Rambus Inc. reported GAAP revenue of $166.7 million for the first quarter ended March 31, 2025, exceeding its own expectations. Product revenue reached a record $76.3 million, marking a substantial 52% increase year-over-year, driven by strong market leadership in core DDR5 RCD products.
Licensing billings for the quarter were $73.3 million, and royalty revenue saw significant growth, increasing 55.8% year-over-year to $74.0 million. The company also generated $77.4 million in cash from operating activities, contributing to a healthy cash, cash equivalents, and marketable securities balance of $514.4 million as of March 31, 2025.
For the second quarter of 2025, Rambus provided an outlook projecting total revenue between $167 million and $173 million. Product revenue is expected to be between $77 million and $83 million, and royalty revenue between $67 million and $73 million. Non-GAAP earnings per share are projected to be between $0.57 and $0.64, reflecting anticipated continued growth.
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