Astera Labs, Inc.(ALAB) - 2024 Q3 - Quarterly Results

Financial Performance - Record quarterly revenue of $113.1 million, up 47$8.9 million[3] - Non-GAAP operating income of $36.6 million with a non-GAAP operating margin of 32.4$113,086 thousand, a 206% increase from $36,928 thousand in the same period last year[17] - Gross profit for the nine months ended September 30, 2024, was$198,251 thousand, compared to $40,802 thousand for the same period in 2023, representing a 386$(8,896) thousand, an improvement from $(24,347) thousand in the previous quarter[19] - Net loss for the nine months ended September 30, 2024, was$(108,134) thousand, compared to $(40,582) thousand for the same period in 2023[18] - Non-GAAP gross profit for the three months ended September 30, 2024, was$87,979 thousand, up from $28,114 thousand in the same period last year[19] - Non-GAAP operating income for the nine months ended September 30, 2024, was$71,232 thousand, compared to a loss of $(31,137) thousand in the same period last year[19] Cash and Assets - Total current assets increased to$945.6 million from $185.8 million year-over-year[14] - Cash and cash equivalents rose to$126.1 million from $45.1 million[14] - Cash and cash equivalents at the end of the period were$126,117 thousand, up from $37,722 thousand at the end of the same period last year[18] - Cash flows from operating activities for the nine months ended September 30, 2024, provided$96,973 thousand, a significant recovery from $(27,115) thousand in the same period last year[18] - The company raised$672,198 thousand from the issuance of common stock in connection with its initial public offering[18] Expenses - The company reported stock-based compensation expense of $186,370 thousand for the nine months ended September 30, 2024, compared to$7,380 thousand in the same period last year[18] - Research and development expenses for the three months ended September 30, 2024, were $14.64 million, up from$1.71 million in the same period last year[22] - Sales and marketing expenses for the nine months ended September 30, 2024, totaled $81.22 million, compared to$1.39 million for the same period in 2023[22] - General and administrative expenses for the nine months ended September 30, 2024, were $46.82 million, compared to$0.92 million for the same period in 2023[22] - The total stock-based compensation expense for the nine months ended September 30, 2024, was $186.37 million, an increase from$7.38 million for the same period in 2023[22] - The total stock-based compensation expense for the three months ended September 30, 2024, included $16.20 million in sales and marketing expenses[22] Future Outlook - Fourth quarter revenue outlook estimated between$126 million to $130 million[5] - Non-GAAP diluted earnings per share projected between$0.25 to $0.26[5] - For the three months ended September 30, 2024, the non-GAAP tax rate was approximately 15%, compared to 23% for the three months ended June 30, 2024[20] Shares and Stock - The weighted average shares used to compute non-GAAP pro forma net income per share for September 30, 2024, were 173.83 million, compared to 128.36 million for September 30, 2023[21] - The weighted average effect of the assumed conversion of redeemable convertible preferred stock for the nine months ended September 30, 2024, was 25.81 million shares[21] - The shares used to compute GAAP net loss per share attributable to common stockholders for September 30, 2024, were 156.83 million, compared to 37.47 million for September 30, 2023[21] Strategic Initiatives - Introduced Scorpio Smart Fabric Switches, enhancing AI infrastructure connectivity[4] - Joined the Ultra Accelerator Link (UALink) Consortium to advance high-speed connectivity for AI workloads[4]