The massive Q2 guidance raise (revenue +23% QoQ at midpoint, EPS 116% above consensus) signals accelerating AI infrastructure demand and successful Scorpio X-Series ramp. Watch for follow-through on the H2 2026 production ramp and any customer concentration disclosures in the 10-Q. The $65M acquisition (goodwill jump) warrants monitoring for integration risk.
Price Chart
Executive Summary
Astera Labs reported Q1 2026 revenue of $308.4M (+93% YoY, +14% QoQ) and GAAP diluted EPS of $0.44, beating consensus estimates of $0.54 on EPS and $292.3M on revenue. The company guided Q2 2026 revenue to $355-365M and non-GAAP EPS of $0.68-0.70, well above the Street's $0.32 consensus, driven by strong PCIe 6 portfolio demand and initial Scorpio X-Series shipments.
Key Financial Metrics
Key Facts
- Record Q1 2026 revenue of $308.4M, up 93% YoY and 14% QoQ
- GAAP diluted EPS of $0.44 vs consensus $0.54 (beat by 7.9% on non-GAAP $0.61)
- Q2 2026 guidance: revenue $355-365M, non-GAAP EPS $0.68-0.70 — well above Street consensus of $0.32
- GAAP gross margin 76.3%, non-GAAP gross margin 76.4%
- Scorpio X-Series 320-lane AI fabric switch now shipping with production ramp in H2 2026
- Operating cash flow of $74.6M in Q1 2026 vs $10.5M in Q1 2025
- Acquisition-related costs of $0.98M in Q1 2026; goodwill increased to $87.7M from $19.0M
Financial Impact
Revenue beat consensus by $16.1M (5.5%); Q2 guidance midpoint of $360M is 23% above the $292.3M consensus; non-GAAP EPS guidance midpoint of $0.69 is 116% above the $0.32 Street estimate
Risk Factors
- Customer concentration — a few hyperscaler customers drive the majority of revenue
- Geopolitical/tariff risk given semiconductor supply chain exposure to China/Taiwan
- Gross margin guidance of 73% for Q2 is down from 76.3% in Q1, indicating potential mix shift or pricing pressure
- Stock-based compensation of $48.9M (15.9% of revenue) remains elevated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001736297-26-000017 |
| Document: alab-20260505.htm | 0001736297-26-000017 |
| Document: 0001736297-26-000017-index-headers.html | 0001736297-26-000017 |
| Document: 0001736297-26-000017-index.html | 0001736297-26-000017 |
| Document: 0001736297-26-000017.txt | 0001736297-26-000017 |
| 8-K Data (Synthetic) | 0001736297-26-000017 |
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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