What is Astera's latest dividend and current dividend yield?

What guidance did Astera's management provide for the next earnings period?

What is Astera's gross profit margin?

Did Astera beat or miss consensus estimates last quarter?

What factors drove the changes in Astera's revenue and profit?

What is the revenue and EPS growth rate for Astera year over year?

What is the market's earnings forecast for Astera next quarter?

What were the key takeaways from Astera's earnings call?

- **Revenue Growth**: Q3 2025 revenue of $230.6M (+20% QoQ, +104% YoY), driven by Scorpio P-Series ramp and Aries PCIe 6 solutions.
- **Strategic Acquisitions**: Xscale Photonics acquisition to enable photonic scale-up solutions, targeting 2028-2029 revenue.
- **Operating Margin Record**: Non-GAAP operating margin of 41.7%, reflecting strong profitability.
- **UALink Momentum**: UALink 1.0 standard gaining traction, with first revenues expected in 2027.
- **Q4 Guidance**: Revenue $245-253M (6-10% growth), driven by Aries, Taurus, and Scorpio P-Series.
- **China Expansion**: PCIe-based scale-up solutions gaining traction with Chinese hyperscalers.

**【CEO Summary Section】**
- Q3 2025 revenue of $230.6M, up 20% QoQ and 104% YoY, driven by broad-based growth across signal conditioning, smart cable modules, and switch fabric products.
- Scorpio P-Series achieved volume ramp at lead customer, with new design wins across hyperscalers for AI platforms.
- Acquired Xscale Photonics to advance photonic scale-up solutions, targeting 2028-2029 revenue contribution.
- Non-GAAP operating margin reached 41.7%, a new record, reflecting strong profitability.
- Highlighted momentum in AI Infrastructure 2.0, with UALink scale-up connectivity standard gaining traction among hyperscalers.

**【COO Growth Outlook】**
- Diversified revenue streams: Aries PCIe 6 solutions contributed >20% of Q3 revenue, Taurus Ethernet modules growing with 400G deployments, and Scorpio P-Series driving scale-out growth.
- Scorpio X-Series expected to enter high-volume production in 2026, targeting multi-billion-dollar scale-up market.
- Engaged with over 10 AI platform providers for PCIe-based scale-up solutions, with UALink opportunities additive to existing PCIe design wins.
- Expansion of R&D and global team to 700+ employees by end of 2025, supporting long-term growth.

**【CFO Financial Commentary】**
- Q3 2025 non-GAAP EPS: $0.49, exceeding expectations, with gross margin of 76.4% (up 40bps QoQ).
- Q4 2025 guidance: Revenue $245-253M (6-10% growth), driven by Aries, Taurus, and Scorpio P-Series.
- Gross margin expected to moderate to ~75% in Q4 due to higher Taurus module mix.
- Operating expenses to rise to $85-90M in Q4, reflecting R&D investments and Xscale acquisition costs.
- Cash position of $1.13B at quarter-end, supporting growth initiatives.

**【Q&A Highlights】**
- **Scorpio X-Series Adoption**: Initial volumes shipping in Q4, with full ramp in 2026. Customers using Scorpio X are also adopting complementary products like retimers, driving ASP uplift.
- **UALink Strategy**: UALink 1.0 spec stable, with RFP/RFQ activity from hyperscalers. First revenues expected in 2027, targeting higher bandwidth applications.
- **Optical Expansion**: Xscale acquisition positions Astera to deliver photonic scale-up solutions, addressing rack-to-rack connectivity beyond copper's reach (~2028-2029).
- **China Market**: Chinese hyperscalers favor PCIe-based scale-up due to IP constraints, creating opportunities for Astera's PCIe 5/6 solutions.
- **NVIDIA Rubin Design**: Astera's opportunity lies in hyperscalers customizing NVIDIA platforms for their infrastructure, rather than direct NVIDIA designs.


Astera Labs, Inc. (ALAB) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: $191.9M revenue (+20% QoQ, +150% YoY), with Scorpio P-Series exceeding 10% of revenue.
- **Scorpio X-Series Breakthrough**: 10+ customer wins for scale-up AI, targeting $500+ silicon content per XPU in 2026.
- **UALink Leadership**: Promoter of open standard with AMD, hyperscalers, and custom ASICs; first samples in 2025, $5B+ market by 2030.
- **Financial Strength**: 76% gross margin, $1.07B cash, and Q3 guidance of $203-210M revenue.
- **AI 2.0 Vision**: Open, multi-vendor rack-scale solutions with UALink, COSMOS software, and $5B+ market opportunity.

**【CEO Summary Section】**
- Q2 2025 revenue of $191.9M, up 20% QoQ and 150% YoY, driven by Scorpio P-Series (PCIe 6 scale-out) and Aries 6 retimers. Scorpio now exceeds 10% of total revenue, fastest ramp in company history.
- Scorpio X-Series for scale-up AI systems won 10+ customer engagements, targeting high-volume production in 2026. UALink adoption gaining traction with hyperscalers and AI platform providers.
- AI Infrastructure 2.0 transition to open, multi-vendor rack-scale solutions presents $5B+ market opportunity by 2030. COSMOS software suite enables end-to-end connectivity optimization.

**【COO Growth Outlook Section】**
- 3 product lines (Scorpio P/X, Aries 6) now contribute ~10% of revenue, establishing new baseline. Scorpio X-Series expected to surpass P-Series in revenue by 2026.
- UALink silicon dollar content per AI accelerator to increase significantly, with Scorpio X-Series targeting $500+ per XPU in scale-up designs.
- Collaboration with Alchip for custom ASIC-based AI infrastructure, AMD for UALink, and NVIDIA for NVLink Fusion expands ecosystem reach.

**【CFO Financial Commentary】**
- Q2 non-GAAP EPS: $0.44 (vs. $0.38 guidance), driven by 76% gross margin (up 110bps QoQ). Operating expenses: $70.7M (R&D: $48.9M, up 12% QoQ).
- Q3 guidance: $203-210M revenue (6-9% growth), 75% gross margin, $76-80M operating expenses. 2025 tax rate now 15% (from 9.4% in Q2).
- Cash flow: $135.4M Q2, ending with $1.07B in cash. Hardware module growth to drive back-half margin expansion.

**【Q&A Highlights】**
- **Scorpio X-Series Differentiation**: Low latency (sub-100ns), COSMOS software integration, and open UALink ecosystem enable 10+ customer wins for scale-up AI.
- **UALink Momentum**: AMD, hyperscalers, and custom ASIC vendors adopting UALink for 200Gbps scale-up networks. First samples in 2025, volume in 2027.
- **Gross Margin Trends**: Hardware modules (Taurus AECs) lower margin but higher volume. Long-term 70% target remains.
- **SUE Competition**: Ethernet-based solutions lag in latency (~250ns vs. UALink/PCIe <100ns), but open ecosystem and multi-vendor supply chain give UALink advantage.


Astera Labs, Inc. (ALAB) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: $159.4M revenue (+144% YoY), driven by AI rack connectivity solutions.
- **UALink Multibillion Opportunity**: 2026-2029 revenue ramp with Scorpio X-Series switches.
- **R&D Intensification**: 10%+ Q2 R&D spend growth to capture PCIe 7, CXL 3.0, and 800G Ethernet standards.
- **China Risks Mitigated**: <10% revenue exposure to GPU restrictions, hyperscale CapEx resilient.

**【CEO Summary Section】**
- Q1 2025 revenue of $159.4 million, up 13% QoQ and 144% YoY, driven by Aries and Taurus product demand.
- Aries 6 retimers and Scorpio X-Series switches are key growth drivers for AI rack connectivity.
- UALink adoption expected to create a $2.5 billion+ market opportunity by 2029.
- R&D investments to expand into PCIe 7, 800G Ethernet, and CXL 3.0 standards.

**【COO Commentary】**
- Scale-up connectivity: Scorpio X-Series switches will generate hundreds of dollars in silicon content per accelerator, with preproduction shipments starting Q2.
- Scale-out connectivity: Scorpio P-Series switches and Aries 6 retimers are first-to-market solutions for 800G rack-scale AI systems.
- General compute growth: Taurus Ethernet SCMs, Leo CXL controllers, and Aries Gearboxes benefit from PCIe 6 adoption in hyperscale CPUs.

**【CFO Financial Commentary】**
- Q1 2025 non-GAAP EPS: $0.33, revenue up 13% QoQ, gross margin 74.9%.
- Q2 2025 guidance: $170-175 million revenue (7-10% growth), 10%+ R&D expense growth.
- Risks include China GPU restrictions and macroeconomic uncertainty, but hyperscale CapEx remains resilient.

**【Q&A Highlights】**
- China restrictions impact retimer shipments, but <10% of revenue.
- UALink adoption expected to start in 2026 with full-scale production in 2027.
- PCIe over optics solutions will complement copper-based connectivity for ultra-high-speed applications.
- Scorpio X-Series ASPs are 2x-3x higher than P-Series due to higher silicon content and software enablement.

Astera Labs, Inc. Common Stock (ALAB)-6 May 25-2025 Q1 Earnings call transcript

- **Record Q4 growth**: $141 million revenue (179% YoY), driven by Aries and Taurus products. Full-year 2024 revenue up 242% to $396 million.
- **2025 breakout year**: All four product families to contribute, with Scorpio >10% of revenue and LEO CXL ramping H2.
- **Scalable margins**: Q4 gross margin 74.1%, with 2025 guidance for ~74% as hardware/software mix stabilizes.
- **Investing for growth**: R&D headcount +80% in 2024, Q1 2025 opex up 17% to $66-67 million.
- **UALink opportunity**: Astera leading in open standard for AI scale-up interconnect, with products launching in 2026+.


**【CEO Summary Section】**
- Q4 2024 revenue reached $141 million, up 25% QoQ and 179% YoY, driven by Aries PCIe retimer and Taurus Ethernet smart cable modules. Full-year 2024 revenue grew 242% to $396 million.
- Gross margin for 2024 was 76.6%, with 2025 growth expected from all four product families (Aries, Taurus, Leo CXL, Scorpio fabric switches).
- 2025 outlook includes production ramp of LEO CXL controllers (H2 2025) and Scorpio smart fabric switches (sequential growth in Q1 2025). UALink initiative and AI scale-up connectivity are key secular trends.

**【COO Growth Strategy】**
- 2025 growth drivers: internal AI accelerator platforms (higher dollar content per accelerator), merchant GPU deployments (Scorpio P-Series for rack-scale systems), and general compute opportunities.
- Scorpio X-Series preproduction orders received; expect >10% of 2025 revenue from Scorpio, with acceleration in H2.
- R&D headcount increased 80% in 2024 to 440 employees, supporting long-term market expansion.

**【CFO Financial Highlights】**
- Q4 2024 non-GAAP EPS: $0.37 (including tax benefit), up from $0.30 guidance. Q1 2025 revenue guidance: $151-155 million (7-10% QoQ growth).
- Q4 gross margin: 74.1% (down 100bps vs Q3 due to hardware module mix). Q1 2025 gross margin expected ~74%.
- Operating expenses: $66-67 million in Q1 (up 17% QoQ) due to R&D expansion, seasonal costs, and acquisition-related expenses.
- Cash balance: $914 million as of Q4 end, with $39.7 million operating cash flow.

**【Q&A Key Takeaways】**
- Customer mix: hyperscalers dominate, but diversifying into internal AI accelerator platforms (e.g., Meta, Amazon, Google) and merchant GPU deployments.
- Scorpio P-Series expected to contribute in H2 2025, while X-Series targets back-end GPU clustering.
- UALink standard release expected Q1 2025, with products launching in 2026+.
- CPO adoption not expected to impact retimer business in near term; copper-based solutions remain preferred for rack-scale AI clusters.


ALAB

ALAB fundamentals

Earnings Call

You can ask Aime