Financial Data and Key Metrics - Q3 2024 revenue reached a record $113 million, up 47% sequentially and 206% year-over-year [9] - Non-GAAP operating margin expanded to over 32%, with non-GAAP EPS of $0.23 [9] - Q4 2024 revenue guidance is between $126 million and $130 million, representing an 11% to 15% sequential increase [32] - Non-GAAP gross margin for Q4 is expected to be approximately 75%, with operating expenses projected between $54 million and $55 million [33] - Cash flow from operating activities in Q3 was $63.5 million, with cash, cash equivalents, and marketable securities totaling $887 million at the end of the quarter [31] Business Line Data and Key Metrics - Aries product family remains the largest revenue contributor, driven by third-party GPU-based AI platforms and internally developed AI accelerators [28] - Taurus revenue diversified beyond 200-gig applications, with initial production ramp of 400-gig Ethernet-based systems [29] - Leo CXL revenues are driven by preproduction volumes for next-generation CXL-capable compute platforms [29] - Scorpio Smart Fabric Switch family began shipping in preproduction volumes during Q3, with design wins for both P-Series and X-Series [29][13] Market Data and Key Metrics - The Scorpio Smart Fabric Switch family is expected to expand the total market opportunity for the company's four product families to over $12 billion by 2028 [11] - Scorpio P-Series addresses a multibillion-dollar opportunity with a ground-up architecture designed for AI data flows [20] - The X-Series is expected to have a larger total addressable market (TAM) over the long term, with a current TAM of nearly zero [50] Company Strategy and Industry Competition - The company has joined the Ultra Accelerator Link (UALink) Consortium, positioning itself at the forefront of developing high-speed, low-latency interconnects for scale-up connectivity between accelerators [14] - The Scorpio Smart Fabric Switch family is designed to address the increasing complexity of connectivity challenges within AI infrastructure, both for scale-out and scale-up networks [11][12] - The company's COSMOS software stack provides hyperscaler customers with tools to monitor and optimize their infrastructure, enhancing the value of its hardware solutions [15][38] Management Commentary on Operating Environment and Future Outlook - Management highlighted the criticality of connectivity in modern AI clusters, driven by trillion-parameter model sizes and faster, more complex AI accelerators [10] - The company expects to benefit from shorter AI platform refresh cycles and increased reliance on trusted partners by hyperscalers [15] - Management is optimistic about the market opportunity for internally developed AI accelerator platforms, which could be larger than third-party GPU-based systems [21] Other Important Information - The company demonstrated the industry's first PCIe Gen 6 fabric switch at the 2024 OCP Global Summit, with preproduction volumes already shipping [13] - Non-GAAP financial measures are used to evaluate performance, with reconciliations provided in the earnings release [6] Q&A Session Summary Question: Confidence in sequential growth and visibility for the first half of next year [35] - The company has strong visibility due to a diversified revenue stream, with Taurus and Aries product lines expected to grow into 2025 [36] Question: Differentiators for Scorpio switch portfolio, particularly the COSMOS software stack [37] - The Scorpio family is purpose-built for AI applications, with a software-first approach and integration with COSMOS providing a holistic view of AI infrastructure [38] Question: Ramp timeline for Scorpio business and potential size in 2025 [40] - Scorpio is expected to exceed 10% of revenues in 2025, with production volumes ramping throughout the year [41] Question: Leo CXL memory controller applications and potential impact in 2025 [42] - Leo CXL is transitioning from the "crawl" to "walk" stage, with production volumes expected to begin in 2025 [42] Question: Product mix and strength in Q3 revenue [44] - Aries revenue, driven by third-party GPUs and internally developed AI accelerators, was the primary driver of Q3 upside [45] Question: Margin impact of Scorpio product line [46] - Scorpio is not expected to impact long-term gross margin targets of 70%, with a wide range of margin profiles across the product portfolio [46] Question: Competitive positioning and opportunity for Scorpio X-Series [49] - The X-Series is expected to have a larger TAM over time, with customization capabilities through the company's software-defined architecture [50] Question: Diversification of Taurus product family across customers [51] - The Taurus business is expected to broaden in 2025, with increased diversification as data rates go higher [52] Question: Timeline for PCIe Gen 6 volume production [53] - Volume production for PCIe Gen 6 will depend on customer timelines, with opportunities growing across Gen 5 and Gen 6 implementations [53] Question: Relationship between Scorpio and PCIe Retimer business [54] - The company's software-based architecture and COSMOS integration provide a unique advantage in optimizing system-level configurations [54] Question: Inflection point for ASIC business growth [56] - Hyperscalers are increasing investments in internal ASIC programs, driving growth for the company's product lines [57] Question: Average content per GPU and impact of Scorpio [59] - The average content per GPU is increasing due to ASP uplifts with new protocol generations and the introduction of Scorpio [60] Question: Revenue contribution from Scorpio P-Series and X-Series in 2025 [62] - Both P-Series and X-Series are expected to contribute to revenues in 2025, with X-Series ramping in the back half of the year [63] Question: Attach rates for Scorpio P-Series and X-Series [64] - P-Series attach rate is 1:1 per GPU, while X-Series attach rate depends on the configuration of the back-end fabric [65] Question: Long-term diversification between merchant GPU and custom AI accelerator players [68] - The company expects to see a diversified revenue stream across merchant GPU and custom AI accelerator platforms, with multiple product lines contributing to growth [68]

Table of Contents Securities registered pursuant to Section 12(b) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission file number 001-41979 Astera Labs, Inc. (Exact name of r ...

Financial Performance - Record quarterly revenue of $113.1 million, up 47% QoQ and up 206% YoY[1] - GAAP gross margin of 77.7% and GAAP operating loss of $8.9 million[3] - Non-GAAP operating income of $36.6 million with a non-GAAP operating margin of 32.4%[3] - Revenue for the three months ended September 30, 2024, was $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% increase[17] - Operating loss for the three months ended September 30, 2024, was $(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]

Table of Contents Securities registered pursuant to Section 12(b) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission file number 001-736297 Astera Labs, Inc. (Exact name of regis ...

Exhibit 99.1 IR CONTACT: Leslie Green leslie.green@asteralabs.com Astera Labs Announces Financial Results for the Second Quarter of Fiscal Year 2024 • Record quarterly revenue of $76.9 million, up 18% QoQ and up 619% YoY • Multiple secular trends, design wins across diverse AI platform architectures, and increasing average dollar content position the Company to outpace industry growth SANTA CLARA, CA, U.S. – August 6, 2024 – Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivi ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share ALAB Nasdaq Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 1 ...

Exhibit 99.1 IR CONTACT: Leslie Green leslie.green@asteralabs.com Astera Labs Announces Financial Results for the First Quarter of Fiscal Year 2024 • Record quarterly revenue of $65.3 million driven by expanding AI infrastructure build-out, up 29% QoQ and up 269% YoY • Sampling third generation Aries Smart DSP Retimers for PCIe 6.x connectivity to leading AI platform providers to support next-generation cloud infrastructure SANTA CLARA, CA, U.S. – May 7, 2024 – Astera Labs (Nasdaq: ALAB), a global leader in ...