Astera Labs Inc.

Q2 performance was very strong and broadly driven (good): - Revenue: $392.4M, +27% sequential and +104% YoY (record). - Growth was broad-based across AI fabrics and signal conditioning, with diversification across product families. - PCIe 6.0 became a major revenue engine: >$50% of total revenue in Q2, up from ~1/3 in Q1.

Scorpio X (AI fabric switching) hit a major inflection—now volume production (surprising / upside): - Scorpio X-Series entered volume production; management says Scorpio becomes the largest product family in Q3, one quarter ahead of prior expectations. - COSMOS software/platform is being positioned as a differentiator: enables in-network compute + HyperCast, plus more advanced orchestration/traffic shaping—management claims up to ~2x improvement in collective performance for large-scale training/inference. - Customer momentum suggests Scorpio X ramp may overtake Scorpio P revenue in Q3 (per Q&A: “taking over, or surpassing” P revenue).

Q3 guidance (forecast) calls for continued rapid growth and improving profitability: - Revenue outlook: $540M–$560M (midpoint ~+40% sequential). - Drivers cited: transition of Scorpio X to volume, continued Aries PCIe 6.0 strength, and Taurus pre-production shipments for 100G per lane supporting 800G Ethernet. - Non-GAAP gross margin: ~72% in Q3. - Non-GAAP operating margin: expected ~43%, improving ~+400 bps sequentially. - Non-GAAP EPS: $1.16–$1.21; Q3 diluted share count ~185M. - Cash balance: ~$1.25B total (cash/cash equivalents + marketable securities).