Astera Labs, Inc.(ALAB) - 2024 Q4 - Annual Results

Financial Performance - Astera Labs reported record quarterly revenue of $141.1 million for Q4 2024, representing a 25$396.3 million, up 242% compared to the previous year[6]. - Total revenue for the year ended December 31, 2024, was $396,290,000, a significant increase of 242$115,794,000 in 2023[23]. - Gross profit for the year ended December 31, 2024, reached $302,699,000, representing a gross margin of 76.4$48.4 million in Q4 2024, resulting in a non-GAAP operating margin of 34.3%[5]. - The net loss for the year ended December 31, 2024, was $83,421,000, compared to a net loss of$26,257,000 in 2023[25]. - The company reported a non-GAAP net income of $143,329,000 for the year ended December 31, 2024, compared to a non-GAAP net loss of$15,578,000 in 2023[27]. Cash Flow and Assets - Cash and cash equivalents increased to $79,551,000 as of December 31, 2024, from$45,098,000 at the end of 2023[21]. - Total assets surged to $1,054,508,000 as of December 31, 2024, compared to$196,292,000 in 2023, reflecting strong growth in current assets[21]. - The company generated $136,676,000 in net cash from operating activities for the year ended December 31, 2024, compared to a cash outflow of$12,716,000 in 2023[25]. Expenses - Operating expenses for the year ended December 31, 2024, totaled $418,765,000, compared to$109,324,000 in 2023, indicating a substantial increase due to higher research and development costs[23]. - Research and development expenses for the year ended December 31, 2024, were $200,830,000, significantly higher than$73,407,000 in 2023, indicating a focus on innovation[23]. - The total stock-based compensation expense for the year ended December 31, 2024, was $234.588 million, significantly higher than$10.679 million for the year ended December 31, 2023[32]. Future Outlook - Astera Labs expects Q1 2025 revenue to be in the range of $151 million to$155 million, with a GAAP gross margin of approximately 74%[9]. Product Development and Innovation - The company introduced a new portfolio of Scorpio Smart Fabric Switches designed for AI infrastructure, currently shipping in pre-production quantities[8]. - Astera Labs joined the Ultra Accelerator Link Consortium to enhance high-speed connectivity for AI workloads[8]. - The company showcased the first end-to-end PCIe optical connectivity link, expanding its Aries family of products for robust connectivity in data centers[8]. - Astera Labs shipped Aries PCIe/CXL Smart Cable Modules, enabling low-latency memory fabric connectivity within AI infrastructure[8]. - The company demonstrated PCIe 6.x interoperability at DesignCon 2025, achieving sequential read speeds exceeding 26GB/s[8]. Shareholder Information - The weighted average shares used in calculating net income per share attributable to common stockholders increased to 159,895,000 for the three months ended December 31, 2024, from 38,627,000 in the same period of 2023[27]. - The shares used to compute GAAP net income per share attributable to common stockholders for the year ended December 31, 2024, was 131,262, compared to 37,131 for the year ended December 31, 2023[30]. - The weighted average shares used to compute non-GAAP pro forma net income per share for the three months ended December 31, 2024, was 177,559, compared to 173,832 for the previous quarter[30]. Tax Information - For the three months ended December 31, 2024, the non-GAAP tax benefit rate was 13%, while the tax expense rate for the previous quarter was 15%[29]. - The non-GAAP tax expense rate for the year ended December 31, 2024, was 7%, a significant decrease from the tax benefit rate of 27% for the year ended December 31, 2023[29].