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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tore Svanberg | Stifel | 8 (0%) |
| Harlan Sur | JPMorgan | 7 (0%) |
| Blayne Curtis | Jefferies | 7 (0%) |
| Quinn Bolton | Needham | 6 (0%) |
| Suji Desilva | ROTH Capital Partners | 6 (0%) |
| Ross Seymore | Deutsche Bank | 6 (0%) |
| Joe Moore | Morgan Stanley | 6 (0%) |
| Tom O'Malley | Barclays | 5 (0%) |
| Sebastien Naji | William Blair | 4 (0%) |
| Sean O'Loughlin | TD Cowen | 3 (0%) |
| Deutsche Bank | 1 | 6 (0%) |
| ROTH Capital Partners | 1 | 6 (0%) |
| Morgan Stanley | 1 | 6 (0%) |
| Barclays | 1 | 5 (0%) |
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.
Product Launch | Competitive Dynamics | Demand | Revenue Growth | Innovation & R&D | Cloud & AI | Pricing | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 6 | 5 | 1 | 1 | 2 | ||
| 2025Q1 | 6 | 1 | 3 | 2 | 1 | 1 | 1 | |
| 2025Q2 | 6 | 7 | 2 | 2 | 2 | 1 | ||
| 2025Q3 | 3 | 3 | 3 | 2 | 4 | 2 | ||
| 2025Q4 | 4 | 3 | 3 | 5 | 2 | 1 | ||
| 2026Q1 | 7 | 4 | 3 | 4 | 5 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 4 | 6 | 6 | 3 | 4 | 7 |
| Competitive Dynamics | 6 | 1 | 7 | 3 | 3 | 4 |
| Demand | 5 | 3 | 2 | 3 | 3 | 3 |
| Revenue Growth | 1 | 2 | 2 | 2 | 5 | 4 |
| Innovation & R&D | 1 | 1 | 2 | 4 | 2 | 5 |
| Cloud & AI | 2 | 1 | 1 | |||
| Pricing | 1 | 1 | 1 | |||
| M&A | 1 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $141M | +179.3% | $0.14 | +49.1% | 74.0% | 0.1% | 17.5% | $24M |
| FY2025 Q1 | $159M | +144.3% | $0.18 | +130.0% | 74.9% | 7.1% | 20.0% | $6M |
| FY2025 Q2 | $192M | +149.7% | $0.29 | +696.7% | 75.8% | 20.7% | 26.7% | $133M |
| FY2025 Q3 | $231M | +103.9% | $0.50 | +1133.1% | 76.2% | 24.0% | 39.5% | $66M |
| FY2025 Q4 | $271M | +91.8% | $0.25 | +78.6% | 75.6% | 24.7% | 16.6% | $77M |
| FY2026 Q1 | $308M | +93.4% | $0.44 | +144.4% | 76.3% | 20.1% | 26.0% | $67M |
| FY2026 Q2 | $392M | +104.5% | $0.84 | +189.7% | 73.3% | 22.7% | 39.0% | $67M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ALAB and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Both Amazon as well as AMD have said that their respective ASIC and GPU will launch sometime in 2027, and we'll certainly be prepared to intercept that launch with our UALink switch.”
AMD's next GPU will support UALink and launch in 2027, an accelerator platform Astera Labs plans to attach its UALink switch to.
“Both Amazon as well as AMD have said that their respective ASIC and GPU will launch sometime in 2027, and we'll certainly be prepared to intercept that launch with our UALink switch.”
Amazon's in-house ASIC will support UALink and launch in 2027, a scale-up platform Astera Labs intends to serve with its UALink switch.
“We are on track for deploying this with Microsoft Azure for the M-Series instances at the data center. So that's in private beta now expected to go into general availability end of the year.”
Astera Labs' Leo CXL memory controller is deploying on Microsoft Azure M-Series instances, moving from private beta to general availability by year-end.
“We do have several opportunities. We're very deep in engagement for an initial design win in collaboration with NVIDIA and then a hyperscaler.”
Astera Labs is co-developing an NVLink Fusion custom connectivity solution with NVIDIA and a hyperscaler, extending NVIDIA's NVLink ecosystem into hybrid racks.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ALAB Astera Labs, Inc. Common Stock | 9 | +93.4% | |
| ADI Analog Devices | 9 | +30.4% | |
| AMAT Applied Materials | 5 | -2.1% | |
| AMD Advanced Micro Devices, Inc. | 9 | +37.9% | |
| ARM Arm Holdings | 7 | +20.1% | |
| ASML ASML Holding | 9 | +13.3% | |
| AVGO Broadcom Inc. | 9 | +29.5% | |
| INTC Intel Corporation | 6 | +7.2% | |
| KLAC KLA Corporation | 7 | +11.5% | |
| LRCX Lam Research | 9 | +23.8% | |
| MCHP Microchip Technology | 9 | +35.1% | |
| MPWR Monolithic Power Systems | 10 | +26.1% | |
| MRVL Marvell Technology | 10 | +22.1% | |
| MU Micron Technology, Inc. | 9 | +196.3% | |
| NVDA NVIDIA Corporation | 10 | +73.2% | |
| NXPI NXP Semiconductors | 7 | +12.2% | |
| ON ON Semiconductor | 6 | +4.7% | |
| Q Qnity Electronics, Inc. | 10 | +17.6% | |
| QCOM Qualcomm | 3 | -3.5% | |
| SWKS Skyworks Solutions | 3 | -1.0% | |
| TER Teradyne | 9 | +87.0% | |
| TXN Texas Instruments | 9 | +18.6% |