Astera Labs, Inc.
Description
Astera Labs, Inc. designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. It offers an intelligent connectivity platform, comprised of semiconductor-based, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS. The company provides COSMOS, a connectivity system management and optimization software that enables management and optimization of resources for large fleets at cloud-scale via link, fleet, and RAS management capabilities. It offers smart fabric switches for AI servers and AI clusters; smart DSP retimers and smart memory controllers; and Ethernet smart cable modules for AI and cloud connectivity. The company serves hyperscalers and system original equipment manufacturers. Astera Labs, Inc. was incorporated in 2017 and is based in Santa Clara, California.
About
Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Feb 11, 2025 | 0.26 | — | — | — |
| Nov 5, 2024 | 0.17 | 0.23 | 0.06 | 35.29% |
| Aug 7, 2024 | 0.11 | 0.13 | 0.02 | 18.18% |
| May 8, 2024 | 0.04 | 0.27 | 0.23 | 575.00% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 11 | — | 12 |
| Average estimate | — | 0.25 | — | 1.16 |
| Low estimate | — | 0.22 | — | 1.00 |
| High estimate | — | 0.30 | — | 1.43 |
| Last year EPS | — | 0.27 | — | 0.72 |
Growth estimates
Analyst Ratings
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| Jan 28, 2025 |
Northland Capital Markets
Gus Richard
|
Upgrade | Outperform | Maintains $120 |
| Jan 28, 2025 |
Morgan Stanley
Joseph Moore
|
Maintains | Equal-Weight | ▼ Lowers $142 → $114 |
| Jan 21, 2025 |
Morgan Stanley
Joseph Moore
|
Downgrade | Equal-Weight | Maintains $142 |
| Jan 17, 2025 |
Barclays
Tom O'Malley
|
Maintains | Overweight | ▲ Raises $87 → $135 |
| Jan 6, 2025 |
Stifel
Tore Svanberg
|
Maintains | Buy | ▲ Raises $100 → $150 |
| Jan 2, 2025 |
Northland Capital Markets
Gus Richard
|
Downgrade | Market Perform | ▲ Raises $100 → $120 |
| Dec 20, 2024 |
Morgan Stanley
Joseph Moore
|
Maintains | Overweight | ▲ Raises $94 → $142 |
| Nov 18, 2024 |
Citigroup
Atif Malik
|
Initiates | Buy | Announces $120 |
| Nov 5, 2024 |
Craig-Hallum
Richard Shannon
|
Maintains | Buy | ▲ Raises $75 → $105 |
| Nov 5, 2024 |
Roth MKM
Suji Desilva
|
Maintains | Buy | ▲ Raises $80 → $105 |
| Nov 5, 2024 |
Barclays
Tom O'Malley
|
Maintains | Overweight | ▲ Raises $70 → $87 |
| Nov 5, 2024 |
Morgan Stanley
Joseph Moore
|
Maintains | Overweight | ▲ Raises $74 → $94 |
| Nov 5, 2024 |
Stifel
Tore Svanberg
|
Maintains | Buy | ▲ Raises $80 → $100 |
| Nov 5, 2024 |
JP Morgan
Harlan Sur
|
Maintains | Overweight | ▲ Raises $70 → $110 |
| Nov 5, 2024 |
Deutsche Bank
Ross Seymore
|
Maintains | Buy | ▲ Raises $60 → $100 |
| Oct 9, 2024 |
Needham
Quinn Bolton
|
Reiterates | Buy | Maintains $65 |
| Oct 9, 2024 |
Morgan Stanley
Joseph Moore
|
Maintains | Overweight | ▲ Raises $55 → $74 |
| Sep 4, 2024 |
Morgan Stanley
Joseph Moore
|
Upgrade | Overweight | Maintains $55 |
| Aug 7, 2024 |
Craig-Hallum
Richard Shannon
|
Maintains | Buy | ▼ Lowers $90 → $75 |
| Aug 7, 2024 |
Deutsche Bank
Ross Seymore
|
Maintains | Buy | ▼ Lowers $85 → $60 |
| Aug 7, 2024 |
Evercore ISI Group
Mark Lipacis
|
Maintains | Outperform | ▼ Lowers $98 → $80 |
| Aug 7, 2024 |
Morgan Stanley
Joseph Moore
|
Maintains | Equal-Weight | ▼ Lowers $85 → $55 |
| Aug 7, 2024 |
Jefferies
|
Maintains | Buy | — |
| Aug 7, 2024 |
Roth MKM
Suji Desilva
|
Maintains | Buy | ▼ Lowers $85 → $60 |
| Aug 7, 2024 |
Needham
Quinn Bolton
|
Maintains | Buy | ▼ Lowers $85 → $65 |
| Aug 7, 2024 |
JP Morgan
Harlan Sur
|
Maintains | Overweight | ▼ Lowers $95 → $70 |
| Aug 7, 2024 |
Barclays
Tom O'Malley
|
Maintains | Overweight | ▼ Lowers $85 → $70 |
| Aug 5, 2024 |
Stifel
Tore Svanberg
|
Maintains | Buy | ▼ Lowers $87 → $80 |
| May 8, 2024 |
Needham
Quinn Bolton
|
Reiterates | Buy | Maintains $85 |
| Apr 16, 2024 |
Evercore ISI Group
Mark Lipacis
|
Initiates | Outperform | Announces $100 |
Income statement
| 2023 | 2022 | |
|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 |
| Total reported revenue | 115.79M | 79.87M |
| Cost of revenue | 35.97M | 21.19M |
| Gross profit | 79.83M | 58.68M |
| Operating expense | ||
| Research & development | 73.41M | 73.71M |
| Selling general and admin | 35.92M | 45.16M |
| Other operating expenses | — | — |
| Operating income | -29.50M | -60.19M |
| Non operating interest income | ||
| Income | 6.55M | 2.61M |
| Expense | — | — |
| Other income expense | — | — |
| Pretax income | -22.95M | -57.58M |
| Tax provision | 3.31M | 764,000 |
| Net income | -26.26M | -58.35M |
| Basic EPS | -0.20 | -0.45 |
| Diluted EPS | -0.20 | -0.45 |
| Basic average shares | 130.45M | 130.45M |
| Diluted average shares | 130.45M | 130.45M |
| EBITDA | -27.72M | -59.39M |
| Net income from continuing op. | -26.26M | -58.35M |
| Minority interests | — | — |
| Preferred stock dividends | — | — |
Balance sheet
| 2023 | 2022 | |
|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 |
| Total assets | 196.29M | 211.73M |
| Current assets | ||
| Cash | — | — |
| Cash equivalents | — | — |
| Cash and cash equivalents | 45.10M | 76.09M |
| Other short term investments | 104.22M | 87.06M |
| Accounts receivable | 8.34M | 10.72M |
| Other receivables | — | — |
| Inventory | 24.10M | 28.87M |
| Prepaid assets | 3.38M | 2.76M |
| Restricted cash | — | — |
| Assets held for sale | — | — |
| Hedging assets | — | — |
| Other current assets | 686,000 | 509,000 |
| Non current assets | ||
| Properties | 6.71M | 3.96M |
| Land and improvements | — | — |
| Machinery furniture equipment | 242,000 | 243,000 |
| Construction in progress | — | — |
| Leases | 437,000 | 220,000 |
| Accumulated depreciation | -2.68M | -898,000 |
| Goodwill | — | — |
| Investment properties | — | — |
| Financial assets | — | — |
| Intangible assets | — | — |
| Investments and advances | — | — |
| Other non current assets | 5.77M | 2.20M |
| Total liabilities | 293.99M | 297.02M |
| Current liabilities | ||
| Accounts payable | 6.34M | 10.30M |
| Accrued expenses | 10.95M | 18.48M |
| Short term debt | 2.16M | 1.60M |
| Deferred revenue | — | — |
| Tax payable | — | — |
| Pensions | 14.92M | 8.03M |
| Other current liabilities | 714,000 | 1.69M |
| Non current liabilities | ||
| Long term debt | — | — |
| Provision for risks and charges | — | — |
| Deferred liabilities | — | — |
| Derivative product liabilities | — | — |
| Other non current liabilities | 3.79M | 1.81M |
| Shareholders equity | ||
| Common stock | 4,000 | 4,000 |
| Retained earnings | -125.38M | -99.12M |
| Other shareholders equity | 259,000 | -229,000 |
| Total shareholders equity | -97.70M | -85.29M |
| Additional paid in capital | 27.41M | 14.05M |
| Treasury stock | — | — |
| Minority interest | — | — |
Cash flow statement
| 2023 | 2022 | |
|---|---|---|
| Operating Activities | ||
| Net Income | -26.26M | -58.35M |
| Depreciation | 1.78M | 807,000 |
| Deferred Taxes | — | — |
| Stock-Based Compensation | 10.68M | 30.24M |
| Other Non-Cash Items | 1.23M | 1.45M |
| Accounts Receivable | 2.39M | -6.04M |
| Accounts Payable | -4.26M | 2.13M |
| Other Assets & Liabilities | -6.91M | -20.68M |
| Operating Cash Flow | -21.35M | -50.44M |
| Investing Activities | ||
| Capital Expenditures | -2.76M | -3.87M |
| Net Intangibles | — | — |
| Net Acquisitions | — | — |
| Purchase of Investments | -126.23M | -88.71M |
| Sale of Investments | 111.21M | 2.00M |
| Investing Cash Flow | -17.77M | -90.59M |
| Financing Activities | ||
| Long-Term Debt Issuance | — | — |
| Long-Term Debt Payments | — | — |
| Other Financing Charges | -1.41M | — |
| Financing Cash Flow | -1.62M | 149.55M |
| Other Cash Details | ||
| End Cash Position | 45.10M | 76.09M |
| Income Tax Paid | 2.48M | — |
| Interest Paid | — | — |
| Free Cash Flow | -15.48M | -39.77M |
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