RAMBUS INC, 10-Q filed on 4/28/2026
Quarterly Report
v3.26.1
Cover Page
 3 Months Ended
Mar. 31, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 000-22339
Entity Registrant Name RAMBUS INC
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 94-3112828
Entity Address, Address Line One 4453 North First Street
Entity Address, Address Line Two Suite 100
Entity Address, City or Town San Jose
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95134
City Area Code 408
Local Phone Number 462-8000
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol RMBS
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 108,136,967
Entity Central Index Key 0000917273
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Amendment Flag false
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 134,324 $ 182,826
Marketable securities 651,815 579,005
Accounts receivable 109,297 137,476
Unbilled receivables 24,869 25,209
Inventories 58,424 44,098
Prepaids and other current assets 21,151 20,202
Total current assets 999,880 988,816
Intangible assets, net 8,495 10,171
Goodwill 286,812 286,812
Property and equipment, net 113,278 113,051
Operating lease right-of-use assets 15,989 17,112
Deferred tax assets 101,484 105,542
Other assets 7,208 8,041
Total assets 1,533,146 1,529,545
Current liabilities:    
Accounts payable 35,290 35,915
Accrued salaries and benefits 16,853 22,044
Deferred revenue 23,719 29,980
EDA tools software licenses liability 15,036 14,884
Operating lease liabilities 6,362 6,310
Other current liabilities 4,567 11,441
Total current liabilities 101,827 120,574
Long-term operating lease liabilities 17,042 18,671
Long-term EDA tools software licenses liability 16,014 20,908
Other long-term liabilities 5,023 4,967
Total liabilities 139,906 165,120
Commitments and contingencies (Notes 9, 10 and 14)
Stockholders’ equity:    
Convertible preferred stock, $0.001 par value: Authorized: 500,000,000 shares; issued and outstanding: no shares as of March 31, 2026 and December 31, 2025 0 0
Common stock, $0.001 par value: Authorized: 500,000,000 shares; issued and outstanding: 108,136,967 shares as of March 31, 2026 and 107,781,863 shares as of December 31, 2025 108 108
Additional paid-in capital 1,258,153 1,287,646
Retained earnings 136,653 76,795
Accumulated other comprehensive loss (1,674) (124)
Total stockholders’ equity 1,393,240 1,364,425
Total liabilities and stockholders’ equity $ 1,533,146 $ 1,529,545
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Stockholders’ equity:    
Convertible preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Convertible preferred stock, authorized shares 5,000,000 5,000,000
Convertible preferred stock, issued shares 0 0
Convertible preferred stock, outstanding shares 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized shares 500,000,000 500,000,000
Common stock, share amount 108,136,967 107,781,863
Common stock, outstanding shares 108,136,967 107,781,863
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue    
Revenue $ 180,189 $ 166,664
Cost of revenue    
Cost of product revenue 33,729 30,583
Cost of contract and other revenue 1,128 546
Amortization of acquired intangible assets 1,675 1,713
Cost of revenue 36,532 32,842
Gross profit 143,657 133,822
Operating expenses:    
Research and development 50,229 42,620
Sales, general and administrative 31,670 28,058
Total operating expenses 81,899 70,678
Operating income 61,758 63,144
Interest income and other income (expense), net 7,151 4,856
Interest expense (279) (377)
Interest and other income (expense), net 6,872 4,479
Income before income taxes 68,630 67,623
Provision for income taxes 8,772 7,320
Net income $ 59,858 $ 60,303
Net income per share:    
Basic net income per share $ 0.55 $ 0.56
Diluted net income per share $ 0.55 $ 0.56
Weighted-average shares used in per share calculations:    
Basic (in shares) 108,030 107,236
Diluted (in shares) 109,716 108,628
Product revenue    
Revenue    
Revenue $ 88,002 $ 76,309
Royalties    
Revenue    
Revenue 69,642 73,975
Contract and other revenue    
Revenue    
Revenue $ 22,545 $ 16,380
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 59,858 $ 60,303
Other comprehensive income (loss):    
Foreign currency translation adjustment (201) 308
Unrealized gain (loss) on marketable securities, net of tax (1,349) 115
Total comprehensive income $ 58,308 $ 60,726
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Gain (Loss)
Balance (in shares) at Dec. 31, 2024   106,843      
Balance at Dec. 31, 2024 $ 1,120,692 $ 107 $ 1,275,505 $ (153,660) $ (1,260)
Increase (Decrease) in Stockholders' Equity          
Net income 60,303     60,303  
Foreign currency translation adjustment 308       308
Unrealized gain (loss) on marketable securities, net of tax 115       115
Common stock issued under employee stock plans, net of withholding taxes (in shares)   609      
Common stock issued under employee stock plans, net of withholding taxes (30,807)   (30,807)    
Repurchase and retirement of common stock under repurchase program (in shares)   (40)      
Repurchase and retirement of common stock under repurchase program (2,157) $ 0 (2,157)    
Stock-based compensation 11,383   11,383    
Balance (in shares) at Mar. 31, 2025   107,412      
Balance at Mar. 31, 2025 1,159,837 $ 107 1,253,924 (93,357) (837)
Balance (in shares) at Dec. 31, 2025   107,782      
Balance at Dec. 31, 2025 1,364,425 $ 108 1,287,646 76,795 (124)
Increase (Decrease) in Stockholders' Equity          
Net income 59,858     59,858  
Foreign currency translation adjustment (201)       (201)
Unrealized gain (loss) on marketable securities, net of tax (1,349)       (1,349)
Common stock issued under employee stock plans, net of withholding taxes (in shares)   385      
Common stock issued under employee stock plans, net of withholding taxes $ (38,377)   $ (38,377)    
Repurchase and retirement of common stock under repurchase program (in shares) (2,569) (30) (2,569)    
Stock-based compensation $ 11,453   $ 11,453    
Balance (in shares) at Mar. 31, 2026   108,137      
Balance at Mar. 31, 2026 $ 1,393,240 $ 108 $ 1,258,153 $ 136,653 $ (1,674)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 59,858 $ 60,303
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 11,453 11,383
Depreciation 9,601 8,122
Amortization of intangible assets 1,675 1,713
Deferred income taxes 3,942 1,922
Other 518 4
Change in operating assets and liabilities:    
Accounts receivable 28,134 3,718
Unbilled receivables 674 1,923
Prepaids and other current assets (1,498) (856)
Inventories (14,326) (67)
Income taxes receivable 466 (5,951)
Accounts payable 2,291 (1,913)
Accrued salaries and benefits and other liabilities (11,335) (6,822)
Income taxes payable (696) 5,122
Deferred revenue (5,971) 153
Operating lease liabilities (1,577) (1,340)
Net cash provided by operating activities 83,209 77,414
Cash flows from investing activities:    
Purchases of property and equipment (11,635) (7,872)
Purchases of marketable securities (255,812) (91,168)
Maturities of marketable securities 182,139 90,675
Net cash used in investing activities (85,308) (8,365)
Cash flows from financing activities:    
Payments of taxes related to net share settlement of equity awards (38,377) (30,807)
Payments under installment payment arrangements (5,317) (3,799)
Repurchase and retirement of common stock (2,569) (2,157)
Net cash used in financing activities (46,263) (36,763)
Effect of exchange rate changes on cash and cash equivalents (140) 124
Net increase (decrease) in cash and cash equivalents (48,502) 32,410
Cash and cash equivalents at beginning of period 182,826 99,775
Cash and cash equivalents at end of period 134,324 132,185
Non-cash investing and financing activities:    
Property and equipment received and accrued in accounts payable and other liabilities $ 4,481 $ 8,716
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 59,858 $ 60,303
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

During the first quarter of 2026, no directors or officers, as defined in Rule 16a-1(f) under the Exchange Act, adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b 51 Arr Modified Flag false
Non Rule 10b51 Arr Modified Flag false
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Rambus Inc. (“Rambus” or the “Company”) and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in the accompanying Unaudited Condensed Consolidated Financial Statements.

In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments (consisting only of normal recurring items) necessary to state fairly the financial position and results of operations for each interim period presented. Interim results are not necessarily indicative of results for a full year.

Financial Statement Preparation

The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information. Certain information and note disclosures included in the financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been omitted in these interim statements pursuant to such SEC rules and regulations. The information included in this Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto in Form 10-K for the year ended December 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

Reclassifications

Certain prior-year balances were reclassified to conform to the current year’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.

Significant Accounting Policies

There were no material changes to Rambus’ significant accounting policies disclosed in Note 2, “Summary of Significant Accounting Policies,” of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This guidance provides public business entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted this guidance for the three months ended March 31, 2026 on a prospective basis. Upon adoption, the Company elected the practical expedient to assume that current conditions as of the balance sheet date remain unchanged for the remaining life of current accounts receivable and current contract assets when estimating expected credit losses. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”).” This guidance requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement expense caption, as applicable. The ASU also requires a qualitative description of the amounts remaining in expense captions that are not separately disaggregated quantitatively, as well as disclosure of the total amount of selling expenses and, in annual reporting periods, the entity’s definition of selling expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements,” which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for annual reporting years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its interim consolidated financial statements and related disclosures.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Contract Balances

The contract assets are primarily related to the Company’s fixed fee intellectual property (“IP”) licensing arrangements and rights to consideration for performance obligations delivered but not billed as of March 31, 2026.

The Company’s contract balances were as follows:

 

 

As of

 

(In thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Unbilled receivables

 

$

27,764

 

 

$

28,438

 

Deferred revenue

 

$

25,706

 

 

$

31,601

 

 

During the three months ended March 31, 2026, the Company recognized $13.2 million of revenue that was included in deferred revenue as of December 31, 2025. During the three months ended March 31, 2025, the Company recognized $8.1 million of revenue that was included in deferred revenue as of December 31, 2024.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $30.9 million as of March 31, 2026, which the Company primarily expects to recognize over the next two years.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

4. Earnings Per Share

Basic earnings per share is calculated by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the earnings by the weighted-average number of common shares and potentially dilutive securities outstanding during the period. Potentially dilutive common shares consist of restricted stock units, incremental common shares issuable upon exercise of stock options and shares issuable under the employee stock purchase plan. The dilutive effect of outstanding shares is reflected in diluted earnings per share using the treasury stock method, as applicable. This method includes consideration of the amounts to be paid by the employees and the amount of unrecognized stock-based compensation related to future services. No potential dilutive common shares are included in the computation of any diluted per share amount when a net loss is reported.

The following table sets forth the computation of basic and diluted net income per share:

 

 

Three Months Ended
March 31,

 

(In thousands, except per share amounts)

 

2026

 

 

2025

 

Net income per share:

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

Net income

 

$

59,858

 

 

$

60,303

 

Denominator:

 

 

 

 

 

 

Weighted-average shares outstanding - basic

 

 

108,030

 

 

 

107,236

 

Effect of potentially dilutive common shares

 

 

1,686

 

 

 

1,392

 

Weighted-average shares outstanding - diluted

 

 

109,716

 

 

 

108,628

 

Basic net income per share

 

$

0.55

 

 

$

0.56

 

Diluted net income per share

 

$

0.55

 

 

$

0.56

 
v3.26.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

5. Intangible Assets, Net

The components of the Company’s intangible assets as of March 31, 2026 and December 31, 2025 were as follows:

 

 

 

 

As of March 31, 2026

 

(In thousands, except useful life)

 

Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology

 

3 to 10 years

 

$

284,051

 

 

$

(275,556

)

 

$

8,495

 

Customer contracts and contractual relationships

 

0.5 to 10 years

 

 

37,496

 

 

 

(37,496

)

 

 

—

 

Non-compete agreements and trademarks

 

3 years

 

 

300

 

 

 

(300

)

 

 

—

 

Total intangible assets

 

 

 

$

321,847

 

 

$

(313,352

)

 

$

8,495

 

 

 

 

 

As of December 31, 2025

 

(In thousands, except useful life)

 

Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology

 

3 to 10 years

 

$

287,301

 

 

$

(277,130

)

 

$

10,171

 

Customer contracts and contractual relationships

 

0.5 to 10 years

 

 

37,496

 

 

 

(37,496

)

 

 

—

 

Non-compete agreements and trademarks

 

3 years

 

 

300

 

 

 

(300

)

 

 

—

 

Total intangible assets

 

 

 

$

325,097

 

 

$

(314,926

)

 

$

10,171

 

 

Amortization expense for intangible assets for each of the three months ended March 31, 2026 and 2025 was $1.7 million.

The estimated future amortization of intangible assets as of March 31, 2026 was as follows (in thousands):

 

Years Ending December 31:

 

Amount

 

2026 (remaining nine months)

 

$

3,843

 

2027

 

 

1,939

 

2028

 

 

1,480

 

2029

 

 

1,233

 

Total intangible assets

 

$

8,495

 
v3.26.1
Segments and Major Customers
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments and Major Customers

6. Segments and Major Customers

Operating segments are based upon the Company’s internal organization structure, the manner in which its operations are managed, the criteria used by its Chief Operating Decision Maker (“CODM”) to evaluate segment performance and availability of separate financial information regularly reviewed for resource allocation and performance assessment.

The Company has determined its CODM to be the Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of managing the business, allocating resources, making operating decisions and assessing financial performance. On this basis, the Company is organized and operates as a single segment within the semiconductor space. As of March 31, 2026, the Company has a single operating and reportable segment.

The CODM uses net income to assess segment performance, allocate resources and manage the business on a consolidated basis. The significant expenses for the segment exclude certain non-cash adjustments and non-recurring items, and are used to monitor budget versus actual results and to analyze the period-over-period comparisons.

The significant expenses that are regularly provided to the CODM and reconciliations to the consolidated net income for the three months ended March 31, 2026 and 2025, respectively, were as follows:

 

 

Three Months Ended March 31,

 

(In thousands)

 

2026

 

 

2025

 

Total revenue

 

$

180,189

 

 

$

166,664

 

Adjusted cost of revenue (1)

 

 

(34,718

)

 

 

(30,967

)

Adjusted research and development (2)

 

 

(44,975

)

 

 

(38,089

)

Adjusted sales, general and administrative (3)

 

 

(24,880

)

 

 

(21,347

)

Other segment items:

 

 

 

 

 

 

Stock-based compensation expenses (4)

 

 

(11,453

)

 

 

(11,383

)

Amortization of acquired intangible assets (4)

 

 

(1,675

)

 

 

(1,713

)

Acquisition-related costs (5)

 

 

—

 

 

 

(21

)

Interest and other income (expense), net

 

 

6,872

 

 

 

4,479

 

Other (6)

 

 

(730

)

 

 

—

 

Provision for income taxes

 

 

(8,772

)

 

 

(7,320

)

Net income

 

$

59,858

 

 

$

60,303

 

 

(1)
Excludes stock-based compensation expenses and amortization of acquisition-related intangible assets.
(2)
Excludes stock-based compensation expenses and retention bonus expense related to acquisitions.
(3)
Excludes stock-based compensation expenses, retention bonus expense related to acquisitions and certain other adjustments.
(4)
The Company excludes these expenses from its adjusted cost of revenue and operating expenses primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
(5)
The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company’s ongoing operating results.
(6)
Includes expenses on abandoned operating leases, facility restoration costs and certain other one-time adjustments. The Company excludes these items as they are not reflective of ongoing results.

The following represents the Company’s significant expenses related to research and development expenses and sales, general and administrative expenses, as shown above, for the three months ended March 31, 2026 and 2025.

 

 

Three Months Ended March 31,

 

(In thousands)

 

2026

 

 

2025

 

Payroll and benefits

 

$

43,849

 

 

$

37,929

 

Professional fees

 

 

7,119

 

 

 

5,489

 

Variable research and development expenses (1)

 

 

6,902

 

 

 

4,809

 

Temporary labor services and consulting expenses

 

 

3,087

 

 

 

2,843

 

Amortization and depreciation

 

 

3,074

 

 

 

2,781

 

Facilities costs

 

 

3,012

 

 

 

3,084

 

Other expenses

 

 

2,812

 

 

 

2,501

 

Total adjusted operating expenses

 

$

69,855

 

 

$

59,436

 

 

(1)
Includes primarily software tools, software licenses and prototyping costs.

The measure of segment assets is reported on the Company’s Unaudited Condensed Consolidated Balance Sheets as total consolidated assets.

Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable as of March 31, 2026 and December 31, 2025 were as follows:

 

 

As of

 

Customer

 

March 31, 2026

 

 

December 31, 2025

 

Customer 1

 

 

49

%

 

 

35

%

Customer 2

 

 

24

%

 

 

22

%

Revenue from the Company’s major customers representing 10% or more of total revenue for the three months ended March 31, 2026 and 2025 were as follows:

 

 

Three Months Ended
March 31,

 

Customer

 

2026

 

 

2025

 

Customer A

 

 

29

%

 

 

23

%

Customer B

 

 

15

%

 

 

20

%

Customer C

 

 

10

%

 

*

 

Customer D

 

*

 

 

 

11

%

 

* Customer accounted for less than 10% of total revenue in the period.

Revenue from customers in the geographic regions based on the location of contracting parties was as follows:

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2026

 

 

2025

 

South Korea

 

$

86,505

 

 

$

68,025

 

Singapore

 

 

28,294

 

 

 

51,676

 

United States

 

 

22,143

 

 

 

26,390

 

Other

 

 

43,247

 

 

 

20,573

 

Total

 

$

180,189

 

 

$

166,664

 
v3.26.1
Marketable Securities
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale [Abstract]  
Marketable Securities

7. Marketable Securities

Rambus invests its excess cash and cash equivalents primarily in U.S. government-sponsored obligations, non-U.S. government-sponsored obligations, corporate bonds, commercial paper and notes, time deposits and money market funds that mature within three years.

All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:

 

 

As of March 31, 2026

 

(In thousands)

 

Fair Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

Cash

 

$

99,218

 

 

$

99,218

 

 

$

—

 

 

$

—

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

35,106

 

 

 

35,106

 

 

 

—

 

 

 

—

 

Total cash equivalents

 

 

35,106

 

 

 

35,106

 

 

 

—

 

 

 

—

 

Total cash and cash equivalents

 

 

134,324

 

 

 

134,324

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

16,050

 

 

 

16,050

 

 

 

—

 

 

 

—

 

U.S. Government bonds and notes

 

 

184,226

 

 

 

184,501

 

 

 

35

 

 

 

(310

)

Non-U.S. Government bonds and notes

 

 

3,996

 

 

 

3,996

 

 

 

—

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

447,543

 

 

 

448,225

 

 

 

57

 

 

 

(739

)

Total marketable securities

 

 

651,815

 

 

 

652,772

 

 

 

92

 

 

 

(1,049

)

Total cash, cash equivalents and marketable securities

 

$

786,139

 

 

$

787,096

 

 

$

92

 

 

$

(1,049

)

 

 

As of December 31, 2025

 

(In thousands)

 

Fair Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

Cash

 

$

67,833

 

 

$

67,833

 

 

$

—

 

 

$

—

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

47,277

 

 

 

47,277

 

 

 

—

 

 

 

—

 

U.S. Government bonds and notes

 

 

16,936

 

 

 

16,932

 

 

 

4

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

50,780

 

 

 

50,780

 

 

 

3

 

 

 

(3

)

Total cash equivalents

 

 

114,993

 

 

 

114,989

 

 

 

7

 

 

 

(3

)

Total cash and cash equivalents

 

 

182,826

 

 

 

182,822

 

 

 

7

 

 

 

(3

)

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

15,540

 

 

 

15,540

 

 

 

—

 

 

 

—

 

U.S. Government bonds and notes

 

 

161,361

 

 

 

161,231

 

 

 

180

 

 

 

(50

)

Non-U.S. Government bonds and notes

 

 

3,983

 

 

 

3,980

 

 

 

3

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

398,121

 

 

 

397,755

 

 

 

429

 

 

 

(63

)

Total marketable securities

 

 

579,005

 

 

 

578,506

 

 

 

612

 

 

 

(113

)

Total cash, cash equivalents and marketable securities

 

$

761,831

 

 

$

761,328

 

 

$

619

 

 

$

(116

)

 

Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows:

 

 

As of

 

(In thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Cash

 

$

99,218

 

 

$

67,833

 

Cash equivalents

 

 

35,106

 

 

 

114,993

 

Total cash and cash equivalents

 

 

134,324

 

 

 

182,826

 

Marketable securities

 

 

651,815

 

 

 

579,005

 

Total cash, cash equivalents and marketable securities

 

$

786,139

 

 

$

761,831

 

 

The Company continues to invest in highly rated, liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and impairment.

The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025 were as follows:

 

 

Fair Value

 

 

Gross Unrealized Losses

 

(In thousands)

 

March 31,
2026

 

 

December 31,
2025

 

 

March 31,
2026

 

 

December 31,
2025

 

Less than 12 months

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds and notes

 

$

126,285

 

 

$

38,473

 

 

$

(309

)

 

$

(48

)

Corporate bonds, commercial paper and notes

 

 

338,170

 

 

 

88,597

 

 

 

(738

)

 

 

(65

)

Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months

 

 

464,455

 

 

 

127,070

 

 

 

(1,047

)

 

 

(113

)

12 months or greater

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds and notes

 

 

346

 

 

 

1,692

 

 

 

(1

)

 

 

(2

)

Corporate bonds, commercial paper and notes

 

 

1,665

 

 

 

1,660

 

 

 

(1

)

 

 

(1

)

Total marketable securities in a continuous unrealized loss position for 12 months or greater

 

 

2,011

 

 

 

3,352

 

 

 

(2

)

 

 

(3

)

Total cash equivalents and marketable securities in a continuous unrealized loss position

 

$

466,466

 

 

$

130,422

 

 

$

(1,049

)

 

$

(116

)

 

The gross unrealized losses as of March 31, 2026 and December 31, 2025 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions, as well as the demand for and duration of the U.S. government-sponsored obligations and corporate bonds, commercial paper and notes. The Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). The Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results.

The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:

 

(In thousands)

 

March 31, 2026

 

Due in less than one year

 

$

509,031

 

Due from one year through three years

 

 

142,784

 

Total

 

$

651,815

 

 

Refer to Note 8, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.
v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

8. Fair Value of Financial Instruments

The following table presents the financial instruments that are carried at fair value and summarizes their valuation by the respective pricing levels as of March 31, 2026 and December 31, 2025:

 

 

As of March 31, 2026

 

(In thousands)

 

Total

 

 

Quoted
Market
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets carried at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

35,106

 

 

$

35,106

 

 

$

—

 

 

$

—

 

Time deposits

 

 

16,050

 

 

 

—

 

 

 

16,050

 

 

 

—

 

U.S. Government bonds and notes

 

 

184,226

 

 

 

—

 

 

 

184,226

 

 

 

—

 

Non-U.S. Government bonds and notes

 

 

3,996

 

 

 

—

 

 

 

3,996

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

447,543

 

 

 

—

 

 

 

447,543

 

 

 

—

 

Total assets carried at fair value

 

$

686,921

 

 

$

35,106

 

 

$

651,815

 

 

$

—

 

 

 

As of December 31, 2025

 

(In thousands)

 

Total

 

 

Quoted
Market
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets carried at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

47,277

 

 

$

47,277

 

 

$

—

 

 

$

—

 

Time deposits

 

 

15,540

 

 

 

—

 

 

 

15,540

 

 

 

—

 

U.S. Government bonds and notes

 

 

178,297

 

 

 

—

 

 

 

178,297

 

 

 

—

 

Non-U.S. Government bonds and notes

 

 

3,983

 

 

 

—

 

 

 

3,983

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

448,901

 

 

 

—

 

 

 

448,901

 

 

 

—

 

Total assets carried at fair value

 

$

693,998

 

 

$

47,277

 

 

$

646,721

 

 

$

—

 

 

The Company monitors its investments for impairment and records appropriate reductions in carrying value when necessary. During the three months ended March 31, 2026 and 2025, the Company recorded no other-than-temporary impairment charges on its investments.

During the three months ended March 31, 2026 and 2025, there were no transfers of financial instruments between different categories of fair value.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases

9. Leases

The Company leases office space, domestically and internationally, under operating leases. The Company’s leases have remaining lease terms generally between one year and seven years. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and long-term operating lease liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. The Company does not have any finance leases.

The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2026 (in thousands):

 

Years ending December 31,

 

Amount

 

2026 (remaining nine months)

 

$

5,601

 

2027

 

 

5,984

 

2028

 

 

4,866

 

2029

 

 

4,871

 

2030

 

 

4,232

 

Thereafter

 

 

687

 

Total minimum lease payments

 

 

26,241

 

Less: amount of lease payments representing interest

 

 

(2,837

)

Present value of future minimum lease payments

 

 

23,404

 

Less: current obligations under leases

 

 

(6,362

)

Long-term lease obligations

 

$

17,042

 

 

As of March 31, 2026, the weighted-average remaining lease term for the Company’s operating leases was 4.3 years and the weighted-average discount rate used to determine the present value of the Company’s operating leases was 7.5%.

Operating lease costs included in research and development and selling, general and administrative costs in the Unaudited Condensed Consolidated Statements of Income were $1.5 million for each of the three months ended March 31, 2026 and 2025.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.8 million for each of the three months ended March 31, 2026 and 2025.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

As of March 31, 2026, the Company’s material contractual obligations were as follows:

 

(In thousands)

 

Total

 

 

Remainder of
2026

 

 

2027

 

 

2028

 

Contractual obligations (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Software licenses (3)

 

$

35,006

 

 

$

11,671

 

 

$

16,396

 

 

$

6,939

 

Other contractual obligations

 

 

103

 

 

 

103

 

 

 

—

 

 

 

—

 

Total

 

$

35,109

 

 

$

11,774

 

 

$

16,396

 

 

$

6,939

 

 

(1)
The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $26.0 million, including $24.7 million recorded as a reduction of long-term deferred tax assets and $1.3 million in long-term income taxes payable as of March 31, 2026. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the timing of the outcome at this time.
(2)
For the Company’s lease commitments as of March 31, 2026, refer to Note 9, “Leases.”
(3)
The Company has commitments with various software vendors for agreements generally having terms longer than one year.

From time to time, the Company indemnifies certain customers as a necessary means of doing business. Indemnification covers customers for losses suffered or incurred by them as a result of any patent, copyright, or other IP infringement or any other claim by any third party arising as a result of the applicable agreement with the Company. The Company generally attempts to limit the maximum amount of indemnification that the Company could be required to make under these agreements to the amount of fees received by the Company, however this may not always be possible. The fair value of the liability as of March 31, 2026 and December 31, 2025, respectively, was not material.
v3.26.1
Equity Incentive Plans and Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans and Stock-Based Compensation

11. Equity Incentive Plans and Stock-Based Compensation

A summary of shares available for grant under the Company’s plans is as follows:

 

 

Shares Available
for Grant

 

Total shares available for grant as of December 31, 2025

 

 

9,733,628

 

Nonvested equity stock and stock units granted (1)

 

 

(25,498

)

Nonvested equity stock and stock units forfeited (1)

 

 

375,092

 

Total shares available for grant as of March 31, 2026

 

 

10,083,222

 

 

(1)
For purposes of determining the number of shares available for grant under the 2015 Equity Incentive Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.

Employee Stock Purchase Plan

No purchases were made under the 2015 Employee Stock Purchase Plan (“2015 ESPP”) during the three months ended March 31, 2026 and 2025. As of March 31, 2026, approximately 2.1 million shares under the 2015 ESPP remained available for issuance.

Stock-Based Compensation

For the three months ended March 31, 2026 and 2025, the Company maintained stock plans covering a broad range of potential equity grants, including stock options, nonvested equity stock and equity stock units and performance-based instruments. In addition, the Company sponsors the 2015 ESPP, whereby eligible employees are entitled to purchase common stock semi-annually, by means of limited payroll deductions, at a 15% discount from the fair market value of the common stock as of specific dates.

Stock-based compensation expense recorded in the Unaudited Condensed Consolidated Statements of Income was as follows:

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2026

 

 

2025

 

Cost of revenue

 

$

139

 

 

$

162

 

Research and development

 

 

5,254

 

 

 

4,511

 

Sales, general and administrative

 

 

6,060

 

 

 

6,710

 

Total

 

$

11,453

 

 

$

11,383

 

 

Nonvested Equity Stock and Stock Units

The Company grants nonvested equity stock units to officers, employees and directors. These awards have a service condition, generally a service period of four years, except in the case of grants to directors, for which the service period is one year. The Company also grants performance unit awards to certain company executive officers with vesting subject to the achievement of certain performance and/or market conditions. The ultimate number of performance units that can be earned can range from 0% to 200% of target depending on performance relative to target over the applicable period. The shares earned will vest on the third or fourth anniversary of the date of grant. The Company’s shares available for grant have been reduced to reflect the shares that could be earned at the maximum target.

Unrecognized stock-based compensation related to all nonvested equity stock grants, net of estimated forfeitures, was approximately $77.1 million as of March 31, 2026. This amount is expected to be recognized over a weighted-average period of 2.3 years.

The following table reflects the activity related to nonvested equity stock and stock units for the three months ended March 31, 2026:

 

Nonvested Equity Stock and Stock Units

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Nonvested as of December 31, 2025

 

 

2,881,829

 

 

$

51.91

 

Granted

 

 

25,498

 

 

$

107.35

 

Vested

 

 

(574,401

)

 

$

44.42

 

Forfeited

 

 

(140,113

)

 

$

47.39

 

Nonvested as of March 31, 2026

 

 

2,192,813

 

 

$

54.81

 
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

12. Stockholders’ Equity

Share Repurchase Program

On October 29, 2020, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the repurchase of up to an aggregate of 20.0 million shares (the “2020 Repurchase Program”). Share repurchases under the 2020 Repurchase Program may be made through the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules and regulations. There is no expiration date applicable to the 2020 Repurchase Program.

During the three months ended March 31, 2026, the Company continued to operate under a share repurchase plan with Mizuho Securities USA, LLC, which was entered into in 2025 and expired on March 31, 2026. The execution of share repurchases was dependent on the Company’s stock price reaching certain levels. During the three months ended March 31, 2026 and 2025, the Company repurchased an immaterial amount of shares under the 2020 Repurchase Program, which were retired and recorded as a reduction to stockholders’ equity.

As of March 31, 2026, there remained an outstanding authorization to repurchase approximately 5.5 million shares of the Company’s outstanding common stock under the 2020 Repurchase Program.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The Company recorded a provision for income taxes of $8.8 million and $7.3 million for the three months ended March 31, 2026 and 2025, respectively. The provisions for income taxes for the three months ended March 31, 2026 and 2025 were primarily driven by the statutory tax expense for domestic and foreign jurisdictions for the respective fiscal years, offset by tax benefits from excess stock-based compensation deductions.

During the three months ended March 31, 2026 and 2025, the Company paid foreign withholding taxes of $5.5 million and $5.6 million, respectively.

As of December 31, 2025, the Company had $108.0 million of unrecognized tax benefits, before interest accrual, including $24.3 million recorded as a reduction of long-term deferred tax assets, $82.7 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea, and $1.0 million recorded to long-term income taxes payable.

As of March 31, 2026, the Company had approximately $108.4 million of unrecognized tax benefits, before interest accrual, including $24.7 million recorded as a reduction of long-term deferred tax assets, $82.7 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea, and $1.0 million recorded to long-term income taxes payable.

In the third quarter of 2025, the United States enacted federal tax legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). Included in this legislation are provisions that allow for the immediate expensing of domestic United States research and development expenses, immediate expensing of certain capital expenditures and other changes to the U.S. taxation of profits derived from foreign operations. As a result of the enactment of the legislation, there was an increase to the Company’s income tax expense in 2025, primarily related to changes in the taxation of profits derived from foreign operations and, more specifically, the foreign-derived intangible income deduction. The impact of OBBBA also increased the Company’s income tax expense and effective tax rate for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.
v3.26.1
Litigation and Contingent Liability
 3 Months Ended
Mar. 31, 2026
Loss Contingency [Abstract]  
Litigation and Contingent Liability

14. Litigation and Contingent Liability

Rambus is not currently a party to any material pending legal proceeding; however, from time to time, Rambus may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business, operating results, financial position or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management attention and resources and other factors.

The Company records a contingent liability when it is probable that a loss has been incurred and the amount is reasonably estimable in accordance with accounting for contingencies.
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.
Reclassifications

Reclassifications

Certain prior-year balances were reclassified to conform to the current year’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Significant Accounting Policies

Significant Accounting Policies

There were no material changes to Rambus’ significant accounting policies disclosed in Note 2, “Summary of Significant Accounting Policies,” of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Summary of Contract Balances

The Company’s contract balances were as follows:

 

 

As of

 

(In thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Unbilled receivables

 

$

27,764

 

 

$

28,438

 

Deferred revenue

 

$

25,706

 

 

$

31,601

 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share:

 

 

Three Months Ended
March 31,

 

(In thousands, except per share amounts)

 

2026

 

 

2025

 

Net income per share:

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

Net income

 

$

59,858

 

 

$

60,303

 

Denominator:

 

 

 

 

 

 

Weighted-average shares outstanding - basic

 

 

108,030

 

 

 

107,236

 

Effect of potentially dilutive common shares

 

 

1,686

 

 

 

1,392

 

Weighted-average shares outstanding - diluted

 

 

109,716

 

 

 

108,628

 

Basic net income per share

 

$

0.55

 

 

$

0.56

 

Diluted net income per share

 

$

0.55

 

 

$

0.56

 
v3.26.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Intangible Assets

The components of the Company’s intangible assets as of March 31, 2026 and December 31, 2025 were as follows:

 

 

 

 

As of March 31, 2026

 

(In thousands, except useful life)

 

Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology

 

3 to 10 years

 

$

284,051

 

 

$

(275,556

)

 

$

8,495

 

Customer contracts and contractual relationships

 

0.5 to 10 years

 

 

37,496

 

 

 

(37,496

)

 

 

—

 

Non-compete agreements and trademarks

 

3 years

 

 

300

 

 

 

(300

)

 

 

—

 

Total intangible assets

 

 

 

$

321,847

 

 

$

(313,352

)

 

$

8,495

 

 

 

 

 

As of December 31, 2025

 

(In thousands, except useful life)

 

Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology

 

3 to 10 years

 

$

287,301

 

 

$

(277,130

)

 

$

10,171

 

Customer contracts and contractual relationships

 

0.5 to 10 years

 

 

37,496

 

 

 

(37,496

)

 

 

—

 

Non-compete agreements and trademarks

 

3 years

 

 

300

 

 

 

(300

)

 

 

—

 

Total intangible assets

 

 

 

$

325,097

 

 

$

(314,926

)

 

$

10,171

 
Schedule of Estimated Future Amortization of Intangible Assets

The estimated future amortization of intangible assets as of March 31, 2026 was as follows (in thousands):

 

Years Ending December 31:

 

Amount

 

2026 (remaining nine months)

 

$

3,843

 

2027

 

 

1,939

 

2028

 

 

1,480

 

2029

 

 

1,233

 

Total intangible assets

 

$

8,495

 
v3.26.1
Segments and Major Customers (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, By Segment

The significant expenses that are regularly provided to the CODM and reconciliations to the consolidated net income for the three months ended March 31, 2026 and 2025, respectively, were as follows:

 

 

Three Months Ended March 31,

 

(In thousands)

 

2026

 

 

2025

 

Total revenue

 

$

180,189

 

 

$

166,664

 

Adjusted cost of revenue (1)

 

 

(34,718

)

 

 

(30,967

)

Adjusted research and development (2)

 

 

(44,975

)

 

 

(38,089

)

Adjusted sales, general and administrative (3)

 

 

(24,880

)

 

 

(21,347

)

Other segment items:

 

 

 

 

 

 

Stock-based compensation expenses (4)

 

 

(11,453

)

 

 

(11,383

)

Amortization of acquired intangible assets (4)

 

 

(1,675

)

 

 

(1,713

)

Acquisition-related costs (5)

 

 

—

 

 

 

(21

)

Interest and other income (expense), net

 

 

6,872

 

 

 

4,479

 

Other (6)

 

 

(730

)

 

 

—

 

Provision for income taxes

 

 

(8,772

)

 

 

(7,320

)

Net income

 

$

59,858

 

 

$

60,303

 

 

(1)
Excludes stock-based compensation expenses and amortization of acquisition-related intangible assets.
(2)
Excludes stock-based compensation expenses and retention bonus expense related to acquisitions.
(3)
Excludes stock-based compensation expenses, retention bonus expense related to acquisitions and certain other adjustments.
(4)
The Company excludes these expenses from its adjusted cost of revenue and operating expenses primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
(5)
The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company’s ongoing operating results.
(6)
Includes expenses on abandoned operating leases, facility restoration costs and certain other one-time adjustments. The Company excludes these items as they are not reflective of ongoing results.

The following represents the Company’s significant expenses related to research and development expenses and sales, general and administrative expenses, as shown above, for the three months ended March 31, 2026 and 2025.

 

 

Three Months Ended March 31,

 

(In thousands)

 

2026

 

 

2025

 

Payroll and benefits

 

$

43,849

 

 

$

37,929

 

Professional fees

 

 

7,119

 

 

 

5,489

 

Variable research and development expenses (1)

 

 

6,902

 

 

 

4,809

 

Temporary labor services and consulting expenses

 

 

3,087

 

 

 

2,843

 

Amortization and depreciation

 

 

3,074

 

 

 

2,781

 

Facilities costs

 

 

3,012

 

 

 

3,084

 

Other expenses

 

 

2,812

 

 

 

2,501

 

Total adjusted operating expenses

 

$

69,855

 

 

$

59,436

 

 

(1)
Includes primarily software tools, software licenses and prototyping costs.
Schedule of Revenue From External Customer by Geographic Regions

Revenue from customers in the geographic regions based on the location of contracting parties was as follows:

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2026

 

 

2025

 

South Korea

 

$

86,505

 

 

$

68,025

 

Singapore

 

 

28,294

 

 

 

51,676

 

United States

 

 

22,143

 

 

 

26,390

 

Other

 

 

43,247

 

 

 

20,573

 

Total

 

$

180,189

 

 

$

166,664

 
Accounts receivable  
Segment Reporting Information [Line Items]  
Schedule of Customer Accounts Representing 10% or More Than 10% of Total Balance

Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable as of March 31, 2026 and December 31, 2025 were as follows:

 

 

As of

 

Customer

 

March 31, 2026

 

 

December 31, 2025

 

Customer 1

 

 

49

%

 

 

35

%

Customer 2

 

 

24

%

 

 

22

%
Revenue  
Segment Reporting Information [Line Items]  
Schedule of Customer Accounts Representing 10% or More Than 10% of Total Balance

Revenue from the Company’s major customers representing 10% or more of total revenue for the three months ended March 31, 2026 and 2025 were as follows:

 

 

Three Months Ended
March 31,

 

Customer

 

2026

 

 

2025

 

Customer A

 

 

29

%

 

 

23

%

Customer B

 

 

15

%

 

 

20

%

Customer C

 

 

10

%

 

*

 

Customer D

 

*

 

 

 

11

%

 

* Customer accounted for less than 10% of total revenue in the period.
v3.26.1
Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale [Abstract]  
Schedule of Cash Equivalents and Marketable Securities Classified as Available-For-Sale Total cash, cash equivalents and marketable securities are summarized as follows:

 

 

As of March 31, 2026

 

(In thousands)

 

Fair Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

Cash

 

$

99,218

 

 

$

99,218

 

 

$

—

 

 

$

—

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

35,106

 

 

 

35,106

 

 

 

—

 

 

 

—

 

Total cash equivalents

 

 

35,106

 

 

 

35,106

 

 

 

—

 

 

 

—

 

Total cash and cash equivalents

 

 

134,324

 

 

 

134,324

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

16,050

 

 

 

16,050

 

 

 

—

 

 

 

—

 

U.S. Government bonds and notes

 

 

184,226

 

 

 

184,501

 

 

 

35

 

 

 

(310

)

Non-U.S. Government bonds and notes

 

 

3,996

 

 

 

3,996

 

 

 

—

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

447,543

 

 

 

448,225

 

 

 

57

 

 

 

(739

)

Total marketable securities

 

 

651,815

 

 

 

652,772

 

 

 

92

 

 

 

(1,049

)

Total cash, cash equivalents and marketable securities

 

$

786,139

 

 

$

787,096

 

 

$

92

 

 

$

(1,049

)

 

 

As of December 31, 2025

 

(In thousands)

 

Fair Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

Cash

 

$

67,833

 

 

$

67,833

 

 

$

—

 

 

$

—

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

47,277

 

 

 

47,277

 

 

 

—

 

 

 

—

 

U.S. Government bonds and notes

 

 

16,936

 

 

 

16,932

 

 

 

4

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

50,780

 

 

 

50,780

 

 

 

3

 

 

 

(3

)

Total cash equivalents

 

 

114,993

 

 

 

114,989

 

 

 

7

 

 

 

(3

)

Total cash and cash equivalents

 

 

182,826

 

 

 

182,822

 

 

 

7

 

 

 

(3

)

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

15,540

 

 

 

15,540

 

 

 

—

 

 

 

—

 

U.S. Government bonds and notes

 

 

161,361

 

 

 

161,231

 

 

 

180

 

 

 

(50

)

Non-U.S. Government bonds and notes

 

 

3,983

 

 

 

3,980

 

 

 

3

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

398,121

 

 

 

397,755

 

 

 

429

 

 

 

(63

)

Total marketable securities

 

 

579,005

 

 

 

578,506

 

 

 

612

 

 

 

(113

)

Total cash, cash equivalents and marketable securities

 

$

761,831

 

 

$

761,328

 

 

$

619

 

 

$

(116

)
Schedule of Available-For-Sale Securities Reported at Fair Value

Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows:

 

 

As of

 

(In thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Cash

 

$

99,218

 

 

$

67,833

 

Cash equivalents

 

 

35,106

 

 

 

114,993

 

Total cash and cash equivalents

 

 

134,324

 

 

 

182,826

 

Marketable securities

 

 

651,815

 

 

 

579,005

 

Total cash, cash equivalents and marketable securities

 

$

786,139

 

 

$

761,831

 

 
Schedule of Estimated Fair Value and Gross Unrealized Losses of Cash Equivalents and Marketable Securities, Classified by Length of Time in Continuous Unrealized Loss Position

The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025 were as follows:

 

 

Fair Value

 

 

Gross Unrealized Losses

 

(In thousands)

 

March 31,
2026

 

 

December 31,
2025

 

 

March 31,
2026

 

 

December 31,
2025

 

Less than 12 months

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds and notes

 

$

126,285

 

 

$

38,473

 

 

$

(309

)

 

$

(48

)

Corporate bonds, commercial paper and notes

 

 

338,170

 

 

 

88,597

 

 

 

(738

)

 

 

(65

)

Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months

 

 

464,455

 

 

 

127,070

 

 

 

(1,047

)

 

 

(113

)

12 months or greater

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds and notes

 

 

346

 

 

 

1,692

 

 

 

(1

)

 

 

(2

)

Corporate bonds, commercial paper and notes

 

 

1,665

 

 

 

1,660

 

 

 

(1

)

 

 

(1

)

Total marketable securities in a continuous unrealized loss position for 12 months or greater

 

 

2,011

 

 

 

3,352

 

 

 

(2

)

 

 

(3

)

Total cash equivalents and marketable securities in a continuous unrealized loss position

 

$

466,466

 

 

$

130,422

 

 

$

(1,049

)

 

$

(116

)
Schedule of Contractual Maturities of Cash Equivalents and Marketable Securities

The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:

 

(In thousands)

 

March 31, 2026

 

Due in less than one year

 

$

509,031

 

Due from one year through three years

 

 

142,784

 

Total

 

$

651,815

 
v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Carried at Fair Value and Their Valuation by Respective Pricing Levels

The following table presents the financial instruments that are carried at fair value and summarizes their valuation by the respective pricing levels as of March 31, 2026 and December 31, 2025:

 

 

As of March 31, 2026

 

(In thousands)

 

Total

 

 

Quoted
Market
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets carried at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

35,106

 

 

$

35,106

 

 

$

—

 

 

$

—

 

Time deposits

 

 

16,050

 

 

 

—

 

 

 

16,050

 

 

 

—

 

U.S. Government bonds and notes

 

 

184,226

 

 

 

—

 

 

 

184,226

 

 

 

—

 

Non-U.S. Government bonds and notes

 

 

3,996

 

 

 

—

 

 

 

3,996

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

447,543

 

 

 

—

 

 

 

447,543

 

 

 

—

 

Total assets carried at fair value

 

$

686,921

 

 

$

35,106

 

 

$

651,815

 

 

$

—

 

 

 

As of December 31, 2025

 

(In thousands)

 

Total

 

 

Quoted
Market
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets carried at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

47,277

 

 

$

47,277

 

 

$

—

 

 

$

—

 

Time deposits

 

 

15,540

 

 

 

—

 

 

 

15,540

 

 

 

—

 

U.S. Government bonds and notes

 

 

178,297

 

 

 

—

 

 

 

178,297

 

 

 

—

 

Non-U.S. Government bonds and notes

 

 

3,983

 

 

 

—

 

 

 

3,983

 

 

 

—

 

Corporate bonds, commercial paper and notes

 

 

448,901

 

 

 

—

 

 

 

448,901

 

 

 

—

 

Total assets carried at fair value

 

$

693,998

 

 

$

47,277

 

 

$

646,721

 

 

$

—

 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Undiscounted Cash Flows and Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2026 (in thousands):

 

Years ending December 31,

 

Amount

 

2026 (remaining nine months)

 

$

5,601

 

2027

 

 

5,984

 

2028

 

 

4,866

 

2029

 

 

4,871

 

2030

 

 

4,232

 

Thereafter

 

 

687

 

Total minimum lease payments

 

 

26,241

 

Less: amount of lease payments representing interest

 

 

(2,837

)

Present value of future minimum lease payments

 

 

23,404

 

Less: current obligations under leases

 

 

(6,362

)

Long-term lease obligations

 

$

17,042

 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Material Contractual Obligations

As of March 31, 2026, the Company’s material contractual obligations were as follows:

 

(In thousands)

 

Total

 

 

Remainder of
2026

 

 

2027

 

 

2028

 

Contractual obligations (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Software licenses (3)

 

$

35,006

 

 

$

11,671

 

 

$

16,396

 

 

$

6,939

 

Other contractual obligations

 

 

103

 

 

 

103

 

 

 

—

 

 

 

—

 

Total

 

$

35,109

 

 

$

11,774

 

 

$

16,396

 

 

$

6,939

 

 

(1)
The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $26.0 million, including $24.7 million recorded as a reduction of long-term deferred tax assets and $1.3 million in long-term income taxes payable as of March 31, 2026. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the timing of the outcome at this time.
(2)
For the Company’s lease commitments as of March 31, 2026, refer to Note 9, “Leases.”
(3)
The Company has commitments with various software vendors for agreements generally having terms longer than one year.
v3.26.1
Equity Incentive Plans and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Available for Grant

A summary of shares available for grant under the Company’s plans is as follows:

 

 

Shares Available
for Grant

 

Total shares available for grant as of December 31, 2025

 

 

9,733,628

 

Nonvested equity stock and stock units granted (1)

 

 

(25,498

)

Nonvested equity stock and stock units forfeited (1)

 

 

375,092

 

Total shares available for grant as of March 31, 2026

 

 

10,083,222

 

 

(1)
For purposes of determining the number of shares available for grant under the 2015 Equity Incentive Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
Schedule of Stock-Based Compensation Expenses

Stock-based compensation expense recorded in the Unaudited Condensed Consolidated Statements of Income was as follows:

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2026

 

 

2025

 

Cost of revenue

 

$

139

 

 

$

162

 

Research and development

 

 

5,254

 

 

 

4,511

 

Sales, general and administrative

 

 

6,060

 

 

 

6,710

 

Total

 

$

11,453

 

 

$

11,383

 
Schedule of Nonvested Equity Stock and Stock Units Activity

The following table reflects the activity related to nonvested equity stock and stock units for the three months ended March 31, 2026:

 

Nonvested Equity Stock and Stock Units

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Nonvested as of December 31, 2025

 

 

2,881,829

 

 

$

51.91

 

Granted

 

 

25,498

 

 

$

107.35

 

Vested

 

 

(574,401

)

 

$

44.42

 

Forfeited

 

 

(140,113

)

 

$

47.39

 

Nonvested as of March 31, 2026

 

 

2,192,813

 

 

$

54.81

 
v3.26.1
Recent Accounting Pronouncements - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
Change in Accounting Principle, Accounting Standards Update, Adoption Date Mar. 31, 2026
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2025-05 [Member]
v3.26.1
Revenue Recognition - Summary of Contract Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Unbilled receivables $ 27,764 $ 28,438
Deferred revenue $ 25,706 $ 31,601
v3.26.1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract balances, revenue recognized $ 13.2 $ 8.1
v3.26.1
Revenue Recognition - Additional Information (Details) 1
$ in Millions
Mar. 31, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Remaining performance obligations $ 30.9
Remaining performance obligation, expected timing of satisfaction, start date: 2026-04-01  
Remaining performance obligation, expected timing of satisfaction  
Remaining performance obligations, expected timing of satisfaction period 2 years
v3.26.1
Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income $ 59,858 $ 60,303
Denominator:    
Weighted-average common shares outstanding, basic (in shares) 108,030 107,236
Effect of potentially dilutive common shares 1,686 1,392
Denominator:    
Weighted-average common shares outstanding, diluted (in shares) 109,716 108,628
Basic net income per share $ 0.55 $ 0.56
Diluted net income per share $ 0.55 $ 0.56
v3.26.1
Intangible Assets, Net - Schedule of Components of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Components of intangible assets    
Gross Carrying amount $ 321,847 $ 325,097
Accumulated amortization (313,352) (314,926)
Net carrying amount 8,495 10,171
Existing technology    
Components of intangible assets    
Gross Carrying amount 284,051 287,301
Accumulated amortization (275,556) (277,130)
Net carrying amount $ 8,495 $ 10,171
Existing technology | Minimum    
Components of intangible assets    
Useful life (in years) 3 years 3 years
Existing technology | Maximum    
Components of intangible assets    
Useful life (in years) 10 years 10 years
Customer contracts and contractual relationships    
Components of intangible assets    
Gross Carrying amount $ 37,496 $ 37,496
Accumulated amortization (37,496) (37,496)
Net carrying amount $ 0 $ 0
Customer contracts and contractual relationships | Minimum    
Components of intangible assets    
Useful life (in years) 6 months 6 months
Customer contracts and contractual relationships | Maximum    
Components of intangible assets    
Useful life (in years) 10 years 10 years
Non-compete agreements and trademarks    
Components of intangible assets    
Gross Carrying amount $ 300 $ 300
Accumulated amortization (300) (300)
Net carrying amount $ 0 $ 0
Useful life (in years) 3 years 3 years
v3.26.1
Intangible Assets, Net - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 1,675 $ 1,713
v3.26.1
Intangible Assets, Net - Schedule of Estimated Future Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Estimated future amortization expense of intangible assets    
2026 (remaining nine months) $ 3,843  
2027 1,939  
2028 1,480  
2029 1,233  
Total intangible assets $ 8,495 $ 10,171
v3.26.1
Segments and Major Customers - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Segment reporting, CODM, individual title and position or group name srt:ChiefExecutiveOfficerMember
Segment reporting, CODM, profit (loss) measure, how used, description The CODM uses net income to assess segment performance, allocate resources and manage the business on a consolidated basis. The significant expenses for the segment exclude certain non-cash adjustments and non-recurring items, and are used to monitor budget versus actual results and to analyze the period-over-period comparisons.
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Segments and Major Customers - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment reporting information    
Stock-based compensation expenses $ 11,453 $ 11,383
Interest and other income (expense), net 6,872 4,479
Provision for income taxes (8,772) (7,320)
Net income 59,858 60,303
Reportable segment    
Segment reporting information    
Total revenue 180,189 166,664
Adjusted cost of revenue (34,718) (30,967)
Adjusted research and development (44,975) (38,089)
Adjusted sales, general and administrative (24,880) (21,347)
Stock-based compensation expenses (11,453) (11,383)
Amortization of acquired intangible assets (1,675) (1,713)
Acquisition-related costs 0 (21)
Interest and other income (expense), net 6,872 4,479
Other (730) 0
Provision for income taxes (8,772) (7,320)
Net income $ 59,858 $ 60,303
v3.26.1
Segments and Major Customers - Schedule of Significant Expense Category (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
Payroll and benefits $ 43,849 $ 37,929
Professional fees 7,119 5,489
Variable research and development expenses 6,902 4,809
Temporary labor services and consulting expenses 3,087 2,843
Amortization and depreciation 3,074 2,781
Facilities costs 3,012 3,084
Other expenses 2,812 2,501
Total adjusted operating expenses $ 69,855 $ 59,436
v3.26.1
Segments and Major Customers - Schedule of Accounts Receivable from Company's Major Customers (Details) - Customer concentration risk - Accounts receivable
Mar. 31, 2026
Dec. 31, 2025
Customer 1    
Concentration risk    
Accounts receivable from major customer as a percentage of total accounts receivable 49.00% 35.00%
Customer 2    
Concentration risk    
Accounts receivable from major customer as a percentage of total accounts receivable 24.00% 22.00%
v3.26.1
Segments and Major Customers - Schedule of Revenue from Company's Major Customers (Details) - Customer concentration risk - Revenue
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Customer A    
Concentration risk    
Revenue from major customer as a percentage of total revenue 29.00% 23.00%
Customer B    
Concentration risk    
Revenue from major customer as a percentage of total revenue 15.00% 20.00%
Customer C    
Concentration risk    
Revenue from major customer as a percentage of total revenue 10.00%  
Customer D    
Concentration risk    
Revenue from major customer as a percentage of total revenue   11.00%
v3.26.1
Segments and Major Customer - Revenue from Customers in Geographic Regions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Major customer disclosure    
Revenue $ 180,189 $ 166,664
South Korea    
Major customer disclosure    
Revenue 86,505 68,025
Singapore    
Major customer disclosure    
Revenue 28,294 51,676
United States    
Major customer disclosure    
Revenue 22,143 26,390
Other    
Major customer disclosure    
Revenue $ 43,247 $ 20,573
v3.26.1
Marketable Securities - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale [Abstract]  
Maximum maturity period of available-for-sale securities (in years) 3 years
v3.26.1
Marketable Securities - Schedule of Cash Equivalents and Marketable Securities Classified as Available-For-Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash and cash equivalents    
Total cash and cash equivalents, fair value $ 134,324 $ 182,826
Total cash and cash equivalents, amortized cost 134,324 182,822
Gross unrealized gains 0 7
Gross unrealized losses 0 (3)
Marketable securities    
Fair value 651,815 579,005
Amortized cost 652,772 578,506
Gross unrealized gains 92 612
Gross unrealized losses (1,049) (113)
Cash, cash equivalents and marketable securities    
Fair value 786,139 761,831
Amortized cost 787,096 761,328
Gross unrealized gains 92 619
Gross unrealized losses (1,049) (116)
Time deposits    
Marketable securities    
Fair value 16,050 15,540
Amortized cost 16,050 15,540
Gross unrealized gains 0 0
Gross unrealized losses 0 0
U.S. Government bonds and notes    
Cash and cash equivalents    
Fair value   16,936
Amortized cost   16,932
Gross unrealized gains   4
Gross unrealized losses   0
Marketable securities    
Fair value 184,226 161,361
Amortized cost 184,501 161,231
Gross unrealized gains 35 180
Gross unrealized losses (310) (50)
Non-U.S. Government bonds and notes    
Marketable securities    
Fair value 3,996 3,983
Amortized cost 3,996 3,980
Gross unrealized gains 0 3
Gross unrealized losses 0 0
Corporate bonds, commercial paper and notes    
Marketable securities    
Fair value 447,543 398,121
Amortized cost 448,225 397,755
Gross unrealized gains 57 429
Gross unrealized losses (739) (63)
Cash    
Cash and cash equivalents    
Fair value 99,218 67,833
Amortized cost 99,218 67,833
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Money market funds    
Cash and cash equivalents    
Fair value 35,106 47,277
Amortized cost 35,106 47,277
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Corporate bonds, commercial paper and notes    
Cash and cash equivalents    
Fair value   50,780
Amortized cost   50,780
Gross unrealized gains   3
Gross unrealized losses   (3)
Cash equivalents    
Cash and cash equivalents    
Fair value 35,106 114,993
Amortized cost 35,106 114,989
Gross unrealized gains 0 7
Gross unrealized losses $ 0 $ (3)
v3.26.1
Marketable Securities - Schedule of Available-For-Sale Securities Reported at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt securities, available-for-sale    
Total cash and cash equivalents $ 134,324 $ 182,826
Marketable securities 651,815 579,005
Total cash, cash equivalents and marketable securities 786,139 761,831
Cash    
Debt securities, available-for-sale    
Fair value 99,218 67,833
Cash equivalents    
Debt securities, available-for-sale    
Fair value 35,106 114,993
Marketable securities    
Debt securities, available-for-sale    
Marketable securities $ 651,815 $ 579,005
v3.26.1
Marketable Securities - Schedule of Estimated Fair Value and Gross Unrealized Losses of Cash Equivalents and Marketable Securities, Classified by Length of Time in Continuous Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt securities, available-for-sale    
Less than 12 months, fair value $ 464,455 $ 127,070
Less than 12 months, gross unrealized losses (1,047) (113)
12 months or greater, fair value 2,011 3,352
12 months or greater, gross unrealized losses (2) (3)
Fair value 466,466 130,422
Gross unrealized losses (1,049) (116)
U.S. Government bonds and notes    
Debt securities, available-for-sale    
Less than 12 months, fair value 126,285 38,473
Less than 12 months, gross unrealized losses (309) (48)
12 months or greater, fair value 346 1,692
12 months or greater, gross unrealized losses (1) (2)
Corporate bonds, commercial paper and notes    
Debt securities, available-for-sale    
Less than 12 months, fair value 338,170 88,597
Less than 12 months, gross unrealized losses (738) (65)
12 months or greater, fair value 1,665 1,660
12 months or greater, gross unrealized losses $ (1) $ (1)
v3.26.1
Marketable Securities - Schedule of Contractual Maturities of Cash Equivalents and Marketable Securities (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Contractual maturities  
Contractual maturities, fair value, due less than one year $ 509,031
Contractual maturities, fair value, due from one year through three years 142,784
Contractual maturities, fair value $ 651,815
v3.26.1
Fair Value of Financial Instruments - Summary of Financial Instruments Carried at Fair Value and Their Valuation by Respective Pricing Levels (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets carried at fair value    
Marketable securities $ 651,815 $ 579,005
Time deposits    
Assets carried at fair value    
Marketable securities 16,050 15,540
U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 184,226 161,361
Non-U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 3,996 3,983
Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 447,543 398,121
Recurring basis    
Assets carried at fair value    
Total assets carried at fair value 686,921 693,998
Recurring basis | Money market funds    
Assets carried at fair value    
Marketable securities 35,106 47,277
Recurring basis | Time deposits    
Assets carried at fair value    
Marketable securities 16,050 15,540
Recurring basis | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 184,226 178,297
Recurring basis | Non-U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 3,996 3,983
Recurring basis | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 447,543 448,901
Recurring basis | Quoted market prices in active markets (Level 1)    
Assets carried at fair value    
Total assets carried at fair value 35,106 47,277
Recurring basis | Quoted market prices in active markets (Level 1) | Money market funds    
Assets carried at fair value    
Marketable securities 35,106 47,277
Recurring basis | Quoted market prices in active markets (Level 1) | Time deposits    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Quoted market prices in active markets (Level 1) | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Quoted market prices in active markets (Level 1) | Non-U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Quoted market prices in active markets (Level 1) | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant other observable inputs (Level 2)    
Assets carried at fair value    
Total assets carried at fair value 651,815 646,721
Recurring basis | Significant other observable inputs (Level 2) | Money market funds    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant other observable inputs (Level 2) | Time deposits    
Assets carried at fair value    
Marketable securities 16,050 15,540
Recurring basis | Significant other observable inputs (Level 2) | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 184,226 178,297
Recurring basis | Significant other observable inputs (Level 2) | Non-U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 3,996 3,983
Recurring basis | Significant other observable inputs (Level 2) | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities 447,543 448,901
Recurring basis | Significant unobservable inputs (Level 3)    
Assets carried at fair value    
Total assets carried at fair value 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Money market funds    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Time deposits    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Non-U.S. Government bonds and notes    
Assets carried at fair value    
Marketable securities 0 0
Recurring basis | Significant unobservable inputs (Level 3) | Corporate bonds, commercial paper and notes    
Assets carried at fair value    
Marketable securities $ 0 $ 0
v3.26.1
Leases - Schedule of Undiscounted Cash Flows and Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 (remaining nine months) $ 5,601  
2027 5,984  
2028 4,866  
2029 4,871  
2030 4,232  
Thereafter 687  
Total minimum lease payments 26,241  
Less: amount of lease payments representing interest (2,837)  
Present value of future minimum lease payments 23,404  
Less: current obligations under leases (6,362) $ (6,310)
Long-term operating lease liabilities $ 17,042 $ 18,671
v3.26.1
Leases - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessee, lease, description    
Operating lease, weighted-average remaining lease term 4 years 3 months 18 days  
Operating lease, weighted-average discount rate (as a percentage) 7.50%  
Operating lease costs $ 1.5 $ 1.5
Operating lease payments $ 1.8 $ 1.8
Minimum    
Lessee, lease, description    
Lessee, operating lease, remaining lease term 1 year  
Maximum    
Lessee, lease, description    
Lessee, operating lease, remaining lease term 7 years  
v3.26.1
Commitments and Contingencies - Schedule of Material Contractual Obligations (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
 [1],[2]
Contractual obligations  
Total contractual obligation $ 35,109
Remainder of 2026 11,774
2027 16,396
2028 6,939
Software licenses  
Contractual obligations  
Total contractual obligation 35,006 [3]
Remainder of 2026 11,671 [3]
2027 16,396 [3]
2028 6,939 [3]
Other contractual obligations  
Contractual obligations  
Total contractual obligation 103
Remainder of 2026 103
2027 0
2028 $ 0
[1] For the Company’s lease commitments as of March 31, 2026, refer to Note 9, “Leases.”
[2] The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $26.0 million, including $24.7 million recorded as a reduction of long-term deferred tax assets and $1.3 million in long-term income taxes payable as of March 31, 2026. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the timing of the outcome at this time.
[3] The Company has commitments with various software vendors for agreements generally having terms longer than one year.
v3.26.1
Commitments and Contingencies - Schedule of Material Contractual Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Contractual obligations    
Unrecognized tax benefit excluding foreign tax withholdings $ 26.0  
Unrecognized tax benefits $ 108.4 $ 108.0
Software licenses    
Contractual obligations    
Terms of noncancellable license agreements, minimum (in years) 1 year  
Long-term deferred tax assets    
Contractual obligations    
Unrecognized tax benefits $ 24.7 24.3
Long-term income taxes payable    
Contractual obligations    
Unrecognized tax benefits 1.0 $ 1.0
Long-term income taxes payable | Unrecognized tax benefits, including interest    
Contractual obligations    
Unrecognized tax benefits $ 1.3  
v3.26.1
Equity Incentive Plans and Stock-Based Compensation - Schedule of Shares Available for Grant (Details) - Stock compensation plan
 3 Months Ended
Mar. 31, 2026
shares
Stock-based compensation  
Shares available as of beginning of period 9,733,628
Nonvested equity stock and stock units granted (in shares) (25,498) [1]
Nonvested equity stock and stock units forfeited (in shares) 375,092 [1]
Shares available as of end of period 10,083,222
[1] For purposes of determining the number of shares available for grant under the 2015 Equity Incentive Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
v3.26.1
Equity Incentive Plans and Stock-Based Compensation - Schedule of Shares Available for Grant (Parenthetical) (Details) - Stock compensation plan
 3 Months Ended
Mar. 31, 2026
shares
Stock-based compensation  
Nonvested equity stock and stock units granted (in shares) (25,498) [1]
Award date, Period 1  
Stock-based compensation  
Conversion factor used to calculate the decrease in the number of shares available for grant resulting from the grant of restricted stock awards 1.5
Conversion factor used to calculate the increase in the number of shares available for grant resulting from the forfeiture of restricted stock awards 1.5
Award date, Period 2  
Stock-based compensation  
Conversion factor used to calculate the decrease in the number of shares available for grant resulting from the grant of restricted stock awards 1
Conversion factor used to calculate the increase in the number of shares available for grant resulting from the forfeiture of restricted stock awards 1
[1] For purposes of determining the number of shares available for grant under the 2015 Equity Incentive Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
v3.26.1
Equity Incentive Plans and Stock-Based Compensation - Schedule of Stock-Based Compensation Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock-based compensation expense    
Stock-based compensation expense $ 11,453 $ 11,383
Cost of revenue    
Stock-based compensation expense    
Stock-based compensation expense 139 162
Research and development    
Stock-based compensation expense    
Stock-based compensation expense 5,254 4,511
Sales, general and administrative    
Stock-based compensation expense    
Stock-based compensation expense $ 6,060 $ 6,710
v3.26.1
Equity Incentive Plans and Stock-Based Compensation - Schedule of Nonvested Equity Stock and Stock Units Activity (Details) - Nonvested equity stock units and stock units
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Nonvested equity stock and stock units  
Nonvested as of beginning of period | shares 2,881,829
Granted | shares 25,498
Vested | shares (574,401)
Forfeited | shares (140,113)
Nonvested as of end of period | shares 2,192,813
Weighted-average grant-date fair value  
Nonvested as of beginning of period | $ / shares $ 51.91
Granted | $ / shares 107.35
Vested | $ / shares 44.42
Forfeited | $ / shares 47.39
Nonvested as of end of period | $ / shares $ 54.81
v3.26.1
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contingently issuable ESPP shares    
Stock-based compensation    
Shares available for issuance 2.1  
Discount from the fair market value (as a percentage) 15.00%  
Nonvested equity stock units and stock units    
Stock-based compensation    
Unrecognized compensation cost $ 77.1  
Unrecognized compensation cost, weighted-average period 2 years 3 months 18 days  
Requisite service period 4 years 4 years
Nonvested equity stock units and stock units | Director    
Stock-based compensation    
Requisite service period 1 year 1 year
Nonvested equity stock units and stock units | Minimum    
Stock-based compensation    
Awards, vesting rights (as a percentage) 0.00% 0.00%
Nonvested equity stock units and stock units | Maximum    
Stock-based compensation    
Awards, vesting rights (as a percentage) 200.00% 200.00%
v3.26.1
Stockholders' Equity - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Oct. 29, 2020
Class of stock      
Repurchase and retirement of common stock under repurchase program (in shares) 2,569,000    
Repurchase and retirement of common stock under repurchase program   $ 2,157  
Common stock      
Class of stock      
Repurchase and retirement of common stock under repurchase program (in shares) 30,000 40,000  
Repurchase and retirement of common stock under repurchase program   $ 0  
2020 Share repurchase program      
Class of stock      
Number of shares authorized to be repurchased under the program     20,000,000
Remaining number of shares authorized to be repurchased 5,500,000    
v3.26.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Valuation allowance      
Provision for income taxes $ 8,772 $ 7,320  
Income taxes paid 5,500 $ 5,600  
Unrecognized tax benefits, excluding interest 108,400   $ 108,000
Long-term deferred tax assets      
Valuation allowance      
Unrecognized tax benefits, excluding interest 24,700   24,300
Long-term income taxes payable      
Valuation allowance      
Unrecognized tax benefits, excluding interest 1,000   1,000
National Tax Services | Foreign tax authority | Other assets      
Valuation allowance      
Unrecognized tax benefits, excluding interest $ 82,700   $ 82,700