Astera Labs files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition

Astera Labs Reports First Quarter 2026 Financial Results

• Record quarterly revenue of $308.4 million, up 14% QoQ and up 93% year-over-year

• Market-leading PCIe 6 AI fabric and signal conditioning portfolio delivered strong growth during Q1

• Now shipping newly announced Scorpio™ X-Series 320-lane AI Fabric switch and expanded Scorpio P-Series PCIe 6 switch family supporting 32 to 320 lanes

SAN JOSE, CA, U.S. – May 5, 2026 – Astera Labs, Inc. (Nasdaq: ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, today announced preliminary financial results for the first quarter of fiscal year of 2026, ended March 31, 2026.

“Astera Labs delivered strong Q1 2026 financial results with revenue growing by 14% sequentially and 93% year-over-year to a record level of $308.4 million, driven by robust demand for our PCIe 6 portfolio,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “Adoption of our Intelligent Connectivity Platform continues to expand with the launch and initial shipments of our new Scorpio™ X-Series 320-lane AI scale-up fabric switch, new design engagements for custom and optical solutions, and growing market share for our broad portfolio of 32 to 320 lane PCIe switches and Smart Cable Modules. We believe the opportunity ahead is significant, and we are investing to be a leader for rack-scale AI technologies in close partnership with our customers.”

First Quarter of Fiscal 2026 Financial Highlights

GAAP Financial Results:

• Revenue of $308.4 million, up 14% sequentially and up 93% year-over-year

Non-GAAP Financial Results (excluding the impact of stock-based compensation expense, acquisition-related costs, and the income tax effects of non-GAAP adjustments):

Q1 2026 and Recent Business Highlights

• Announced Scorpio X-Series 320-lane Smart Fabric Switch, the largest open, memory-semantic fabric switch, purpose-built for frontier AI lab workloads. The AI fabric switch leverages open and platform specific protocols to deliver infrastructure optionality across diverse accelerators in high-radix scale-up topologies. New capabilities like Hypercast™ and In-Network Compute boost collective operations by up to 2x, reduce latency, and improve token economics for agentic inference workloads. Scorpio X-Series 320-lane is shipping today with expected production ramp in the second half of 2026 targeting the merchant scale-up market projected to reach $20 billion by 2030.

• Expanded market-leading Scorpio P-Series PCIe-6 Fabric Switch family that now spans from 32 to 320 lane configurations for flexible switch deployment at any scale. With customer-optimized firmware and COSMOS embedded software, infrastructure fleet management is bolstered with non-disruptive updates and comprehensive in-depth signal, link, and packet diagnostics using a common interface across Astera Labs’ complete connectivity portfolio. Shipments to multiple customers across several Scorpio P-Series variants are expected in the second half of this year with broader volume ramps targeted for 2027.

• Collaborated with the Ultra Accelerator Link Consortium to publish a new UALink 2.0 specification which introduces additional features and capabilities while maintaining its foundational memory-semantic model. UALink 2.0 enhancements include supporting In-Network Compute for greater efficiency, confidential computing for tighter security and multi-path routing for improved resiliency. UALink 2.0 delivers these advances while maintaining an open, vendor-neutral ecosystem to provide a purpose-built AI compute fabric capable of scaling with industry needs over time.

• Showcased portfolio of AI connectivity solutions at NVIDIA GTC 2026 highlighting the broad market opportunity for intelligent networking across a wide variety of merchant-GPU platforms and applications. Astera Labs’ connectivity portfolio supports merchant GPU platforms by offering Scorpio P-Series PCIe Smart Fabric Switches and Aries 6 PCIe Smart Retimers for customized scale-out networking, Leo CXL memory controllers to accelerate KV Cache, Taurus SCMs for Ethernet scale-out switches, and custom solutions for NVLink Fusion scale-up connectivity.

Second Quarter of Fiscal 2026 Financial Outlook

Based on current business trends and conditions, Astera Labs estimates the following:

GAAP Financial Outlook:

• Revenue within a range of $355 million to $365 million

• GAAP gross margin of approximately 73%

• GAAP operating expenses within a range of approximately $188 million to $191 million

• GAAP tax rate of approximately 1%

• GAAP diluted earnings per share of approximately $0.44 to $0.46 on weighted-average diluted shares outstanding of approximately 184 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 73%

• Non-GAAP operating expenses within a range of approximately $128 million to $131 million

• Non-GAAP tax rate of approximately 12%

• Non-GAAP diluted earnings per share of approximately $0.68 to $0.70 on non-GAAP weighted-average diluted shares outstanding of approximately 184 million

Earnings Webcast and Conference Call

Astera Labs will host a conference call to review its financial results for the first quarter of 2026 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 https://ir.asteralabs.com/. The webcast will be recorded and available for replay on the company’s website for the next six months.