Reports › ALAB › 10-Q FY2026

SEC filings, compared

What changed in Astera Labs,'s 10-Q for the quarter ended March 31, 2026

Compared with the 10-Q for the quarter ended March 31, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: Astera Labs, Inc. · ALAB
This filing: 0001736297-26-000020 ↗ · filed May 6, 2026
Compared with: 0001736297-25-000031 ↗ · filed May 7, 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

45 material changes among 73 changed paragraphs

12 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.

Concept	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	308,361,000USD · Jan 1, 2026 to Mar 31, 2026	159,442,000USD · Jan 1, 2025 to Mar 31, 2025	+148,919,000+93.4%
Net income or lossus-gaap:NetIncomeLoss	80,310,000USD · Jan 1, 2026 to Mar 31, 2026	31,819,000USD · Jan 1, 2025 to Mar 31, 2025	+48,491,000+152.4%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	148,285,000USD · at Mar 31, 2026	86,431,000USD · at Mar 31, 2025	+61,854,000+71.6%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	74,598,000USD · Jan 1, 2026 to Mar 31, 2026	10,504,000USD · Jan 1, 2025 to Mar 31, 2025	+64,094,000+610.2%

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. FY2026: 0001736297-26-000020 · FY2025: 0001736297-25-000031

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

2 material additions

Part I, Item 2 · MD&A

2 of 2 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Summary of Financial Highlights

Summary · quote-checked

Added disclosure that gross margin increased by 136 basis points to 76.3% for the three months ended March 31, 2026.

This newly added MD&A paragraph reports a specific margin change and financial result, introducing substantive information rather than merely rolling forward dates or periods.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] Gross margin increased by 136 basis points ("bps") to 76.3% for the three months ended March 31, 2026, compared to 74.9% for the same period in 2025.

Cite this change

"Gross margin increased by 136 basis points ("bps") to 76.3% for the three months ended March 31, 2026, compared to 74.9% for the same period in 2025."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

02AddedPart I, Item 2 › Non-GAAP Net Income

Summary · quote-checked

Added disclosure introducing non-GAAP net income as a planning and performance measurement metric and defining its GAAP basis.

The new paragraph introduces a previously absent performance metric and definition, changing the substance of the MD&A disclosure rather than merely rephrasing existing text.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] We monitor non-GAAP net income for planning and performance measurement purposes. We define non-GAAP net income as net income presented in accordance with GAAP on our condensed consolidated statements of operations, excluding the impact of non-cash stock-based compensation expenses, acquisition-related costs, 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 monitor non-GAAP net income for planning and performance measurement purposes."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

What the company no longer says

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

19 material removals

Part I, Item 2 · MD&A

5 of 19 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Income Tax Provision

Summary · quote-checked

The current filing removes the disclosure that federal and state deferred tax assets carry a full valuation allowance and are unlikely to be realized.

The removed paragraph states a substantive tax position and realization assessment, rather than a date, formatting, or recurring-list update.

Why the model ranked it here

The removed disclosure eliminates management’s assessment that deferred tax assets were unlikely to be realized and that a full valuation allowance was maintained.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] Income tax provision consists primarily of U.S. federal, state, and foreign income taxes. We maintain a full valuation allowance on our federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Income tax provision consists primarily of U.S. federal, state, and foreign income taxes. We maintain a full valuation allowance on our federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized."

Astera Labs,, Form 10-Q for FY2025, Part I, Item 2, accession 0001736297-25-000031, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000031/alab-20250331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

02RemovedPart I, Item 2 › Research and Development

Summary · quote-checked

The filing removed management’s expectation that research and development expenses would increase in absolute dollars while declining moderately as a percentage of revenue.

The removed paragraph stated a forward-looking expense and margin outlook; deleting that outlook changes the disclosed direction of management’s expectations.

Why the model ranked it here

The removal eliminates management’s stated direction for research and development spending and its expected relationship to revenue.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] 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 and moderately decline as a percentage of revenue over time as our revenue increases.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

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 and moderately decline as a percentage of revenue over time as our revenue increases."

Astera Labs,, Form 10-Q for FY2025, Part I, Item 2, accession 0001736297-25-000031, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000031/alab-20250331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

03RemovedPart I, Item 2 › Sales and Marketing

Summary · quote-checked

A forward-looking statement about sales and marketing expense growth and declining expense percentage was removed.

The removed paragraph disclosed management’s expected expense trajectory and revenue-related margin outlook, so its deletion changes the substance of the MD&A disclosure.

Why the model ranked it here

The removal eliminates management’s stated outlook for sales and marketing spending and the expected operating leverage from revenue growth.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] 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 and moderately decline as a percentage of revenue over time as our revenue increases.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

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 and moderately decline as a percentage of revenue over time as our revenue increases."

Astera Labs,, Form 10-Q for FY2025, Part I, Item 2, accession 0001736297-25-000031, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000031/alab-20250331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

04RemovedPart I, Item 2 › General and Administrative

Summary · quote-checked

The company removed its outlook that general and administrative expenses would rise in dollars but decline as a percentage of revenue.

Removing a stated expense outlook changes the MD&A disclosure about expected cost trends and operating leverage; it is not merely a period or wording update.

Why the model ranked it here

The removal eliminates management’s stated outlook for general and administrative spending and its expected relationship to revenue.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] 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 and moderately decline as a percentage of revenue over time as our revenue increases.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

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 and moderately decline as a percentage of revenue over time as our revenue increases."

Astera Labs,, Form 10-Q for FY2025, Part I, Item 2, accession 0001736297-25-000031, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000031/alab-20250331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

05RemovedPart I, Item 2 › Cost of Revenue

Summary · quote-checked

Removed the expectation of significant future amortization costs as the company increases its number of products.

The disclosure of an expected future cost and its stated driver was removed, changing the company’s reported outlook rather than merely updating wording or periods.

Why the model ranked it here

The removed statement eliminates management’s expectation of significant future amortization costs tied to expanding the product portfolio.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] While amortization of capitalized production masks has historically not been material, we expect to incur significant amortization costs in the future as we continue to increase the number of additional products.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"While amortization of capitalized production masks has historically not been material, we expect to incur significant amortization costs in the future as we continue to increase the number of additional products."

Astera Labs,, Form 10-Q for FY2025, Part I, Item 2, accession 0001736297-25-000031, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629725000031/alab-20250331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

Show all 19 in Part I, Item 2 (14 more, in filing order)

What the company says differently

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

24 material changes

Part I, Item 2 · MD&A

5 of 24 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Change in Cash Flows from Investing Activities

Summary · quote-checked

Investing cash use shifted from marketable-securities activity to materially higher cash use, including a newly disclosed business acquisition and changed investment drivers.

The paragraph changes the reported cash-use amount and direction of drivers, adding a business acquisition and changing proceeds and purchase activity; this is substantive MD&A disclosure.

Why the model ranked it here

The filing now attributes a substantial increase in investing cash use partly to acquiring a business, revealing a newly disclosed deployment of capital.

Filing text · FY2025 10-Q · filed May 7, 2025

Net cash used in investing activities for the three months ended March 31, ~~[removed] 2025 of~~ $3.9 million ~~[removed] was the result of $190.8 million in purchases~~ of marketable ~~[removed] securities and $4.5 million in purchases~~ of property and equipment, partially offset by ~~[removed] $191.4 million in proceeds from sales and maturities~~ of marketable securities.

Filing text · FY2026 10-Q · filed May 6, 2026

Net cash used in investing activities for the three months ended March 31, [added] 2026 was $94.0 million, compared to $3.9 million [added] for the comparable period in 2025. The $90.1 million increase in cash used in investing activities was primarily due to a $65.0 million increase associated with the acquisition of a business, a $53.7 million decrease in proceeds from sales and maturities of marketable [added] securities, and a $3.0 million increase in proceeds used in purchase of property and equipment, partially offset by [added] a $34.2 million decrease in purchases of marketable securities.

Cite this change

"Net cash used in investing activities for the three months ended March 31, 2026 was $94.0 million, compared to $3.9 million for the comparable period in 2025. The $90.1 million increase in cash used in investing activities was primarily due to a $65.0 million increase associated with the acquisition of a business, a $53.7 million decrease in proceeds from sales and maturities of marketable securities, and a $3.0 million increase in proceeds used in purchase of property and equipment, partially offset by a $34.2 million decrease in purchases of marketable securities."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The liquidity discussion now reports higher operating cash flow and retained earnings rather than an accumulated deficit, and changes production-mask spending to equipment.

Beyond rolling forward the period, the paragraph changes reported liquidity and accumulated financial position, giving readers a substantively different view of operating cash generation and funding needs.

Why the model ranked it here

The liquidity discussion now describes operating cash generation and retained earnings rather than losses and an accumulated deficit, materially changing the company’s reported financial position.

Filing text · FY2025 10-Q · filed May 7, 2025

~~[removed] While we have generated $10.5~~ million in cash flow from operating activities for the three months ended March 31, ~~[removed] 2025, in prior years we generated significant losses from operations and negative cash flows from operating activities as reflected in our accumulated deficit of $177.0~~ million as of March 31, ~~[removed] 2025.~~ 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 · FY2026 10-Q · filed May 6, 2026

[added] We generated $74.6 million in cash flow from operating activities for the three months ended March 31, [added] 2026 and a retained earnings of $90.6 million as of March 31, [added] 2026. 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

"We generated $74.6 million in cash flow from operating activities for the three months ended March 31, 2026 and a retained earnings of $90.6 million as of March 31, 2026."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

03ChangedPart I, Item 2 › Change in Cash Flows from Operating Activities

Summary · quote-checked

Operating cash flow increased from $10.5 million to $74.6 million, with changed amounts and drivers for net income, non-cash charges, and operating assets and liabilities.

The MD&A changes both the reported cash-flow direction and the stated drivers, including newly described favorable and unfavorable changes in operating assets and liabilities.

Why the model ranked it here

The filing reports materially stronger operating cash generation and identifies changed contributions from earnings, non-cash charges, and working capital.

Filing text · FY2025 10-Q · filed May 7, 2025

Net cash provided by operating activities for the three months ended March 31, ~~[removed] 2025 of~~ $10.5 million [removed] resulted primarily from a net income of $31.8 million and non-cash charges of $41.1 million primarily related to $42.4 million in stock-based compensation expense, partially offset by cash used in operating assets and liabilities of $62.4 million. Cash used in operating assets and ~~[removed] liabilities during the period was primarily from an increase of $31.0 million in accounts receivable due to higher product sales and the timing of customer payments, a $14.5~~ million increase in [removed] prepaid expenses and other assets primarily related excess tax benefit from equity compensation, a $11.7 million decrease in accrued expenses and other liabilities primarily due to accrued customer deposits and the timing of payments, and a [removed] $6.8 million increase in inventory primarily due to build up for anticipated demand. The net cash flow used in operating assets and liabilities were partially offset by a $2.2 million increase in accounts ~~[removed] payable mainly~~ due to the timing of payments.

Filing text · FY2026 10-Q · filed May 6, 2026

Net cash provided by operating activities for the three months ended March 31, [added] 2026 was $74.6 million, compared to $10.5 million [added] for the comparable period in 2025. The $64.1 million increase in operating cash inflows was a result of a $48.5 million increase in net income, higher non-cash charges of $12.3 million, and a favorable change of $3.3 million from changes in operating assets and [added] liabilities. The higher non-cash charges of $12.3 million were primarily due to a $6.5 million increase in stock-based compensation expense, $2.6 million increase in depreciation and amortization, a $1.7 million increase in [added] warrants contra revenue, and $1.3 million increase in accretion of discounts on marketable securities. The favorable change of $3.3 million in operating assets and liabilities was predominantly attributable to a $28.4 million favorable change in the prepaid expenses and other assets, and a [added] $7.1 million favorable change in inventory. The favorable change was partially offset by (i) a $20.8 million unfavorable changes in accounts receivable due to higher product sales and the timing of customer payments, and (ii) a $11.4 million unfavorable change in accounts [added] payables and accrued other liabilities primarily due to the timing of payments.

Cite this change

"Net cash provided by operating activities for the three months ended March 31, 2026 was $74.6 million, compared to $10.5 million for the comparable period in 2025. The $64.1 million increase in operating cash inflows was a result of a $48.5 million increase in net income, higher non-cash charges of $12.3 million, and a favorable change of $3.3 million from changes in operating assets and liabilities."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

04ChangedPart I, Item 2 › Overview

Summary · quote-checked

The paragraph removes disclosures about product-development investments and the company’s lack of annual profitability, while updating revenue figures and periods.

Removing the investment and profitability statements changes the company’s disclosed financial condition and outlook; the revenue updates otherwise reflect period roll-forward and updated results.

Why the model ranked it here

The filing removes statements about continued product-development investment and the lack of annual profitability, changing the disclosed context for assessing financial condition.

Filing text · FY2025 10-Q · filed May 7, 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, ~~[removed] and~~ $115.8 million in ~~[removed] 2023 to $396.3~~ million in ~~[removed] 2024.~~ Our revenue was ~~[removed] $159.4~~ million for the three months ended March 31, ~~[removed] 2025,~~ 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. Although we have recently recorded quarterly net income, we have not yet achieved profitability on an annual basis.

Filing text · FY2026 10-Q · filed May 6, 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 [added] 2023, $396.3 million in 2024, and to $852.5 million in [added] 2025. Our revenue was [added] $308.4 million for the three months ended March 31, [added] 2026, 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."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure broadens financing sources, updates liquidity, and adds acquisitions of businesses or technologies as a stated use of cash.

Although the date and liquidity amount roll forward, adding acquisitions as a cash use changes the stated capital allocation and is substantively different.

Why the model ranked it here

The stated uses of cash now include acquisitions of businesses or technologies, signaling a broader capital-allocation purpose.

Filing text · FY2025 10-Q · filed May 7, 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 our IPO, and cash generated from the sale of our products. As of March 31, ~~[removed] 2025,~~ our principal sources of liquidity were cash, cash equivalents, and marketable securities of ~~[removed] $924.7 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 · FY2026 10-Q · filed May 6, 2026

Since our inception, we have financed our operations primarily through proceeds from [added] equity issuances including net proceeds from our IPO, and cash generated from the sale of our products. As of March 31, [added] 2026, 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, acquisitions of businesses or technologies, and to support our overall growth.

Cite this change

"Our principal use of cash is to fund our operations, invest in research and development, fund capital expenditures for production equipment, acquisitions of businesses or technologies, and to support our overall growth."

Astera Labs,, Form 10-Q for FY2026, Part I, Item 2, accession 0001736297-26-000020, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1736297/000173629726000020/alab-20260331.htm

Comparison: https://yearover.com/reports/alab/0001736297-26-000020?ref=quote

Show all 24 in Part I, Item 2 (19 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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