thanks, Kevin. No, it hasn't. We are monitoring the rollout of these platforms as every generation has been the same dynamic the rollout of our products mostly depend on the rollout of the platform from Intel and AMD. So we expect our margin to ramp towards the very end of the year at this point in time, but we will modulate that based on how the platforms roll out from both Intel and AMD are happening. I think that's nothing new.

謝謝你，凱文。不，還沒有。我們正在密切關注這些平台的推出情況，因為每一代平台的推出情況都一樣，我們產品的推出主要取決於英特爾和 AMD 平台的推出情況。因此，我們預計利潤率將在今年年底前大幅提升，但我們將根據英特爾和 AMD 的平台推出情況進行調整。我覺得這沒什麼新鮮的。

This has happened in every generation in the past. We are readying our products. We are working with the ecosystem to make sure that we are ready. But eventually, that will depend on when those platforms roll out. As far as we're concerned, we are ready.

過去每一代人都發生過這種情況。我們的產品正在準備中。我們正在與生態系統合作，確保我們做好準備。但最終，這取決於這些平台何時推出。就我們而言，我們已經準備好了。

Okay. Perfect. Appreciate the color. Congrats on the results.

好的。完美的。欣賞這種顏色。恭喜取得好成績。

Thank you.

謝謝。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah. Thanks a lot for taking the questions. I've got a couple if I can as well. I guess, first of all, going back to the supply chain issue. Yes, I can appreciate the issues have been rectified. I know, Luc, you've referenced a couple of times growing faster than the market. So I guess the question I have is how do you define the growth rate of the market?

是的。非常感謝您回答這些問題。如果可以的話，我也有幾個。我想，首先，還是回到供應鏈問題。是的，我很高興這些問題已經解決。我知道，盧克，你曾多次提到成長速度要超過市場平均。所以我想問的是，如何定義市場的成長率？

We've seen a lot of data points where server demand looks like it might be as much as mid-teens, maybe even high teens and some of the commentary recently. So I'm curious if you can just kind of contextualize what you think the market growth rate is in 2026, underpinning your expectation of growing faster than that.

我們看到很多數據點表明，伺服器需求可能達到十幾甚至十幾，最近的一些評論也印證了這一點。所以我很好奇，您能否解釋一下您認為 2026 年的市場成長率是多少，以此來支撐您預期成長速度會超過這個水準的觀點。

Yeah. Thanks, Aaron. We see a wide range of numbers for the market growth. Typically, as you know, there are many variables going into this. One of -- one of the basis is really the market for servers. The analysts, the marketing analysts have a range, new for market servers, Gartner is at 8%, we hear from other sources that this could be, as you said, double-digit growth.

是的。謝謝你，亞倫。我們看到市場成長數據有很大差異。如你所知，這其中有很多變數需要考慮。其中一個基礎實際上是伺服器市場。分析師，尤其是市場分析師，給出了不同的預測，Gartner 預測新伺服器市場成長率為 8%，而我們從其他管道中了解到，正如你所說，這可能是兩位數的成長。

But we want to stay prudent with the view of the server growth. because we believe the demand is here. But I think some people tend to underestimate the impact of potential shortage, especially on the memory side. So we tend to align with Gartner's view with 8% market growth for the servers.

但我們希望對伺服器成長保持謹慎態度，因為我們相信市場需求仍然存在。但我認為有些人傾向於低估潛在短缺的影響，尤其是在記憶方面。因此，我們傾向於認同 Gartner 的觀點，即伺服器市場將成長 8%。

So we certainly exceed that. But you have other things happening. The number of channels increasing, the introduction of new platforms. In our case, we also are introducing our new products, so we're going to be higher than that. But the basis we use is mid- to high single-digit growth for the server market. That's our basis.

所以，我們肯定超過了這個數字。但你還有其他事情要處理。通路數量增加，新平台不斷湧現。就我們而言，我們還要推出新產品，所以我們的銷售額會高於這個數字。但我們採用的基準是伺服器市場實現中高個位數成長。這是我們的出發點。

Okay. Got it. That's very helpful. And then kind of sticking with that, when we talk about your companionship opportunities, I think last quarter, you talked about the [PMIC] being, I want to say, with mid-single-digit contribution to your total product revenue. Can you unpack that a little bit? How fast is that growing? What's the expectations for this year? Thank you.

好的。知道了。那很有幫助。然後，我們繼續討論這個主題，當我們談到您的陪伴機會時，我想上個季度您談到了[PMIC]，我想說的是，它對您的產品總收入的貢獻為個位數中段。你能稍微解釋一下嗎？這個成長速度有多快？今年的預期目標是什麼？謝謝。

Aaron , it's Des here. We're really pleased with the progress and traction that our new products continue to make in the market. new products have grown from low single-digit contribution in the first half of '25 to upper single digits in Q4, which was in line with our expectations. As we look ahead to Q1, I do expect the strong traction really to continue where I do expect new products will continue to be -- it will grow to about double-digit contribution of total product revenue.

亞倫，我是德斯。我們對新產品在市場上的持續進展和成長動能感到非常滿意。新產品的市佔率貢獻率已從2025年上半年的個位數成長到第四季的接近兩位數，這符合我們的預期。展望第一季度，我預計強勁的成長動能將持續維持，新產品也將持續推出－其對產品總營收的貢獻將達到兩位數左右。

We have traction across all of our products. But I would say that in terms of revenue contribution, PMIC remains the largest contributor there. Our customers continue to place value and importance of the interoperability between RCD and PMIC. And as we look ahead into to '26 with the continued rollout of new platforms, I would say that our new products are very well positioned within the market to continue to grow and take market share.

我們所有產品都獲得了市場認可。但就收入貢獻而言，我認為 PMIC 仍然是最大的貢獻者。我們的客戶始終重視 RCD 和 PMIC 之間的互通性。展望 2026 年，隨著新平台的不斷推出，我認為我們的新產品在市場上的定位非常有利，能夠繼續成長並擴大市場份額。

Thank you, guys.

謝謝大家。

Thank you.

謝謝。

Bastian Fokin, Susana.

巴斯蒂安‧福金，蘇珊娜。

Hi, guys. Thanks for taking my questions. I guess one question I have is revisiting the average of the bids for CPU expected in '27. And you mentioned it previously, given the cost of February and the shortage, has this changed your expectations of having channels are being populated with DIMMs for CPU and I have a follow-up.

嗨，大家好。謝謝您回答我的問題。我想問的一個問題是，重新檢視 2027 年 CPU 的平均預期出價。您之前也提到過，考慮到二月的成本和短缺情況，這是否改變了您對 CPU 記憶體插槽已安裝 DIMM 的預期？我還有一個後續問題。

Thanks, Bastian, for your question. The DIMMs per CPU, dynamic is a complex one. Typically, what happens is people who want very high bandwidth like in AI types of applications tend to use fewer teams per channel so that they can make the best use of this bandwidth.

謝謝你的提問，巴斯蒂安。每個 CPU 的 DIMM 數量是動態的，這是一個複雜的問題。通常情況下，像人工智慧類型的應用一樣需要非常高頻寬的人，往往會減少每個通道的團隊數量，以便充分利用頻寬。

And people who are in need of more capacity tends to populate more DIMMs on their channels. And then you combine this with the respective growth of standard applications with AI applications, so we continue to see, on average, the number of DIMMs per channel are growing, but it's difficult to -- it's a bit difficult to really put a number on.

而那些需要更多容量的人往往會在他們的通道上安裝更多的記憶體插槽。然後，再加上標準應用和 AI 應用的相應增長，我們看到，平均而言，每個通道的 DIMM 數量繼續增長，但是很難——很難真正給出一個具體的數字。

I think the memory situation is a broader situation than the number of DIMMs per channel. I think fan god memory is booming these days. This dynamic between HBM and standard DDR, for example. And with the standard DDR, there's a dynamic between the different speeds of these DDR. So I think overall, we believe that the market is going to be constrained. But again, trying to put a number on how the supply constraints on the memory side is going to impact the number of DIMMs per channel is something that is quite difficult to figure out.

我認為記憶體問題比每個通道的 DIMM 數量要複雜得多。我覺得最近粉絲的追星活動非常熱門。例如，HBM 和標準 DDR 之間的這種動態關係。而對於標準的 DDR 內存，不同速度的 DDR 內存之間存在著動態關係。所以總的來說，我們認為市場將受到限制。但是，要準確估算記憶體供應限制將如何影響每個通道的 DIMM 數量，仍然是一件非常困難的事情。

Alright. That is very helpful. And I have a follow-up. In terms of RCD contribution, what are your expectations of the DDR5 Gen 3 RCD contribution relative to the Gen 1 and 2 in 2026, given the supply chain issue that you've encountered with your RCDs that will be impacting Q1?

好吧。那很有幫助。我還有一個後續問題。就 RCD 的貢獻而言，考慮到您在 RCD 方面遇到的供應鏈問題將影響到第一季度，您對 DDR5 Gen 3 RCD 在 2026 年相對於 Gen 1 和 Gen 2 的貢獻有何預期？

Yes. That's a good question. What we saw is in Q4, Gen 2 was predominant. This is what we were expecting and Gen 3 was starting to ramp. It was growing in Q4 compared to Q3. When we look at 2026, our view is that Gen 3 will continue to grow and will probably be the predominant version of DDR5 throughout the year. Gen 4 will contribute somehow. But because this is on a different type of core, it will have more limited adoption.

是的。這是個好問題。我們看到，在第四季度，第二代產品佔據了主導地位。這和我們預期的一樣，第三代產品也開始量產了。第四季較第三季有所成長。展望 2026 年，我們認為第三代 DDR5 將繼續成長，並且很可能成為全年 DDR5 的主要版本。第四代人也會以某種方式做出貢獻。但由於它採用的是不同類型的核心，因此其應用範圍會比較有限。

The big next step is going to be Gen 5 and Gen 5, as we said earlier, is going to depend on the introduction of the next-generation platform on Intel and AMD. So in summary, we continue to see Gen 2, Gen 3, and the mix between Gen 2 and Gen 3 is changing. Gen 3 is growing, and our expectation at this point in time is that Gen 3 is going to be dominant in 2026.

下一步的重大發展將是第五代處理器，而正如我們之前所說，第五代處理器的推出將取決於英特爾和 AMD 下一代平台的推出。總而言之，我們繼續看到第二代、第三代產品，而第二代和第三代產品之間的比例正在改變。第三代產品正在發展壯大，我們目前的預期是，第三代產品將在 2026 年佔據主導地位。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Hey, guy. Thanks for taking my questions. I had a multipart follow-up question about the supply chain issue. First, do you see any reputational harm from this with your customer base did it impact the companionship business more than the RCD business? And I guess, logically, we should assume a sharp revenue recovery in Q2. It sounds like Q1 revenue would have been about $99 million to $100 million, which is described as seasonally weak.

嘿，夥計。謝謝您回答我的問題。我還有一個關於供應鏈問題的多部分後續問題。首先，您認為這會對您的客戶群造成任何聲譽損害嗎？它對陪伴業務的影響是否大於對RCD業務的影響？因此，從邏輯上講，我們應該假設第二季營收將出現強勁反彈。聽起來第一季的營收約為 9,900 萬美元至 1 億美元，這被認為是季節性疲軟的水平。

And therefore, if you're going to recover that revenue and gain share in the year, presumably Q2 revenue would have been up sequentially from that. So can your supply chain recover to that degree that quickly to get back to the $100 million plus per quarter in product revenue.

因此，如果你想在年內恢復收入並提高市場份額，那麼第二季的收入應該會比第一季有所成長。那麼，你的供應鏈能否如此迅速地恢復到那種程度，從而恢復到每季 1 億美元以上的產品收入？

So thank you, Gary, for your questions. I'll start with your initial questions and let Des comment on the numbers. Your first question is about the reputational risk. No, there's no reputational risk. Actually, when we identified that issue, we had all hands on deck and we work in close collaboration with our suppliers and our customers.

謝謝你，加里，提出問題。我先回答你最初提出的問題，然後讓 Des 對這些數據進行評論。你的第一個問題是關於聲譽風險的。不，不存在聲譽風險。事實上，當我們發現這個問題時，我們全員投入，並與供應商和客戶密切合作。

And I think it's really, really important we said over and over again over the last few years, that quality management is really, really important. We had a real life example here, where we identified an issue quickly. We had a very thorough quality process in place with our suppliers, with our customers and we're back on track.

我覺得這一點非常重要，我們在過去幾年也一再強調過，品質管理真的非常重要。這裡有一個真實案例，我們很快就發現了問題。我們與供應商和客戶都建立了非常完善的品質控制流程，現在一切都步入正軌了。

The only issue that is left for Q1 is the fact that we need to replenish our supply chain and makes the best use of our testing capacity as we are also retesting old path but the reputation has not been damaged. We've been able to identify the problem, fix the problem and put actions in place quite quickly.

第一季唯一剩下的問題是我們需要補充供應鏈，並充分利用我們的測試能力，因為我們也在重新測試舊路徑，但聲譽並未受損。我們已經能夠迅速發現問題、解決問題並採取相應措施。

Your second question was about whether it affected the RCD or the other chips, it only affected the RCD and actually older versions of the RCD, but the companion ships were not affected at all on that. On the numbers, maybe, Das, do you want to comment.

你的第二個問題是關於它是否影響了 RCD 或其他晶片，它只影響了 RCD，實際上還影響了較舊版本的 RCD，但伴生飛船完全沒有受到影響。關於這些數字，Das，你想發表一下看法嗎？

Gary, it's Des. in terms of the inventory, I do expect that the inventory will be replenished by the end of we'll be able to grow the inventory to a level, which will be able to support our Q2 '26 demand going forward from there.

Gary，就庫存而言，我預計庫存將在年底前得到補充，屆時我們將能夠把庫存增加到一定水平，從而能夠支持我們 2026 年第二季度的需求。

So Again, as Luc talked about, the issue has been contained, we'll continue to replenish our inventory as we go throughout Q1, and that will put us in a good position ending Q1 for meeting customers' demand for Q2 going forward.

所以，正如盧克所說，這個問題已經得到控制，我們將在第一季繼續補充庫存，這將使我們在第一季末處於有利地位，以滿足客戶在第二季的需求。

Got it. So a follow-up, I want to ask about MRDIMM based on what you're seeing in timing of vendor shipments and on your rapid shipments and sort of queuing the memory ecosystem around those 2 server processor launches. Do you still see revenue contribution, I guess, material revenue contribution from MRDIMMs by the end of the calendar year?

知道了。所以，我想就 MRDIMM 提出一個後續問題，根據您觀察到的供應商出貨時間以及您自身的快速出貨情況，以及圍繞這兩款伺服器處理器發布而對內存生態系統進行的某種程度的調整。我猜想，到年底，MRDIMMs 還能帶來實質的收入貢獻嗎？

As we said earlier, we are monitoring the rollout of these platforms, and we are continuing activities around MRDIMM. As we said on the earlier call, we see the initial contribution towards the end of the year. That's the very initial contribution of this platform is going to be towards the very end of the year. And the main contribution is happening in 2027.

正如我們之前所說，我們正在密切關注這些平台的推出，並且我們正在繼續進行與 MRDIMM 相關的活動。正如我們在先前的電話會議中所說，我們預計年初的貢獻將在年底到來。這個平台的首批貢獻將在年底前實現。而主要貢獻將在 2027 年發生。

Thank you.

謝謝。

Thanks, Gary.

謝謝你，加里。

Tristan Gerra, Baird.

特里斯坦·格拉，貝爾德。

Hi, good afternoon. It looks like you started to be a little bit more bullish on your market share prospect in RCD with companionships ramping. Is that the reason why we're now seeing market share that it looks like is above what your expectation was a year ago and miles and what would be kind of the upside that you think you could get to by end of this year or even next year?

您好，下午好。看來隨著陪伴業務的拓展，你對RCD的市佔前景開始變得更加樂觀了。這就是我們現在看到市場份額似乎高於您一年前預期以及里程數的原因嗎？您認為到今年底甚至明年，市佔率還有多大的成長空間？

Thanks, Tristan. I'll make the first comment about the market share. When we talk about being in the mid-40s is for DDR5 RCDs. So this market share gains year-over-year are really referring to the RCD chip. And this is the result of the increased design win footprint we were able to secure from generation to generation.

謝謝你，特里斯坦。我先就市場佔有率發表一下看法。我們說的40多歲是指DDR5 RCD。因此，這種同比市佔率成長實際上指的是RCD晶片。這是因為我們一代又一代地不斷擴大設計專案的成功案例。

From G4 to D5, we have many more -- a much higher footprint, and the regeneration of G5, we increased our footprint in terms of design wins. That translates into our market share for the RCD chip. So when we mentioned that in 2025, our market share was in the mid-40s. That's on the DDR5 RCDs.

從 G4 到 D5，我們取得了更大的成就——更大的影響力，而 G5 的復興，也讓我們在設計獲獎方面取得了更大的成就。這轉化為我們在RCD晶片的市場份額。所以，當我們提到到 2025 年，我們的市佔率將達到 40% 左右時，我們是這麼說的。那是關於DDR5 RCD的。

And the DDR5 overall generation is still early in its cycle. So there's still room to gain share in the mid-40 now. We always said we could be between 40 and 50, so we're still chasing more share on the DDR5 RCD chip. The companion ships are an addition to this. And they're ramping steadily, slowly, as Bas explained into the market as the qualifications take place. But this is going to be additional revenue to the RCD revenue.

DDR5 記憶體整體而言仍處於發展初期。所以現在40年代中期市場還有提升市場佔有率的空間。我們一直說我們的市佔率可能在 40% 到 50% 之間，所以我們仍在努力爭取在 DDR5 RCD 晶片上獲得更多市場份額。伴生艦是對此的補充。正如巴斯解釋的那樣，隨著資格審查的進行，他們正穩步、緩慢地進入市場。但這將是RCD收入以外的額外收入。

Yeah. And I was just wondering if the fact that you have companionship, does that help your RCE share? Or is that completely separate? sense that perhaps you saw some cross-selling opportunities or benefits that will go beyond just the additional TAM of the companionship. And then also my follow-up question is if there's any update on the potential scans opportunity, whether it's in the current Blackwell platform or the upcoming platform for you to potentially participate?

是的。我只是想知道，有伴侶陪伴是否會影響你的 RCE 份額？還是這完全是兩碼事？或許你看到了一些交叉銷售機會或好處，這些機會或好處不僅體現在陪伴帶來的額外TAM。那麼，我的後續問題是，關於潛在的掃描機會，無論是在目前的 Blackwell 平台還是即將推出的平台上，是否有任何更新資訊供您參與？

Yeah. I'll answer first on the companionship. The (inaudible) yes, one way to look at it, as you rightly say, is to add the TAMs. But is there a connection between the two, is an indirect impact as the speeds on the DIMMs continue to increase, it is more and more important for our customers to get their chips from the same supplier for [interprobality] reasons. These systems are very, very complex.

是的。我先回答關於陪伴方面的問題。（聽不清楚）是的，正如你所說，一種看待這個問題的方式是加上 TAM。但兩者之間是否有關聯？隨著 DIMM 速度的不斷提高，是否有間接影響？出於互通性方面的考慮，我們的客戶越來越需要從同一供應商購買晶片。這些系統非常非常複雜。

And if we have all ships in-house, we can do a lot of system testing before shipping those parts to our customers. So that puts us in a favorable position. So there's a positive indirect impact on our ability to grow our PMIC in particular, but also the other companionship as the speeds on the RCD continue to increase. So that's that's the answer on that.

如果所有船舶都在公司內部，我們可以在將這些部件運送給客戶之前進行大量的系統測試。這樣一來，我們就處於有利地位。因此，隨著 RCD 速度的不斷提高，這對我們發展 PMIC 的能力，尤其是對其他合作夥伴的能力，都產生了積極的間接影響。這就是答案。

On the SOCAMM, we continue to monitor the dynamics there on the SOCAMM, theres definitely an SPD opportunity on the SOCAMM for us. We're talking about next generations and how these next generations can evolve, in particular in the field of power management that could open other opportunities in the future. But I would say this, as we said in the prepared remarks, we -- our strategy is to have solutions for every JEDEC standard module, whether it's on the client side or whether it's on the data center side.

在 SOCAMM 上，我們繼續關注其動態，SOCAMM 上肯定存在 SPD 投資機會。我們正在討論下一代技術以及這些下一代技術將如何發展，尤其是在電源管理領域，這可能會在未來開闢其他機會。但我想說的是，正如我們在準備好的發言稿中所說，我們的策略是為每個 JEDEC 標準模組提供解決方案，無論是在客戶端還是在資料中心端。

So we will continue to monitor what's happening with SOCAMM or the SOCAMM2, we have an opportunity for the SPD hub, as the evolution of silicon continues and new chips are being defined, we're going to be part of that definition, and we'll continue to develop chips to support that market.

因此，我們將繼續關注 SOCAMM 或 SOCAMM2 的發展情況，隨著矽技術的不斷發展和新晶片的不斷湧現，我們有機會參與 SPD 集線器的發展，我們將成為新晶片定義的一部分，並將繼續開發晶片來支援該市場。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Sebastian Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

Yes. Thank you for taking my question. Could you maybe remind us how much of your product business today is not related to the server market. You mentioned some early success in the client market. And as we think about 2026, does rising memory cost maybe create some friction in this part of the market for Rambus?

是的。感謝您回答我的問題。您能否提醒我們一下，目前貴公司有多少產品業務與伺服器市場無關？您提到在客戶市場早期取得了一些成功。展望 2026 年，不斷上漲的記憶體成本是否會為 Rambus 的這部分市場帶來一些摩擦？

The client market remains minimal for us at this point in time for a couple of reasons. One is the adoption of the CKD chip or the equivalent of the [prop] into the client space really is limited to the very, very high end part of that client space. So the contribution is minimal in terms of numbers.

目前，我們的客戶市場仍然很小，原因有二。一是 CKD 晶片或 [prop] 的等效物被應用到客戶端領域，實際上僅限於客戶端領域的非常非常高階的部分。因此，從數字上看，貢獻微乎其微。

Our goal is still to get 20% share in the long run for that. But these platforms have to -- these platforms have to ramp in the market. Their contribution are still going to be minimal even in 2026 for clients. So the vast majority of the business is in the in the data center space.

我們的目標仍然是最終獲得20%的市佔率。但這些平台必須──這些平台必須在市場上擴大規模。即使到了 2026 年，他們對客戶的貢獻仍然微乎其微。因此，絕大多數業務都集中在資料中心領域。

But this being said, in the long run, the the power management and the [prop] management are going to be very, very important in the client space as well. It's important for us to position ourselves there and to have solutions for all platforms. So that's why we're doing this in terms of the client space. And your second question was?

但即便如此，從長遠來看，電源管理和[道具]管理在客戶端領域也將非常非常重要。對我們來說，佔據有利位置並為所有平台提供解決方案至關重要。所以這就是我們在客戶領域進行這項工作的原因。你的第二個問題是？

No, no, no. That was my first question. My second question is on IP side of the business, if I could -- So Rambus has benefited a lot from the explosion in the number of ASICs that are being designed. You have many companies attempting to design their own XPUs. You've also seen an accelerated cadence of new chip releases. As we go into 2026, are you seeing any signs of a slowdown in some of these new chip design starts that could start to impact your IP business?

不，不，不。那是我的第一個問題。我的第二個問題是關於公司智慧財產權方面的，如果可以的話——Rambus 從 ASIC 設計數量的爆炸性增長中受益匪淺。很多公司都在嘗試設計自己的XPU。你也已經注意到，新晶片的發布頻率加快了。進入 2026 年，您是否看到一些新的晶片設計專案啟動速度放緩的跡象，這可能會開始影響您的智慧財產權業務？

Well --

出色地--

Oh you want to go ahead, Des, go ahead.

哦，你想繼續就繼續吧，德斯，繼續。

Yeah. I'll start Luc, maybe you can add on. We were very pleased with how our silicon IP business performed in 2025, performed in line with expectations. And the portfolio is really well positioned to address the demand for AI solutions from there.

是的。我先開始，盧克，也許你可以補充。我們對公司矽IP業務在2025年的表現非常滿意，符合預期。而且，該產品組合完全有能力滿足來自各地的人工智慧解決方案需求。

If you look at our portfolio, we have a leading-edge portfolio with critical IT solutions in the high-speed memory interconnect and security IP, which is tailored towards the AI sort of workloads from there. And our expectation is that, that would continue to grow in 2026, in line with our long-term growth expectations from there. So very bullish on the overall sort of portfolio and outlook for the IP business.

如果您查看我們的產品組合，您會發現我們擁有領先的產品組合，其中包含高速記憶體互連和安全 IP 等關鍵 IT 解決方案，這些解決方案是專門針對 AI 類型的工作負載量身定制的。我們預計，到 2026 年，這一數字將繼續成長，符合我們此後的長期成長預期。因此，我對智慧財產權業務的整體投資組合和前景非常看好。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Kevin Cassidy, Rosenblatt.

凱文·卡西迪，羅森布拉特。

Yeah. Thanks for taking my follow up. Maybe along those lines of custom, Luc, I think you had mentioned custom hardware. And I wonder if you could give us a little more details on that is how many customers can you support? And what would be the timing of that?

是的。感謝您回覆我的後續問題。或許可以沿著客製化的方向來談，盧克，我想你之前提到過客製化硬體。我想請您提供更詳細的信息，例如，您最多可以支援多少客戶？那具體時間安排是什麼時候呢？

Yes. When we say custom hardware, there are a lot of people who are developing their own chips for their AI infrastructure or the server infrastructure typically accelerators, chips that are dedicated to in France and these kind of things. So every time they do develop those type of chips they have a potential need for HBM and at high speed, PCA at high speed or security solutions.

是的。當我們說客製化硬體時，有很多人正在為他們的 AI 基礎設施或伺服器基礎設施（通常是加速器）開發自己的晶片，這些晶片是專門為法國等地開發的。因此，每次他們開發這類晶片時，他們都有可能需要高速 HBM、高速 PCA 或安全解決方案。

So GDDR sometimes. So as you know, we positioned our portfolio to be at the high end of those standards. So we typically talk to the people who work at the high end of those systems. We can support a large number of customers because we have a limited portfolio in terms of the scope. We focus on PCI, CSL, HBM, GDDR and security IP.

所以有時候會用到GDDR。如您所知，我們的投資組合定位是達到這些標準的高端水準。所以我們通常會和那些在這些系統高端工作的人員交談。由於我們的產品組合範圍有限，因此我們可以為大量客戶提供支援。我們專注於PCI、CSL、HBM、GDDR和安全IP。

So we have a laser-focused portfolio that addresses potentially a large number of customers who are working on the leading edge of those technologies. That's really what's driving the business for us as opposed to potentially other IP suppliers that have a much broader portfolio.

因此，我們擁有一個目標明確的產品組合，可以滿足許多從事這些技術前沿研究的客戶的需求。這才是真正推動我們業務發展的因素，而其他擁有更廣泛產品組合的智慧財產權供應商則可能並非如此。

We narrow our portfolio for the needs of people who develop chips for the data center. And most of these ships are either their own processors, some people develop their own processes as opposed to buying merchant processors, other types of applications are accelerators to improve the performance of their systems.

我們縮小產品組合範圍，以滿足資料中心晶片開發人員的需求。而且這些船舶大多擁有自己的處理器，有些人開發自己的處理器而不是購買商用處理器，其他類型的應用程式則是加速器，以提高其係統的效能。

Okay, great. Thank you.

好的，太好了。謝謝。

We have another follow-up from Aaron Rakers with Wells Fargo.

我們還有來自富國銀行的 Aaron Rakers 的後續報導。

Yeah. Thanks for taking a follow up question. I guess the first one is, Luc, you mentioned like there is risk in terms of memory supply and availability. I'm curious, as you look back at this last quarter or coming out of the last quarter in these first couple of weeks of the first quarter, have you seen any signs of memory constraints impacting your customers' ability to fulfill demand? Or any -- how would you characterize the inventory levels that you're seeing at some of your major customers? Any thoughts on that would be great.

是的。感謝您回答後續問題。我想第一個問題是，Luc，你提到記憶體供應和可用性方面有風險。我很好奇，回顧上個季度或從上個季度到第一季的前幾週，您是否發現任何記憶體限制影響客戶滿足需求能力的跡象？或者，您如何描述您一些主要客戶的庫存水準？大家有什麼想法嗎？

Yes, sure. We are in a small ecosystem, as you know. And when we talk to our customers and partners, we hear those comments. And one of the common theme that we hear is that the demand for servers is solid. There's a refresh cycle.

當然可以。如你所知，我們身處在一個小型生態系統中。當我們與客戶和合作夥伴交談時，我們聽到了這些評論。我們常聽到的一個說法是，對伺服器的需求很穩定。存在一個更新周期。

There is a that is not over. There's also agentic AI and all the inference applications that drive demand. But what we hear from the same customers is that they're going to be constrained by supply, and we hear this directly from our customers.

這件事還沒結束。還有智能體人工智慧以及所有推動需求的推理應用。但我們從同樣的客戶那裡聽到的是，他們將受到供應限制，我們直接從客戶那裡聽到了這個說法。

And this is why when we look at the market potential for us, we tend to be prudent because we are aware of these comments from our customers in terms of supply. So that's what the basis of what the outcomes are. We see on the supply side, we also see the supply on the supply side, we also see lengthening lead times.

正因如此，當我們審視自身市場潛力時，我們往往會比較謹慎，因為我們了解客戶在供應方面的這些回饋。這就是結果的依據。我們看到，在供應方面，我們也看到供應情況，同時也看到交貨週期延長。

It's nothing to do with the memory guys, but there's also on the supply side, lead times continue to increase. And that's why we believe in 2026, the demand is solid, but we're going to be more constrained by supply that we're going to be very demand.

這跟記憶體供應商無關，但供應方面也有問題，交貨週期持續延長。因此，我們認為 2026 年需求依然強勁，但供應將更加緊張，需求將會非常旺盛。

Yeah. That's helpful. And then us real quickly on the gross margin line. I want to make sure I'm clear, like given the supply chain issues, you don't expect any kind of gross margin, any kind of inventory provisions or anything of that nature? And I guess what I'm trying to get at is the product gross margin looks like it's still hovering in that plus 60% range. Is that still the expectation that we stay in that low 50% range here as we look forward? Thank you.

是的。那很有幫助。然後我們很快就談到了毛利率。我想確認一下，考慮到供應鏈問題，你們不指望任何毛利率、任何庫存準備金或類似的東西嗎？我想表達的是，產品毛利率似乎仍徘徊在 60% 以上。展望未來，我們是否仍預期這一比例會維持在 50% 的低點？謝謝。

Yeah, that would be the right expectation going forward. If you look at the full year of 2025, our gross margins for around six which was in line with 2024 performance and consistent with our long-term model of I think what you will see is that we have a strong track record of delivering gross margins in line with these targets. And that would be my expectation.

是的，這才是未來應有的預期。如果展望 2025 年全年，我們的毛利率約為 6%，與 2024 年的業績一致，也符合我們的長期模式。我認為你會看到，我們在實現符合這些目標的毛利率方面有著良好的記錄。我的預期也是如此。

If you really look where we've been operating in the last sort of three years, we've been in a tight range of 61% to 63%. And I think that would be a fair way to think about the business in 2026 from our gross margin perspective.

如果你仔細觀察我們過去三年左右的營運情況，你會發現我們的佔比一直徘徊在 61% 到 63% 之間。我認為從毛利率的角度來看，這才是對 2026 年業務發展的合理思考方式。

We'll continue to be disciplined in our approach to pricing. And as always, we'll continue to drive manufacturing cost savings going forward, which enables us to drive to the gross margins within the range, I mentioned earlier.

我們將繼續秉持嚴謹的定價策略。和以往一樣，我們將繼續努力降低製造成本，以實現我先前提到的毛利率目標。

Perfect. Thanks, Des.

完美的。謝謝你，德斯。

Thanks, Aaron.

謝謝你，亞倫。

Thank you. At this time, there are no further questions. This concludes the question-and-answer session. I would now like to turn the conference back over to the company.

謝謝。目前沒有其他問題了。問答環節到此結束。現在我想把會議交還給公司。

Thank you, everyone, who is joining us today for your interest and time, and we look forward to speaking with you again soon. Have a great day. Thank you.

感謝各位今天抽空關注我們的節目，我們期待很快能再次與您交流。祝你有美好的一天。謝謝。

Thank you. This now concludes today's conference.

謝謝。今天的會議到此結束。