Astera Labs Announces Financial Results for the Second Quarter of Fiscal Year 2025
Astera Labs (NASDAQ: ALAB), a semiconductor connectivity solutions provider, reported outstanding Q2 FY2025 financial results. The company achieved record quarterly revenue of $191.9 million, representing a 20% quarter-over-quarter and 150% year-over-year growth, alongside record operating cash flow of $135.4 million.
Key financial metrics include a GAAP gross margin of 75.8%, operating income of $39.8 million, and diluted EPS of $0.29. The company's non-GAAP performance showed operating income of $75.2 million and diluted EPS of $0.44.
For Q3 FY2025, Astera Labs projects revenue between $203-210 million with expected GAAP diluted EPS of $0.23-0.24. The company expanded collaborations with NVIDIA and AMD, while advancing its PCIe 6 connectivity portfolio and Scorpio Fabric Switch solutions for AI infrastructure.
Astera Labs (NASDAQ: ALAB), fornitore di soluzioni di connettivit脿 per semiconduttori, ha riportato risultati finanziari eccezionali per il secondo trimestre dell'anno fiscale 2025. L'azienda ha raggiunto un fatturato trimestrale record di 191,9 milioni di dollari, con una crescita del 20% rispetto al trimestre precedente e del 150% su base annua, insieme a un flusso di cassa operativo record di 135,4 milioni di dollari.
I principali indicatori finanziari includono un margine lordo GAAP del 75,8%, un reddito operativo di 39,8 milioni di dollari e un utile diluito per azione di 0,29 dollari. La performance non-GAAP della societ脿 ha mostrato un reddito operativo di 75,2 milioni di dollari e un utile diluito per azione di 0,44 dollari.
Per il terzo trimestre dell'anno fiscale 2025, Astera Labs prevede un fatturato compreso tra 203 e 210 milioni di dollari con un utile diluito per azione GAAP stimato tra 0,23 e 0,24 dollari. L'azienda ha ampliato le collaborazioni con NVIDIA e AMD, mentre ha fatto progressi nel suo portafoglio di connettivit脿 PCIe 6 e nelle soluzioni Scorpio Fabric Switch per infrastrutture AI.
Astera Labs (NASDAQ: ALAB), proveedor de soluciones de conectividad para semiconductores, report贸 resultados financieros sobresalientes en el segundo trimestre del a帽o fiscal 2025. La compa帽铆a alcanz贸 un ingreso trimestral r茅cord de 191,9 millones de d贸lares, representando un crecimiento del 20% trimestre a trimestre y del 150% a帽o tras a帽o, junto con un flujo de caja operativo r茅cord de 135,4 millones de d贸lares.
Las m茅tricas financieras clave incluyen un margen bruto GAAP del 75,8%, ingreso operativo de 39,8 millones de d贸lares y ganancias diluidas por acci贸n de 0,29 d贸lares. El desempe帽o no GAAP de la empresa mostr贸 un ingreso operativo de 75,2 millones de d贸lares y ganancias diluidas por acci贸n de 0,44 d贸lares.
Para el tercer trimestre del a帽o fiscal 2025, Astera Labs proyecta ingresos entre 203 y 210 millones de d贸lares con ganancias diluidas por acci贸n GAAP esperadas entre 0,23 y 0,24 d贸lares. La compa帽铆a ampli贸 sus colaboraciones con NVIDIA y AMD, mientras avanzaba en su portafolio de conectividad PCIe 6 y las soluciones Scorpio Fabric Switch para infraestructura de IA.
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Astera Labs (NASDAQ : ALAB), fournisseur de solutions de connectivit茅 pour semi-conducteurs, a annonc茅 des r茅sultats financiers exceptionnels pour le deuxi猫me trimestre de l'exercice 2025. La soci茅t茅 a r茅alis茅 un chiffre d'affaires trimestriel record de 191,9 millions de dollars, soit une croissance de 20 % par rapport au trimestre pr茅c茅dent et de 150 % en glissement annuel, ainsi qu'un flux de tr茅sorerie op茅rationnel record de 135,4 millions de dollars.
Les principaux indicateurs financiers comprennent une marge brute GAAP de 75,8 %, un r茅sultat op茅rationnel de 39,8 millions de dollars et un BPA dilu茅 de 0,29 dollar. La performance non-GAAP de la soci茅t茅 a affich茅 un r茅sultat op茅rationnel de 75,2 millions de dollars et un BPA dilu茅 de 0,44 dollar.
Pour le troisi猫me trimestre de l'exercice 2025, Astera Labs pr茅voit un chiffre d'affaires compris entre 203 et 210 millions de dollars avec un BPA dilu茅 GAAP attendu entre 0,23 et 0,24 dollar. La soci茅t茅 a renforc茅 ses collaborations avec NVIDIA et AMD, tout en faisant progresser son portefeuille de connectivit茅 PCIe 6 et ses solutions Scorpio Fabric Switch pour les infrastructures d'IA.
Astera Labs (NASDAQ: ALAB), ein Anbieter von Halbleiter-Konnektivit盲tsl枚sungen, meldete herausragende Finanzergebnisse f眉r das zweite Quartal des Gesch盲ftsjahres 2025. Das Unternehmen erzielte einen rekordverd盲chtigen Quartalsumsatz von 191,9 Millionen US-Dollar, was einem Wachstum von 20 % gegen眉ber dem Vorquartal und 150 % gegen眉ber dem Vorjahr entspricht, sowie einen rekordverd盲chtigen operativen Cashflow von 135,4 Millionen US-Dollar.
Wichtige Finanzkennzahlen umfassen eine GAAP-Bruttomarge von 75,8 %, einen operativen Gewinn von 39,8 Millionen US-Dollar und einen verw盲sserten Gewinn je Aktie von 0,29 US-Dollar. Die Non-GAAP-Leistung des Unternehmens zeigte einen operativen Gewinn von 75,2 Millionen US-Dollar und einen verw盲sserten Gewinn je Aktie von 0,44 US-Dollar.
F眉r das dritte Quartal des Gesch盲ftsjahres 2025 prognostiziert Astera Labs einen Umsatz zwischen 203 und 210 Millionen US-Dollar mit einem erwarteten GAAP-verw盲sserten Gewinn je Aktie von 0,23 bis 0,24 US-Dollar. Das Unternehmen hat die Zusammenarbeit mit NVIDIA und AMD ausgeweitet und gleichzeitig sein PCIe 6-Konnektivit盲tsportfolio sowie die Scorpio Fabric Switch-L枚sungen f眉r KI-Infrastrukturen weiterentwickelt.
- Record quarterly revenue of $191.9M, up 150% YoY and 20% QoQ
- Strong GAAP gross margin of 75.8% and non-GAAP gross margin of 76.0%
- Record operating cash flow generation of $135.4M
- Projected Q3 revenue growth to $203-210M
- Successful volume production ramp of PCIe 6 product portfolio
- Strategic partnerships with NVIDIA, AMD, and Alchip Technologies
- Increased operating expenses projected for Q3 ($116-120M GAAP)
- Higher non-GAAP tax rate expected in Q3 (20% vs current 10% GAAP)
Insights
Astera Labs delivers exceptional Q2 with 150% YoY revenue growth and strong margins, validating its AI connectivity leadership position.
Astera Labs has delivered an outstanding quarter with
What's particularly impressive is the company's operating leverage. With a non-GAAP operating margin of
Looking at the forward guidance, Astera projects continued momentum with Q3 revenue expected between
The financial performance validates Astera's strategic positioning at the intersection of two powerful trends: the explosive growth in AI infrastructure and the increasing complexity of data center connectivity requirements. Their PCIe 6 product portfolio ramping to volume production and expanding design wins for their Scorpio Fabric Switches demonstrate the company is successfully executing its product roadmap at a critical industry inflection point.
Most significantly, their partnerships with industry leaders like NVIDIA and AMD for advanced connectivity solutions (NVLink Fusion, UALink) position them to capture significant value as AI infrastructure continues scaling. The company's cash generation capability gives them flexibility to continue investing in R&D while maintaining profitability - a rare combination that suggests sustainable competitive advantage in the semiconductor connectivity space.
- Record quarterly revenue of
$191.9 million , up20% QoQ and150% YoY, and record operating cash flow generation of$135.4 million - Industry leading PCIe 6 connectivity portfolio ramping in volume on customized rack-scale AI systems
- Scorpio Fabric Switch design wins expand across multiple new customers and applications
SAN JOSE, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Astera Labs, Inc. (Nasdaq: ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, today announced preliminary financial results for the second quarter of fiscal year 2025, ended June 30, 2025.
鈥淎stera Labs delivered strong financial results in Q2 with sequential revenue growth of 20 percent, driving meaningful upside to earnings and cash flow from operations,鈥� said Jitendra Mohan, Astera Labs鈥� Chief Executive Officer. 鈥淒uring Q2, we successfully executed the next step in our growth journey by ramping our PCIe 6 product portfolio into volume production for customized rack-scale AI systems and added multiple new design wins for our Scorpio Fabric Switches. We also saw strong demand for our signal conditioning portfolio driven by PCIe scale-up and Ethernet scale-out connectivity applications in custom ASIC platforms. Astera Labs is at the forefront of an AI infrastructure transformation, and we are accelerating our investments to realize our vision of rack-scale connectivity in next-generation AI systems.鈥�
Second Quarter 2025 Financial Highlights
GAAP Financial Results:听听
- Revenue of
$191.9 million , up20% sequentially and up150% year-over-year - GAAP gross margin of
75.8% - GAAP operating income of
$39.8 million - GAAP operating margin of
20.7% - GAAP net income of
$51.2 million - GAAP diluted earnings per share of
$0.29
Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):
- Non-GAAP gross margin of
76.0% - Non-GAAP operating income of
$75.2 million - Non-GAAP operating margin of
39.2% - Non-GAAP net income of
$78.0 million - Non-GAAP diluted earnings per share of
$0.44
Q2 2025 and Recent Business Highlights
- Expanded collaboration with NVIDIA to advance the NVLink Fusion ecosystem and expand the options available for hyperscalers to deploy high-performance, scale-up networks based on NVIDIA NVLink technology. Astera Labs will provide NVLink connectivity solutions to further expand our Intelligent Connectivity Platform, which seamlessly integrates PCIe, CXL, and Ethernet silicon and hardware solutions with the COSMOS suite to enhance data center visibility while optimizing system performance.
- Hosted comprehensive Ultra Accelerator Link (鈥淯ALink鈥�) public webinar to discuss the fundamentals of the UALink technology, outline the UALink market opportunity, and demonstrate how Astera Labs is uniquely positioned to help proliferate the open, memory-semantic fabric that delivers high-bandwidth, low latency, and broad interoperability. As a Promoter Member of the UALink Consortium, Astera Labs is working closely with industry partners to advance this open connectivity ecosystem that helps unleash the next generation of performant, efficient, and scalable AI platforms.
- Joined AMD on stage for its Advancing AI 2025 keynote presentation as a trusted partner to help showcase the ecosystem collaborating to power the next era of AI. Together, the two companies highlighted how UALink connectivity solutions will be critical for enabling innovative scale-up architectures for the next generation of AI infrastructure. UAL represents the only open standard designed specifically for scale-up applications. It combines the best of many protocols to provide a fast and efficient architecture supported by a broad ecosystem to deliver choice and flexibility to customers.
- Announced partnership with high-performance ASIC leader, Alchip Technologies, to advance the silicon ecosystem for AI rack-scale infrastructure through the seamless integration of purpose-built compute and connectivity solutions. The collaboration combines Alchip鈥檚 custom ASIC development capabilities with Astera Labs鈥� comprehensive connectivity portfolio to deliver validated and interoperable solutions for hyperscalers building next-generation AI infrastructure.
Third Quarter of Fiscal 2025 Financial Outlook
Based on current business trends and conditions, Astera Labs estimates the following:
GAAP Financial Outlook:
- Revenue within a range of
$203 million to$210 million - GAAP gross margin of approximately
75% - GAAP operating expenses within a range of approximately
$116 million to$120 million - GAAP tax rate of approximately
10% - GAAP diluted earnings per share in a range of approximately
$0.23 t o$0.24 on weighted-average diluted shares outstanding of approximately 180 million
Non-GAAP Financial Outlook (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):
- Non-GAAP gross margin of approximately
75% - Non-GAAP operating expenses within a range of approximately
$76 million to$80 million - Non-GAAP tax rate of approximately
20% - Non-GAAP diluted earnings per share in a range of approximately
$0.38 t o$0.39 on non-GAAP weighted-average diluted shares outstanding of approximately 180 million
Earnings Webcast and Conference Call
Astera Labs will host a conference call to review its financial results for the second quarter of fiscal 2025 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 5908687. The call will also be webcast and can be accessed at the Astera Labs website at . The webcast will be recorded and available for replay on the company鈥檚 website for the next six months.
Discussion of Non-GAAP Financial Measures
We use certain non-GAAP financial measures, including those concerning our financial outlook, to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the closest GAAP measure can be found later in this release. The timing and impact of any adjustments to arrive at the corresponding GAAP financial measures concerning our financial outlook are inherently dependent on future events that are typically uncertain or that may be outside of our control. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income, non-GAAP pro forma diluted earnings per share, and non-GAAP pro forma weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income, non-GAAP pro forma diluted earnings per share, and non-GAAP pro forma weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.
We adjust the following items from one or more of our non-GAAP financial measures:
Stock-based compensation expense
We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary significantly from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparisons of our business performance across periods.
Employer payroll taxes related to stock-based compensation resulting from our IPO
We exclude employer payroll taxes related to the time-based vesting and net settlement of restricted stock units in connection with our initial public offering (the 鈥淚PO鈥�), because this does not correlate to the operation of our business. We believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.
Income tax effect
This represents the impact of the non-GAAP adjustments on an after-tax basis and one-off discrete tax adjustments that are unrelated to our core operating performance in connection with the presentation of non-GAAP net income and non-GAAP net income per diluted share. This approach is designed to enhance investors鈥� ability to understand the impact of our non-GAAP tax expense on our current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.
Non-GAAP pro forma weighted-average shares to compute non-GAAP pro forma net income per share
We present non-GAAP pro forma weighted-average shares, assuming our redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on听Astera Labs'听current expectations. The words 鈥渁ccelerating,鈥� 鈥渁dvance,鈥� 鈥渂eginning,鈥� "believe," 鈥渃onfidence,鈥� 鈥渃ommitted,鈥� 鈥渃ontinue,鈥� 鈥渄eliver,鈥� 鈥渆nable,鈥� "estimate," 鈥渆xpand,鈥� "expect," 鈥済oal,鈥� 鈥済uidance,鈥� "intend," 鈥渓ook,鈥� 鈥渕ay,鈥� 鈥渕omentum,鈥� 鈥渙n track,鈥� 鈥渙pportunities,鈥� 鈥減roliferate,鈥� 鈥減rospects,鈥� 鈥減rovide,鈥� 鈥渞epresent,鈥� 鈥渞oadmaps,鈥� 鈥渦pside,鈥� 鈥渧ision,鈥� "will," and similar phrases as they relate to听Astera Labs听are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of听Astera Labs听as of August 5, 2025, and are subject to various assumptions, beliefs, risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include, but are not limited to, statements regarding our future business, operating results, cash flow, financial position and guidance (and any underlying drivers), including for the third quarter of fiscal 2025; our business strategy, plans and market opportunities, including the expected catalysts, our rack scale connectivity vision, our associated investments, our growth profile and our ability to further build upon the new revenue base, expand our product offerings, increase our market opportunity, remain at the forefront of an AI infrastructure transformation, and scale our connectivity platform; our objectives for future operations; our production, development, shipping and delivery of, activity, applications and demand for, as well as absolute and relative revenue and growth (including the drivers) from, existing, new, growing or enhanced products such as our PCIe 6 connectivity portfolio, signal conditioning portfolio, and Scorpio P-Series Smart Fabric Switches and the performance and results of those products for our customers; the timing, impact and proliferation of different connectivity standards; the plans and potential success of our announced and ongoing collaborations, partnerships and strategic relationships; our competitive positioning and the impacts thereof; our R&D and strategic IP plans; and future industry and macroeconomic conditions, events and trends such as in cloud and AI infrastructure as well as our preparedness and solutions for them. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation: the competitive and cyclical nature of the semiconductor industry; the concentration of our customer base; the changes in demand for AI; the macroeconomic and/or geopolitical environment, including economic uncertainty and volatility in the capital markets; risks that demand for our products and the supply chain may be adversely affected, including by the imposition of tariffs by the United States or any other jurisdiction and any corresponding retaliatory tariffs, changes in political policies, military conflict (such as between听Russia/Ukraine and Israel/Hamas), terrorism, sanctions or other geopolitical events globally (including conflict between听Taiwan听and听China); quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with managing international activities (including trade barriers, particularly with respect to听China); absence of long-term commitments from customers; risks that听Astera Labs听may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; stock price volatility; information technology risks, including cyber-attacks against听Astera Labs'听products and its networks; and other risks and uncertainties that are detailed under the caption 鈥淩isk Factors鈥� and elsewhere in our Annual Report on 10-K, as filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) on February 14, 2025, and in subsequent Quarterly Reports on Form 10-Q filed with the SEC听and the other SEC听filings and reports Astera Labs may make from time to time.听 Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not unduly rely on any of the forward-looking statements. Astera Labs听disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
About Astera Labs
Astera Labs (NASDAQ: ALAB) provides rack-scale AI infrastructure through purpose-built connectivity solutions grounded in open standards. By collaborating with hyperscalers and ecosystem partners, Astera Labs enables organizations to unlock the full potential of modern AI. Astera Labs鈥� Intelligent Connectivity Platform integrates CXL庐, Ethernet, PCIe庐, and UALink鈩� semiconductor-based technologies with the company鈥檚 COSMOS software suite to unify diverse components into cohesive, flexible systems that deliver end-to-end scale-up, and scale-out connectivity. Discover more at .
| 听 | 听 | ||||||
| ASTERA LABS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) | |||||||
| 听 | 听 | ||||||
| 听 | As of | ||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| Assets | 听 | 听 | 听 | ||||
| Current assets | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 162,328 | 听 | 听 | $ | 79,551 | 听 |
| Marketable securities | 听 | 902,758 | 听 | 听 | 听 | 834,750 | 听 |
| Accounts receivable, net | 听 | 24,318 | 听 | 听 | 听 | 38,811 | 听 |
| Inventory | 听 | 58,602 | 听 | 听 | 听 | 43,215 | 听 |
| Prepaid expenses and other current assets | 听 | 32,742 | 听 | 听 | 听 | 16,652 | 听 |
| Total current assets | 听 | 1,180,748 | 听 | 听 | 听 | 1,012,979 | 听 |
| Property and equipment, net | 听 | 62,075 | 听 | 听 | 听 | 35,651 | 听 |
| Other assets | 听 | 28,582 | 听 | 听 | 听 | 5,878 | 听 |
| Total assets | $ | 1,271,405 | 听 | 听 | $ | 1,054,508 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Liabilities and Stockholders鈥� Equity | |||||||
| Current liabilities | 听 | 听 | 听 | ||||
| Accounts payable | $ | 31,573 | 听 | 听 | $ | 26,918 | 听 |
| Accrued expenses and other current liabilities | 听 | 74,810 | 听 | 听 | 听 | 59,624 | 听 |
| Total current liabilities | 听 | 106,383 | 听 | 听 | 听 | 86,542 | 听 |
| Other liabilities | 听 | 29,308 | 听 | 听 | 听 | 3,167 | 听 |
| Total liabilities | 听 | 135,691 | 听 | 听 | 听 | 89,709 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Stockholders鈥� equity | 听 | 听 | 听 | ||||
| Common stock | 听 | 17 | 听 | 听 | 听 | 16 | 听 |
| Additional paid-in capital | 听 | 1,258,581 | 听 | 听 | 听 | 1,173,153 | 听 |
| Accumulated other comprehensive income | 听 | 2,874 | 听 | 听 | 听 | 426 | 听 |
| Accumulated deficit | 听 | (125,758 | ) | 听 | 听 | (208,796 | ) |
| Total stockholders鈥� equity | 听 | 1,135,714 | 听 | 听 | 听 | 964,799 | 听 |
| Total liabilities and stockholders鈥� equity | $ | 1,271,405 | 听 | 听 | $ | 1,054,508 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) | |||||||||||||||||||
| 听 | 听 | 听 | 听 | ||||||||||||||||
| 听 | Three Months Ended | 听 | Six Months Ended | ||||||||||||||||
| 听 | June 30, 2025 | 听 | March 31, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||||
| Revenue | $ | 191,925 | 听 | 听 | $ | 159,442 | 听 | 听 | $ | 76,850 | 听 | 听 | $ | 351,367 | 听 | 听 | $ | 142,108 | 听 |
| Cost of revenue | 听 | 46,362 | 听 | 听 | 听 | 40,031 | 听 | 听 | 听 | 16,996 | 听 | 听 | 听 | 86,393 | 听 | 听 | 听 | 31,734 | 听 |
| Gross profit | 听 | 145,563 | 听 | 听 | 听 | 119,411 | 听 | 听 | 听 | 59,854 | 听 | 听 | 听 | 264,974 | 听 | 听 | 听 | 110,374 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Operating expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Research and development | 听 | 66,724 | 听 | 听 | 听 | 64,554 | 听 | 听 | 听 | 40,089 | 听 | 听 | 听 | 131,278 | 听 | 听 | 听 | 93,647 | 听 |
| Sales and marketing | 听 | 18,609 | 听 | 听 | 听 | 21,702 | 听 | 听 | 听 | 22,076 | 听 | 听 | 听 | 40,311 | 听 | 听 | 听 | 77,586 | 听 |
| General and administrative | 听 | 20,456 | 听 | 听 | 听 | 21,870 | 听 | 听 | 听 | 22,036 | 听 | 听 | 听 | 42,326 | 听 | 听 | 听 | 46,455 | 听 |
| Total operating expenses | 听 | 105,789 | 听 | 听 | 听 | 108,126 | 听 | 听 | 听 | 84,201 | 听 | 听 | 听 | 213,915 | 听 | 听 | 听 | 217,688 | 听 |
| Operating income (loss) | 听 | 39,774 | 听 | 听 | 听 | 11,285 | 听 | 听 | 听 | (24,347 | ) | 听 | 听 | 51,059 | 听 | 听 | 听 | (107,314 | ) |
| Interest income | 听 | 10,885 | 听 | 听 | 听 | 10,432 | 听 | 听 | 听 | 10,264 | 听 | 听 | 听 | 21,317 | 听 | 听 | 听 | 12,818 | 听 |
| Income (loss) before income taxes | 听 | 50,659 | 听 | 听 | 听 | 21,717 | 听 | 听 | 听 | (14,083 | ) | 听 | 听 | 72,376 | 听 | 听 | 听 | (94,496 | ) |
| Income tax (benefit) provision | 听 | (560 | ) | 听 | 听 | (10,102 | ) | 听 | 听 | (6,537 | ) | 听 | 听 | (10,662 | ) | 听 | 听 | 6,045 | 听 |
| Net income (loss) | $ | 51,219 | 听 | 听 | $ | 31,819 | 听 | 听 | $ | (7,546 | ) | 听 | $ | 83,038 | 听 | 听 | $ | (100,541 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Net income (loss) per share attributable to common stockholders: | 听 | 听 | 听 | 听 | |||||||||||||||
| Basic | $ | 0.31 | 听 | 听 | $ | 0.19 | 听 | 听 | $ | (0.05 | ) | 听 | $ | 0.51 | 听 | 听 | $ | (0.97 | ) |
| Diluted | $ | 0.29 | 听 | 听 | $ | 0.18 | 听 | 听 | $ | (0.05 | ) | 听 | $ | 0.47 | 听 | 听 | $ | (0.97 | ) |
| Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Basic | 听 | 165,428 | 听 | 听 | 听 | 163,194 | 听 | 听 | 听 | 155,199 | 听 | 听 | 听 | 164,316 | 听 | 听 | 听 | 103,865 | 听 |
| Diluted | 听 | 178,100 | 听 | 听 | 听 | 178,116 | 听 | 听 | 听 | 155,199 | 听 | 听 | 听 | 178,281 | 听 | 听 | 听 | 103,865 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | |||||||
| 听 | 听 | ||||||
| 听 | Six Months Ended | ||||||
| 听 | June 30, 2025 | 听 | June 30, 2024 | ||||
| Cash flows from operating activities | 听 | 听 | 听 | ||||
| Net income (loss) | $ | 83,038 | 听 | 听 | $ | (100,541 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | 听 | 听 | 听 | ||||
| Stock-based compensation | 听 | 77,920 | 听 | 听 | 听 | 140,835 | 听 |
| Depreciation and amortization | 听 | 2,517 | 听 | 听 | 听 | 1,331 | 听 |
| Non-cash operating lease expense | 听 | 1,522 | 听 | 听 | 听 | 1,106 | 听 |
| Warrants contra revenue | 听 | 2,136 | 听 | 听 | 听 | 443 | 听 |
| Accretion of discounts on marketable securities | 听 | (4,489 | ) | 听 | 听 | (1,670 | ) |
| Other, net | 听 | 734 | 听 | 听 | 听 | 1,526 | 听 |
| Changes in operating assets and liabilities: | 听 | 听 | 听 | ||||
| Accounts receivable, net | 听 | 14,491 | 听 | 听 | 听 | (13,898 | ) |
| Inventory | 听 | (14,577 | ) | 听 | 听 | (5,970 | ) |
| Prepaid expenses and other assets | 听 | (18,474 | ) | 听 | 听 | (5,396 | ) |
| Accounts payable | 听 | 4,607 | 听 | 听 | 听 | 5,831 | 听 |
| Accrued expenses and other liabilities | 听 | (1,592 | ) | 听 | 听 | 10,930 | 听 |
| Operating lease liability | 听 | (1,963 | ) | 听 | 听 | (1,062 | ) |
| Net cash provided by operating activities | 听 | 145,870 | 听 | 听 | 听 | 33,465 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Cash flows from investing activities | 听 | 听 | 听 | ||||
| Purchases of property and equipment | 听 | (6,562 | ) | 听 | 听 | (2,100 | ) |
| Purchases of marketable securities | 听 | (404,682 | ) | 听 | 听 | (345,756 | ) |
| Sales and maturities of marketable securities | 听 | 343,611 | 听 | 听 | 听 | 41,134 | 听 |
| Net cash used in investing activities | 听 | (67,633 | ) | 听 | 听 | (306,722 | ) |
| 听 | 听 | 听 | 听 | ||||
| Cash flows from financing activities | 听 | 听 | 听 | ||||
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 听 | 鈥� | 听 | 听 | 听 | 672,198 | 听 |
| Payment of deferred offering costs | 听 | 鈥� | 听 | 听 | 听 | (4,801 | ) |
| Tax withholding related to net share settlements of restricted stock units | 听 | 鈥� | 听 | 听 | 听 | (20,111 | ) |
| Proceeds from exercises of stock options, net of repurchases | 听 | 778 | 听 | 听 | 听 | 1,949 | 听 |
| Proceeds from employee stock purchase plan | 听 | 4,345 | 听 | 听 | 听 | 鈥� | 听 |
| Net cash provided by financing activities | 听 | 5,123 | 听 | 听 | 听 | 649,235 | 听 |
| Net increase in cash, cash equivalents, and restricted cash | 听 | 83,360 | 听 | 听 | 听 | 375,978 | 听 |
| Cash, cash equivalents, and restricted cash | 听 | 听 | 听 | ||||
| Beginning of the period | 听 | 80,044 | 听 | 听 | 听 | 45,098 | 听 |
| End of the period | $ | 163,404 | 听 | 听 | $ | 421,076 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| ASTERA LABS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands, except percentages and per share amounts) | |||||||||||||||||||
| 听 | 听 | 听 | 听 | ||||||||||||||||
| 听 | Three Months Ended | 听 | Six Months Ended | ||||||||||||||||
| 听 | June 30, 2025 | 听 | March 31, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||||
| GAAP gross profit | $ | 145,563 | 听 | 听 | $ | 119,411 | 听 | 听 | $ | 59,854 | 听 | 听 | $ | 264,974 | 听 | 听 | $ | 110,374 | 听 |
| Stock-based compensation expense upon IPO (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 516 | 听 |
| Stock-based compensation expense | 听 | 353 | 听 | 听 | 听 | (38 | ) | 听 | 听 | 84 | 听 | 听 | 听 | 315 | 听 | 听 | 听 | 96 | 听 |
| Non-GAAP gross profit | $ | 145,916 | 听 | 听 | $ | 119,373 | 听 | 听 | $ | 59,938 | 听 | 听 | $ | 265,289 | 听 | 听 | $ | 110,986 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP gross margin | 听 | 75.8 | % | 听 | 听 | 74.9 | % | 听 | 听 | 77.9 | % | 听 | 听 | 75.4 | % | 听 | 听 | 77.7 | % |
| Stock-based compensation expense upon IPO (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.3 | 听 |
| Stock-based compensation expense | 听 | 0.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.1 | 听 | 听 | 听 | 0.1 | 听 | 听 | 听 | 0.1 | 听 |
| Non-GAAP gross margin | 听 | 76.0 | % | 听 | 听 | 74.9 | % | 听 | 听 | 78.0 | % | 听 | 听 | 75.5 | % | 听 | 听 | 78.1 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP operating income (loss) | $ | 39,774 | 听 | 听 | $ | 11,285 | 听 | 听 | $ | (24,347 | ) | 听 | $ | 51,059 | 听 | 听 | $ | (107,314 | ) |
| Stock-based compensation expense upon IPO (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 88,873 | 听 |
| Stock-based compensation expense | 听 | 35,474 | 听 | 听 | 听 | 42,446 | 听 | 听 | 听 | 43,067 | 听 | 听 | 听 | 77,920 | 听 | 听 | 听 | 51,962 | 听 |
| Employer payroll tax related to stock-based compensation from IPO (2) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,072 | 听 |
| Non-GAAP operating income | $ | 75,248 | 听 | 听 | $ | 53,731 | 听 | 听 | $ | 18,720 | 听 | 听 | $ | 128,979 | 听 | 听 | $ | 34,593 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP operating margin | 听 | 20.7 | % | 听 | 听 | 7.1 | % | 听 | 听 | (31.7 | )% | 听 | 听 | 14.5 | % | 听 | 听 | (75.5 | )% |
| Stock-based compensation expense upon IPO (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 62.5 | 听 |
| Stock-based compensation expense | 听 | 18.5 | 听 | 听 | 听 | 26.6 | 听 | 听 | 听 | 56.0 | 听 | 听 | 听 | 22.2 | 听 | 听 | 听 | 36.6 | 听 |
| Employer payroll tax related to stock-based compensation from IPO (2) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.8 | 听 |
| Non-GAAP operating margin (3) | 听 | 39.2 | % | 听 | 听 | 33.7 | % | 听 | 听 | 24.4 | % | 听 | 听 | 36.7 | % | 听 | 听 | 24.3 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP net income (loss) | $ | 51,219 | 听 | 听 | $ | 31,819 | 听 | 听 | $ | (7,546 | ) | 听 | $ | 83,038 | 听 | 听 | $ | (100,541 | ) |
| Stock-based compensation expense upon IPO (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 88,873 | 听 |
| Stock-based compensation expense | 听 | 35,474 | 听 | 听 | 听 | 42,446 | 听 | 听 | 听 | 43,067 | 听 | 听 | 听 | 77,920 | 听 | 听 | 听 | 51,962 | 听 |
| Employer payroll tax related to stock-based compensation from IPO (2) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,072 | 听 |
| Income tax effect (4) | 听 | (8,670 | ) | 听 | 听 | (14,638 | ) | 听 | 听 | (13,296 | ) | 听 | 听 | (23,308 | ) | 听 | 听 | (4,811 | ) |
| Non-GAAP net income | $ | 78,023 | 听 | 听 | $ | 59,627 | 听 | 听 | $ | 22,225 | 听 | 听 | $ | 137,650 | 听 | 听 | $ | 36,555 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Net income (loss) per share attributable to common stockholders: | 听 | 听 | 听 | 听 | |||||||||||||||
| GAAP - basic | $ | 0.31 | 听 | 听 | $ | 0.19 | 听 | 听 | $ | (0.05 | ) | 听 | $ | 0.51 | 听 | 听 | $ | (0.97 | ) |
| GAAP - diluted | $ | 0.29 | 听 | 听 | $ | 0.18 | 听 | 听 | $ | (0.05 | ) | 听 | $ | 0.47 | 听 | 听 | $ | (0.97 | ) |
| Non-GAAP pro forma - diluted | $ | 0.44 | 听 | 听 | $ | 0.33 | 听 | 听 | $ | 0.13 | 听 | 听 | $ | 0.77 | 听 | 听 | $ | 0.23 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Weighted average shares used to compute net income (loss) per share attributable to common stockholders: | |||||||||||||||||||
| GAAP - basic | 听 | 165,428 | 听 | 听 | 听 | 163,194 | 听 | 听 | 听 | 155,199 | 听 | 听 | 听 | 164,316 | 听 | 听 | 听 | 103,865 | 听 |
| GAAP - diluted | 听 | 178,100 | 听 | 听 | 听 | 178,116 | 听 | 听 | 听 | 155,199 | 听 | 听 | 听 | 178,281 | 听 | 听 | 听 | 103,865 | 听 |
| Non-GAAP pro forma - diluted (5) | 听 | 178,100 | 听 | 听 | 听 | 178,116 | 听 | 听 | 听 | 175,279 | 听 | 听 | 听 | 178,281 | 听 | 听 | 听 | 162,378 | 听 |
____________________
(1) Stock-based compensation expense recognized in connection with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.
(2) Employer payroll taxes related to the time-based vesting and settlement of RSUs, that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.
(3) Total may not sum due to rounding.
(4) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. We no longer maintain valuation allowance for non-GAAP purposes due to our profitability on a non-GAAP basis. For the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, the non-GAAP tax expense rate was approximately
(5) We present the non-GAAP pro-forma weighted average shares to provide meaningful supplemental information of comparable shares for each period presented. The non-GAAP pro forma weighted average shares is calculated as follows:
| 听 | 听 | 听 | 听 | ||||||
| 听 | Three Months Ended | 听 | Six Months Ended | ||||||
| 听 | June 30, 2025 | 听 | March 31, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 |
| Shares used to compute GAAP net income (loss) per share attributable to common stockholders - diluted | 178,100 | 听 | 178,116 | 听 | 155,199 | 听 | 178,281 | 听 | 103,865 |
| Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the periods | 鈥� | 听 | 鈥� | 听 | 鈥� | 听 | 鈥� | 听 | 40,451 |
| Effect of dilutive equivalent shares | 鈥� | 听 | 鈥� | 听 | 20,080 | 听 | 鈥� | 听 | 18,062 |
| Shares used to compute non-GAAP pro forma net income per share - diluted | 178,100 | 听 | 178,116 | 听 | 175,279 | 听 | 178,281 | 听 | 162,378 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| ASTERA LABS, INC., RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK (Unaudited) (In millions, except percentages and per share amounts) | |||||||
| 听 | 听 | ||||||
| 听 | Outlook for Three Months Ending September 30, 2025 | ||||||
| 听 | Low | 听 | High | ||||
| GAAP gross margin | 听 | 75.0 | % | 听 | 听 | 75.0 | % |
| Stock-based compensation expense | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Non-GAAP gross margin | 听 | 75.0 | % | 听 | 听 | 75.0 | % |
| 听 | 听 | 听 | 听 | ||||
| GAAP operating expense | $ | 116 | 听 | 听 | $ | 120 | 听 |
| Stock-based compensation expense | 听 | 40 | 听 | 听 | 听 | 40 | 听 |
| Non-GAAP operating expense | $ | 76 | 听 | 听 | $ | 80 | 听 |
| 听 | 听 | 听 | 听 | ||||
| GAAP tax rate | 听 | 10 | % | 听 | 听 | 10 | % |
| Income tax effect | 听 | 10 | 听 | 听 | 听 | 10 | 听 |
| Non-GAAP tax rate | 听 | 20 | % | 听 | 听 | 20 | % |
| 听 | 听 | 听 | 听 | ||||
| GAAP EPS - diluted | $ | 0.23 | 听 | 听 | $ | 0.24 | 听 |
| Stock-based compensation expense and income tax effect | 听 | 0.15 | 听 | 听 | 听 | 0.15 | 听 |
| Non-GAAP EPS - diluted | $ | 0.38 | 听 | 听 | $ | 0.39 | 听 |
| 听 | 听 | 听 | 听 | ||||
| ASTERA LABS, INC. SUPPLEMENTAL FINANCIAL INFORMATION STOCK-BASED COMPENSATION EXPENSE (Unaudited) (In thousands) | |||||||||||||||
| 听 | 听 | 听 | 听 | ||||||||||||
| 听 | Three Months Ended | 听 | Six Months Ended | ||||||||||||
| 听 | June 30, 2025 | 听 | March 31, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||
| Cost of revenue | $ | 353 | 听 | $ | (38 | ) | 听 | $ | 84 | 听 | $ | 315 | 听 | $ | 612 |
| Research and development | 听 | 17,852 | 听 | 听 | 19,186 | 听 | 听 | 听 | 12,971 | 听 | 听 | 37,038 | 听 | 听 | 42,978 |
| Sales and marketing | 听 | 9,194 | 听 | 听 | 12,319 | 听 | 听 | 听 | 15,758 | 听 | 听 | 21,513 | 听 | 听 | 65,016 |
| General and administrative | 听 | 8,075 | 听 | 听 | 10,979 | 听 | 听 | 听 | 14,254 | 听 | 听 | 19,054 | 听 | 听 | 32,229 |
| Total stock-based compensation expense (1) | $ | 35,474 | 听 | $ | 42,446 | 听 | 听 | $ | 43,067 | 听 | $ | 77,920 | 听 | $ | 140,835 |
____________________
(1) Stock-based compensation expense recognized during the six months ended June 30, 2024 included
IR CONTACT: Leslie Green
[email protected]
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