Astera Labs（ALAB）FY25Q4 业绩点评及业绩说明会纪要 证 券 研 究 报 告 业绩增长强劲，继续开拓高速互联领域 会议地点：线上 事项： 2026 年 2 月 11 日 Astera Labs 发布 FY2025Q4 报告，FY2025Q4 截止至 2025 年 12 月 31 日，即自然季度 CY2025Q4，并召开业绩说明会。 评论： 1. 业绩情况：Astera Labs FY2025Q4 总营收为 2.706 亿美元，同比增长 92%； 2025 年全年营收为 8.525 亿美元，同比增长 115%。第四季度 Non-GAAP 毛利 率为 75.7%，环比-70 bps；Non-GAAP 营业利润为 1.088 亿美元，营业利润率 40.2%，环比-150bps。Non-GAAP 运营费用为 9600 万美元，环比增加 1600 万 美元，其中研发费用 7070 万美元。利息收入为 1200 万美元，Non-GAAP 税率 为 13%；完全稀释后股份数为 1.812 亿股，稀释后每股收益为 0.58 美元。 2. 营收划分：（1）信号调理业务：Aries 系列产品持续实现增长。20 ...

Core Insights - The AI trade is transitioning from a focus on purchasing more GPUs to optimizing the entire system for performance [1] Company Insights - Astera Labs (ALAB) is positioned to benefit from this shift in the AI trade [1] - The company is associated with a GARP (Growth at a Reasonable Price) investment strategy, indicating a focus on aggressive growth prospects while aiming for profitability within 1-2 years [1] Investment Philosophy - The investment philosophy emphasizes long-term discipline, consistent alpha generation, and a cautious approach to risk [1] - The goal is to empower underprivileged communities and enhance financial literacy through informed investment strategies [1]

Key Takeaways ALAB shares plunged 30.8% after Q4 as gross and operating margins slipped. Astera Labs sees Q1 2026 revenues of $286M-$297M and EPS of 53-54 cents. ALAB trades at 17.67x forward sales, above the sector's 6.51x, amid stiff competition. Astera Labs (ALAB) shares have plunged 30.8% since it reported fourth-quarter 2025 results on Tuesday. The decline was due to a slight decrease in non-GAAP gross margin in the fourth quarter of 2025, which dropped 70 basis points sequentially to 75.7% compared to ...

Core Viewpoint - Astera Labs Inc (NASDAQ:ALAB) shares are experiencing significant declines following the release of their latest earnings report and guidance, amidst broader concerns in the tech sector regarding profit sustainability related to AI investments [1][2]. Financial Performance - Astera Labs reported fourth-quarter revenue of $270.6 million, exceeding Wall Street's estimate of $249.5 million, and adjusted earnings of 58 cents per share, surpassing the expected 51 cents [2]. - The company projected first-quarter sales between $286 million and $297 million, which is above consensus estimates, yet this positive outlook has not prevented short-term selling pressure [2]. Market Reaction - The stock fell nearly 20% on Wednesday, attributed to profit-taking after a 40% increase over the past year, leading to elevated valuations compared to peers [3]. - Concerns regarding a leadership transition, with CFO Mike Tate stepping down and Desmond Lynch set to take over, may have contributed to investor apprehension despite the earnings beat [4]. Long-Term Outlook - Despite short-term pressures, Wall Street remains optimistic about Astera Labs, with JPMorgan maintaining an Overweight rating and adjusting the price target from $215 to $205, citing strong demand for AI infrastructure [5]. - Analysts anticipate that Astera's products, particularly the Scorpio and Taurus connectivity chips, will drive revenue growth through 2026, even as the company faces profitability challenges [6]. Technical Analysis - Astera Labs is currently trading 23.1% below its 20-day simple moving average (SMA) and 25.1% below its 100-day SMA, indicating a bearish trend in the short to medium term [7]. - The stock has increased 46.62% over the past year and is closer to its 52-week highs than lows, with a neutral RSI of 42.70 and a bearish MACD [7][8]. Business Model - Astera Labs specializes in semiconductor-based connectivity solutions for cloud and AI infrastructure, integrating semiconductor technology, microcontrollers, sensors, and software to enhance performance and scalability [10]. - The company's focus on AI-driven platforms and recent innovations are crucial for maintaining a competitive edge in a rapidly evolving market [11]. Market Position - According to the Benzinga Edge scorecard, Astera Labs shows strong momentum, outperforming the market, but is trading at a premium relative to peers, which may concern value-focused investors [12]. - As of Thursday, ALAB shares were down 11.94% at $126.59, with a value score of 3.86 and a momentum score of 70.97, indicating strong market performance [13].

Astera Labs' ( ALAB ) share price is down by more than 20% after the Q4 earnings despite strong financial performance and a positive outlook from the management. I think that the main reason behind a post-earnings selloffI am a highly experienced Chief Financial Officer (CFO) with a strong background in the oilfield and real estate industries. With over a decade of experience in finance, I have led numerous complex due diligence efforts and M&A transactions, both domestically and internationally.In recent y ...

A good quarter by Astera Labs ( ALAB ) but the stock move was based on expectation rather than reality. The stock went down because the investors were looking for acceleration, not normalization. The unexpected CFO change addsPythia Research focuses on multi-bagger stocks, primarily in the technology sector. Our approach combines financial analysis, behavioral finance, psychology, social sciences, and alternative metrics to assess companies with high conviction and asymmetric risk-reward potential. By lever ...

周三，Astera Labs(ALAB.US)成为华尔街关注焦点，多家投行围绕公司最新财报、业绩指引以及与亚马 逊(AMZN.US)的合作展开激烈讨论。受相关不确定性影响，Astera Labs股价下跌超21%。 摩根大通分析师Harlan Sur表示，公司最新季度业绩表现强劲，Scorpio "P"系列、PCIe Gen6 重定时器及Taurus网络连接产品持续放量，指引也好于预期。但他同时指出，亚马逊获得公司认 股权证、SKU结构不利以及硬件销售占比提升，可能拖累未来毛利率；此外，并购与研发投入加 速将推高短期费用。Sur维持"增持"评级，但将目标价下调至205美元。 Needham分析师N. Quinn Bolton指出，亚马逊认股权证交易或带来高达65亿美元的潜在新增 收入。尽管估值偏高，Astera专注云与AI基础设施连接，成长性突出，维持"买入"评级，目标价 220美元。 摩根士丹利分析师Joseph Moore认为，Astera营收增长强劲，但被激进扩张计划部分抵消；上 半年处于过渡期，后续与亚马逊Trainium 3相关的Scorpio X放量值得期待。其维持"增持"评级 和210美元目标价。 ...

Astera Labs (ALAB) reported a strong Q4 and issued encouraging guidance on Wednesday. Shares still crashed over 20% as the company confirmed it has issued new warrants for Amazon (AMZN). The selloff on Feb. 11, saw ALAB slip below its key moving averages (50-day, 100-day, 200-day), indicating downward pressure could sustain now that bears are firmly in control. More News from Barchart Versus its 52-week high, Astera Labs stock is now down more than 40%. www.barchart.com Does Amazon News Warrant Selli ...

Astera Labs (NASDAQ: ALAB) stock is selling off following the company's recent fourth-quarter report. The company's share price was down 19.7% as of 1:40 p.m. ET and had been off as much as 21.2% earlier in trading. Astera Labs published its Q4 results after the market closed yesterday and reported sales and earnings for the period that beat the average Wall Street targets. On the other hand, the company announced that its chief financial officer was resigning and issued forward guidance and commentary tha ...

JPMorgan analysts, led by Harlan Sur, outlined their 2026 investment outlook, highlighting AI infrastructure as a primary driver of market performance.JPMorgan reiterated its Overweight rating on Astera Labs, Inc (NASDAQ:ALAB) , adjusting the price forecast to $205, down from $215. • Astera Labs stock is feeling bearish pressure. What’s weighing on ALAB shares?AI’s Expanding Reach: A Boon for Semiconductor InnovatorsThe relentless expansion of AI capabilities is proving to be a significant boon for semicond ...