Astera Labs Announces Financial Results for the First Quarter of Fiscal Year 2024
Astera Labs, a semiconductor connectivity solutions leader, reported record Q1 revenue of $65.3 million, 29% QoQ growth, driven by AI infrastructure deployment. Sampling third-gen Aries Smart DSP Retimers for PCIe 6.x to support cloud infrastructure. Expanded Aries portfolio, demonstrated at NVIDIA GTC. Announced Aries PCIe/CXL Smart Cable Modules for GPU clustering. Completed IPO, raising $672.2 million. Q2 revenue expected to rise 10-12% QoQ.
Record revenue of $65.3 million in Q1, up 29% QoQ and 269% YoY.
Sampling third-generation Aries Smart DSP Retimers for PCIe 6.x to support cloud infrastructure.
Expanded Aries portfolio with Aries 6 Retimers, lowest power PCIe 6.x/CXL 3.x solution.
Demonstrated Aries 6 at NVIDIA GTC, collaborated with GPU and CPU providers like AMD, Arm, Intel, and NVIDIA.
Announced Aries PCIe/CXL Smart Cable Modules for Active Electrical Cable applications for GPU clustering.
Completed IPO, raising $672.2 million, with shares trading on NASDAQ under ticker symbol ALAB.
GAAP operating loss of $83.0 million and net loss of $93.0 million in Q1.
GAAP basic and diluted net loss per share of ($1.77) on weighted-average shares outstanding of 52.5 million.
Non-GAAP operating income of $15.9 million and net income of $14.3 million in Q1.
Insights
Examining the recent financial results of Astera Labs, the record revenue of $65.3 million indicates substantial growth, which is remarkable at 29% quarter-over-quarter and an impressive 269% year-over-year. This suggests a robust demand for the company's AI infrastructure products, likely driven by the ongoing digital transformation and increased reliance on cloud services.
The gross margin of 77.4% is substantial, reflecting efficient cost management and a potentially profitable product mix. Although the reported GAAP operating loss of $83.0 million and net loss of $93.0 million seem concerning, it’s essential to underscore the substantial investments that are often required in the high-growth phase of technology companies. Astera Labs' recent IPO and subsequent capital infusion of
For the next quarter, the expected 10-12% revenue increase appears conservative and might indicate management's cautious optimism amid uncertain market conditions. Nevertheless, the high predicted GAAP gross margin of approximately 77% is encouraging for maintaining profitability.
The introduction of third-generation Aries Smart DSP Retimers for PCIe 6.x connectivity addresses the exponential growth in data processing needs. This product, intended for next-generation cloud infrastructure, is a strategic move by Astera Labs, as it aligns with the anticipated industry shift towards PCIe 6.x technology. The relevance of such advancements cannot be overstated, as they are critical components in reducing latency and increasing data transfer speeds, essential for AI and machine learning tasks.
The collaboration with major industry players such as AMD, Arm, Intel and NVIDIA for product testing is a strategic advantage, ensuring compatibility and potentially reducing the time to market. The announcement of the Aries PCIe/CXL Smart Cable Modules also demonstrates the company’s commitment to innovation, addressing the industry's need for scalable and efficient multi-rack GPU clustering solutions.
In light of these developments, investors should monitor customer adoption rates and the ongoing performance of new products to gauge their long-term impact on revenue growth and market share within the AI infrastructure space.
From a market perspective, the success of Astera Labs' IPO and the positive reception of its third-generation products can be indicative of market confidence in both the company's growth potential and the AI infrastructure sector at large. The 7-meter channel reach of its Smart Cable Modules represents a technological advancement that could resonate well with data center operators looking for cost-effective and performance-driven solutions.
However, investors should remain vigilant of the operating and net losses reported, assessing whether these are strategic investments leading to future gains or symptomatic of deeper financial challenges. The non-GAAP measures, often used to provide a clearer picture of operational performance by excluding non-recurring items, show profitability which may better reflect the company's ongoing business operations.
Given the competitive landscape, Astera Labs' ability to maintain its gross margins while scaling up operations will be a key factor to watch, as it can significantly impact its long-term financial stability and investor returns.
-
Record quarterly revenue of
driven by expanding AI infrastructure build-out, up$65.3 million 29% QoQ and up269% YoY - Sampling third generation Aries Smart DSP Retimers for PCIe 6.x connectivity to leading AI platform providers to support next-generation cloud infrastructure
“Astera Labs started the year strong, achieving record revenue in the first quarter, driven by the accelerating deployment of AI infrastructure,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “As hyperscalers embark on a significant transformation of their data centers to support AI applications with increased capital investment, we're witnessing the emergence of a multi-year growth cycle. Our Intelligent Connectivity Platform, comprising of the COSMOS software suite and semiconductor-based PCIe, Ethernet, and CXL solutions, is uniquely positioned to support this growth and is foundational to deploying AI infrastructure at scale. In the first quarter, we further extended our connectivity platform and started sampling our third generation of Aries Retimers with support for PCIe 6.x and the industry’s first PCIe/CXL Smart Cable Modules for Active Electrical Cable applications to enable multi-rack GPU clustering.”
Q1 Financial Highlights
GAAP Financial Results:
-
Revenue of
, up$65.3 million 29% sequentially and up269% year-over-year -
GAAP gross margin of
77.4% -
GAAP operating loss of
$83.0 million -
GAAP net loss of
$93.0 million -
GAAP basic and diluted net loss per share attributable to common stockholders of (
) on weighted-average shares outstanding of 52.5 million$1.77
Non-GAAP Financial Results (excluding the impact of stock compensation, employer payroll tax related to stock-based compensation from our IPO, income tax effects of non-GAAP adjustments, and certain other items):
-
Non-GAAP gross margin of
78.2% -
Non-GAAP operating income of
$15.9 million -
Non-GAAP net income of
$14.3 million -
Pro forma non-GAAP diluted earnings per share of
$0.10
Q1 and Recent Business Highlights
- Expanded the widely deployed and field-tested Aries PCIe/CXL Smart DSP Retimer portfolio with the sampling of Aries 6 Retimers, the industry’s lowest power PCIe 6.x/CXL 3.x Retimer solution, to achieve higher bandwidth and extended reach across complex AI and compute topologies. Through collaboration with the industry’s leading GPU and CPU providers such as AMD, Arm, Intel, and NVIDIA, Aries 6 is being rigorously tested at Astera Labs’ Cloud-Scale Interop Lab and in customer platforms to minimize interoperation risk, lower system development costs, and reduce time to market. Aries 6 was demonstrated at NVIDIA GTC during the week of March 18th.
- Announced sampling of Aries PCIe/CXL Smart Cable Modules for Active Electrical Cable applications to enable multi-rack GPU clustering and low-latency memory fabric connectivity within AI infrastructure. The solution drives an industry-leading seven meters of channel reach over flexible copper cables to seamlessly interconnect clusters of GPUs across rack enclosures.
-
Announced the pricing and closing of an initial public offering of 22,770,000 shares of Astera Labs common stock at a price to the public of
per share. Net proceeds to Astera Labs from the offering were$36.00 after deducting underwriting discounts and commissions. The shares began trading on the NASDAQ Global Select Market under the ticker symbol “ALAB” on March 20, 2024.$672.2 million
Second Quarter Fiscal 2024 Financial Outlook
Based on current business trends and conditions, Q2 revenue is expected to increase within a range of
GAAP Financial Outlook:
-
GAAP gross margin of approximately
77% -
GAAP operating expenses of approximately
$79 million -
GAAP interest income of approximately
$9 million -
GAAP tax rate of approximately (
20% ) -
GAAP diluted loss per share of approximately (
) on weighted-average diluted shares outstanding of approximately 155 million$0.11
Non-GAAP Financial Outlook (excluding the impact of approximately
-
Non-GAAP gross margin of approximately
77% -
Non-GAAP operating expenses of approximately
$40 million -
Non-GAAP tax rate of approximately
23% -
Non-GAAP diluted earnings per share of approximately
on weighted-average diluted shares outstanding of approximately 180 million$0.11
Earnings Webcast and Conference Call
Astera Labs will host a conference call to review its financial results for the first quarter of fiscal 2024 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 8761024. 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 for the next six months.
Discussion of Non-GAAP Financial Measures
We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP net income (loss), non-GAAP diluted earnings (loss) per share, and non-GAAP weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), pro forma non-GAAP diluted earnings (loss) per share, and pro forma non-GAAP weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.
We adjust the following items from one or more of our non-GAAP financial measures:
Stock-based compensation expense
We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparison of our business performance across periods.
Employer payroll taxes related to stock-based compensation resulting from our IPO
We exclude employer payroll taxes related to the vesting and net settlement of restricted stock units in connection with our initial public offering (the “IPO”), because this does not correlate to the operation of our business, and we believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.
Tax effect
This amount is used to present each of the adjustments described above on an after-tax basis in connection with the presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. This approach is designed to enhance investors’ ability to understand the impact of our non-GAAP tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.
Pro-forma non-GAAP weighted-average shares to compute non-GAAP net income (loss)
We present pro-forma non-GAAP weighted-average shares, assuming the redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on Astera Labs' current expectations. The words "believe", "estimate", "expect", "intend", "anticipate", "plan", "project", "will", and similar phrases as they relate to Astera Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Astera Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities and plans, and macroeconomic trends in cloud and AI infrastructure. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: the competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including disruptions in the financial services industry; geographic concentration of manufacturers, assemblers, test service providers and customers in
About Astera Labs
Our PCIe, CXL and Ethernet semiconductor-based connectivity solutions are purpose-built to unleash the full potential of accelerated computing at cloud-scale. Inspired by trusted partnerships with hyperscalers and the data center ecosystem, we are an innovation leader of products that are customizable, interoperable, and reliable. Discover how we are transforming AI and modern data-driven applications at www.asteralabs.com.
ASTERA LABS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) |
||||||||
|
|
March 31,
|
|
December 31,
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
696,077 |
|
|
$ |
45,098 |
|
Marketable securities |
|
|
105,314 |
|
|
|
104,215 |
|
Accounts receivable, net |
|
|
16,757 |
|
|
|
8,335 |
|
Inventory |
|
|
29,567 |
|
|
|
24,095 |
|
Prepaid expenses and other current assets |
|
|
6,725 |
|
|
|
4,064 |
|
Total current assets |
|
|
854,440 |
|
|
|
185,807 |
|
Property and equipment, net |
|
|
7,581 |
|
|
|
4,712 |
|
Other assets |
|
|
2,880 |
|
|
|
5,773 |
|
Total assets |
|
$ |
864,901 |
|
|
$ |
196,292 |
|
|
|
|
|
|
||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
11,465 |
|
|
$ |
6,337 |
|
Accrued expenses and other current liabilities |
|
|
34,122 |
|
|
|
28,742 |
|
Total current liabilities |
|
|
45,587 |
|
|
|
35,079 |
|
Other liabilities |
|
|
10,530 |
|
|
|
3,787 |
|
Total liabilities |
|
|
56,117 |
|
|
|
38,866 |
|
Commitments and contingencies |
|
|
|
|
||||
Redeemable convertible preferred stock |
|
|
— |
|
|
|
255,127 |
|
Stockholders’ equity (deficit) |
|
|
|
|
||||
Common stock |
|
|
16 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
1,027,197 |
|
|
|
27,411 |
|
Accumulated other comprehensive (loss) income |
|
|
(59 |
) |
|
|
259 |
|
Accumulated deficit |
|
|
(218,370 |
) |
|
|
(125,375 |
) |
Total stockholders’ equity (deficit) |
|
|
808,784 |
|
|
|
(97,701 |
) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
864,901 |
|
|
$ |
196,292 |
|
ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
Revenue |
|
$ |
65,258 |
|
|
$ |
50,514 |
|
|
$ |
17,664 |
|
Cost of revenue |
|
|
14,738 |
|
|
|
11,489 |
|
|
|
13,406 |
|
Gross profit |
|
|
50,520 |
|
|
|
39,025 |
|
|
|
4,258 |
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
||||||
Research and development |
|
|
53,558 |
|
|
|
19,654 |
|
|
|
15,267 |
|
Sales and marketing |
|
|
55,510 |
|
|
|
4,995 |
|
|
|
4,393 |
|
General and administrative |
|
|
24,419 |
|
|
|
5,356 |
|
|
|
3,525 |
|
Total operating expenses |
|
|
133,487 |
|
|
|
30,005 |
|
|
|
23,185 |
|
Operating (loss) income |
|
|
(82,967 |
) |
|
|
9,020 |
|
|
|
(18,927 |
) |
Interest income |
|
|
2,554 |
|
|
|
1,674 |
|
|
|
1,596 |
|
(Loss) Income before income taxes |
|
|
(80,413 |
) |
|
|
10,694 |
|
|
|
(17,331 |
) |
Income tax provision (benefit) |
|
|
12,582 |
|
|
|
(3,631 |
) |
|
|
123 |
|
Net (loss) income |
|
$ |
(92,995 |
) |
|
$ |
14,325 |
|
|
$ |
(17,454 |
) |
|
|
|
|
|
|
|
||||||
Net (loss) income per share attributable to common stockholders: |
||||||||||||
Basic and diluted |
|
$ |
(1.77 |
) |
|
$ |
— |
|
|
$ |
(0.49 |
) |
Weighted-average shares used in calculating net (loss) income per share attributable to common stockholders: |
||||||||||||
Basic |
|
|
52,532 |
|
|
|
38,627 |
|
|
|
35,826 |
|
Diluted |
|
|
52,532 |
|
|
|
47,636 |
|
|
|
35,826 |
|
ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) |
||||||||
|
Three Months Ended |
|||||||
|
March 31,
|
March 31,
|
||||||
Cash flows from operating activities |
|
|
||||||
Net loss |
$ |
(92,995 |
) |
$ |
(17,454 |
) |
||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
||||||
Stock-based compensation |
|
97,768 |
|
|
1,997 |
|
||
Inventory write-down |
|
428 |
|
|
9,733 |
|
||
Depreciation |
|
614 |
|
|
357 |
|
||
Non-cash operating lease expense |
|
522 |
|
|
217 |
|
||
Warrants contra revenue |
|
110 |
|
|
55 |
|
||
Accretion of discounts on marketable securities |
|
(566 |
) |
|
(411 |
) |
||
Changes in operating assets and liabilities: |
|
|
||||||
Accounts receivable, net |
|
(8,422 |
) |
|
7,048 |
|
||
Inventory |
|
(5,900 |
) |
|
458 |
|
||
Prepaid expenses and other assets |
|
(2,666 |
) |
|
(411 |
) |
||
Accounts payable |
|
4,973 |
|
|
(5,740 |
) |
||
Accrued expenses and other liabilities |
|
10,224 |
|
|
563 |
|
||
Operating lease liability |
|
(438 |
) |
|
(231 |
) |
||
Net cash provided by (used in) operating activities |
|
3,652 |
|
|
(3,819 |
) |
||
|
|
|
||||||
Cash flows from investing activities |
|
|
||||||
Purchases of property and equipment |
|
(3,424 |
) |
|
(439 |
) |
||
Purchases of marketable securities |
|
(23,308 |
) |
|
(22,346 |
) |
||
Maturities of marketable securities |
|
9,365 |
|
|
13,000 |
|
||
Sales of marketable securities |
|
13,116 |
|
|
45,082 |
|
||
Net cash (used in) provided by investing activities |
|
(4,251 |
) |
|
35,297 |
|
||
|
|
|
||||||
Cash flows from financing activities |
|
|
||||||
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions |
|
672,198 |
|
|
— |
|
||
Payment of deferred offering costs |
|
(1,756 |
) |
|
— |
|
||
Proceeds from exercises of stock options, net of repurchases |
|
1,247 |
|
|
31 |
|
||
Tax withholding related to net share settlements of restricted stock units |
|
(20,111 |
) |
|
— |
|
||
Net cash provided by financing activities |
|
651,578 |
|
|
31 |
|
||
Net increase in cash and cash equivalents |
|
650,979 |
|
|
31,509 |
|
||
Cash and cash equivalents |
|
|
||||||
Beginning of the period |
|
45,098 |
|
|
76,088 |
|
||
End of the period |
$ |
696,077 |
|
$ |
107,597 |
|
ASTERA LABS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands, except percentages and per share amounts) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
GAAP gross profit |
|
$ |
50,520 |
|
|
$ |
39,025 |
|
|
$ |
4,258 |
|
Stock-based compensation expense upon IPO (1) |
|
|
516 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
12 |
|
|
|
8 |
|
|
|
5 |
|
Non-GAAP gross profit |
|
$ |
51,048 |
|
|
$ |
39,033 |
|
|
$ |
4,263 |
|
|
|
|
|
|
|
|
||||||
GAAP gross margin |
|
|
77.4 |
% |
|
|
77.3 |
% |
|
|
24.1 |
% |
Stock-based compensation expense upon IPO (1) |
|
|
0.8 |
% |
|
|
— |
|
|
|
— |
|
Non-GAAP gross margin |
|
|
78.2 |
% |
|
|
77.3 |
% |
|
|
24.1 |
% |
|
|
|
|
|
|
|
||||||
GAAP operating (loss) income |
|
$ |
(82,967 |
) |
|
$ |
9,020 |
|
|
$ |
(18,927 |
) |
Stock-based compensation expense upon IPO (1) |
|
|
88,873 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
8,895 |
|
|
|
3,299 |
|
|
|
1,997 |
|
Employer payroll tax related to stock-based compensation from IPO (2) |
|
|
1,072 |
|
|
|
— |
|
|
|
— |
|
Non-GAAP operating income (loss) |
|
$ |
15,873 |
|
|
$ |
12,319 |
|
|
$ |
(16,930 |
) |
|
|
|
|
|
|
|
||||||
GAAP net (loss) income |
|
$ |
(92,995 |
) |
|
$ |
14,325 |
|
|
$ |
(17,454 |
) |
Stock-based compensation expense upon IPO (1) |
|
|
88,873 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
8,895 |
|
|
|
3,299 |
|
|
|
1,997 |
|
Employer payroll tax related to stock-based compensation from IPO (2) |
|
|
1,072 |
|
|
|
— |
|
|
|
— |
|
Income tax effect (3) |
|
|
8,485 |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net income (loss) |
|
$ |
14,330 |
|
|
$ |
17,624 |
|
|
$ |
(15,457 |
) |
|
|
|
|
|
|
|
||||||
Net (loss) income per share attributable to common stockholders: |
||||||||||||
GAAP - basic and diluted (4) |
|
$ |
(1.77 |
) |
|
$ |
— |
|
|
$ |
(0.49 |
) |
Pro forma Non-GAAP - diluted |
|
$ |
0.10 |
|
|
$ |
0.12 |
|
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
||||||
Weighted-average shares used to compute net (loss) income per share attributable to common stockholders: |
||||||||||||
GAAP - basic |
|
|
52,532 |
|
|
|
38,627 |
|
|
|
35,826 |
|
GAAP - diluted |
|
|
52,532 |
|
|
|
47,636 |
|
|
|
35,826 |
|
Pro forma Non-GAAP - diluted (5) |
|
|
147,514 |
|
|
|
138,527 |
|
|
|
126,717 |
|
____________________
(1) Stock-based compensation expense recognized in connection with the vesting and settlement of RSUs that had previously met the time vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.
(2) Employer payroll taxes related to the vesting and settlement of RSUs, that had previously met the time vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.
(3) For the three months ended March 31, 2024, the non-GAAP tax rate of approximately
(4) GAAP basic and diluted net income per share attributable to common stockholders for the three months ended December 31, 2023 was zero as all net income was attributable to preferred stockholders.
(5) Reconciliation of GAAP weighted-average shares to pro forma Non-GAAP weighted-average shares. We present the pro-forma non-GAAP weighted-average shares to provide meaningful supplemental information of comparable shares for each periods presented. The pro forma weighted-average shares is calculated as follows:
|
|
Three Months Ended |
|||||||
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|||
Shares used to compute GAAP net (loss) income per share attributable to common stockholders - diluted |
|
52,532 |
|
47,636 |
|
35,826 |
|||
Weighted-average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the quarter |
|
78,905 |
|
|
90,891 |
|
|
90,891 |
|
Effect of potentially dilutive equivalent shares |
|
16,077 |
|
|
— |
|
|
— |
|
Shares used to compute pro forma non-GAAP net income (loss) per share- diluted |
|
147,514 |
|
|
138,527 |
|
|
126,717 |
|
ASTERA LABS, INC. SUPPLEMENTAL FINANCIAL INFORMATION STOCK-BASED COMPENSATION EXPENSE (Unaudited) (In thousands) |
||||||||||||
|
Three Months Ended |
|||||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
|||||||
Cost of revenue |
$ |
528 |
|
$ |
8 |
|
$ |
5 |
||||
Research and development |
|
30,007 |
|
|
|
2,303 |
|
|
|
1,679 |
|
|
Sales and marketing |
|
49,258 |
|
|
|
681 |
|
|
|
1 |
|
|
General and administrative |
|
17,975 |
|
|
|
307 |
|
|
|
312 |
|
|
Total stock-based compensation expense (1) |
$ |
97,768 |
|
|
$ |
3,299 |
|
|
$ |
1,997 |
|
____________________
(1) Stock-based compensation expense recognized during the three months ended March 31, 2024 included
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507206649/en/
IR CONTACT: Leslie Green
leslie.green@asteralabs.com
Source: Astera Labs
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