Rambus reported record quarterly revenue of $218.3 million in the third quarter of 2026, up 22% year over year and above its $210 million to $216 million guidance. Product revenue reached $114.3 million, while royalties remained steady at $77 million. Non-GAAP diluted earnings per share rose 35% to $0.84, and operating cash flow reached a record $102.5 million. Rambus repurchased $135.4 million of shares and guided to fourth-quarter revenue of $227 million to $233 million. Growth was led by DDR5 registered clock drivers for AI servers, although a slowdown in spending in the sector could affect product sales more quickly than royalty income.
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