Astera Labs, Inc.
ALABQ2 2025(ALAB Q1 FY2025)Derived92% AI
AI Revenue %
92%
AI Fair Value
$8.4B
AI Revenue (Q)
$60.0M
Total Revenue (Q)
$65.3M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 revenue was $159.442M, up from $65.258M in Q1 2024 (144% YoY growth). The company achieved profitability for the first time: operating income $11.285M and net income $31.819M. Gross margin was 74.9% ($119.411M / $159.442M). The continued rapid growth at this scale reflects sustained AI infrastructure demand. Product mix is increasingly tilted toward Taurus Ethernet smart cable modules and Scorpio fabric switches, which are specifically designed for GPU-to-GPU interconnect in AI training clusters. With AI infrastructure spending accelerating across hyperscalers in 2025, the non-AI portion of revenue continues to shrink proportionally. $146.7M AI / $159.4M total = ~92%.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $159,442 [thousands] for three months ended March 31, 2025
10-Q Condensed Consolidated Statements of Operations
Gross profit $119,411 [thousands]
10-Q Condensed Consolidated Statements of Operations
Operating income $11,285 [thousands]
10-Q Condensed Consolidated Statements of Operations
Net income $31,819 [thousands]
10-Q Condensed Consolidated Statements of Operations
AI Products Identified (Ring 1)
Aries PCIe/CXL Smart DSP RetimersAries PCIe/CXL Smart Cable ModulesTaurus Ethernet Smart Cable ModulesLeo CXL Memory Connectivity ControllersScorpio Smart Fabric Switches
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
General-purpose data center server connectivity (non-AI workloads)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI