Astera Labs, Inc. Common Stock Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Astera Labs (ALAB) Q4 & FY 2025 Earnings Summary

Financial Highlights (Non-GAAP)

  • Q4 2025 Revenue: $270.6M (+17% QoQ from Q3 2025; +92% YoY from Q4 2024)
  • FY 2025 Revenue: $852.5M (+115% YoY from FY 2024)
  • Q4 2025 Non-GAAP Gross Margin: 75.7% (-70 bps QoQ from Q3 2025, due to higher hardware mix)
  • Q4 2025 Non-GAAP Operating Expenses: $96M (+$16M QoQ, driven by R&D expansion and XScale acquisition)
  • Q4 2025 Non-GAAP Operating Margin: 40.2% (-150 bps QoQ)
  • Q4 2025 Non-GAAP Diluted EPS: $0.58
  • Cash & Marketable Securities (end Q4): $1.19B; Operating Cash Flow: $95.3M

Q1 2026 Guidance (Non-GAAP)

  • Revenue: $286M–$297M (+6–10% QoQ)
  • Gross Margin: ~74% (higher hardware mix)
  • Operating Expenses: $112M–$118M
  • Diluted EPS: $0.53–$0.54

Business & Product Updates

  • Scorpio (PCIe 6 Fabric): P Series exceeded 15% of 2025 revenue (target was 10%); only PCIe 6 fabric in volume production. X Series began pre-production shipments; volume ramp expected 2026 with additional hyperscalers in 2027.
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Operator: Good afternoon. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs, Inc. Common Stock Q4 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After management's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I will now turn the call over to Leslie Green, Investor Relations for Astera Labs, Inc. Common Stock. Leslie, you may begin. Leslie Green: Thank you, Carly. Good afternoon, everyone, and welcome to the Astera Labs, Inc. Common Stock fourth quarter 2025 earnings conference call. Joining us on the call today are Jitendra Mohan, Chief Executive Officer and Co-Founder; Sanjay Gajendra, President and Chief Operating Officer and Co-Founder; and Mike Tate, Chief Financial Officer. Before we get started, I would like to remind everyone that certain comments made in this call today may include forward-looking statements regarding, among other things, expected future financial results, strategies and plans, future operations, and the markets in which we operate. These forward-looking statements reflect management's current beliefs, expectations, and assumptions about future events, which are inherently subject to risks and uncertainties that a
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