−Removed: We are a leading innovator in advanced memory and storage solutions, pushing the boundaries of technology to deliver unparalleled performance and reliability.
−Removed: With a rich portfolio of patented technologies, we have consistently driven innovation in the field of cutting-edge enterprise memory and storage, advancing artificial intelligence (“AI”) and empowering businesses and industries to thrive in the digital age.
+Added: We are a leading innovator in advanced memory and storage solutions.
+Added: With a rich portfolio of patented technologies, our inventions are foundational to the advancement of artificial intelligence (“AI”) computing.
The global high-performance memory market is driven by increasing demand from data center and enterprise storage applications for improved input/output performance, lower latency, and increased redundant persistent data storage capacities.
−Removed: The proliferation of mobile devices, social media platforms, cognitive/artificial intelligence systems and cloud-based software applications has resulted in the accelerating creation and transmission of data.
+Added: The proliferation of mobile devices, social media platforms, cognitive/AI systems and cloud-based software applications has resulted in the accelerating creation and transmission of data.
To manage and analyze this data, we believe new memory and storage technologies need to be developed and implemented to satisfy the needs in the industry.
14 unchanged sentences
Early in our company’s history of research and development efforts, we developed innovative solutions for improving memory performance by increasing the precision of voltage regulation.
−Removed: We rethought the way
−Removed: power management is handled for each memory module within a system, by moving power management capabilities away from the host system and onto the modules themselves.
−Removed: The result was improved granularity of system power loading, which could translate to improved efficiency and higher data transfer speed.
+Added: We rethought the way power management is handled for each memory module within a system, by moving power management capabilities away from the host system and onto the modules themselves.
+Added: The result was improved
+Added: granularity of system power loading, which could translate to improved efficiency and higher data transfer speed.
Relocating power management functionality onto modules allows multiple distinct devices on a single module to receive power and operate harmoniously.
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We also develop and use proprietary heat spreaders to enhance the thermal management characteristics of our memory subsystems.
−Removed: Compute Express Link Technology
+Added: Compute Express Link Technology (“CXL”)
We are investing in new technologies like memory expansion utilizing Compute Express Link (“CXL”), which improves server capacity and bandwidth beyond what traditional memory channels can provide.
Traditional memory channel bandwidth and capacities can no longer keep up with host central processing unit needs.
−Removed: this space matures, we believe that CXL technology will allow larger memory pools to be placed further away from the host central processing unit and still be seamlessly utilized with the traditional channel memory.
+Added: CXL provides a range of features designed to cater to the evolving needs of high-performance data center computing and AI.
+Added: As this space matures, we believe that CXL technology will allow larger memory pools to
+Added: be placed further away from the host central processing unit and still be seamlessly utilized with the traditional channel memory.
Our commercially available memory subsystem products and other products that we sell include:
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Manufacturing
−Removed: We utilize third-party manufacturing facilities in the People’s Republic of China (“PRC”), Taiwan and Korea where we produce our products.
−Removed: Our manufacturing expertise, combined with our engineering and design capabilities, allows us to support our customers quickly and in high volume.
+Added: We utilize third-party manufacturing facilities in the People’s Republic of China (“PRC”), Taiwan and Korea.
+Added: Our manufacturing experience, combined with our engineering and design capabilities, allows us to support our customers quickly and in high volume.
Our products are produced on surface mount assemblies and undergo subsystem testing, system-level burn-in testing, programming, marking, labeling and packaging.
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We also supplement our test capabilities with advanced imaging technology to inspect the quality of our assemblies.
−Removed: We acquire components and materials, such as field-programmable gate arrays (“FPGAs”), ASICs, DRAMs and NAND flash, directly from integrated circuit manufacturers and assemble them into our finished subsystem products.
+Added: We acquire components and materials, such as field-programmable gate arrays (“FPGAs”), ASICs, DRAMs and NAND flash, directly from integrated circuit manufacturers or distributors and assemble them into our finished subsystem products.
We have developed supplier relationships with several manufacturers of these component products, and we typically qualify our memory subsystem products with our customers using multiple component manufacturers .
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Our supplier quality program and incoming material quality control program are important aspects of our manufacturing and sale processes.
−Removed: As of December 28, 2024, we had over 100 issued and pending patents.
+Added: As of December 27, 2025, we had over 200 issued patents and pending patent applications worldwide.
Our issued patents cover various aspects of our innovations and include various claim scopes and, as a result, we believe our business is not materially dependent on any one claim in any of our existing patents or pending patent applications.
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Moreover, many of our competitors have substantially greater financial, technical, marketing, distribution and other resources, broader product lines, lower cost structures, greater brand recognition, more influence on industry standards, more extensive or established patent portfolios and longer standing relationships with customers and suppliers.
−Removed: We may not be able to compete effectively against any of these organizations.
+Added: We may not be able to compete
+Added: effectively against any of these organizations.
If we are unable to compete effectively, then our market position and prospects could deteriorate and our revenues could decline.
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Although we have not incurred significant costs to date to comply with these laws and regulations, new laws or changes to current laws and regulations to make them more stringent could require us to incur significant costs to remain in compliance.
−Removed: We also may be subject to a variety of laws and regulations relating to other matters, including workplace health and safety, labor and employment, foreign business practices (including the U.S.
−Removed: Foreign Corrupt Practices Act and applicable foreign anti-bribery laws), data protection, public reporting and taxation, among others.
+Added: We are also subject to a variety of laws and regulations relating to other matters, including workplace health and safety, labor and employment, foreign business practices (including the U.S.
+Added: Foreign Corrupt Practices Act and applicable foreign anti-bribery laws), data protection, privacy, public reporting and taxation, among others.
It is difficult and costly to manage the requirements of every authority having jurisdiction over our various activities and to comply with their varying standards.
Any changes to existing regulations or adoption of new regulations may result in significant additional expense to us or our customers.
−Removed: Further, our failure to comply with any applicable laws and regulations may result in a variety of administrative, civil and criminal
−Removed: enforcement measures, including monetary penalties or imposition of sanctions or other corrective requirements.
+Added: Further, our failure to
+Added: comply with any applicable laws and regulations may result in a variety of administrative, civil and criminal enforcement measures, including monetary penalties or imposition of sanctions or other corrective requirements.
Corporate Information
5 unchanged sentences
Available Information
−Removed: We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy and information statements and other information with the SEC.
−Removed: Our filings with the SEC are available free of charge on the SEC’s website and on the "Investors" section of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
+Added: We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy and information statements and other information with the Securities and Exchange Commission (the “SEC”).
+Added: Our filings with the SEC are available free of charge on the SEC’s website ( www.sec.gov ) and on the "Investors" section of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
Our website also contains copies of our corporate governance guidelines, code of business conduct and ethics, insider trading policy and whistleblower policy.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.