The massive Q3 guidance raise (40% sequential revenue growth at midpoint) is the dominant driver — watch for follow-through on the Scorpio X-Series ramp in coming months. The stock should re-rate higher on AI infrastructure demand acceleration; monitor any supply chain commentary and execution on the new product transition.
Price Chart
Executive Summary
Astera Labs reported a record Q2 2026 with revenue of $392.4M (+104% YoY, +27% QoQ), beating consensus of $360.8M by 8.8%, and GAAP EPS of $0.83 vs $0.69 consensus (20.3% beat). The company guided Q3 revenue to $540-$560M, implying ~40% sequential growth at midpoint, driven by the Scorpio X-Series 320-lane fabric switch production ramp. This is a massive acceleration that signals the product transition to a full AI fabric infrastructure provider, one quarter ahead of prior expectations.
Key Financial Metrics
Key Facts
- Record quarterly revenue of $392.4M, up 104% YoY and 27% QoQ
- GAAP diluted EPS $0.83 vs consensus $0.69 (beat by 20.3%)
- Q3 revenue guidance $540-$560M vs Q2 $392.4M (sequential growth ~40%)
- Q3 GAAP EPS guidance $0.87-$0.92; non-GAAP $1.16-$1.21
- Scorpio X-Series 320-lane fabric switch becoming largest product family in Q3, ahead of plan
- Non-GAAP operating margin 39.1% vs 36.2% in Q1 2026
- Operating cash flow $162.3M in H1 2026 vs $145.9M in H1 2025
- Gross margin 73.3% GAAP, 73.7% non-GAAP; guidance for Q3 at ~72%
Financial Impact
Q2 revenue $392.4M beat consensus $360.8M by $31.6M (8.8%). Q3 guidance midpoint $550M, implying ~40% sequential growth, well above any visible consensus.
Risk Factors
- Gross margin guidance at ~72% for Q3 vs 73.3% in Q2, reflecting mix shift to lower-margin Scorpio products during ramp
- Stock-based compensation at $64M in Q2 (16.3% of revenue) remains elevated and dilutive
- Customer concentration risk with hyperscaler customers; geopolitical risks (tariffs, Taiwan tensions)
- Historical ALAB reports have shown negative T+20 average alpha (-3.6%), suggesting potential profit-taking after strong moves
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001736297-26-000033 |
| Document: alab-20260804.htm | 0001736297-26-000033 |
| Document: 0001736297-26-000033-index-headers.html | 0001736297-26-000033 |
| Document: 0001736297-26-000033-index.html | 0001736297-26-000033 |
| Document: 0001736297-26-000033.txt | 0001736297-26-000033 |
| 8-K Data (Synthetic) | 0001736297-26-000033 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 6w ago | 144 | $274.13 $355.97 | ▼ −29.85% | ▼ −30.19% | $285.82 (−4.26%) |
Sep 1, 2026 6w ago | 144 | $274.13 $355.97 | ▲ +29.85% | ▲ +30.19% | $285.82 (+4.26%) |
Aug 19, 2026 8w ago | Insider Cluster | $289.02 $293.56 | ▲ +1.57% | ▲ +2.41% | $285.82 (−1.11%) |
Aug 4, 2026 10w ago | 8-K | $318.43 $274.13 | ▼ −13.91% | ▼ −13.31% | $285.82 (−10.24%) |
Jul 23, 2026 12w ago | Institutional Cluster | $326.97 $290.52 | ▼ −11.15% | ▼ −14.46% | $285.82 (−12.59%) |
Jul 7, 2026 14w ago | Insider Cluster | $382.89 $321.05 | ▼ −16.15% | ▼ −17.48% | $285.82 (−25.35%) |
Jul 2, 2026 15w ago | Insider Cluster | $406.42 $299.69 | ▼ −26.26% | ▼ −25.85% | $285.82 (−29.67%) |
Jul 1, 2026 15w ago | 144 | $430.86 $249.74 | ▼ −42.04% | ▼ −39.85% | $285.82 (−33.66%) |
Jun 24, 2026 16w ago | 144 | $398.00 $326.97 | ▼ −17.85% | ▼ −18.38% | $285.82 (−28.19%) |
Jun 11, 2026 18w ago | Institutional Cluster | $367.15 $412.97 | ▲ +12.48% | ▲ +10.70% | $285.82 (−22.15%) |
US Market Status
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