Astera Labs opened fiscal 2026 with record Q1 revenue of $308.4 million, up 93% year over year and 14% sequentially, with revenue and non-GAAP EPS above outlook. PCIe 6 revenue across AI fabric and signal conditioning grew to more than one-third of total revenue, and Scorpio X-Series began shipping initial production volumes alongside a new flagship 320-lane switch with in-network compute. Non-GAAP gross margin was 76.4% and non-GAAP operating margin was 36.2%, while GAAP EPS rose 144% against a now-comparable prior-year base as GAAP operating income expanded to $61.8 million, reflecting genuine operating leverage. Management guided Q2 revenue to $355-$365 million, up 15% to 18% sequentially, and said silicon content is climbing beyond $1,000 per XPU, with Scorpio expected to become the largest product line by year-end. New custom-solution wins in NVLink Fusion and a KV Cache Leo CXL application extend the roadmap, though a customer warrant introduces an estimated 200-basis-point non-cash gross-margin drag from Q2.