Rambus (RMBS): what its 10-K says it depends on

Customers

Top five customers

concentrated in · approximately 66% of our consolidated revenuenamed as a risk

Our top five customers for each reporting period represented approximately 66% of our consolidated revenue for the year ended December 31, 2025 and 62% of our consolidated revenue for both the years ended December 31, 2024 and 2023.Risk factors (Item 1A)

Also named by AEHR, AROC, GXO, HAS, NXT, RKLB, RXO, WAB

DRAM manufacturers

earns fromnamed as a risk

In particular, DRAM manufacturers, which make up a significant part of our revenue, are prone to significant business cycles and have suffered material losses and other adverse effects to their businesses, leading to industry consolidation from time-to-time that may result in loss of revenue under our existing license agreements or loss of target customers.Risk factors (Item 1A)

NVIDIA

earns from

Leading semiconductor and electronic system companies, such as AMD, Amlogic, Broadcom, CXMT, IBM, Infineon, Kioxia, Marvell, MediaTek, Micron, Nanya, Nuvoton, NVIDIA, Phison, Qualcomm, Samsung, Silicon Motion, SK hynix, Socionext, STMicroelectronics, Toshiba, Western Digital and Winbond have licensed our patents.Business (Item 1)

Also named by AMD, ANET, BAM, CDNS, COHR, DOCN, HPE, INTC and 3 more

Samsung

earns from

Leading semiconductor and electronic system companies, such as AMD, Amlogic, Broadcom, CXMT, IBM, Infineon, Kioxia, Marvell, MediaTek, Micron, Nanya, Nuvoton, NVIDIA, Phison, Qualcomm, Samsung, Silicon Motion, SK hynix, Socionext, STMicroelectronics, Toshiba, Western Digital and Winbond have licensed our patents.Business (Item 1)

Also named by BBY, INTC, LII, TSLA

SK hynix

earns from

Leading semiconductor and electronic system companies, such as AMD, Amlogic, Broadcom, CXMT, IBM, Infineon, Kioxia, Marvell, MediaTek, Micron, Nanya, Nuvoton, NVIDIA, Phison, Qualcomm, Samsung, Silicon Motion, SK hynix, Socionext, STMicroelectronics, Toshiba, Western Digital and Winbond have licensed our patents.Business (Item 1)

Also named by NVDA

Micron

earns from

Leading semiconductor and electronic system companies, such as AMD, Amlogic, Broadcom, CXMT, IBM, Infineon, Kioxia, Marvell, MediaTek, Micron, Nanya, Nuvoton, NVIDIA, Phison, Qualcomm, Samsung, Silicon Motion, SK hynix, Socionext, STMicroelectronics, Toshiba, Western Digital and Winbond have licensed our patents.Business (Item 1)

Suppliers

Third-party foundries and manufacturing contractors

depends onnamed as a risk

We operate a fabless business model and use third-party foundries and manufacturing contractors to fabricate, assemble and test our memory interface chips.Business (Item 1)

Partners and platforms

Distributors

depends onnamed as a risk

We utilize distributors to sell our memory interface chips to certain customers.Risk factors (Item 1A)

Also named by AVGO, DXCM, MCHP, MSA, MTSI, MXL, ON, ROK and 1 more

Other companies

JEDEC

We expanded into high-performance and AI PCs with the launch of our complete client chipset, giving Rambus a comprehensive portfolio that supports all JEDEC-standard DDR5 and LPDDR5 modules across server and client systems.Business (Item 1)

Competitors

Montage Technology

competes with

In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments.Business (Item 1)

Also named by ALAB

Texas Instruments

competes with

In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments.Business (Item 1)

Also named by MPWR

Synopsys

competes with

In the Silicon IP market, Rambus competes with the in-house design teams at our potential customers, as well as with third-party IP suppliers, such as Cadence and Synopsys.Business (Item 1)

Also named by PDFS

Renesas

competes with

In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments.Business (Item 1)

Monolithic Power Systems

competes with

In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments.Business (Item 1)

Cadence

competes with

In the Silicon IP market, Rambus competes with the in-house design teams at our potential customers, as well as with third-party IP suppliers, such as Cadence and Synopsys.Business (Item 1)

Places

International customers (outside United States)

earns from · approximately 82%named as a risk

For the years ended December 31, 2025, 2024 and 2023, revenue from our international customers constituted approximately 82%, 64% and 62%, respectively, of our total consolidated revenue.Risk factors (Item 1A)

Also named by GPGI, GRC, LHX, LMT, NET, ZS

China

operates innamed as a risk

Trade-related government actions, including changes in trade restrictions or relationships, tariffs and exchange controls, and potential retaliatory tariffs or actions by other countries, whether implemented by the United States, China, the European Union or other countries, that impose barriers or restrictions impacting our ability to sell or ship products to certain customers may have a negative impact on our financial condition and results of operations.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Taiwan

depends onnamed as a risk

Some of these third parties are, and may be, our sole manufacturer or sole source of certainRisk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Asia

concentrated innamed as a risk

Our subcontractors maintain operations and continuously implement new product and process technology at facilities which are dispersed in multiple locations in Asia.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

Hazards

San Francisco Bay Area earthquakes and wildfires

operates innamed as a risk

The San Francisco Bay Area is in close proximity to known earthquake fault zones and sites of recent historic wildfires.Risk factors (Item 1A)

Also named by ADSK

Commodities and inputs

Wafers and packaging substrates

depends onnamed as a risk

For example, to the extent we do not have sufficient wafer and packaging substrate firm commitments from our third-party suppliers or they are otherwise unable to provide such services and materials, we may not obtain the materials needed on our desired timelines or at reasonable prices.Risk factors (Item 1A)

Regulators

U.S. Patent and Trademark Office (USPTO)

subject tonamed as a risk

Further, third parties have sought and may seek review and reconsideration of the patentability of inventions claimed in certain of our patents by the U.S. Patent and Trademark Office (“USPTO”) and/or the European Patent Office (the “EPO”).Risk factors (Item 1A)

Laws and programs

OECD Pillar Two

subject to · 15% global minimum taxnamed as a risk

The Organization for Economic Cooperation and Development (“OECD”) has proposed imposing a 15% global minimum tax under the Pillar Two Model Rules (“Pillar Two”), and this proposal has been adopted or is being considered by a number of countries.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Violations of the Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), export controls and sanction laws, or similar laws, by our distributors could also have a material adverse impact on our business.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Leahy-Smith America Invents Act

subject tonamed as a risk

Furthermore, patent reform legislation, such as the Leahy-Smith America Invents Act, could increase the uncertainties and costs surrounding the prosecution of any patent applications and the enforcement or defense of our licensed patents.Risk factors (Item 1A)

Also named by ABBV

Encryption export controls

subject tonamed as a risk

Restrictions on the sale or distribution of products or services containing encryption technology may impact our ability to license data security technologies to the manufacturers and providers of such products and services in certain markets or may require us or our customers to make changes to the licensed data security technology that is embedded in such products to comply with such restrictions.Risk factors (Item 1A)

Also named by P

U.S. export controls on semiconductors to China

subject tonamed as a risk

In addition, the U.S. government has implemented controls affecting the ability to send certain products and technology related to semiconductors, semiconductor manufacturing and supercomputing to China without an export license and added additional entities to restricted party lists in addition to other import/export and national security laws and regulations.Risk factors (Item 1A)

South Korea–U.S. Tax Treaty

subject tonamed as a risk

As a result of this ruling, we determined that it is not more likely than not that the withholding taxes we paid in South Korea are recoverable.Risk factors (Item 1A)

Technology

AI infrastructure demand

earns fromnamed as a risk

For example, we are currently experiencing increased demand for our products that is attributed to increased demand for AI-based solutions.Risk factors (Item 1A)

Also named by SNDK

DDR5 Registering Clock Drivers

earns from

We strengthened our leadership in DDR5 Registering Clock Drivers (“RCD”) and expanded the adoption of our new products, contributing to revenue growth.Business (Item 1)