Astera Labs — 2026Q3 财报

“Record quarterly revenue of $392.4 million, up 27% QoQ and up 104% year-over-year”

The quarter itself was the record, on both scales at once: revenue of $392.4 million, up 27% QoQ and up 104% year-over-year — a sequential step and a more than doubling of the year-ago base in the same line.

“We expect momentum to accelerate in Q3 as Scorpio fabric switches become our largest product family, one quarter ahead of our prior expectations. This milestone will mark our evolution into a complete AI fabric infrastructure provider.”

Management moved its own milestone forward rather than reaffirming it — Scorpio becoming the largest product family one quarter ahead of prior expectations — and frames that timing, not the quarter's revenue, as what changes the company's category.

“Revenue within a range of $540 million to $560 million”

The news sits in the outlook rather than the quarter: third-quarter revenue is guided to $540 million to $560 million, a range whose low end alone stands well above the record the company had just reported.

“Non-GAAP gross margin of approximately 72%”

The release marks the cost of that inflection in the same outlook: non-GAAP gross margin is guided to approximately 72% for the third quarter, below the margin the record quarter delivered.

“GAAP diluted net income per share of approximately $0.87 to $0.92 on weighted-average diluted shares outstanding of approximately 185 million”

The outlook carries two earnings lines and the GAAP one is the lower: third-quarter GAAP diluted EPS of approximately $0.87 to $0.92 on roughly 185 million diluted shares, against the non-GAAP line the release publishes beside it — the difference being principally the stock-based compensation the release names as the first of its non-GAAP adjustments.

“Overall, revenues from PCIe 6.0 across our AI fabric and signal conditioning portfolios represented more than 50% of total company revenue in Q2, up from one-third in Q1.”

The engine management describes is a generation transition, and it moved fast: PCIe 6.0 went from one-third of revenue in Q1 to more than 50% of total company revenue in Q2.

“At the midpoint, this represents 40% sequential growth driven by the transition of Scorpio X-Series to volume production, continued strength in Aries PCIe 6.0 retimers, and pre-production shipments of Taurus solutions supporting 100 gigabits per lane for 800-gigabit Ethernet.”

The CFO put a number on the guide and attached it to a short, named list of ramps rather than to a general demand statement: 40% sequential growth at the midpoint, driven by Scorpio X-Series volume production, Aries PCIe 6.0 retimers and pre-production Taurus shipments.

“Our non-GAAP operating margin is expected to be approximately 43%, up 400 basis points sequentially, which reflects significant operating leverage as our revenue expands.”

With gross margin guided down, the profitability case rests on scale: non-GAAP operating margin is expected to be approximately 43%, up 400 basis points sequentially, attributed to operating leverage as revenue expands rather than to pricing or mix.

“We have started shipping the parts for pre-production for multiple customers starting this quarter. We do expect Q3 at least for our lead opportunity and lead customer to ramp to high-volume production in Q3 and essentially taking over, or surpassing the revenue from Scorpio P-Series. Which should give you an idea of the value that we bring in scale-up use cases. We do expect to ship to revenue for additional customers on Scorpio X by end of the year.”

Asked whether Scorpio X would pass Scorpio P this quarter and whether a second hyperscale customer ramps alongside it, management put the crossover on a single account: the lead customer reaches high-volume production in Q3, while the other Scorpio X customers are on pre-production parts with revenue from them expected only by the end of the year.

“On Scorpio across both P and X Series, we do have a wide range of margins, really driven by use case and lane count utilization. I would say, on average, Scorpio across all use cases has an average margin profile broadly in range with our corporate gross margins.”

Pressed on whether the shift into switching is margin-accretive, the CFO declined the flattering answer: Scorpio margins span a wide range by use case and lane-count utilization, and on average sit broadly in line with corporate gross margins rather than above them.