Astera Labs, Inc. designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform is comprised of a portfolio of data, network, and memory connectivity products, which are built on a unifying software-defined architecture that enables customers to deploy and operate high performance cloud and AI infrastructure at scale. The company was incorporated in 2017 and is based in Santa Clara, California.

Astera Labs, Inc.

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Net Cash Provided by Operating Activities

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Purchases of Property and Equipment

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Other Investing Activities

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Net Cash Provided by Investing Activities

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Proceeds from Issuance of Common Stock in Connection with Initial Public Offering, Net of Underwriting Discounts and Commissions

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Payment of Deferred Offering Costs

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Proceeds from Issuance of Redeemable Convertible Preferred Stock, Net of Issuance Costs

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Tax Withholding Related to Net Share Settlements of Restricted Stock Units

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Repurchase of Common Stock Upon Termination

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Proceeds from Employee Stock Purchase Plan

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Net Cash Provided by Financing Activities

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Net Increase in Cash, Cash Equivalents, and Restricted Cash

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Depreciation & Amortization

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Other Adjustments

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Cash from Operating Activities

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Revenue

EBIT

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24
Net Income	198.9	100.2	41.4	-83.4	-93.8
Net Income
Depreciation & Amortization	5	4.3	3.7	3.2	2.7
Depreciation and Amortization
Share-Based Compensation Expense	166.9	171.7	179.3	234.6	189.7
Stock-Based Compensation
Other Adjustments	-3	-6	-7.5	-4.4	-2.2
Non-Cash Operating Lease Expense
Warrants Contra Revenue
Inventory Write-Downs
Accretion of Discounts on Marketable Securities
Other, Net
Changes in Trade Receivables	-17.5	-2.1	-53	-30.5	-8.2
Change in Accounts Receivable, Net
Changes in Inventories	-25.1	-27.9	-20.2	-19.3	-7.4
Change in Inventory
Changes in Accounts Payable	8.1	19.7	18.1	20.9	8.1
Change in Accounts Payable
Changes in Accrued Expenses	-0.7	18.5	9.1	31	28.7
Change in Accrued Expenses and Other Liabilities
Changes in Other Operating Activities	-68.9	-29.4	-27.5	-15.4	-7.5
Change in Prepaid Expenses and Other Assets
Change in Operating Lease Liability
Cash from Operating Activities	263.7	249.1	143.5	136.7	111.4
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24
Capital Expenditure	-34.3	-38.7	-35.4	-34.2	-19.8
Purchases of Property and Equipment
Purchases of Investments	-870.1	-989.5	-1,098.1	-930.6	-748.3
Purchases of Marketable Securities
Proceeds from Sale of Investments	646.2	511.1	377.6	208.7	188.8
Sales and Maturities of Marketable Securities
Other Investing Activities	—	—	—	-1.4	—
Other Investing Activities
Cash from Investing Activities	-260.1	-518.5	-757.3	-757.6	-672.1
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24
Issuance of Common Shares	4.3	4.3	4.6	681.8	3.4
Proceeds from Issuance of Common Stock in Connection with Initial Public Offering, Net of Underwriting Discounts and Commissions
Proceeds from Exercises of Stock Options, Net of Repurchases
Proceeds from Employee Stock Purchase Plan
Repurchases of Common Shares	—	—	—	-21.2	—
Tax Withholding Related to Net Share Settlements of Restricted Stock Units
Repurchase of Common Stock Upon Termination
Net Issuance / (Repurchases) of Common Shares	4.3	4.3	4.6	660.6	3.4
Issuance of Preferred Shares	—	—	—	—	—
Proceeds from Issuance of Redeemable Convertible Preferred Stock, Net of Issuance Costs
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—
Other Financing Activities	—	—	—	-4.8	—
Payment of Deferred Offering Costs
Cash from Financing Activities	11.7	11.7	4.6	655.8	649.1
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24
Free Cash Flow	229.4	210.4	108.2	102.4	91.6
NOPAT	141.4	49.8	-44.4	-118.4	-122.9
Levered Free Cash Flow	82.9	46.6	-10.7	-97.3	-88.9
Unlevered Free Cash Flow	25.4	-3.7	-96.5	-132.3	-118.1
Net Change in Cash	15.4	-257.7	-609.1	34.9	88.4