Astera Labs files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition

• Record quarterly revenue of $584.9 million, up 49% QoQ and up 154% year-over-year

• Scorpio™ fabric switches became the company's largest product family, led by volume production of the Scorpio X-Series 320-lane fabric switch

• Portfolio expanded across memory, optical and copper signal conditioning, and rack-scale AI platforms with Leo 2 and Leo X-Series, Aries 7 and Orion

SAN JOSE, CA, U.S. – November 3, 2026 – Astera Labs, Inc. (Nasdaq: ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, today announced financial results for the third quarter of fiscal year 2026, ended September 30, 2026.

“Astera Labs delivered outstanding Q3 2026 results, with record quarterly revenue of $584.9 million, up 49% sequentially and up 154% year-over-year, with broad-based growth led by Scorpio, which ramped to high-volume production and became our largest product family by revenue,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “Design activity accelerated with wins across a broad set of programs and applications at multiple customers. We expanded our portfolio with the introduction of Aries 7 for optical and copper signal conditioning, Leo 2 and Leo X-Series for AI and general-purpose memory expansion, and Orion rack-scale reference architecture. The expansion of our intelligent connectivity platform and new design wins position us to strongly grow our dollar content per accelerator and further increase our total market opportunity.”

Third Quarter of Fiscal 2026 Financial Highlights

GAAP Financial Results:

• Revenue of $584.9 million, up 49% sequentially and up 154% year-over-year

Non-GAAP Financial Results (1) :

(1) See “Reconciliation of GAAP to Non-GAAP Financial Measures” table included below.

Q3 2026 and Recent Business Highlights

• Announced Aries 7, the industry’s first and broadest PCIe® 7 signal conditioning portfolio, spanning Smart Retimers, Smart Redrivers, Smart Cable Modules, Smart Optical Drivers, and Smart Optical Transimpedance Amplifiers (TIAs). The expanded portfolio extends reach from centimeters of PCB trace to 50+ meters over optical cables spanning multiple racks and includes optical connectivity solutions purpose-built for near-packaged optics (NPO) and linear pluggable optics (LPO) applications. Aries 7 Smart Retimers and Smart Redrivers support the OCP Signal Conditioner Standard Footprint, allowing customers to select different signal conditioners without redesigning the board. Aries 7 products are expected to begin sampling in Q4 2026 to select hyperscale, OEM, and NPO customers.

• Unveiled Orion, a compute-agnostic rack-scale reference architecture that allows customers to choose their own GPU and CPU. Orion comprises six production-grade reference designs—spanning rack, compute tray, fabric tray, memory tray, link board, and compute board—and its high-radix 320-lane PCIe switch fabric is designed to scale from 8 to 160 accelerators per pod while helping the same accelerator extract more tokens per second across AI inference workloads. All designs are integrated with COSMOS Rack Manager and COSMOS Fabric Manager orchestration software for management, fleet-wide telemetry and diagnostics. Orion is designed primarily for neocloud and enterprise customers building AI inference capacity, and rack reference and system designs are on track for availability through Astera Labs’ OEM and ODM partners beginning in Q1 2027.

• Expanded the Leo Smart Memory Controller™ family with three new memory connectivity solutions—Leo X-Series and the Leo 2 E-Series and P-Series—extending the portfolio across direct fabric-attached GPU memory, CPU-attached expansion, and pooled memory architectures. Paired with Scorpio X-Series Fabric Switches, Leo X-Series enables fabric-attached memory for long-context, KV-cache-intensive workloads, improving inference performance with up to 62% faster time-to-first-token and up to 22% more tokens per second (as measured by the company’s internal testing). The new Leo 2 E-Series and P-Series support CPU-attached DDR4 and DDR5 memory expansion with PCIe® 6 and CXL® 3.2 support, and double memory bandwidth and capacity versus the previous generation.

• Showcased the expanded Aries and Orion families at the 2026 Open Compute Project (OCP) Global Summit in San Jose, including a powered Orion rack featuring interchangeable, pre-validated compute trays with different CPU and accelerator configurations and live demonstrations of the Scorpio X-Series 320-lane Smart Fabric Switch with Hypercast™ and In-Network Compute, the Leo X-Series Smart Memory Controller, and PCIe 7 copper and optical signal conditioning.

Fourth 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 $730 million to $750 million

• GAAP gross margin of approximately 72%

• GAAP operating expenses within a range of approximately $273 million to $279 million

• GAAP tax rate of approximately 20%

• GAAP diluted net income per share of approximately $1.13 to $1.17 on weighted-average diluted shares outstanding of approximately 187 million

Non-GAAP Financial Outlook (2) :

• Non-GAAP gross margin of approximately 72%

• Non-GAAP operating expenses within a range of approximately $194 million to $200 million

• Non-GAAP tax rate of approximately 12%

• Non-GAAP dilu ted net income per share of approximately $1.62 to $1.66 on weighted-average diluted shares outstanding of approximately 187 million

(2) See “Reconciliation of GAAP to Non-GAAP Outlook” table included below.

Earnings Webcast and Conference Call

Astera Labs will host a conference call to review its financial results for the third quarter of 2026 and to discuss its financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-833-461-5787 and using conference ID 751 181 378. 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.