Rambus reported Q2 2026 revenue of $207.4 million, beating estimates, but margin shifts raise concerns amid a business model pivot.
Rambus Inc. (NASDAQ:RMBS) posted record Q2 2026 revenue of $207.4 million, up 20% year-over-year and 15% sequentially, surpassing the $198.3 million analyst forecast. Product revenue, driven by DDR5 9600 chipsets and AI data center demand, rose 22% to $99.2 million.
The company’s shift from high-margin IP licensing to direct chip manufacturing has prompted investors to focus on gross margins and capital intensity, rather than top-line growth alone. Prior quarter revenue was $172.8 million, with product revenue at $81.3 million.
Rambus guided Q3 2026 revenue between $210 million and $216 million, with GAAP diluted EPS of $0.59 to $0.67, reflecting continued momentum in AI infrastructure adoption.