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Astera LabsALAB

Legal name
Astera Labs, Inc.
Sector
Technology
Industry
Semiconductors & Related Devices
Exchange
Nasdaq

Stock Price $ALAB

Latest filings

You are here#57 of 88 in Technology by market cap

Filing record · 2024–202610-K210-Q88-K22

ALAB filed 2 annual reports (10-K), 8 quarterly reports (10-Q) and 22 current reports (8-K) between 2024 and 2026.

  1. Leadership change8-K · Jun ’24Jun ’24
  2. Leadership change8-K · Mar ’25Mar ’25
  3. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  4. $852.5M
YoY changeLargest recent move+242.2%in FY24Latest +115.1%

1 older move runs past ±150% (largest +242.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ALAB Financial Metrics54 metrics

Income Statement15

Balance Sheet23

Cash Flow12

Per Share4

02—Overview

Astera Labs Financial Overview 2024–2025

Updated Nov 3, 2026

Astera Labs flipped an $83.4 million net lossa into a $219.1 million net income in just one year, proving its data center connectivity hardware can scale profitably amidst the global AI infrastructure boom. The company is rapidly translating explosive hyperscaler demand into immense operating leverage, moving past early public-market growing pains to cement itself as a highly profitable hardware staple. Demonstrating this exact trajectory, annual revenue skyrocketed from $396.3 million in FY2024 to $852.5 million in FY2025. This aggressive top-line expansion carried directly into Q1 2026, with quarterly sales hitting $308.4 million—a 93% year-over-year increase.

Underneath the hyper-growth, the underlying unit economics remain highly lucrative. The company delivered a 76.3% gross margin in Q1 2026, driven by a favorable product mix across its Aries, Taurus, and Scorpio lines. Furthermore, a massive strategic agreement signed in early 2026 grants Amazon warrants to acquire over 3.26 million shares contingent upon purchasing up to $6.5 billionb in Astera Labs products. This operational momentum has built a formidable balance sheet, exiting Q1 2026 with $1.2 billion in cash and marketable securities. The market has heavily priced in this flawless execution; at the close of FY2025, the stock traded at $166.36, assigning the company a $28.3 billion market cap and a steep 136.4x P/E ratio.

Recent Developments (Q1 and Q2 2026)

Revenue reached $392.4 millionc in Q2 2026, up 27% from Q1 2026 and 104% year over year. Non-GAAP operating margin rose to 39.1% from 36.2%. Management guided Q3 2026 revenue to $540-560 million and said Scorpio X-Series switches will become the largest product family a quarter early. Gross margin is guided down to about 72% from 74.6% for the first half, on mix and warrants. Astera also bought a company for $69.2 million in the first half. Receivables and inventory more than doubled since December 2025.

The bull case: Scorpio is ramping faster than planned, and non-GAAP EPS is guided to $1.16-$1.21d for Q3 2026. The bear case: the stock traded at 261.0x annual EPS of $1.22 as of the August 4, 2026 quarterly report, not today. Q2 net income included a $50.3 million tax benefit, stock-based compensation rose to $64.0 million, and Customer A supplied 29% of first-half revenue.

What to watch: Scorpio X-Series ramp against the Q3 2026 guide; gross margin as hardware modules grow in the mix

03—Filings

Recent SEC Filings

  1. 8-KAstera Labs 8-K Report, Financial Results (Nov 3, 2026)Astera Labs (ALAB) reported robust financial results for the third quarter of 2026, demonstrating significant growth and expanding its product portfolio. The company achieved record quarterly revenue of $584.9 million, representing a substantial 49% increase quarter-over-quarter and a 154% surge year-over-year. This strong performance was driven by the Scorpio™ fabric switches, which have now become the company's largest product family due to the volume production of the Scorpio X-Series 320-lane fabric switch. Beyond revenue, Astera Labs has strategically broadened its offerings with new solutions for memory expansion (Leo 2 and Leo X-Series), optical and copper signal conditioning (Aries 7), and rack-scale AI platforms (Orion). These expansions, coupled with strong design activity and new customer wins, position the company favorably to increase its dollar content per AI accelerator and capture a larger share of the growing AI infrastructure market. The company also provided a confident outlook for the fourth quarter of 2026, projecting revenue between $730 million and $750 million.
  2. 8-KAstera Labs 8-K Report, Financial Results (Aug 4, 2026)Astera Labs reported second-quarter 2026 revenue of $392.4 million, up 27% sequentially and 104% year-over-year, with GAAP operating income of $89.2 million (22.7% margin) and non-GAAP operating income of $153.5 million (39.1% margin). Growth was broad-based across the Aries, Taurus, Scorpio, and Leo product lines, and the company said Scorpio fabric switches are expected to become its largest product family one quarter earlier than previously expected. GAAP diluted EPS was $0.83 and non-GAAP diluted EPS was $0.80. Note that GAAP net income of $153.1 million was lifted by a $50.3 million income tax benefit, so the non-GAAP tax rate of about 12% is the better guide to recurring earnings power. For the third quarter, management guided revenue to $540-560 million, implying roughly 38-43% sequential growth at the midpoint-to-high end. The outlook calls for GAAP gross margin of about 72%, non-GAAP diluted EPS of $1.16-1.21, and a roughly 185 million weighted-average diluted share count. The guided gross margin is meaningfully below Q2's 73.3% GAAP and 73.7% non-GAAP levels, and the outlook assumes a much higher operating expense base, with non-GAAP opex of $156-160 million versus $115 million implied in Q2. Investors will want to watch whether the Scorpio X-Series ramp sustains this trajectory and whether margins hold as the mix shifts. The balance sheet remains strong, with cash, cash equivalents, and marketable securities of about $1.25 billion at June 30, 2026. However, working capital build is notable: accounts receivable rose to $192.5 million from $83.2 million at year-end, and inventory rose to $113.8 million from $59.0 million, reflecting the revenue ramp. Operating cash flow for the first half was $162.3 million, and the company spent $69.2 million on business combinations during the period, which increased goodwill to $91.6 million. The release is preliminary and the 8-K furnishes the release under Item 2.02 rather than filing it for Section 18 purposes.
  3. 8-KAstera Labs 8-K Report, Shareholder Vote Results (Jun 8, 2026)Astera Labs, Inc. (ALAB) filed an 8-K on June 8, 2026, detailing the results of its 2026 Annual Stockholders Meeting held on June 4, 2026. The meeting saw strong participation, with approximately 82.6% of the total outstanding shares being voted. Key outcomes include the re-election of all three Class II director nominees, overwhelmingly ratifying the appointment of PricewaterhouseCoopers LLP as the independent auditor, and approving executive compensation on an advisory basis (Say-on-Pay).
  4. 8-KAstera Labs 8-K Report, Financial Results (May 5, 2026)Astera Labs reported record first-quarter 2026 revenue of $308.4 million, up 14% sequentially and 93% year-over-year, driven by demand for its PCIe 6 switch and signal-conditioning portfolio. GAAP gross margin was 76.3% and GAAP operating income was $61.8 million (20.1% margin). Non-GAAP operating income was $111.7 million (36.2% margin), and non-GAAP diluted EPS was $0.61 versus GAAP diluted EPS of $0.44. GAAP net income of $80.3 million was helped by a $6.9 million income tax benefit, a discrete item, so the operating result is the cleaner measure of earnings power. Investors should note that the release uses non-GAAP figures that exclude stock-based compensation, which was $48.9 million in the quarter, about 16% of revenue. Management guided second-quarter 2026 revenue to $355 million to $365 million, implying roughly 15% to 18% sequential growth, with GAAP and non-GAAP gross margins of about 73%. Non-GAAP diluted EPS is guided to $0.68 to $0.70 on about 184 million shares. The guided gross margin step-down from 76% to 73% and the rise in operating expenses (non-GAAP operating expenses of $128 million to $131 million, up from about $112 million of non-GAAP operating expenses in Q1) indicate investment spending ahead of new product ramps. Management highlighted the Scorpio X-Series 320-lane AI fabric switch, which is shipping now, with production ramp expected in the second half of 2026. The balance sheet remains strong, with about $1.18 billion in cash and marketable securities and $74.6 million of operating cash flow in the quarter. Two items warrant monitoring: accounts receivable rose about 62% sequentially to $134.8 million, well ahead of revenue growth, and goodwill increased to $87.7 million following acquisitions that used $65.0 million of cash. The filing also states that Astera Labs' results are subject to customer concentration, cyclical semiconductor demand, and tariff and geopolitical risks.
  5. 8-KAstera Labs 8-K Report, Financial Results (Feb 10, 2026)Astera Labs reported preliminary fourth-quarter and full-year 2025 results that showed strong top-line growth and high profitability. Q4 revenue reached a record $270.6 million, up 17% sequentially and 92% year-over-year, with GAAP gross margin of 75.6% and non-GAAP operating margin of 40.2%. Full-year revenue was a record $852.5 million, up 115% from $396.3 million in 2024. GAAP net income for the year was $219.1 million (diluted EPS of $1.22), and non-GAAP pro forma diluted EPS was $1.84. Cash, cash equivalents, and marketable securities totaled roughly $1.19 billion at year-end, up from about $914 million a year earlier. The company's outlook for Q1 2026 calls for revenue of $286 million to $297 million, GAAP gross margin of about 74%, and non-GAAP diluted EPS of $0.53 to $0.54. Management is accelerating R&D investment, opening a design center in Israel, and ramping production of the Scorpio X-Series smart fabric switch for a lead platform. It cites an estimated $20 billion merchant scale-up switching market by 2030. Investors should note that Q4 GAAP tax expense was $33.9 million, compared with a benefit in Q3, which pulled Q4 GAAP net income well below non-GAAP net income. Q1 guidance assumes a GAAP tax rate of about 1%. The results are described as preliminary, and the full Form 10-K has not yet been filed, so figures may change. Risks cited include customer concentration, cyclicality, geopolitical exposure, and the lack of long-term customer commitments.
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04—See also

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