Companies Showcase Ongoing Buildout of Manufacturing Infrastructure at K2 to Address Growing Demand for NAND Flash

Kioxia Corporation, a subsidiary of Kioxia Holdings Corporation (TOKYO: 285A) and Sandisk Corporation (Nasdaq: SNDK) today announced the start of production for their 10th-generation 3D Flash memory technology at Fab2 (K2) at the Kitakami Plant in Iwate Prefecture in Japan. The milestone comes as the companies continue to drive meaningful, multi-year bit growth to address the strong demand for their innovative flash memory technology.

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Unveiling ceremony for the K2 facility

In conjunction with the start of production, the companies held an unveiling ceremony for the K2 facility. Opening in September 2025, the facility has produced the companies’ 8th-generation 3D flash memory products and will begin to scale production with the introduction of their 10th-generation products. Both generations of 3D flash memory adopt innovative CBA (CMOS directly Bonded to Array) technology and offer high performance, high capacity, and low power consumption.

The Fab2 facility has an earthquake-absorbing architectural structure and a design that utilizes state-of-the-art energy saving manufacturing equipment. The facility uses artificial intelligence for enhanced production efficiencies and employs a space-efficient facility design that enlarges the space available for manufacturing equipment in its clean rooms.

Kioxia and Sandisk recently announced the extension of their joint venture framework through December 2034. The Sandisk-Kioxia partnership has driven decades of NAND flash memory innovation. Continued investments in the K2 fab will fuel the joint venture’s long-term success and ability to deliver leading-edge flash memory innovations at scale and with stability, in line with each company’s previously stated target bit growth.

Koichiro Shibayama, President and CEO of Kioxia Iwate Corporation, which operates the Kitakami Plant, said, “We are pleased to begin production of our advanced 10th-generation flash memory here in Kitakami. The eighth and further generation flash memory products produced at the Fab2 will deliver new value to the rapidly growing AI market. Leveraging the partnership and scale advantages, Kioxia will continue to manufacture leading-edge flash memory products and achieve sustainable corporate growth. Kioxia will continue to contribute to the advancement of the semiconductor industry and the development of local and domestic economies.”

“For decades Sandisk and Kioxia have driven innovation in NAND flash memory,” said Alper Ilkbahar, Chief Technology Officer of Sandisk Corporation. “Beginning production of our 10th-generation 3D flash memory at our Kitakami facility marks an important milestone for the two companies as demand for high-performance flash technologies continues to increase. Through our K2 facility we will continue to support our customers with the world’s leading NAND technology, while providing new economic opportunities for the communities we operate in and serving as an example of strong U.S.-Japan economic relations.”

Kioxia and Sandisk have shared a successful joint venture partnership for over 25 years and will continue to strengthen synergies and competitiveness through joint development of 3D flash memory and capital investments.

About Sandisk

Sandisk (Nasdaq: SNDK) delivers innovative Flash solutions and advanced memory technologies that meet people and businesses at the intersection of their aspirations and the moment, enabling them to keep moving and pushing possibility forward. Follow Sandisk on Instagram, Facebook, X, LinkedIn, YouTube. Join TeamSandisk on Instagram.

© 2026 Sandisk Corporation or its affiliates. All rights reserved. Sandisk and the Sandisk logo are registered trademarks or trademarks of Sandisk Corporation or its affiliates in the US and/or other countries. All other marks the property of their respective owners.

About Kioxia

Kioxia is a world leader in memory solutions, dedicated to the development, production and sale of flash memory and solid-state drives (SSDs). In April 2017, its predecessor Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Kioxia is committed to uplifting the world with “memory” by offering products, services and systems that create choice for customers and memory-based value for society. Kioxia's innovative 3D flash memory technology, BiCS FLASH™, is shaping the future of storage in high-density applications, including advanced smartphones, PCs, automotive systems, data centers and generative AI systems.

Forward-Looking Statements

Sandisk

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements regarding expectations for: Sandisk Corporation’s and Kioxia Holdings Corporation’s product roadmap, production scaling plans, and continued ability to drive multi-year bit growth; demand for high-performance flash technologies; the performance, capacity and capabilities of the companies’ 3D flash memory technology; the capabilities and efficiencies of the Fab2 facility; Sandisk’s continued investment strategy in its long-standing joint venture with Kioxia; and the joint venture's long-term success, operational synergies, capital efficiency, competitiveness, and ability to deliver leading-edge 3D flash memory innovations at scale. These forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: adverse changes in global or regional economic conditions, including the impact of evolving trade policies, tariff regimes and trade wars; volatility in demand for Sandisk’s products; pricing trends and fluctuations in average selling prices; exposure to execution, financial and market risks due to long-term agreements; inflation; changes in interest rates and a potential economic recession; the impact of business and market conditions; the impact of competitive products and pricing; the development and introduction of products based on new technologies and management of technology transitions; risks associated with strategic initiatives, including restructurings, acquisitions, divestitures, cost saving measures and joint ventures; risks related to product defects; difficulties or delays in manufacturing or other supply chain disruptions; reliance on strategic relationships with key partners, including Kioxia Corporation; the attraction, retention and development of skilled management and technical talent; risks associated with the use of artificial intelligence in business operations; changes to relationships with key customers or consolidation among the customer base; compromise, damage or interruption from cybersecurity incidents or other data system security risks; reliance on intellectual property; fluctuations in currency exchange rates; actions by competitors; risks associated with compliance with changing legal and regulatory requirements; and other risks and uncertainties listed in Sandisk’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed with the SEC on August 21, 2025 and Quarterly Report on Form 10-Q filed with the SEC on May 1, 2026, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Sandisk undertakes no obligation to update or revise these forward-looking statements to reflect new information or events, except as required by law.

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