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Safe Harbor Statement
This presentation may contain forward-looking statements about MoSys, Inc. including, without limitation, benefits and performance expected from use of its embedded memory and interface technologies and ICs, improving operational efficiencies, the timing of product development and shipments of Bandwidth Engine® ICs, LineSpeed™ ICs, and line cards, anticipated benefits and performance expected from the Bandwidth Engine and LineSpeed products, and line cards, growth in the size of the market addressed by the Company’s business and the Company’s future markets and future business prospects. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to the following:
achieving additional design wins for our ICs;
the timing of customer orders and product shipments;
commencing volume shipments of ICs;
our ability to enhance our existing proprietary technologies and develop new technologies;
achieving necessary acceptance of our IC architecture and interface protocols by potential customers and their suppliers;
difficulties and delays in the development, production, testing and marketing of our ICs;
reliance on our manufacturing partners to assist successfully with the fabrication of our ICs;
availability of quantities of ICs supplied by our manufacturing partners at a competitive cost;
our lack of recent experience as a fabless semiconductor company making and selling proprietary ICs;
level of intellectual property protection provided by our patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which we may be or may become a party from time to time;
vigor and growth of markets served by our licensees and customers and our operations; and
other risks identified in MoSys’ most recent reports on form 10-K and form 10-Q filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
2 Copyright © 2016 MoSys, Inc. All rights reserved.
Overview
IC Product Families Enable Cloud Infrastructure Equipment
Bandwidth Engine® ICs - BE-1, 2, 3*: Highest memory access rate and
intelligent offload for packet processing acceleration
LineSpeed™ PHYs - Gearbox, Retimer, CDR: High-performance PHYs
for throughput and density
Target Market
Networking and Cloud Hardware OEMs
Sweet Spot: Carrier Ethernet, core, edge and data center
Customers
85+ BE and LineSpeed design wins with 25+ customers
Wins in 40Gb to 1Tb line cards and systems in routers, Metro Ethernet,
wireless aggregation, optical systems, data center switches, security, load
balancing, monitoring, broadcast video
Copyright © 2016 MoSys, Inc. All rights reserved. 3
NASDAQ: MOSY
ISO 9001:2008 Certified
HQ: Santa Clara, CA
70 employees**, ~70% R&D
~125 Patents & Pending
Fabless semiconductor company enabling carrier, data center and enterprise OEMs to meet ever-increasing demand for intelligent bandwidth and faster data throughput
* BE-3 sampling, production in 2016
** Post reduction in force
Led by an Experienced Team
40+ Yrs Experience
• CEO of IDT, Incubated MoSys
• Former Chairman of NetLogic
(acquired by Broadcom; exit >$3B)
• Zilog, AMD, Western Digital
Michael Miller VP Sys. Applications
• CTO IDT
• Over 25 Patents,
including JTAG
• Architected QDR,
ZBT, TCAMs
30+ Yrs Experience
• CEO Exclara
• VP PMC-Sierra
• Founder & CEO,
QED
• MIPS, Intel
30+ Yrs Experience
Tom Riordan COO, EVP Engineering
John Monson VP Sales & Marketing
• VP Mktg Mellanox
• VP Inphi & Scintera
Networks
• VP Mktg PMC-Sierra
• AT&T, Lucent
25+ Yrs Experience
Jim Sullivan CFO
• CFO Apptera
• CFO 8x8
• CFO Netergy
Microelectronics
25+ Yrs Experience
Len Perham CEO
4 Copyright © 2016 MoSys, Inc. All rights reserved.
Fast, Intelligent and Secure Cloud Network Leads to New System Bottlenecks
Network Speed &
Traffic Increasing
Cloud Services Need
Intelligent & Secure Networks
Copyright © 2016 MoSys, Inc. All rights reserved. 5
Both Requirements Create New
Throughput & Memory Bandwidth Bottlenecks
for Network Equipment Manufacturers
Combination of Throughput and Intelligence
Creates Bottlenecks
6 Copyright © 2016 MoSys, Inc. All rights reserved.
Da
ta f
rom
Ne
two
rk
Ma
ny p
ort
s o
f 1
G,
10
G, 2
5G
, 4
0G
, 1
00
G
Ba
ck
pla
ne
Traffic
Identification
Gearbox +
MAC/Framer
Mo
du
les/C
op
per
Line Rate
Processing
NPU, ASIC,
FPGA
Packet Buffer
Memory Oversubscription
Memory &
High-Access
Intelligence
Typical Networking Line Card
Data Throughput
- Power / Distance
- Signal Integrity
- Rate Adaptors
Memory Access
- Bandwidth
- Pins
- Power
- Area
Bottlenecks:
Networking
systems contain
multiple Line Cards
Data Path & Memory Bandwidth ICs Solve Bottlenecks when Aggregate Data Throughput >100Gb/s
Optics
Modules
LineSpeed
Gearbox or
Retimer
Bandwidth
Engine
Data
fro
m N
etw
ork
n
x1
G,n
x1
0G
,nx40G
,nx100G
Backp
lan
e
10
G
25
G p
er
lan
e
LineSpeed
Retimer
Datapath Solutions
7 Copyright © 2016 MoSys, Inc. All rights reserved.
DDR
LineSpeed
CDR
Bandwidth
Engine
Memory
Access
Solutions
MAC/ Framers FPGA/ASSP
Packet Processing
Engine/Switch
FPGA / NPU
Serial Offers Higher Performance with Reduced Area, Pin Count, Power and Cost
Typical Networking Line Card
Market is Expanding as 100G+ Spreads Target Customers Throughout Network & Data Center
Aggregation
Cisco Ericsson
Juniper Fujitsu
ALU Brocade
Huawei NEC
ZTE HP / H3C
Core
Cisco
ALU
Ciena
Fujitsu
Huawei
Ericsson
DC Edge
Palo Alto
F5
Huawei/ Sym
Others
Ent / DC Switch
Cisco
Brocade
HP / H3C
Arista
8
Optical / Copper Module
Finisar Oclaro Asia ODM
JDSU Fujitsu Amphenol
Sumitomo Eq. OEMs TE
Copyright © 2016 MoSys, Inc. All rights reserved.
Access
Cisco
Hitachi
Fujitsu
H3C
Ericsson
Others
2013 2014 2015
Business,
Cable,
Mobile,
Residential,
Wireless
Access
New Markets
for 100G:
Modules
Government
Video
Data
Center Aggregation Core
Data Center
Edge
Proven Platforms and Ecosystem with Xilinx and Altera/Intel FPGAs
Established FPGA Ecosystem Simplifies Implementation for New BE-2 and BE-3 Designs
9
MoSys Provides Reference Designs
to Speed Customer Design Process Bandwidth Engine® IC
SerDes
Interface
Rx
1T-SRAM
ALU Macro Functions
Bit Safe
Technology Tx
Memory Controller &
App Functions
GCI PCS /
Framer
4, 8
4, 8
Rx
Tx
Copyright © 2016 MoSys, Inc. All rights reserved.
MoSys BE-2 and BE-3 FPGA Evaluation Platforms
Xilinx Virtex-6, Virtex-7, UltraScale Altera Stratix IV, Stratix V, Arria 10
ASIC MAC
FPGA
Data Center Security
Security Acceleration Threat Prevention – multiple lookup and buffering functions
Broadening FPGA Application Examples Bandwidth Engine Wins on Performance, Size, Pins, Power, Cost
Copyright © 2016 MoSys, Inc. All rights reserved. 10
Edge Router
400G Oversubscription Traffic smoothing prevents dropped packets
Data
Fro
m N
etw
ork
Bandwidth
Engine 2
Bandwidth
Engine 2
CPU
Advantages vs. Alternatives
Data
Fro
m N
etw
ork
Memory access performance
RLDRAM won’t fit or route
Security
FPGA
Bandwidth
Engine 2
Bandwidth
Engine 2 Bandwidth
Engine 2
Memory access performance
Lower - pin count, area, power, cost
Leading EZchip / Mellanox Network Processor Leverages Bandwidth Engine 3 for Performance and Features
Collaboration with EZchip NPS-400
Industry-leading merchant NPU integrated MoSys BE-3 interface
50% Increase in Memory Bandwidth
Leverage existing EZchip market presence in carrier Ethernet
Mellanox acquisition strengthens access to Data Center / Edge
Copyright © 2016 MoSys, Inc. All rights reserved. 11
Bandwidth
EngineBandwidth
Engine
L2/3
Switching
& Routing
Network
Overlay
Termination
TCP
TerminationSecurity DPI
Classification
& ACL
Traffic
Management
Service
Chaining
Scaling to
Millions of
Flows
Broad Application Support
LineSpeed PHY Products
Flexible Features, Signal Integrity, Power and Density
Supports Low Power 10, 25, 40, and 100G Interfaces
Source: Company Management
Copyright © 2016 MoSys, Inc. All rights reserved. 12
CFP CFP2 CFP4/QSFP28
Density Migration Path
Transmit
Optics
Receive
Optics
4x
LD
4x
TIA
Optical Fiber MSH110100G Retimer
Single Chip
Small Size
Performance
Ease of Use
100G CFP and QSFP28
Module Applications
100G to 1Terabit
Line Card Applications
(NPS-400)
DDR
4
DDR
4
DDR
4
DDR
4
DDR
4DDR
DDR
4
DDR
4
DDR
4
DDR
4
DDR
4DDR
DDR
4
DDR
4
DDR
4
DDR
4
DDR
4DDR
8-16
serial lanes
Backpla
ne
MoSys
LineSpeed
Retimer or
Gearbox
w/FEC
MoSys
Bandwidth
Engine
MoSys
LineSpeed
Retimer or
Gearbox
w/FEC
MoSys
LineSpeed
Retimer or
Gearbox
w/FEC
MoSys
LineSpeed
Retimer or
Gearbox
w/FEC
Fab
ric Inte
rface:
Tra
ffic
Manag
em
ent
/ S
witch
8-16
serial lanes
MoSys
Bandwidth
Engine
DDR
4
DDR
4
DDR
4
DDR
4
DDR
4DDR
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
Optical Modules
10G, 25G, 40G, 100G
MAC/ Framers
FPGA / ASSP
PacketProcessing
EngineFPGA / NPU
MoSys
LineSpeed
Retimer
MoSys
LineSpeed
Retimer
MoSys
LineSpeed
Retimer
MoSys
LineSpeed
Retimer
Product Trends Indicative of Future Growth
2012 2013 2014 2015 2016 proj
Copyright © 2016 MoSys, Inc. All rights reserved. 13
2012 2013 2014 2015 2016 Proj
Barriers to Adoption Reduced Serial Technology Proven
Industry-Leading Partners Xilinx, EZchip/Mellanox, Altera/Intel
BE Dual Sourcing Relationship GSI Technology
Long life cycle for Products
Design Win Momentum 85 Wins (cumulative)
25+ Customers
Customer Re-use
Adding Synergistic Products Bandwidth Engine 3 family
LineSpeed Flex 28nm PHY family
Design Wins Growing
More Products to Sell
>70%
>100%
>40%
Expanding Market Opportunity
for High Throughput Designs
14 Copyright © 2016 MoSys, Inc. All rights reserved.
2013 2014 2015
Business,
Cable,
Mobile,
Residential,
Wireless
Other Markets Optical Modules
Government
Video
Access Aggregation Core Data Center / Edge
Line Cards (LC)/System 1-4 4-10 4-16 4-16
Bandwidth Engine/LC 1-2 Up to 10+
LineSpeed/LC 1-2 4-10 Up to 10 4-10
IC Per Interface Module 1 1-4 per module, 1-10 modules per LC
12%
Access Aggregation Data
Center
Edge
Data Center Core
52% 8% 28%
Switch
Server NIC
Server Offload
Ethernet
DLAM
EPON / GPON
Wireless
Core / Edge Routers
Service Routers
Metro Ethernet Routers & Switches
Optical Transport
Core Routers
Edge Router
Load Balancing
Security / DPI
Opportunity Growth Driven by Increased Network Capacity & New Applications
Bandwidth Engine - TAM / SAM
Mill
ions o
f D
olla
rs
LineSpeed - TAM / SAM
Mill
ions o
f D
olla
rs
15 Copyright © 2016 MoSys, Inc. All rights reserved.
Source: Infonetics Research 2014 1G/10G/40G/100G Networking Ports Report. Market definition and other information is based on management opinion.
$0
$200
$400
$600
$800
$1,000
$1,200
2014 2015 2016 2017 2018
BE-1,2,3 BE-3 with Search SAM
$0
$100
$200
$300
$400
$500
$600
2014 2015 2016 2017 2018
Gearbox/Mux Retimers
Module CDR SAM
Estimate Growing Accessible market >$500M
Larger FPGA market >100G
New BE-3 with programmability
BE-Z30 with EZchip NPS-400
More 100G QSFP modules
New LineSpeed Flex Family
Increasing Revenue Potential Based on Design Win Trends & New Products
Copyright © 2016 MoSys, Inc. All rights reserved. 16
Strong Revenue
Potential
24 mos Design-to-Production
Design
Qualification
Field Trial / Verification
Production life approx. 5-10 yrs
Normalized DW Counts
Projected DW
2013 Design-to-Production
2014 Design-to-Production
Potential 2012 DW Production Revenue
2015 Revenue based on 2013 DW
2016 Revenue based on 2014 DW
2015 Design-to-Production 2017 Revenue based on 2015
DW
2012 Design-to-Production
Incre
asin
g R
evenue P
ote
ntial
2013 2014 2015 2016 Proj
Increasing Design Win Base
Design Wins by year
Target Operating Model
Targets Medium Term Long Term
Revenue Growth (YoY) • 2016 IC Revenue Est: $7-9M
• Up from $2.4M in 2015
• 85 total Design Wins: BE2 >70%
• LT strengthened by BE3 and LS Flex
100%+ YoY 40%+ YoY
Gross Margin* • Improvements from volume efficiency
• Analog products
• BE2 mask optimization
50% 60%+
Operating Margin* • 1Q16 reduced Opex ~$4-5M annually
• Non-GAAP Opex ~$5M / qtr (exclude tape outs)
• Break-even level ~$10M IC Revenue per quarter
NA 20%+
Cash Flow • $20M cash @ 12/31/15
• Need additional capital to achieve break-even
Declining
Cash Burn
Cash -
Generating
Copyright © 2016 MoSys, Inc. All rights reserved. 17
* Non-GAAP measures that exclude stock-based compensation expenses and amortization of intangibles
Summary Income Statement (Non-GAAP*)
*Non-GAAP: Excludes non-cash charges: stock-based compensation and amortization of intangibles
2015 Q4 15 Q3 15 Q2 15 Q1 15 2014
Total Revenues $ 4.4 $ 1.6 $ 1.1 $ 1.0 $ 0.8 $ 5.4
Product 2.4 1.1 0.6 0.5 0.2 2.3
Royalty and other 2.0 0.5 0.5 0.5 0.6 3.1
Gross Profit 1.9 0.7 0.2 0.4 0.5 3.1
Margin % 44% 45% 22% 43% 69% 57%
R&D 24.1 5.0 8.2 5.2 5.7 24.8
SG&A 5.3 1.4 1.3 1.3 1.3 5.4
Total Op Ex 29.4 6.4 9.5 6.5 7.0 30.2
Net Loss $(27.5) $ (5.7) $ (9.3) $ (6.1) $ (6.5) $ (27.1)
EPS $(0.44) $(0.09) $(0.14) $(0.09) $(0.12) $ (0.55)
In Millions, except EPS
18 Copyright © 2016 MoSys, Inc. All rights reserved.
Balance Sheet
Q4 – December 31, 2015 (in millions)
Cash & Investments $20.2
Total Assets $40.7
Debt -
Total Liabilities $3.9
Stockholder’s Equity $44.8
Total Shares Outstanding 65.5
Copyright © 2016 MoSys, Inc. All rights reserved. 19
Investment Highlights
IC Products Solve Key Networking & Cloud Challenges
Differentiated Products with Long Lifetime
Market Trends & Partnerships Pave Way for Future Success
Dedicated Organization, Proven Veteran Leadership
20 Copyright © 2016 MoSys, Inc. All rights reserved.
Bandwidth
Engine 2
LineSpeed
Signal Integrity LineSpeed
Signal Integrity
High-Speed
Packet
Processing
Bandwidth
Engine
Speed & Intelligence
Contact Information:
Thank You
Jim Sullivan, MoSys, Inc.
Chief Financial Officer
408-418-7582
Beverly Twing, Shelton Group
Investor Relations
214-272-0089
1T-SRAM, Bandwidth Engine, the GigaChip logo, and MoSys are registered trademarks of MoSys, Inc. in the US and/or other countries. Bit Safe, GigaChip, LineSpeed, and the MoSys logo are trademarks of MoSys, Inc.
All other marks mentioned herein are the property of their respective owners. Copyright © 2016 MoSys, Inc. All rights reserved.