Skip to content

Reports › ALAB › 10-K FY2025

SEC filings, compared

What changed in Astera Labs,'s 10-K for the fiscal year ended December 31, 2025

Compared with the 10-K for the fiscal year ended December 31, 2024. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant
Astera Labs, Inc. · ALAB
This filing
0001736297-26-000010 ↗ · filed Feb 20, 2026
Compared with
0001736297-25-000003 ↗ · filed Feb 14, 2025
Processed
Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

132 material changes among 209 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

ConceptFY2025FY2024Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax852,525,000USD · Jan 1, 2025 to Dec 31, 2025396,290,000USD · Jan 1, 2024 to Dec 31, 2024+456,235,000+115.1%
Net income or lossus-gaap:NetIncomeLoss219,134,000USD · Jan 1, 2025 to Dec 31, 2025(83,421,000)USD · Jan 1, 2024 to Dec 31, 2024+302,555,000+362.7%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue167,611,000USD · at Dec 31, 202579,551,000USD · at Dec 31, 2024+88,060,000+110.7%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities319,306,000USD · Jan 1, 2025 to Dec 31, 2025136,676,000USD · Jan 1, 2024 to Dec 31, 2024+182,630,000+133.6%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001736297-26-000010 · FY2024: 0001736297-25-000003

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

11 material additions

Item 1A · Risk Factors

5 of 8 shown · Ordered by the model, quote-checked

01AddedItem 1A › Risks Related to Our Business › Adverse changes in the political, regulatory, and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business.

Summary · quote-checked

Adds risks involving Chinese customer behavior, unreliable-supplier designation, investment and data restrictions, and indirect effects of export controls.

The new paragraph discloses additional dependencies, potential government designation, regulatory restrictions, and customer responses that substantively expand the company’s stated business risks.

Why the model ranked it here

This adds a direct China-related dependency involving customer behavior, export restrictions, input costs, and potential unreliable-supplier designation.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

Regulatory activity, such as tariffs, export controls, economic sanctions, and restrictions on investment and data transfers as well as vigorous enforcement of U.S. export controls and economic sanctions laws have in the past and may continue to materially limit our ability to make sales to our customers in China, which has in the past and may continue to harm our results of operations, reputation, and financial condition. Due to the U.S. government restricting sales to certain customers in China, sales to some of our customers may require licenses in order for us to export our products; however, there can be no assurances that requests for licenses will be approved by the U.S. government. Further, augmentation of restricted or prohibited persons lists maintained by the U.S. government could reduce our ability to sell to certain customers. Fluid tariff policies of both the U.S. and Chinese governments may reduce demand for our products and could [added] increase input costs. Moreover, concerns that U.S. companies may not be reliable suppliers as a result of these and other actions has caused, and may in the future cause, some of our customers in China to amass large inventories of our products well in advance of need or caused some of our customers to replace our products in favor of products from other suppliers. Additionally, the Chinese government adopted a law with respect to unreliable suppliers. Any designation as an unreliable supplier may have an adverse impact on our business and operations. Recent U.S. government restrictions on investments into China by U.S. persons and regarding access by Chinese persons to certain personal data relating to U.S. persons could hinder our Chinese operations. In addition, there may be indirect impacts to our business that we cannot easily quantify such as the fact that some of our other customers' systems may also be impacted by export restrictions.

Cite this change

"increase input costs. Moreover, concerns that U.S. companies may not be reliable suppliers as a result of these and other actions has caused, and may in the future cause, some of our customers in China to amass large inventories of our products well in advance of need or caused some of our customers to replace our products in favor of products from other suppliers. Additionally, the Chinese government adopted a law with respect to unreliable suppliers. Any designation as an unreliable supplier may have an adverse impact on our business and operations. Recent U.S. government restrictions on investments into China by U.S. persons and regarding access by Chinese persons to certain personal data relating to U.S. persons could hinder our Chinese operations. In addition, there may be indirect impacts to our business that we cannot easily quantify such as the fact that some of our other customers' systems may also be impacted by export restrictions."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedItem 1A › Risks Related to Our Business › Our business is subject to complex and evolving laws and regulations regarding privacy, data protection, artificial intelligence and cybersecurity, any actual or perceived failure to comply with such laws and regulations could have a material adverse effect on our business.

Summary · quote-checked

Added disclosure of restrictions on personal data transfers, including a U.S. rule involving countries of concern and potential sanctions.

The paragraph introduces a specific regulation, jurisdictional restrictions involving China, and criminal, civil, and program-exclusion consequences, changing the disclosed regulatory risk.

Why the model ranked it here

This introduces specific restrictions on personal-data transfers with potentially severe sanctions and program-exclusion consequences.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] Regulators and legislators across the world are also increasingly scrutinizing and restricting certain personal data transfers. For example, the Department of Justice's January 8, 2025, rule on "Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons," prohibits or restricts certain data transactions involving countries of concern, including China. Actual or alleged violations of these regulations may be punishable by criminal and/or civil sanctions and may result in exclusion from participation in federal and state programs.

Cite this change

"Regulators and legislators across the world are also increasingly scrutinizing and restricting certain personal data transfers. For example, the Department of Justice's January 8, 2025, rule on "Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons," prohibits or restricts certain data transactions involving countries of concern, including China. Actual or alleged violations of these regulations may be punishable by criminal and/or civil sanctions and may result in exclusion from participation in federal and state programs."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedItem 1A › Risks Related to Our Business › Cybersecurity risks, including cyber-attacks, cybersecurity incidents, data breaches, and system vulnerabilities could adversely affect our business and disrupt our operations.

Summary · quote-checked

Adds disclosure of geopolitical cyber conflicts, cybersecurity incidents, data breaches, malware, vulnerabilities, and resulting information loss or business disruption.

The new paragraph identifies additional cyber threats, actors, affected systems, and consequences, substantively expanding disclosed business risks.

Why the model ranked it here

This expands the disclosed cybersecurity exposure to geopolitical attacks, third-party systems, data loss, business disruption, and proprietary-information compromise.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

Cyber-attacks are increasing in number and sophistication, are well-financed, in some cases supported by state actors, and are designed to not only attack, but also to evade detection, and are being facilitated or enhanced by evolving technologies, including AI. Since the techniques used to obtain unauthorized access to systems and data, or to otherwise sabotage them, change frequently and are often not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. Attempts to disrupt or gain unauthorized access to our and our third-party vendors' information systems from malicious third parties or insider threats may incorporate widely varying and frequently changing tactics, which may be enhanced or facilitated by evolving technologies [added] such as AI. Geopolitical instability may also increase the likelihood that we will experience direct or collateral consequences from cyber conflicts between nation-states or other politically motivated actors targeting critical technology infrastructure. Accidental or willful cybersecurity incidents, data breaches, or other unauthorized access to our information systems or the systems of our third-party service providers, or the existence of computer viruses, malware (such as ransomware), or vulnerabilities in our or their data or software could expose us to a risk of information loss, business disruption, or the misappropriation of proprietary and confidential information, including information relating to our products or customers or the personal information of our employees or third parties.

Cite this change

"such as AI. Geopolitical instability may also increase the likelihood that we will experience direct or collateral consequences from cyber conflicts between nation-states or other politically motivated actors targeting critical technology infrastructure. Accidental or willful cybersecurity incidents, data breaches, or other unauthorized access to our information systems or the systems of our third-party service providers, or the existence of computer viruses, malware (such as ransomware), or vulnerabilities in our or their data or software could expose us to a risk of information loss, business disruption, or the misappropriation of proprietary and confidential information, including information relating to our products or customers or the personal information of our employees or third parties."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04AddedItem 1A › Risks Related to Our Business › The adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. Failure by our customers to continue to adopt or invest in AI infrastructure to support AI use cases in their systems, or our ability to keep up with evolving AI infrastructure requirements, could have a material adverse effect on our business, financial condition, and results of operations.

Summary · quote-checked

Adds disclosure about increasingly complex AI regulation, compliance resources, customer commercialization delays, demand, and adoption risks.

The new paragraph introduces regulatory uncertainty, compliance obligations, potential commercialization delays, reduced customer demand, and adoption effects, substantively expanding disclosed risks.

Why the model ranked it here

This links increasingly complex AI regulation to compliance burdens, customer commercialization delays, demand, and adoption risks.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] The AI regulatory environment is increasingly complex and uncertain. For example, in the United States, states have advanced, and in some cases passed, laws focusing on AI, while the federal government has pursued a deregulatory agenda. Significant resources will be required to design, develop, test and maintain our products to help ensure that AI is implemented and deployed in accordance with applicable law and regulation and in a manner intended to comply with applicable laws and regulations and mitigate foreseeable risks. Our customers may also become subject to such existing or upcoming AI laws and regulations, which could cause a delay or impediment to the commercialization of AI technology and could lead to a decrease in demand for our customers' AI systems, and may adversely affect our business, financial condition, and results of operations. In addition, uncertainty regarding the direction of AI regulation may affect customers' adoption of AI, which could adversely affect our business.

Cite this change

"The AI regulatory environment is increasingly complex and uncertain."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05AddedItem 1A › Risks Related to Our Business › Our business is subject to complex and evolving laws and regulations regarding privacy, data protection, artificial intelligence and cybersecurity, any actual or perceived failure to comply with such laws and regulations could have a material adverse effect on our business.

Summary · quote-checked

Adds disclosure that using AI may create cybersecurity, privacy, intellectual property, regulatory, operational, competitive and reputational risks.

The new paragraph identifies specific AI-related risks, including bias, harmful content, privacy-law exposure, confidentiality compromise and intellectual property infringement or ownership uncertainty.

Why the model ranked it here

This discloses that the company’s own and vendors’ AI use creates broad cybersecurity, privacy, intellectual-property, legal, operational, and reputational exposure.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] Our use of AI in our business processes may also subject us to cybersecurity, data privacy, IT, intellectual property, regulatory, legal, operational, competitive, reputational and other risks and challenges that could affect our business. Use of AI by us or our vendors could result in bias, discrimination, or harmful or inaccurate content that may be actionable under privacy, data protection, and emerging AI laws. The use of certain AI technology can also give rise to intellectual property risks, including by disclosing or otherwise compromising our confidential or proprietary intellectual property and intellectual property infringement, or by undermining our ability to assert or defend ownership rights in intellectual property created with the assistance of AI tools.

Cite this change

"Our use of AI in our business processes may also subject us to cybersecurity, data privacy, IT, intellectual property, regulatory, legal, operational, competitive, reputational and other risks and challenges that could affect our business. Use of AI by us or our vendors could result in bias, discrimination, or harmful or inaccurate content that may be actionable under privacy, data protection, and emerging AI laws. The use of certain AI technology can also give rise to intellectual property risks, including by disclosing or otherwise compromising our confidential or proprietary intellectual property and intellectual property infringement, or by undermining our ability to assert or defend ownership rights in intellectual property created with the assistance of AI tools."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 8 in Item 1A (3 more, in filing order)

Item 7 · MD&A

3 of 3 shown · In filing order, too few to rank

01AddedItem 7 › Summary of Financial Highlights

Summary · quote-checked

Added disclosure that gross margin decreased due primarily to product mix from shipping more hardware modules.

The new paragraph states a changed profitability result and identifies its driver; this is substantive MD&A information, not merely a period or figure roll-forward.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] Gross margin decreased 70 bps to 75.7% for the year ended December 31, 2025 from 76.4% for the same period in 2024, primarily driven by product mix as we shipped more hardware modules.

Cite this change

"Gross margin decreased 70 bps to 75.7% for the year ended December 31, 2025 from 76.4% for the same period in 2024, primarily driven by product mix as we shipped more hardware modules."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedItem 7 › Non-GAAP Operating Income and Non-GAAP Operating Margin

Summary · quote-checked

Added a definition of acquisition-related costs and identified the types of third-party expenses included.

The new paragraph discloses a specific non-GAAP cost category and its components, adding substantive information about expenses associated with business combinations.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] (2) Acquisition-related costs include certain incremental expenses incurred to effect a business combination such as third-party costs: advisory, legal, accounting, valuation, and other professional fees.

Cite this change

"(2) Acquisition-related costs include certain incremental expenses incurred to effect a business combination such as third-party costs: advisory, legal, accounting, valuation, and other professional fees."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedItem 7 › Revenue Recognition

Summary · quote-checked

Added disclosure describing customer warrants, performance-based vesting conditions, and their treatment as consideration payable reducing recognized revenue.

The new paragraph discloses a customer-related warrant arrangement and an associated revenue-reduction obligation, revealing a new instrument and accounting exposure.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] We account for the warrants issued to a customer as consideration payable as we did not receive a distinct good or service in exchange for the warrants. The shares underlying the warrants vest upon the achievement of specified tranches of global payments by the customer and its affiliates. As it becomes probable that the performance-based vesting conditions underlying the warrants will be achieved and the related revenue is recognized, we recognize the related grant date fair value of the warrants as a reduction of revenue for each sales transaction in proportion to total expected cumulative sales volume resulting in achievement of the vesting conditions. For more information, see Note 10 - Common Stock Warrants in the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this Annual Report on Form 10-K.

Cite this change

"We account for the warrants issued to a customer as consideration payable as we did not receive a distinct good or service in exchange for the warrants."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

22 material removals

Item 1A · Risk Factors

2 of 8 shown · Ordered by the model, quote-checked

01RemovedItem 1A › Risks Related to Our Business › We have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or fail to maintain an effective system of internal control over financial reporting. If our remediation of the material weaknesses is not effective, or we fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which could harm our business and negatively impact the value of our common stock.

Summary · quote-checked

The current filing removed disclosure that the company had identified material weaknesses in internal control over financial reporting.

Removing this disclosure changes the stated condition regarding financial reporting controls and a potential material misstatement risk.

Why the model ranked it here

The removal changes the company’s stated condition regarding material weaknesses in financial reporting controls and the risk of material misstatement.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim financial statements will not be prevented or detected on a timely basis. We have identified material weaknesses in our internal control over financial reporting.

Filing text · FY2025 10-K · filed Feb 20, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim financial statements will not be prevented or detected on a timely basis. We have identified material weaknesses in our internal control over financial reporting."

Astera Labs,, Form 10-K for FY2024, Item 1A, accession 0001736297-25-000003, filed 14 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000003/alab-20241231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedItem 1A › Risks Related to Our Business › We have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or fail to maintain an effective system of internal control over financial reporting. If our remediation of the material weaknesses is not effective, or we fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which could harm our business and negatively impact the value of our common stock.

Summary · quote-checked

The company removed a disclosure describing inadequate risk assessment and insufficient controls over financial reporting, including segregation of duties.

The removed paragraph disclosed specific material weaknesses in internal control over financial reporting, including risks involving journal entries and account reconciliations; its removal changes the disclosed control risk.

Why the model ranked it here

The removed disclosure covered inadequate risk assessment, segregation of duties, journal entries, and account reconciliations, materially changing the reported control-risk profile.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] We did not adequately design and maintain an effective risk assessment process at a sufficient precision level to identify risks of material misstatement in our consolidated financial statements. Specifically, the implementation of controls was not sufficient to respond to risks of material misstatement to financial reporting, including a lack of effectively designed controls over segregation of duties, particularly over the preparation and review of journal entries and account reconciliations.

Filing text · FY2025 10-K · filed Feb 20, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"We did not adequately design and maintain an effective risk assessment process at a sufficient precision level to identify risks of material misstatement in our consolidated financial statements. Specifically, the implementation of controls was not sufficient to respond to risks of material misstatement to financial reporting, including a lack of effectively designed controls over segregation of duties, particularly over the preparation and review of journal entries and account reconciliations."

Astera Labs,, Form 10-K for FY2024, Item 1A, accession 0001736297-25-000003, filed 14 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000003/alab-20241231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 8 in Item 1A (6 more, in filing order)

Item 7 · MD&A

3 of 14 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Revenue Recognition

Summary · quote-checked

The revenue recognition disclosure describing receivables, deferred revenue, and performance obligations extending beyond one year was removed.

Removing the paragraph eliminates substantive disclosure about deferred revenue obligations and contracts with performance obligations extending beyond one year, not merely presentation or calculation mechanics.

Why the model ranked it here

This removes disclosure of deferred revenue and performance obligations extending beyond one year, obscuring the company’s stated contractual obligations.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We record deferred revenue when we have received consideration, or an amount of consideration is due from the customer, and we have a future obligation to transfer products or services. From time to time, we have contracts with initial terms that include performance obligations that extend beyond one year.

Filing text · FY2025 10-K · filed Feb 20, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We record deferred revenue when we have received consideration, or an amount of consideration is due from the customer, and we have a future obligation to transfer products or services. From time to time, we have contracts with initial terms that include performance obligations that extend beyond one year."

Astera Labs,, Form 10-K for FY2024, Item 7, accession 0001736297-25-000003, filed 14 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000003/alab-20241231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedItem 7 › Revenue Recognition

Summary · quote-checked

The revenue recognition disclosure about distributor resale pricing and subsequent credit memos was removed.

The removed paragraph described distributor pricing practices and the company’s obligation to issue credit memos, changing disclosed revenue-recognition mechanics.

Why the model ranked it here

This removes the explanation of distributor resale pricing and credit memos, which is important for understanding the company’s revenue-recognition mechanics.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] We sell the majority of our products to distributors at a fixed list price. Distributors are authorized to resell our products to customers at a range of individually negotiated price points based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. The majority of our distributors' resales are priced at a discount from list price (the original purchase price). After the resale transaction is completed, we issue credit memos to the distributor for the price adjustments.

Filing text · FY2025 10-K · filed Feb 20, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"We sell the majority of our products to distributors at a fixed list price. Distributors are authorized to resell our products to customers at a range of individually negotiated price points based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. The majority of our distributors' resales are priced at a discount from list price (the original purchase price). After the resale transaction is completed, we issue credit memos to the distributor for the price adjustments."

Astera Labs,, Form 10-K for FY2024, Item 7, accession 0001736297-25-000003, filed 14 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000003/alab-20241231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03RemovedItem 7 › Initial Public Offering

Summary · quote-checked

The current MD&A omits disclosure of cumulative stock-based compensation expense and the related tax withholding obligation paid after the IPO.

The removed paragraph disclosed specific recognized compensation expense, an IPO-triggered vesting event, and a related tax withholding payment, changing the stated obligations and transaction disclosure.

Why the model ranked it here

This removes disclosure of IPO-triggered stock-based compensation recognition and the related tax withholding obligation, eliminating a significant stated compensation-related cash requirement.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] We recognized $88.9 million of cumulative stock-based compensation expense associated with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO. Based on our IPO price of $36.00 per share, our tax withholding obligation in connection with the vesting of these RSUs was $20.1 million, which we paid in the first quarter of 2024.

Filing text · FY2025 10-K · filed Feb 20, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"We recognized $88.9 million of cumulative stock-based compensation expense associated with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO."

Astera Labs,, Form 10-K for FY2024, Item 7, accession 0001736297-25-000003, filed 14 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000003/alab-20241231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 14 in Item 7 (11 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

99 material changes

Item 1A · Risk Factors

3 of 61 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Related to Our Business › We have a limited history of generating net income, and if we are unable to achieve adequate revenue growth while our expenses increase, we may not maintain profitability in the future.

Summary · quote-checked

The disclosure changes from a history of net losses to limited net income history and adds 2025 net income and retained earnings information.

Reporting net income and retained earnings materially changes the stated profitability and accumulated-deficit position, beyond a routine annual roll-forward.

Why the model ranked it here

The company now describes a limited history of net income rather than a history of net losses, materially changing the reader’s understanding of its profitability and retained-earnings position.

Filing text · FY2024 10-K · filed Feb 14, 2025

We have a history of generating net [removed] losses. We incurred net losses of $83.4 million and $26.3 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, we had [removed] an accumulated deficit of $208.8 million and $125.4 million, respectively. [removed] These losses and [removed] our accumulated deficit are a result of the substantial investments we have made to grow our business. We expect our costs will increase over time and our losses may continue if such increases in costs are not more than fully offset by increases in our revenue. We expect to continue to invest significant additional funds in expanding our business and research and development activities as we continue to develop new products. We have experienced and expect to continue to incur additional general and administrative expenses as a result of our growth and increased costs to support our operations as a public company. Historically, our costs have increased over the years due to these factors, and we expect to continue to incur increasing costs to support our anticipated future growth.

Filing text · FY2025 10-K · filed Feb 20, 2026

We have a [added] limited history of generating net [added] income. We recorded net income of $219.1 million and incurred net losses of $83.4 million and $26.3 million for the years ended December 31, [added] 2025, 2024 and 2023, respectively. As of December 31, [added] 2025, 2024 and 2023, we had [added] retained earnings of $10.3 million and accumulated deficits of $208.8 million and $125.4 million, respectively. [added] Our historical losses and [added] accumulated deficits were a result of the substantial investments we have made to grow our business. We expect our costs will [added] continue to increase over time and our losses may continue if such increases in costs are not more than fully offset by increases in our revenue. We expect to continue to invest significant additional funds in expanding our business and research and development activities as we continue to develop new products. We have experienced and expect to continue to incur additional general and administrative expenses as a result of our growth and increased costs to support our operations as a public company. Historically, our costs have increased over the years due to these factors, and we expect to continue to incur increasing costs to support our anticipated future growth.

Cite this change

"We have a limited history of generating net income. We recorded net income of $219.1 million and incurred net losses of $83.4 million and $26.3 million for the years ended December 31, 2025, 2024 and 2023, respectively."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedItem 1A › Risks Related to Our Business › A substantial portion of our revenue is driven by a limited number of our end customers, and the loss of, or a significant reduction in, demand from one or a few of our top end customers would adversely affect our operations and financial condition.

Summary · quote-checked

Customer concentration increased substantially, with one end customer exceeding 70% of revenue and the top three accounting for approximately 86%.

The figures change the stated customer-concentration exposure, from no customer above 40% and top three at approximately 80% to one above 70% and top three at approximately 86%.

Why the model ranked it here

Customer concentration has increased substantially, making dependence on a single end customer a far more significant risk to revenue and operations.

Filing text · FY2024 10-K · filed Feb 14, 2025

A substantial portion of our revenue is driven by a limited number of end customers. In [removed] 2024, no end customer represented more than [removed] 40% of our revenue; the top three end customers represented an aggregate of approximately [removed] 80% of our revenue. Our distributors and end customers' manufacturing partners provide us with information in their purchase orders about which end customer will receive the products purchased. This data allows us to estimate the portion of our revenue that is due to specific end customer demand. We anticipate that we will continue to be dependent on a limited number of end customers for a significant portion of our revenue in the future, and in some cases, the portion of our revenue attributable to certain end customers may increase in the future. However, we may not be able to maintain or increase sales to certain of our top end customers for a variety of reasons, including the following:

Filing text · FY2025 10-K · filed Feb 20, 2026

A substantial portion of our revenue is driven by a limited number of end customers. In [added] 2025, one end customer represented more than [added] 70% of our revenue; the top three end customers represented an aggregate of approximately [added] 86% of our revenue. Our distributors and end customers' manufacturing partners provide us with information in their purchase orders about which end customer will receive the products purchased. This data allows us to estimate the portion of our revenue that is due to specific end customer demand. We anticipate that we will continue to be dependent on a limited number of end customers for a significant portion of our revenue in the future, and in some cases, the portion of our revenue attributable to certain end customers may increase in the future. However, we may not be able to maintain or increase sales to certain of our top end customers for a variety of reasons, including the following:

Cite this change

"In 2025, one end customer represented more than 70% of our revenue; the top three end customers represented an aggregate of approximately 86% of our revenue."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03ChangedItem 1A › Risks Related to Our Business › Cybersecurity risks, including cyber-attacks, cybersecurity incidents, data breaches, and system vulnerabilities could adversely affect our business and disrupt our operations.

Summary · quote-checked

The disclosure changes from hypothetical cybersecurity events to stating that the company and vendors have experienced cyber-attacks or unauthorized intrusions.

The modality changes from potential events to reported experience, materially changing the asserted cybersecurity exposure; related notification, disclosure, fine, and sanction language was also removed.

Why the model ranked it here

The disclosure changes cybersecurity from a hypothetical threat to an event the company and its vendors have actually experienced.

Filing text · FY2024 10-K · filed Feb 14, 2025

Cyber-attacks are increasing in number and sophistication, are well-financed, in some cases supported by state actors, and are designed to not only attack, but also to evade detection. Since the techniques used to obtain unauthorized access to systems and data, or to otherwise sabotage them, change frequently and are often not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. Geopolitical instability may increase the likelihood that we will experience direct or collateral consequences from cyber conflicts between nation-states or other politically motivated actors targeting critical technology infrastructure. Accidental or willful security breaches, data breaches, or other unauthorized access to our information systems or the systems of our third-party service providers, or the existence of computer viruses, malware (such as ransomware), or vulnerabilities in our or their data or software could expose us to a risk of information loss, business disruption, or misappropriation of proprietary and confidential information, including information relating to our products or customers or the personal information of our employees or third parties. Despite our internal controls and investment in security measures, we have in the past, and may again in the future, be subject to cyber-attacks or unauthorized network intrusions. [removed] These events, should they occur, could disrupt our business and result in, among other things, unfavorable publicity, damage to our reputation, loss of our trade secrets and other competitive information, litigation by affected [removed] parties and possible financial obligations for liabilities and damages related to the theft or misuse of [removed] such information, significant remediation costs, disruption of key business operations, and significant diversion of our [removed] resources, legal notifications and disclosures, as well as fines and other sanctions resulting from any related breaches of data privacy laws and regulations (such as the CCPA), any of which could have a material adverse effect on our business, profitability, and financial condition. In addition, despite our internal controls and processes, malicious code, and cybersecurity vulnerabilities in our products and services may expose our customers to cyberattacks and other security risks, which may result in claims, regulatory action, or reputational damage. While we may be entitled to damages if an adverse event arises from our third-party service providers' failure to perform under their agreements with us, any award may be insufficient to cover the actual costs incurred by us and, as a result of a service provider's failure to perform, we may be unable to collect any damages.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] Despite our internal controls and investment in security measures, we, and our third-party vendors, have been subject to cyber-attacks or unauthorized network intrusions. Should a cybersecurity incident or data breach occur, it could disrupt our business and result in, among other things, unfavorable publicity, damage to our reputation, loss of our trade secrets and other competitive information, litigation by affected [added] parties, possible financial obligations for liabilities and damages related to the theft or misuse of [added] any personal or confidential information, significant remediation costs, disruption of key business operations, and significant diversion of our [added] resources. Any of such events could have a material adverse effect on our business, profitability, and financial condition. In addition, despite our internal controls and processes, malicious code, and cybersecurity vulnerabilities in our products and services may expose our customers to cyberattacks and other security risks, which may result in claims, regulatory action, or reputational damage. While we may be entitled to damages if an adverse event arises from our third-party service providers' failure to perform under their agreements with us, any award may be insufficient to cover the actual costs incurred by us and, as a result of a service provider's failure to perform, we may be unable to collect any damages.

Cite this change

"Despite our internal controls and investment in security measures, we, and our third-party vendors, have been subject to cyber-attacks or unauthorized network intrusions."

Astera Labs,, Form 10-K for FY2025, Item 1A, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 61 in Item 1A (58 more, in filing order)

Item 7 · MD&A

2 of 38 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Summary of Financial Highlights

Summary · quote-checked

The disclosure changed from explaining cash used in operating activities to reporting net income and its year-over-year increase.

The MD&A metric, direction, and drivers changed substantively: a cash-flow use with operating explanations was replaced by positive net income and its increase.

Why the model ranked it here

The company reports positive net income after previously reporting a loss, materially changing the earnings picture.

Filing text · FY2024 10-K · filed Feb 14, 2025

Net [removed] cash used in operating activities for the year ended December 31, [removed] 2023 of $12.7 million resulted primarily from a net loss of [removed] $26.3 million and cash used in operating assets and liabilities of $9.7 million offset by non-cash charges of $23.2 million primarily consisting of stock-based compensation of $10.7 million, an inventory write down of $10.3 million and depreciation of $1.8 million. Cash used in operating assets and liabilities during the period was primarily from a $5.6 million increase in inventory primarily due to build up for anticipated demand, a $4.3 million decrease in accounts payable primarily due to timing of payments, and a $1.3 million decrease in operating lease liability due to the maturing of the lease, and $0.7 million decrease in prepaid expenses and other assets due to timing. These cash flow uses were partially offset by a $2.4 million decrease in accounts receivable due to timing of customer payments.

Filing text · FY2025 10-K · filed Feb 20, 2026

Net [added] income was $219.1 million for the year ended December 31, [added] 2025 compared to a net loss of [added] $83.4 million for the year ended December 31, 2024, representing a $302.6 million year-over-year increase.

Cite this change

"Net income was $219.1 million for the year ended December 31, 2025 compared to a net loss of $83.4 million for the year ended December 31, 2024, representing a $302.6 million year-over-year increase."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedItem 7 › Change in Cash Flows from Operating Activities

Summary · quote-checked

Operating cash flow discussion changed from 2024 results and drivers to 2025 results, including a substantial increase and different underlying drivers.

The reported cash-flow direction, amounts, and explanations changed. The current paragraph identifies increased net income and unfavorable working-capital changes, replacing the prior period’s loss and specific operating-asset movements.

Why the model ranked it here

Operating cash generation increased substantially, with the drivers shifting from IPO-related non-cash items and losses to net income and working-capital changes.

Filing text · FY2024 10-K · filed Feb 14, 2025

Net cash provided by operating activities for the year ended December 31, [removed] 2024 of $136.7 million resulted primarily from non-cash charges of $233.4 million primarily related to $234.6 million in stock-based compensation expense partially offset by a net loss of $83.4 million and cash used by operating assets and liabilities of $13.3 million. Cash used in operating assets and [removed] liabilities during the period was primarily [removed] from an increase of $30.5 million in accounts receivable due to higher product sales and timing of customer payments, $19.3 million increase in inventory for anticipated future demand, a $13.0 million increase in prepaid expenses and other assets primarily related to accrued interest receivable on our short-term investments, and $2.4 million decrease in operating lease liability. The net cash flow used in operating assets and liabilities were partially offset by $31.0 million increase in [removed] accrued expenses and other [removed] liabilities primarily due to [removed] accrued customer deposits and timing of payments, a $20.9 million increase in accounts [removed] payable primarily due to timing of [removed] payments, as well as increase in purchases.

Filing text · FY2025 10-K · filed Feb 20, 2026

Net cash provided by operating activities for the year ended December 31, [added] 2025 was $319.3 million, compared to $136.7 million for the comparable period in 2024. The $182.6 million increase in net cash provided by operating activities was a result of a $302.6 million increase in net income, partially offset by both lower non-cash charges of $67.3 million and an unfavorable change of $52.7 million from changes in operating assets and [added] liabilities. The lower non-cash charges of $67.3 million was primarily [added] due to a $74.6 million decrease in non-cash stock-based compensation expense, partially offset by increased warrants contra revenue of $4.1 million and increased depreciation and amortization expense of $3.7 million. The unfavorable change of $52.7 million from changes in operating assets and liabilities was primarily attributable to (i) a $21.9 million unfavorable change in accounts payables and accrued other liabilities primarily due to the timing of payments, (ii) a $20.7 million increase in [added] the changes of the prepaid expenses and other [added] assets primarily due to [added] prepayment for a research and development vendor and a higher income tax receivable from excess tax benefits related to equity compensation, and (iii) a $13.9 million unfavorable change in accounts [added] receivable due to [added] higher product sales and the timing of [added] customer payments. These unfavorable changes were partially offset by a reduced inventory balance of $6.3 million.

Cite this change

"Net cash provided by operating activities for the year ended December 31, 2025 was $319.3 million, compared to $136.7 million for the comparable period in 2024. The $182.6 million increase in net cash provided by operating activities was a result of a $302.6 million increase in net income, partially offset by both lower non-cash charges of $67.3 million and an unfavorable change of $52.7 million from changes in operating assets and liabilities."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03ChangedItem 7 › Change in Cash Flows from Financing Activities

Summary · quote-checked

Financing cash flow disclosure changed from 2024 IPO-driven proceeds to a 2025 decrease, with revised amounts and explanations for stock compensation, withholding, and offering proceeds.

The period, direction, amounts, and stated drivers changed substantively, including the shift from IPO proceeds generating cash to a decrease primarily caused by lower IPO proceeds.

Why the model ranked it here

Financing cash generation fell sharply as IPO proceeds ceased to be the primary source, materially changing the liquidity narrative.

Filing text · FY2024 10-K · filed Feb 14, 2025

Net cash provided by financing activities for the year ended December 31, [removed] 2024 of $655.8 million [removed] resulted primarily from $672.2 million in proceeds from our IPO, net of underwriting discounts and commissions, $5.5 million in proceeds from exercises of stock options, and $4.2 million in proceeds from [removed] the employee stock purchase plan. This was partially offset by [removed] $20.1 million in tax withholding related to net share settlement of RSUs [removed] that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO, $4.8 million in payments of deferred offering costs and $1.1 million from our repurchase of our common stock.

Filing text · FY2025 10-K · filed Feb 20, 2026

Net cash provided by financing activities for the year ended December 31, [added] 2025 was $9.8 million compared to $655.8 million [added] for the comparable period in 2024. The $646.0 million decrease in cash provided by financing activities was primarily due to a decrease of $667.4 million related to proceeds received from the IPO net of underwriting discounts and commissions and deferred offering costs, a decrease of $3.6 million in proceeds from [added] exercise of stock options, partially offset by [added] a lower tax withholding related to net share settlement of RSUs [added] of $20.1 million, and a $3.8 million increase in proceeds from employee stock purchase plan.

Cite this change

"Net cash provided by financing activities for the year ended December 31, 2025 was $9.8 million compared to $655.8 million for the comparable period in 2024. The $646.0 million decrease in cash provided by financing activities was primarily due to a decrease of $667.4 million related to proceeds received from the IPO net of underwriting discounts and commissions and deferred offering costs, a decrease of $3.6 million in proceeds from exercise of stock options, partially offset by a lower tax withholding related to net share settlement of RSUs of $20.1 million, and a $3.8 million increase in proceeds from employee stock purchase plan."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04ChangedItem 7 › Material Cash Requirements

Summary · quote-checked

Purchase commitments increased, their scope expanded to certain services, and a previously disclosed non-cancellable agreement was removed.

The disclosure changes stated commitments and service dependencies, including different commitment amounts and timing, and removes a specific non-cancellable obligation; these are substantive changes.

Why the model ranked it here

Purchase commitments increased and expanded to specified services while a previously disclosed non-cancellable obligation disappeared, changing the company’s stated contractual exposure.

Filing text · FY2024 10-K · filed Feb 14, 2025

Purchase commitments. Our purchase commitments are primarily related to software [removed] licenses and cloud hosting services. As of December 31, [removed] 2024, we had purchase commitments of [removed] $27.5 million, with [removed] $12.0 million to be paid within 12 months and the remainder thereafter. [removed] In January 2025, the Company entered into an agreement for a non-cancellable purchase commitment of $14.9 million with a three year term. For an additional discussion on our purchase commitments, see Note [removed] 6 - Commitments and Contingencies in the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this Annual Report on Form 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

Purchase commitments. Our purchase commitments are primarily related to software [added] licenses, cloud hosting [added] services, or performance of certain services. As of December 31, [added] 2025, we had purchase commitments of [added] $74.9 million, with [added] $29.6 million to be paid within 12 months and the remainder thereafter. For an additional discussion on our purchase commitments, see Note [added] 8 - Commitments and Contingencies in the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this Annual Report on Form 10-K.

Cite this change

"Our purchase commitments are primarily related to software licenses, cloud hosting services, or performance of certain services. As of December 31, 2025, we had purchase commitments of $74.9 million, with $29.6 million to be paid within 12 months and the remainder thereafter."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05ChangedItem 7 › Non-GAAP Net Income

Summary · quote-checked

The tax disclosure now states that valuation allowances are no longer maintained due to non-GAAP profitability and reports tax rates for 2025 and 2024.

The paragraph changes the stated tax position and underlying explanation, replacing a deferred-tax-asset realization statement with the discontinuation of valuation allowances due to profitability.

Why the model ranked it here

The company states that it no longer maintains valuation allowances because of non-GAAP profitability, marking a substantive change in its tax position.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] (3) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. [removed] For the year ended December 31, 2024, the non-GAAP tax expense rate was 6.9%, compared to a tax benefit rate of 27.0% for the year ended December 31, [removed] 2023. The reduction of the rate was due to the realization in deferred tax asset related to the release of valuation allowance, on a non-GAAP basis.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] (4) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of [added] non-cash stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. [added] We no longer maintain valuation allowance for non-GAAP purposes due to our profitability on a non-GAAP basis. For the years ended December 31, [added] 2025, and 2024, the non-GAAP tax expense rate was 12.7% and 6.9%, respectively.

Cite this change

"We no longer maintain valuation allowance for non-GAAP purposes due to our profitability on a non-GAAP basis."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

06ChangedItem 7 › Cost of Revenue, Gross Profit, and Gross Margin

Summary · quote-checked

Gross margin shifted from increasing to decreasing, with the stated drivers changing from lower inventory write-downs and product mix to increased hardware-module shipments.

The outlook direction changed and the explanation of the result changed, including removal of inventory write-downs and average-unit-cost effects and addition of hardware-module shipments.

Why the model ranked it here

Gross margin shifted from expansion to contraction, with the explanation now centered on product mix rather than lower inventory write-downs.

Filing text · FY2024 10-K · filed Feb 14, 2025

Gross margin [removed] increased 750 bps to [removed] 76.4% for the year ended December 31, [removed] 2024 compared to [removed] 68.9% for the [removed] year ended December 31, 2023. The increase was primarily driven by [removed] a net decrease of $10.2 million in inventory write-downs, partially offset by higher average unit cost as a result of product mix.

Filing text · FY2025 10-K · filed Feb 20, 2026

Gross margin [added] decreased 70 bps to [added] 75.7% for the year ended December 31, [added] 2025 compared to [added] 76.4% for the [added] same period in 2024. The decrease was primarily driven by [added] product mix as we shipped more hardware modules.

Cite this change

"Gross margin decreased 70 bps to 75.7% for the year ended December 31, 2025 compared to 76.4% for the same period in 2024. The decrease was primarily driven by product mix as we shipped more hardware modules."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

07ChangedItem 7 › Material Cash Requirements

Summary · quote-checked

Operating lease commitments changed from $39.9 million including a future headquarters commitment to $31.0 million, with different near-term payments and a new lease-note reference.

The disclosure removes a stated future headquarters commitment and changes total and near-term lease obligations, altering the reported commitment exposure rather than merely rolling dates forward.

Why the model ranked it here

Reported lease obligations declined while the stated future headquarters commitment was removed, changing the disclosed fixed-cost burden.

Filing text · FY2024 10-K · filed Feb 14, 2025

Operating lease commitments. Our operating lease commitments primarily include corporate offices. As of December 31, [removed] 2024, we had fixed lease payment obligations of [removed] $39.9 million including our commitment for our future corporate headquarters office, with approximately [removed] $5.0 million to be paid within 12 months and the remainder thereafter. For an additional discussion on our operating leases, see Note [removed] 5 - Leases in the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this annual report on Form 10-K.

Filing text · FY2025 10-K · filed Feb 20, 2026

Operating lease commitments. Our operating lease commitments primarily include corporate offices. As of December 31, [added] 2025, we had fixed lease payment obligations of [added] $31.0 million, with approximately [added] $6.2 million to be paid within 12 months and the remainder thereafter. For an additional discussion on our operating leases, see Note [added] 7 - Leases in the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this annual report on Form 10-K.

Cite this change

"As of December 31, 2025, we had fixed lease payment obligations of $31.0 million, with approximately $6.2 million to be paid within 12 months and the remainder thereafter."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

08ChangedItem 7 › Overview

Summary · quote-checked

The revenue history was extended through 2025, while the statement that annual profitability had not yet been achieved was removed.

Although the added revenue year is a calendar roll-forward, removing the annual nonprofitability statement changes the disclosed financial condition and is substantive.

Why the model ranked it here

The disclosure removes the statement that annual profitability had not been achieved, reinforcing a material change in the company’s reported financial condition.

Filing text · FY2024 10-K · filed Feb 14, 2025

Since our inception, we have created and commercialized first-to-market PCIe, Ethernet, and CXL products. We have become a trusted partner and a proven supplier to our hyperscaler and system OEM customers. We have experienced strong growth since the commercial launch of Aries in 2020. Our revenue grew from $34.8 million in 2021, $79.9 million in 2022, $115.8 million in 2023, and to [removed] $396.3 million in [removed] 2024, driven by a sizable increase in demand for our products.[removed] We have made significant investments in the design and development of new products and platform enhancements, and, as a result, we have not yet achieved profitability on an annual basis.

Filing text · FY2025 10-K · filed Feb 20, 2026

Since our inception, we have created and commercialized first-to-market PCIe, Ethernet, and CXL products. We have become a trusted partner and a proven supplier to our hyperscaler and system OEM customers. We have experienced strong growth since the commercial launch of Aries in 2020. Our revenue grew from $34.8 million in 2021, $79.9 million in 2022, $115.8 million in 2023, [added] $396.3 million in 2024, and to [added] $852.5 million in [added] 2025, driven by a sizable increase in demand for our products.

Cite this change

"Our revenue grew from $34.8 million in 2021, $79.9 million in 2022, $115.8 million in 2023, $396.3 million in 2024, and to $852.5 million in 2025, driven by a sizable increase in demand for our products."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

09ChangedItem 7 › Cost of Revenue

Summary · quote-checked

The cost-of-revenue description adds production royalties, changes capitalized production costs from masks to equipment, and specifies non-cash stock-based compensation.

These changes alter the disclosed components and characterization of production costs, adding a new royalty obligation rather than merely rephrasing the accounting description.

Why the model ranked it here

Production royalties were newly identified as a cost component, adding a previously undisclosed obligation affecting the economics of production.

Filing text · FY2024 10-K · filed Feb 14, 2025

Cost of revenue includes cost of product sales and cost of engineering services. Cost of product sales includes the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, shipping, depreciation of equipment associated with manufacturing, cost of logistics and quality assurance, warranty [removed] costs, amortization of capitalized production [removed] masks, cost of personnel including salaries, stock-based compensation, employee benefits, write-down of inventories, and allocation of general corporate expenses.

Filing text · FY2025 10-K · filed Feb 20, 2026

Cost of revenue includes cost of product sales and cost of engineering services. Cost of product sales includes the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, shipping, depreciation of equipment associated with manufacturing, cost of logistics and quality assurance, warranty [added] cost, amortization of capitalized production [added] equipment, royalties on our production products, personnel-related costs including salaries, [added] non-cash stock-based compensation, employee benefits, write-down of inventories, and allocation of general corporate expenses.

Cite this change

"warranty cost, amortization of capitalized production equipment, royalties on our production products, personnel-related costs including salaries, non-cash stock-based compensation, employee benefits"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

10ChangedItem 7 › Business Combination

Summary · quote-checked

The disclosure shifts from common stock valuation uncertainties to fair-value allocation and valuation estimates for acquired assets, liabilities, intangible assets, and goodwill.

The current paragraph introduces business-combination accounting, goodwill recognition, acquired-asset valuation, and acquisition-specific assumptions, replacing the prior common-stock valuation disclosure.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] Application of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding our expected future revenue, expenses, and future cash flows, discount rates, market multiples, the selection of comparable companies, and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact our valuations as of each valuation date and may have a material impact on the valuation of our common stock.

Filing text · FY2025 10-K · filed Feb 20, 2026

[added] We allocate the fair value of the purchase consideration of a business acquisition to tangible and intangible assets acquired, including in-process research and development ("IPR&D"), and liabilities assumed based upon their estimated fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair values of assets acquired and liabilities assumed is recognized as goodwill. Our valuation of acquired assets and assumed liabilities requires significant estimates, especially with respect to intangible assets. The valuation of intangible assets, in particular, requires that we use valuation techniques such as the income approach. The income approach includes the use of a discounted cash flow model, which includes discounted cash flow scenarios and requires the following significant estimates: future expected revenue, expected average selling unit price, obsolescence curve and technology life, and discount rates. Although we believe the assumptions and estimates we have made are reasonable, they are based in part on historical experience, market conditions and information obtained from management of the acquired companies, and are inherently uncertain. Unanticipated events and circumstances may occur, which could affect the accuracy or validity of such assumptions, estimates or actual results.

Cite this change

"We allocate the fair value of the purchase consideration of a business acquisition to tangible and intangible assets acquired, including in-process research and development ("IPR&D"), and liabilities assumed based upon their estimated fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair values of assets acquired and liabilities assumed is recognized as goodwill."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

11ChangedItem 7 › Summary of Financial Highlights

Summary · quote-checked

The revenue comparison rolled forward, growth changed, product-shipment drivers expanded, and the prior gross-margin and inventory write-down discussion was removed.

The MD&A changes stated revenue drivers and removes substantive gross-margin and inventory write-down disclosures, so the statement is materially different rather than merely a period update.

Filing text · FY2024 10-K · filed Feb 14, 2025

Our revenue for the year ended December 31, [removed] 2024, increased by [removed] 242% compared to the [removed] year ended December 31, 2023, primarily due to an increase in overall unit shipments driven by higher demand for our [removed] Aries products and higher overall average selling prices resulting from [removed] a more favorable product mix. Gross margin increased 750 bps to 76.4% for the year ended December 31, 2024 from 68.9% for the year ended December 31, 2023, primarily driven by a net decrease of $10.2 million in inventory write-downs, partially offset by higher average unit cost as a result of product mix. The inventory write-downs during the year ended December 31, 2023 were due primarily to inventory in excess of our sales forecast for a legacy customer product.

Filing text · FY2025 10-K · filed Feb 20, 2026

Our revenue for the year ended December 31, [added] 2025, increased by [added] 115% compared to the [added] same period in 2024, primarily due to an increase in overall unit shipments driven by higher demand for our [added] Aries, Scorpio, and Taurus products, as well as higher overall average selling prices resulting from [added] an increased mix of hardware modules and Scorpio products.

Cite this change

"Our revenue for the year ended December 31, 2025, increased by 115% compared to the same period in 2024, primarily due to an increase in overall unit shipments driven by higher demand for our Aries, Scorpio, and Taurus products, as well as higher overall average selling prices resulting from an increased mix of hardware modules and Scorpio products."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

12ChangedItem 7 › Research and Development

Summary · quote-checked

The R&D expense description was narrowed, removing several cost categories and the statement that R&D costs are expensed as incurred.

The change removes disclosures about prototype, packaging, testing, allocated expenses, and expense recognition, altering the substance of the accounting and cost description.

Filing text · FY2024 10-K · filed Feb 14, 2025

Research and development expenses consist of [removed] costs incurred in performing research and development activities and include salaries, stock-based compensation expense, employee benefits, bonuses, pre-production engineering mask costs, software license and cloud[removed] hosting services costs, prototype wafer, packaging and test costs, and allocated shared expenses. Research and development costs are expensed as incurred.

Filing text · FY2025 10-K · filed Feb 20, 2026

Research and development expenses consist of [added] personnel-related costs including salaries, non-cash stock-based compensation expense, employee benefits, bonuses, pre-production engineering mask costs, software license and cloud hosting services costs, prototype costs, packaging and test costs, professional services fees, and allocated shared expenses. Research and development costs are expensed as incurred.

Cite this change

"Research and development expenses consist of personnel-related costs including salaries, non-cash stock-based compensation expense, employee benefits, bonuses, pre-production engineering mask costs, software license and cloud"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

13ChangedItem 7 › Cost of Revenue, Gross Profit, and Gross Margin

Summary · quote-checked

Cost of revenue increased by a different amount and percentage, with drivers shifting from inventory write-downs and shipments to shipments and product mix including Scorpio products.

The stated explanation changed substantively: the prior paragraph identified inventory write-downs and legacy customer-product excess, while the current paragraph identifies product mix and specifically names hardware modules and Scorpio products.

Filing text · FY2024 10-K · filed Feb 14, 2025

Total cost of revenue increased [removed] $57.6 million, or [removed] 160%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023, primarily due to [removed] a 217% increase in overall unit shipments [removed] partially offset by a $10.2 million decrease in inventory write-downs. The inventory write-downs during the year ended December 31, 2023 were primarily due to inventory in excess of our sales forecast for a legacy customer product.

Filing text · FY2025 10-K · filed Feb 20, 2026

Total cost of revenue increased [added] $113.7 million, or [added] 121%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024. The increase was primarily due to [added] higher overall unit shipments [added] and a shift in product mix, resulting from an increased mix of hardware modules and Scorpio products.

Cite this change

"The increase was primarily due to higher overall unit shipments and a shift in product mix, resulting from an increased mix of hardware modules and Scorpio products."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

14ChangedItem 7 › Stock-Based Compensation

Summary · quote-checked

Stock-based compensation disclosure broadened from post-IPO, service-based RSUs with a four-year period to RSUs generally over their requisite service period.

The current text removes the post-IPO scope, service-only vesting condition, grant-date fair-value recognition wording, and specified four-year period, changing the disclosed accounting terms.

Filing text · FY2024 10-K · filed Feb 14, 2025

We measure [removed] and recognize our stock-based compensation expense for [removed] RSUs granted post IPO based on the fair value of the underlying common stock on the date of [removed] grant. RSUs granted post IPO includes only service-based vesting conditions and stock-based compensation expense will be recognized equal to the grant date fair value on a straight-line basis over the [removed] four-year requisite service period of the awards.

Filing text · FY2025 10-K · filed Feb 20, 2026

We measure our stock-based compensation expense for [added] restricted stock units ("RSUs") based on the fair value of the underlying common stock on the date of [added] grant; RSUs are recognized on a straight-line basis over the requisite service period of the awards.

Cite this change

"RSUs are recognized on a straight-line basis over the requisite service period of the awards."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

15ChangedItem 7 › Cost of Revenue

Summary · quote-checked

The policy changes from capitalizing qualifying production-mask costs to capitalizing production equipment, including mask costs, with amortization in cost of revenue.

The disclosed scope and expense classification change: pre-production mask expensing is removed, while production equipment is newly identified as capitalized and included in cost of revenue.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] Pre-production engineering mask costs are expensed. We capitalize the costs of production [removed] masks with alternative future [removed] use and amortize these costs on a straight-line basis over the useful lives of the production [removed] masks. To determine if [removed] a production mask has alternative future use or benefits, we evaluate risks associated with developing new technologies and capabilities, and the related risks associated with entering new markets. Production [removed] masks that do not meet the criteria for capitalization are expensed as research and development costs.

Filing text · FY2025 10-K · filed Feb 20, 2026

We capitalize the costs of production [added] equipment, which includes mask cost with alternative future [added] use, and amortize these costs on a straight-line basis over the useful lives of the production [added] equipment and include them in cost of revenue. To determine if [added] production equipment has alternative future use or benefits, we evaluate [added] the risks associated with developing new technologies and capabilities, and the related risks associated with entering new markets. Production [added] equipment that do not meet the criteria for capitalization are expensed as research and development costs.

Cite this change

"We capitalize the costs of production equipment, which includes mask cost with alternative future use, and amortize these costs on a straight-line basis over the useful lives of the production equipment and include them in cost of revenue."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

16ChangedItem 7 › Income Tax (Benefit) Provision

Summary · quote-checked

The tax discussion changed from a provision decrease with a lower effective tax rate to a tax benefit/provision decrease with different stated drivers.

The paragraph changes the tax outcome, comparison period, effective-rate disclosure, amounts, and causal explanations, including removal of research credits and taxable-income effects.

Filing text · FY2024 10-K · filed Feb 14, 2025

Income tax provision decreased [removed] $1.7 million, or [removed] 50%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023. The effective tax rate decreased from 14.5% for the year ended December 31, 2023 to 2.0% for the year ended December 31, 2024. The change was p primarily due to [removed] a significant increase in stock-based compensation tax [removed] deductions post our IPO, and U.S. research and development credits, partially offset by [removed] an increase in taxable income, and the foreign-derived intangible income deduction.

Filing text · FY2025 10-K · filed Feb 20, 2026

Income tax [added] (benefit) provision decreased [added] $2.6 million, or [added] 160%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024. The change in income tax (benefit) provision was primarily due to [added] the increase in [added] non-cash stock-based compensation tax [added] deductions, partially offset by [added] the decrease in foreign-derived intangible income deduction.

Cite this change

"Income tax (benefit) provision decreased $2.6 million, or 160%, for the year ended December 31, 2025 compared to the same period in 2024."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

17ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Updates annual operating cash flow, removes the accumulated-deficit amount, and changes the described production capital expenditure from masks to equipment.

The annual cash-flow update is a period roll-forward, but removing the quantified accumulated deficit changes the disclosed financial-condition detail; the production-capital-expenditure description also changes.

Filing text · FY2024 10-K · filed Feb 14, 2025

While we have generated [removed] $136.7 million in cash flow from operating activities for the year ended December 31, [removed] 2024, in prior years significant losses from operations and negative cash flows from operating activities [removed] have resulted in our accumulated deficit [removed] of $208.8 million as of December 31, 2024. We believe that our current cash, cash equivalents, and marketable securities will be sufficient to fund our operations for at least the next 12 months and beyond. Our future capital requirements, however, will depend on many factors, including our growth rate, the timing and extent of our sales and marketing and research and development expenditures, capital expenditures for production [removed] masks, the continuing market acceptance of our products, and the use of cash to fund potential mergers or acquisitions. In the event that additional financing is required from outside sources, we may seek to raise additional funds through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition could be adversely affected.

Filing text · FY2025 10-K · filed Feb 20, 2026

While we have generated [added] $319.3 million in cash flow from operating activities for the year ended December 31, [added] 2025, in prior years [added] we generated significant losses from operations and negative cash flows from operating activities [added] as reflected in our accumulated deficit as of December 31, 2024. We believe that our current cash, cash equivalents, and marketable securities will be sufficient to fund our operations for at least the next 12 months and beyond. Our future capital requirements, however, will depend on many factors, including our growth rate, the timing and extent of our sales and marketing and research and development expenditures, capital expenditures for production [added] equipment, the continuing market acceptance of our products, and the use of cash to fund potential mergers or acquisitions. In the event that additional financing is required from outside sources, we may seek to raise additional funds through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition could be adversely affected.

Cite this change

"While we have generated $319.3 million in cash flow from operating activities for the year ended December 31, 2025, in prior years we generated significant losses from operations and negative cash flows from operating activities as reflected in our accumulated deficit as of December 31, 2024."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

18ChangedItem 7 › General and Administrative

Summary · quote-checked

Removed the expectation that general and administrative expenses would moderately decline as a percentage of revenue over time.

The paragraph no longer states a percentage-of-revenue outlook, changing management’s stated expense outlook beyond a wording or period update.

Filing text · FY2024 10-K · filed Feb 14, 2025

We expect general and administrative expenses to increase in absolute dollars as we grow our operations and continue to incur additional expenses associated with operating as a public [removed] company and moderately decline as a percentage of revenue over time as our revenue increases.

Filing text · FY2025 10-K · filed Feb 20, 2026

We expect general and administrative expenses to increase in absolute dollars as we grow our operations and continue to incur additional expenses associated with operating as a public [added] company.

Cite this change

"We expect general and administrative expenses to increase in absolute dollars as we grow our operations and continue to incur additional expenses associated with operating as a public company."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

19ChangedItem 7 › Summary of Financial Highlights

Summary · quote-checked

Operating expense growth shifted from stock-based compensation and headcount to personnel, R&D, office, professional services, and depreciation, partly offset by lower stock-based compensation.

Although the comparison period rolled forward, the stated drivers changed substantively, including a shift from increased to decreased stock-based compensation and the addition of multiple expense categories.

Filing text · FY2024 10-K · filed Feb 14, 2025

Operating expenses increased by [removed] $309.4 million or [removed] 283%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023, primarily driven by [removed] an increase of $223.1 million in non-cash stock-based compensation expense primarily due to both RSUs that had previously met the time-based and liquidity event vesting conditions in connection with our IPO as well as RSUs with time-based vesting after the liquidity event, and a [removed] $52.0 million increase in [removed] personnel-related expenses as a result of a 57% increase in average headcount.

Filing text · FY2025 10-K · filed Feb 20, 2026

Operating expenses increased by [added] $53.1 million or [added] 13%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024, primarily driven by [added] a $75.6 million increase in personnel-related expenses resulting from a 75% increase in average headcount, a $31.4 million increase in expenses related to our R&D initiatives, a $10.8 million increase in other operating costs to support our business growth including expenses associated with additional office space, a $5.1 million increase in professional services fees primarily associated with the continued development of our public company infrastructure, and a [added] $2.2 million increase in [added] depreciation and amortization expenses. The increase was partially offset by a $74.8 million decrease in non-cash stock-based compensation expense, which resulted primarily from the recognition of time-based vesting of RSUs and the satisfaction of the liquidity event vesting condition in connection with our initial public offering ("IPO") in the prior period.

Cite this change

"Operating expenses increased by $53.1 million or 13%, for the year ended December 31, 2025 compared to the same period in 2024, primarily driven by a $75.6 million increase in personnel-related expenses resulting from a 75% increase in average headcount, a $31.4 million increase in expenses related to our R&D initiatives, a $10.8 million increase in other operating costs to support our business growth including expenses associated with additional office space, a $5.1 million increase in professional services fees primarily associated with the continued development of our public company infrastructure, and a $2.2 million increase in depreciation and amortization expenses. The increase was partially offset by a $74.8 million decrease in non-cash stock-based compensation expense, which resulted primarily from the recognition of time-based vesting of RSUs and the satisfaction of the liquidity event vesting condition in connection with our initial public offering ("IPO") in the prior period."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

20ChangedItem 7 › Gross Profit and Gross Margin

Summary · quote-checked

The gross-profit discussion adds specific drivers, including sales volumes, pricing, product costs, supplier pricing, personnel, logistics and inventory write-downs.

The MD&A now identifies additional stated drivers of gross profit, substantively expanding the explanation of factors affecting results.

Filing text · FY2024 10-K · filed Feb 14, 2025

Gross profit represents revenue less cost of revenue. Gross margin is gross profit expressed as a percentage of revenue. Our gross profit has been, and may in the future be, primarily influenced by several factors, including sales volumes, pricing of our products and services, changes in product costs, contract manufacturing supplier pricing, personnel costs, shipping and logistics costs, and inventory write-downs.

Filing text · FY2025 10-K · filed Feb 20, 2026

Gross profit represents revenue less cost of revenue. Gross margin is gross profit expressed as a percentage of revenue. Our gross profit has been, and may in the future be, primarily influenced by several factors, including sales[added] volumes, pricing of our products and services, changes in product costs, contract manufacturing supplier pricing, amortization of capitalized production equipment, personnel costs, shipping and logistics costs, and inventory write-downs.

Cite this change

"Our gross profit has been, and may in the future be, primarily influenced by several factors, including sales volumes, pricing of our products and services, changes in product costs, contract manufacturing supplier pricing, amortization of capitalized production equipment, personnel costs, shipping and logistics costs, and inventory write-downs."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

21ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Historical financing sources were generalized from redeemable convertible preferred stock to equity issuances, alongside annual liquidity updates and clarified capital-expenditure wording.

Removing the specifically named redeemable convertible preferred stock and replacing it with broader equity issuances changes the financing disclosure; the date and liquidity amount otherwise roll forward.

Filing text · FY2024 10-K · filed Feb 14, 2025

Since our inception, we have financed our operations primarily through proceeds from [removed] the issuance of our redeemable convertible preferred stock, net proceeds from IPO, and cash generated from the sale of our products. As of December 31, [removed] 2024, our principal sources of liquidity were cash, cash equivalents, and marketable securities of [removed] $914.3 million. Our principal use of cash is to fund our operations, invest in research and development, fund [removed] production mask capital expenditures, and to support our overall growth.

Filing text · FY2025 10-K · filed Feb 20, 2026

Since our inception, we have financed our operations primarily through proceeds from [added] equity issuances including net proceeds from [added] our IPO, and cash generated from the sale of our products. As of December 31, [added] 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of [added] $1.2 billion. Our principal use of cash is to fund our operations, invest in research and development, fund [added] capital expenditures for production equipment, and to support our overall growth.

Cite this change

"Since our inception, we have financed our operations primarily through proceeds from equity issuances including net proceeds from our IPO, and cash generated from the sale of our products."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

22ChangedItem 7 › Non-GAAP Operating Income and Non-GAAP Operating Margin

Summary · quote-checked

The reconciliation expanded from non-GAAP operating income (loss) to include GAAP and non-GAAP operating margin.

The disclosure adds operating margin as a reconciled metric, changing the substance of the MD&A presentation rather than merely updating wording or formatting.

Filing text · FY2024 10-K · filed Feb 14, 2025

A reconciliation of our GAAP operating [removed] loss, the most directly comparable GAAP financial [removed] measure, to non-GAAP operating income [removed] (loss) is presented below:

Filing text · FY2025 10-K · filed Feb 20, 2026

A reconciliation of our GAAP operating [added] income (loss) and GAAP operating margin, the most directly comparable GAAP financial [added] measures, to non-GAAP operating income [added] and non-GAAP operating margin is presented below:

Cite this change

"A reconciliation of our GAAP operating income (loss) and GAAP operating margin, the most directly comparable GAAP financial measures, to non-GAAP operating income and non-GAAP operating margin is presented below:"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

23ChangedItem 7 › Revenue

Summary · quote-checked

Revenue growth remained positive, but the reported drivers changed to include Scorpio and Taurus demand and Scorpio products in the sales mix.

The MD&A adds named product drivers and changes the explanation of unit shipments and average selling prices, substantively altering what management attributes revenue growth to.

Filing text · FY2024 10-K · filed Feb 14, 2025

Total revenue increased [removed] $280.5 million, or [removed] 242%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023, primarily due to [removed] a 217% increase in overall unit shipments driven by higher demand for our [removed] Aries products. The increase in revenue was also attributable to higher overall average selling prices resulting from an increased mix of hardware [removed] modules.

Filing text · FY2025 10-K · filed Feb 20, 2026

Total revenue increased [added] $456.2 million, or [added] 115%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024. The increase was primarily due to [added] an increase in overall unit shipments driven by higher demand for our [added] Aries, Scorpio, and Taurus products, as well as higher overall average selling prices resulting from an increased mix of hardware [added] modules and Scorpio products.

Cite this change

"Total revenue increased $456.2 million, or 115%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in overall unit shipments driven by higher demand for our Aries, Scorpio, and Taurus products, as well as higher overall average selling prices resulting from an increased mix of hardware modules and Scorpio products."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

24ChangedItem 7 › General and Administrative

Summary · quote-checked

General and administrative expense shifted from a substantial increase to a decrease, with changed stock compensation, personnel, professional services, and other operating cost drivers.

The narrative changes direction and explains different drivers, including a newly disclosed increase in other operating costs; this is substantively different from a calendar-period update.

Filing text · FY2024 10-K · filed Feb 14, 2025

General and administrative expense [removed] increased $78.4 million, or [removed] 492%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023. The increase was attributable to a [removed] $60.2 million increase in non-cash stock-based compensation [removed] expense primarily due to both RSUs that had previously met the time-based and liquidity event vesting [removed] conditions in connection with our IPO [removed] as well as RSUs with time-based vesting after the IPO, a $9.9 million higher in personnel-related expenses [removed] as a result of a 81% increase in average headcount, [removed] and a $3.4 million increase in professional services fees [removed] as we continue to build out our public company [removed] infrastructure.

Filing text · FY2025 10-K · filed Feb 20, 2026

General and administrative expense [added] decreased $6.2 million, or [added] 7%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024. The decrease was primarily due to a [added] $24.3 million decrease in non-cash stock-based compensation [added] expense, which resulted primarily from the recognition of time-based vesting of RSUs and the satisfaction of the liquidity event vesting [added] condition in connection with our IPO [added] in the prior period. The decrease was partially offset by a $9.7 million increase in personnel-related expenses [added] resulting from a 49% increase in average headcount, [added] a $3.9 million increase in professional services fees [added] associated with the continued development of our public company [added] infrastructure, and a $3.8 million increase in other operating costs to support our business expansion.

Cite this change

"General and administrative expense decreased $6.2 million, or 7%, for the year ended December 31, 2025 compared to the same period in 2024. The decrease was primarily due to a $24.3 million decrease in non-cash stock-based compensation expense, which resulted primarily from the recognition of time-based vesting of RSUs and the satisfaction of the liquidity event vesting condition in connection with our IPO in the prior period. The decrease was partially offset by a $9.7 million increase in personnel-related expenses resulting from a 49% increase in average headcount, a $3.9 million increase in professional services fees associated with the continued development of our public company infrastructure, and a $3.8 million increase in other operating costs to support our business expansion."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

25ChangedItem 7 › Research and Development

Summary · quote-checked

Removed the expectation that research and development expenses will moderately decline as a percentage of revenue over time.

The paragraph no longer states an outlook for R&D expenses as a percentage of revenue, changing management’s stated expectation beyond a wording revision.

Filing text · FY2024 10-K · filed Feb 14, 2025

We believe that continued investments in our products are important to our future growth and, as a result, we expect our research and development expenses to continue to increase in absolute [removed] dollars and moderately decline as a percentage of revenue over time as our revenue increases.

Filing text · FY2025 10-K · filed Feb 20, 2026

We believe that continued investments in our products are important to our future growth and, as a result, we expect our research and development expenses to continue to increase in absolute [added] dollars.

Cite this change

"We believe that continued investments in our products are important to our future growth and, as a result, we expect our research and development expenses to continue to increase in absolute dollars."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

26ChangedItem 7 › Sales and Marketing

Summary · quote-checked

The expected decline in sales and marketing expenses as a percentage of revenue was removed, leaving only an expectation of increased absolute spending.

Management’s stated expense outlook changed: the prior paragraph projected a moderate percentage-of-revenue decline over time, while the current paragraph omits that projection.

Filing text · FY2024 10-K · filed Feb 14, 2025

We expect that our sales and marketing expenses will increase in absolute dollars as we increase our sales and marketing personnel and continue to expand our customer engagement with more design activities and increased product [removed] offerings and moderately decline as a percentage of revenue over time as our revenue increases.

Filing text · FY2025 10-K · filed Feb 20, 2026

We expect that our sales and marketing expenses will increase in absolute dollars as we increase our sales and marketing personnel and continue to expand our customer engagement with more design activities and increased product [added] offerings.

Cite this change

"We expect that our sales and marketing expenses will increase in absolute dollars as we increase our sales and marketing personnel and continue to expand our customer engagement with more design activities and increased product offerings."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

27ChangedItem 7 › Sales and Marketing

Summary · quote-checked

Sales and marketing expense shifted from an increase driven by stock-based compensation and headcount to a decrease primarily driven by lower stock-based compensation.

The MD&A changes the expense direction and replaces the stated drivers, making the results narrative substantively different rather than a period or figure roll-forward.

Filing text · FY2024 10-K · filed Feb 14, 2025

Sales and marketing expense [removed] increased $103.7 million, or [removed] 519%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023. The increase was attributable to a [removed] $93.8 million increase in non-cash stock-based compensation [removed] expense primarily due to both RSUs that had previously met the time-based and liquidity event vesting [removed] conditions in connection with our IPO [removed] as well as RSUs with time-based vesting after the liquidity event, and a $8.2 million increase in personnel-related expenses [removed] as a result of a 29 % increase in average headcount.

Filing text · FY2025 10-K · filed Feb 20, 2026

Sales and marketing expense [added] decreased $43.9 million, or [added] 35%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024. The decrease was primarily due to a [added] $56.0 million decrease in non-cash stock-based compensation [added] expense, which resulted primarily from the recognition of time-based vesting of RSUs and the satisfaction of the liquidity event vesting [added] condition in connection with our IPO [added] in the prior period. The decrease was partially offset by a $9.8 million increase in personnel-related expenses [added] resulting from a 25% increase in average headcount.

Cite this change

"Sales and marketing expense decreased $43.9 million, or 35%, for the year ended December 31, 2025 compared to the same period in 2024."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

28ChangedItem 7 › Income Tax (Benefit) Provision

Summary · quote-checked

The income tax line changed from a provision to a benefit, with updated comparative periods and amounts.

The change reverses the stated direction from tax expense to tax benefit, materially changing what the MD&A reports about income taxes; the period roll-forward is boilerplate.

Filing text · FY2024 10-K · filed Feb 14, 2025
|Years EndedDecember 31,[removed] 2024 | 2023 | Change | % Change(in thousands, except percentages)Income tax provision | $ | [removed] 1,643 | $ | [removed] 3,309 | $ | [removed] (1,666) | (50) | %
Filing text · FY2025 10-K · filed Feb 20, 2026
|Years EndedDecember 31,[added] 2025 | 2024 | Change | % Change(in thousands, except percentages)Income tax [added] (benefit) provision | $ | [added] (981) | $ | [added] 1,643 | $ | [added] (2,624) | (160) | %
Cite this change

"Income tax (benefit) provision | $ | (981) | $ | 1,643 | $ | (2,624) | (160) | %"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

29ChangedItem 7 › Non-GAAP Operating Income and Non-GAAP Operating Margin

Summary · quote-checked

Added non-GAAP operating margin and acquisition-related costs to the non-GAAP operating income definition and discussion.

The disclosure introduces a new performance metric and a new excluded cost category, changing what the company reports and how operating performance is evaluated.

Filing text · FY2024 10-K · filed Feb 14, 2025

We define non-GAAP operating income [removed] (loss) as operating [removed] loss presented in accordance with GAAP, adjusted to exclude stock-based compensation [removed] expenses and employer payroll taxes related to the time-based vesting and net settlement of RSUs with a liquidity event-based vesting condition that was satisfied in connection with the IPO. We [removed] have presented non-GAAP operating income [removed] (loss) because we consider non-GAAP operating income [removed] (loss) to be a useful metric for investors and other users of our financial information in evaluating our operating performance as it excludes the impact of non-cash stock-based compensation [removed] expense and employer payroll taxes related to the time-based vesting and net settlement of RSUs in connection with our IPO, [removed] charges that can vary from period to period or are one time charges for reasons that are unrelated to our core operating performance. [removed] This metric also provides investors and other users of our financial information with an additional tool to eliminate the effects of items that may vary for different companies for reasons unrelated to core operating performance.

Filing text · FY2025 10-K · filed Feb 20, 2026

We define non-GAAP operating income as operating [added] income (loss) presented in accordance with GAAP, adjusted to exclude [added] non-cash stock-based compensation [added] expenses, acquisition-related costs, and employer payroll taxes related to the time-based vesting and net settlement of RSUs with a liquidity event-based vesting condition that was satisfied in connection with the IPO. We [added] define non-GAAP operating margin as non-GAAP operating income [added] divided by revenue. We have presented non-GAAP operating income [added] and non-GAAP operating margin because we consider them useful metrics for investors and other users of our financial information in evaluating our operating performance as it excludes the impact of non-cash stock-based compensation [added] expense, acquisition-related costs, and employer payroll taxes related to the time-based vesting and net settlement of RSUs in connection with our IPO, [added] a charge that can vary from period to period or are one time charges for reasons that are unrelated to our core operating performance. [added] These metrics also provide investors and other users of our financial information with an additional tool to eliminate the effects of items that may vary for different companies for reasons unrelated to core operating performance.

Cite this change

"We define non-GAAP operating income as operating income (loss) presented in accordance with GAAP, adjusted to exclude non-cash stock-based compensation expenses, acquisition-related costs, and employer payroll taxes related to the time-based vesting and net settlement of RSUs with a liquidity event-based vesting condition that was satisfied in connection with the IPO."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

30ChangedItem 7 › Change in Cash Flows from Investing Activities

Summary · quote-checked

Investing cash use declined, with changed marketable-securities activity and a newly disclosed business acquisition affecting the year-over-year explanation.

The paragraph changes the reported period and amount, reverses the emphasis from purchases to proceeds, and adds acquisition spending as a driver of investing cash flows.

Filing text · FY2024 10-K · filed Feb 14, 2025

Net cash used in investing activities for the year ended December 31, [removed] 2024 of $757.6 million [removed] resulted primarily from $930.6 million in purchases of marketable securities, and [removed] $34.2 million in purchases of [removed] property and equipment, partially offset by [removed] $208.7 million in proceeds from sales and maturities of marketable securities.

Filing text · FY2025 10-K · filed Feb 20, 2026

Net cash used in investing activities for the year ended December 31, [added] 2025 was $241.5 million, compared to $757.6 million [added] for the comparable period in 2024. The $516.1 million decrease in cash used in investing activities was primarily due to a $474.4 million increase in proceeds from sales and maturities of marketable securities, and [added] a $72.8 million decrease in purchases of [added] marketable securities, partially offset by [added] a $28.8 million increase associated with acquisition of a business, and an increase of $3.3 million in purchase of property and equipment.

Cite this change

"Net cash used in investing activities for the year ended December 31, 2025 was $241.5 million, compared to $757.6 million for the comparable period in 2024. The $516.1 million decrease in cash used in investing activities was primarily due to a $474.4 million increase in proceeds from sales and maturities of marketable securities, and a $72.8 million decrease in purchases of marketable securities, partially offset by a $28.8 million increase associated with acquisition of a business, and an increase of $3.3 million in purchase of property and equipment."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

31ChangedItem 7 › Research and Development

Summary · quote-checked

R&D expense increased on a new comparison basis, with changed amounts and substantially different stated drivers, including headcount, R&D spending, and business expansion.

The paragraph changes both reported figures and substantive explanations, replacing IPO-related stock compensation and software/cloud costs with personnel, R&D initiative, and expansion costs.

Filing text · FY2024 10-K · filed Feb 14, 2025

Research and development expense increased [removed] $127.4 million, or [removed] 174%, for the year ended December 31, [removed] 2024 compared to the [removed] year ended December 31, 2023. The increase was [removed] attributable to a [removed] $69.1 million increase in [removed] non-cash stock-based compensation expense primarily due to both RSUs that had previously met the time-based and liquidity event vesting conditions in connection with our IPO as well as RSUs with time-based vesting after the liquidity event. Additionally, there were $33.9 million higher personnel-related expenses as a result of a 63% increase in average headcount and a [removed] $21.2 million increase in [removed] software licenses and cloud hosting services related to our development projects.

Filing text · FY2025 10-K · filed Feb 20, 2026

Research and development expense increased [added] $103.2 million, or [added] 51%, for the year ended December 31, [added] 2025 compared to the [added] same period in 2024. The increase was [added] primarily due to a [added] $61.5 million increase in [added] personnel-related costs, including $5.4 million of non-cash stock-based compensation expenses resulting from a 97% increase in average headcount, a $31.4 million increase in overall spending to support our R&D initiatives, and a [added] $7.4 million increase in [added] other operating costs to support our business expansion.

Cite this change

"Research and development expense increased $103.2 million, or 51%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to a $61.5 million increase in personnel-related costs, including $5.4 million of non-cash stock-based compensation expenses resulting from a 97% increase in average headcount, a $31.4 million increase in overall spending to support our R&D initiatives, and a $7.4 million increase in other operating costs to support our business expansion."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

32ChangedItem 7 › Non-GAAP Net Income

Summary · quote-checked

The non-GAAP reconciliation rolled forward and added a new acquisition-related costs line of 950 for 2025.

Although most table updates are annual roll-forwards, the newly appearing acquisition-related costs line indicates a newly disclosed cost or transaction, making the change material.

Filing text · FY2024 10-K · filed Feb 14, 2025
|Years Ended December 31,[removed] 2024 | 2023|(in thousands)GAAP net [removed] loss | $ | [removed] (83,421) | $ | [removed] (26,257)Stock-based compensation expense upon IPO (1) | [removed] 88,873 | -Stock-based compensation expense [removed] | 145,715 | 10,679Employer payroll tax related to stock-based compensation from IPO [removed] (2) | 1,072 | -Income tax effect [removed] (3) | (8,910) | -Non-GAAP net income [removed] (loss) | $ | [removed] 143,329 | $ | [removed] (15,578)
Filing text · FY2025 10-K · filed Feb 20, 2026
|Years Ended December 31,[added] 2025 | 2024|(in thousands)GAAP net [added] income (loss) | $ | [added] 219,134 | $ | [added] (83,421)Stock-based compensation expense upon IPO (1) | [added] - | 88,873Stock-based compensation expense [added] (2) | 160,033 | 145,715[added] Acquisition-related costs | 950 | -Employer payroll tax related to stock-based compensation from IPO [added] (3) | - | 1,072Income tax effect [added] (4) | (49,102) | (8,910)Non-GAAP net income | $ | [added] 331,015 | $ | [added] 143,329
Cite this change

"Acquisition-related costs | 950 | -"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

33ChangedItem 7 › Cash Flows

Summary · quote-checked

Cash-flow results changed materially, including operating and financing cash flows shifting from negative to positive in the comparative periods.

Although the periods roll forward, the changed amounts and removal of “(used in)” alter the stated direction of operating and financing cash flows, affecting liquidity interpretation.

Filing text · FY2024 10-K · filed Feb 14, 2025
|Years Ended December 31,[removed] 2024 | 2023(in thousands)Net cash provided by [removed] (used in) operating activities | $ | [removed] 136,676 | $ | [removed] (12,716)Net cash used in investing activities | $ | [removed] (757,568) | $ | [removed] (17,772)Net cash provided by [removed] (used in) financing activities | $ | [removed] 655,838 | $ | [removed] (502)
Filing text · FY2025 10-K · filed Feb 20, 2026
|Years Ended December 31,[added] 2025 | 2024(in thousands)Net cash provided by operating activities | $ | [added] 319,306 | $ | [added] 136,676Net cash used in investing activities | $ | [added] (241,469) | $ | [added] (757,568)Net cash provided by financing activities | $ | [added] 9,803 | $ | [added] 655,838
Cite this change

"Net cash provided by operating activities | $ | 319,306 | $ | 136,676"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

34ChangedItem 7 › Interest Income

Summary · quote-checked

Interest income growth shifted to a later period, with lower growth and an added driver of net cash inflow from operations.

Beyond annual roll-forward and changed figures, the explanation adds net cash inflow from operations as a driver and changes the description of IPO-related balances.

Filing text · FY2024 10-K · filed Feb 14, 2025

For the year ended December 31, [removed] 2024, interest income increased [removed] $27.7 million, or [removed] 424%, compared to the [removed] year ended December 31, 2023, respectively. The increase was primarily due to higher average short-term investments and cash equivalents [removed] balances primarily as a result of our [removed] IPO.

Filing text · FY2025 10-K · filed Feb 20, 2026

For the year ended December 31, [added] 2025, interest income increased [added] $10.4 million, or [added] 30%, compared to the [added] same period in 2024. The increase [added] in interest income was primarily due to higher average [added] balances of short-term investments and cash equivalents as a result of our [added] IPO in the prior period and net cash inflow from operations.

Cite this change

"The increase in interest income was primarily due to higher average balances of short-term investments and cash equivalents as a result of our IPO in the prior period and net cash inflow from operations."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

35ChangedItem 7 › Non-GAAP Operating Income and Non-GAAP Operating Margin

Summary · quote-checked

The reconciliation adds acquisition-related costs and updates the non-GAAP operating income and margin presentation for 2025 and 2024.

Although most changes roll the recurring table forward, the new acquisition-related costs line introduces a newly disclosed cost category and event-related information.

Filing text · FY2024 10-K · filed Feb 14, 2025
|Years Ended December 31,[removed] 2024 | 2023|(in thousands, except percentages)GAAP operating [removed] loss | $ | [removed] (116,066) | $ | [removed] (29,497)Stock-based compensation expense upon IPO (1) | [removed] 88,873 | -Stock-based compensation expense | [removed] 145,715 | 10,679Employer payroll tax related to stock-based compensation from IPO [removed] (2) | 1,072 | -Non-GAAP operating income [removed] (loss) | $ | [removed] 119,594 | $ | [removed] (18,818)|GAAP operating margin | [removed] (29.3) | % | [removed] (25.5) | %Stock-based compensation expense upon IPO (1) | [removed] 22.4 | -Stock-based compensation expense | [removed] 36.8 | 9.2Employer payroll tax related to stock-based compensation from IPO [removed] (2) | 0.3 | -Non-GAAP operating margin | [removed] 30.2 | % | [removed] (16.3) | %
Filing text · FY2025 10-K · filed Feb 20, 2026
|Years Ended December 31,[added] 2025 | 2024|(in thousands, except percentages)GAAP operating [added] income (loss) | $ | [added] 173,423 | $ | [added] (116,066)Stock-based compensation expense upon IPO (1) | [added] - | 88,873Stock-based compensation expense | [added] 160,033 | 145,715[added] Acquisition-related costs (2) | 950 | -Employer payroll tax related to stock-based compensation from IPO [added] (3) | - | 1,072Non-GAAP operating income | $ | [added] 334,406 | $ | [added] 119,594|GAAP operating margin | [added] 20.3 | % | [added] (29.3) | %Stock-based compensation expense upon IPO (1) | [added] - | 22.4Stock-based compensation expense | [added] 18.8 | 36.8[added] Acquisition-related costs | 0.1 | -Employer payroll tax related to stock-based compensation from IPO [added] (3) | - | 0.3Non-GAAP operating margin | [added] 39.2 | % | [added] 30.2 | %
Cite this change

"Acquisition-related costs (2) | 950 | -"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

36ChangedItem 7 › Stock-Based Compensation

Summary · quote-checked

The stock-based compensation policy no longer limits the fair-value measurement statement to PSUs granted post IPO and changes recognition wording to present tense.

Removing the post-IPO qualifier broadens the stated scope of the accounting policy, changing what instruments the disclosure appears to cover; other edits are largely wording or tense.

Filing text · FY2024 10-K · filed Feb 14, 2025

We measure and recognize our stock-based compensation expense for performance stock units ("PSUs") based on the fair value of the underlying common stock on the date of [removed] grant for PSUs granted post IPO. Stock-based compensation expense [removed] will be recognized equal to the grant date fair value in the period in which vesting becomes [removed] probable using the accelerated attribution method over the requisite service period for each separately vesting portion of the award.

Filing text · FY2025 10-K · filed Feb 20, 2026

We measure and recognize our stock-based compensation expense for performance stock units ("PSUs") based on the fair value of the underlying common stock on the date of [added] grant. Stock-based compensation expense [added] is recognized based on the grant date fair value in the period in which vesting becomes [added] probable, using the accelerated attribution method over the requisite service period for each separately vesting portion of the award.

Cite this change

"We measure and recognize our stock-based compensation expense for performance stock units ("PSUs") based on the fair value of the underlying common stock on the date of grant."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

37ChangedItem 7 › Non-GAAP Net Income

Summary · quote-checked

The non-GAAP definition now excludes acquisition-related costs and describes non-cash stock-based compensation, while reframing the underlying GAAP measure.

Adding acquisition-related costs changes which expenses are excluded from non-GAAP results, substantively altering the disclosed performance measure; other edits are largely definitional wording.

Filing text · FY2024 10-K · filed Feb 14, 2025

We monitor non-GAAP net income [removed] (loss) for planning and performance measurement purposes. We define non-GAAP net income [removed] (loss) as net [removed] loss reported on our consolidated statements of operations, excluding the impact of stock-based compensation expenses, employer payroll taxes related to the time-based vesting and net settlement of RSUs with a liquidity event-based vesting condition that was satisfied in connection with our IPO, and the related tax impact on the adjustments. We have presented non-GAAP net income [removed] (loss) because we believe that the exclusion of these charges allows for a more relevant comparison of our results of operations to other companies in our industry and facilitates period-to-period comparisons as it eliminates the effect of certain factors unrelated to our overall operating performance.

Filing text · FY2025 10-K · filed Feb 20, 2026

We monitor non-GAAP net income for planning and performance measurement purposes. We define non-GAAP net income as net [added] income (loss) presented in accordance with GAAP on our consolidated statements of operations, excluding the impact of [added] non-cash stock-based compensation expenses, [added] acquisition-related costs, employer payroll taxes related to the time-based vesting and net settlement of RSUs with a liquidity event-based vesting condition that was satisfied in connection with our IPO, and the related tax impact on the adjustments. We have presented non-GAAP net income because we believe that the exclusion of these charges allows for a more relevant comparison of our results of operations to other companies in our industry and facilitates period-to-period comparisons as it eliminates the effect of certain factors unrelated to our overall operating performance.

Cite this change

"We define non-GAAP net income as net income (loss) presented in accordance with GAAP on our consolidated statements of operations, excluding the impact of non-cash stock-based compensation expenses, acquisition-related costs, employer payroll taxes related to the time-based vesting and net settlement of RSUs with a liquidity event-based vesting condition that was satisfied in connection with our IPO, and the related tax impact on the adjustments."

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

38ChangedItem 7 › Non-GAAP Net Income

Summary · quote-checked

The reconciliation description changed from GAAP net loss and non-GAAP net income (loss) to GAAP net income (loss) and non-GAAP net income.

The terminology changes the stated direction of non-GAAP results from potentially including a loss to income, while broadening the GAAP description; this is more than stylistic rephrasing.

Filing text · FY2024 10-K · filed Feb 14, 2025

A reconciliation of our GAAP net [removed] loss, the most directly comparable GAAP financial measure, to our non-GAAP net income [removed] (loss) is presented below:

Filing text · FY2025 10-K · filed Feb 20, 2026

A reconciliation of our GAAP net [added] income (loss), the most directly comparable GAAP financial measure, to our non-GAAP net income is presented below:

Cite this change

"A reconciliation of our GAAP net income (loss), the most directly comparable GAAP financial measure, to our non-GAAP net income is presented below:"

Astera Labs,, Form 10-K for FY2025, Item 7, accession 0001736297-26-000010, filed 20 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000010?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show fewer in Item 7

Get this when ALAB files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 12 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.

We store your email address. Nothing else. Privacy.