Astera Labs

• earnings

  2026-08-05

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001-41979 Astera Labs, Inc. (Exact name of registrant as specified in its charter) Delaware 82-3437062 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2345 North First Street , San Jose , CA 95131 (Address of Principal Executive Offices) (Zip code) (408) 766-3806 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share ALAB Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x As of July 31, 2026, there were 173,485,104 shares of the Registrant s Common Stock, $0.0001 par value, outstanding. Table of Contents Table of Contents Page Part I - Financial Information Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026 and 2025 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2026 and 2025 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosure About Market Risk 27 Item 4. Controls and Procedures 27 Part II - Other Information Item 1. Legal Proceedings 29 Item 1A Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30 Signatures 31 Table of Contents Special Note about Forward-Looking Statements This Quarterly Report on Form 10 Q contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. All statements other than statements of historical fact included in this Quarterly Report on Form 10 Q, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as aims, anticipated, believe, budget, can, committed, continued, could, designed, estimates, expect, forecasted, future, growing, indicative, intended, likely, may, mission, opportunities, plan, position, potential, predict, probable, projections, scheduled, should, to be, trends, uncertainty, will, or would, or the negative of these words or other similar terms or expressions. Forward-looking statements include, but are not limited to, statements relating to our business plans, strategies, market or investment opportunities, customers, infrastructure, platform, products and services, including future production and investments therein and anticipated benefits therefrom; demand; our future financial or operating statements, performance and growth (such as revenue, gross profit and margins, expenses, income (losses) and other operating results); our future cash flows, expenditures, requirements, uses, sufficiency and funding sources; our accounting practices and policies (including the impacts associated with them and accounting pronouncements, estimates, accruals, amortizations, marketable securities, commitments/contingencies, warrant vesting, the period over which expenses are expected to be realized and non-GAAP financial measures); our taxes; our personnel and operations; our disclosure and internal controls, procedures and remediation efforts; our lease terms, including any renewal and future payments; our risk factors; our merger and acquisition activities; and our legal and compliance matters such as legal proceedings and 10b5-1 trading arrangements. We may not actually achieve the plans, intentions, expectations or events disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors described under the heading Risk Factors included in this Quarterly Report on Form 10 Q and those included within our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ( SEC ) on February 20, 2026. The following include some, but not all, of the factors that could cause the outcome of the events described in our forward-looking statements to differ from those anticipated: our ability to sustain and manage our growth effectively; our ability to maintain future profitability; our ability to accurately predict future revenue for appropriate budgeting and expense adjustment; our ability to anticipate and respond to new and evolving market trends or industry standards, develop and sell new products, or penetrate new markets; our customer concentration, with a limited number of end customers driving our revenue; our ability to achieve product design wins and opportunities for customer sales and investment recoupment; our ability to adequately foresee and manage the effects and timing of any changes in cloud and AI infrastructure market conditions and our customers' product purchases and deployment of systems incorporating our products; our ability to demonstrate the value of new products or newer product generations to customers; our AI technology adoption, use, and commercialization; our reliance on, and relationship management of, a limited number of third-party manufacturing and supply chain services partners; our ability to successfully qualify our products with customers without significant delays; our product pricings often decrease over time; product supply disruptions, unforeseen product delays, expenses or undetected defects, bugs, or security vulnerabilities; adverse changes in the political, regulatory, and economic policies of governments, including in connection with trade restrictions and export controls with respect to China and Chinese customers; our ability to hire and retain skilled personnel and senior management team members; cybersecurity risks; warranty claims or product liability claims; litigation and other legal proceedings, including related to patents or other intellectual property; our ability to successfully integrate and to realize anticipated benefits or synergies, on a timely basis or at all, in connection with our past, current, or any future acquisitions, divestitures, significant investments, joint ventures or strategic transactions; Table of Contents global operational risks, including exposure to numerous legal and regulatory requirements and unexpected changes and compliance failures; regulatory risks of authorities in jurisdictions into or from which we ship our products or import supplies levying fines, restricting or delaying our product exports or supply imports, or increasing product manufacturing or transfer costs; changes in tax laws, rules or practices; our competitive markets and ability to compete effectively, including as a result of industry consolidation; our ability to adequately protect our intellectual property rights; our reliance on third-party technologies for product development and future ability to use such technologies; and global financial and economic conditions and geopolitical events, including fluctuating interest, inflation, foreign currency and unemployment rates, economic slowdowns or recessions, or financial market volatility, including as a result of, among other factors, the ongoing Russia and Ukraine war, the Middle East conflict, announced or future tariff increases and export controls between the U.S. and China, international tensions or instability, significant changes in governmental policies or similar events. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10 Q. You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on management s current beliefs and our current expectations and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10 Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10 Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10 Q to reflect events or circumstances after the date of this Quarterly Report on Form 10 Q or to reflect new information or the occurrence of unanticipated events, except as required by law. In this document, unless otherwise indicated or unless the context requires otherwise, all references in this document to Astera Labs , the Company , we , us , our , or similar references are to Astera Labs, Inc. and its consolidated subsidiaries. Table of Contents Part I - Financial Information ITEM 1. Financial Statements (Unaudited) ASTERA LABS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par values) (unaudited) As of June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 111,453 $ 167,611 Marketable securities 1,141,505 1,021,205 Accounts receivable, net 192,469 83,202 Inventory 113,781 58,979 Prepaid expenses and other current assets 92,687 31,033 Total current assets 1,651,895 1,362,030 Property and equipment, net 119,284 92,038 Goodwill 91,557 19,015 Other assets 68,765 58,740 Total assets $ 1,931,501 $ 1,531,823 Liabilities and Stockholders Equity Current liabilities Accounts payable $ 53,930 $ 42,362 Accrued expenses and other current liabilities 110,377 90,680 Total current liabilities 164,307 133,042 Other liabilities 41,490 35,147 Total liabilities 205,797 168,189 Commitments and contingencies (Note 8) Stockholders equity Common stock, $ 0.0001 par value; 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 173,485 and 170,186 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 17 17 Additional paid-in capital 1,485,320 1,348,969 Accumulated other comprehensive (loss) income ( 3,369 ) 4,310 Retained earnings 243,736 10,338 Total stockholders equity 1,725,704 1,363,634 Total liabilities and stockholders equity $ 1,931,501 $ 1,531,823 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Content ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 392,400 $ 191,925 $ 700,761 $ 351,367 Cost of revenue 104,833 46,362 178,053 86,393 Gross profit 287,567 145,563 522,708 264,974 Operating expenses Research and development 135,898 66,724 261,532 131,278 Sales and marketing 26,372 18,609 48,271 40,311 General and administrative 36,049 20,456 61,824 42,326 Total operating expenses 198,319 105,789 371,627 213,915 Operating income 89,248 39,774 151,081 51,059 Interest and other income 13,577 10,885 25,158 21,317 Income before income taxes 102,825 50,659 176,239 72,376 Income tax benefit 50,263 560 57,159 10,662 Net income $ 153,088 $ 51,219 $ 233,398 $ 83,038 Net income per share attributable to common stockholders: Basic $ 0.89 $ 0.31 $ 1.36 $ 0.51 Diluted $ 0.83 $ 0.29 $ 1.28 $ 0.47 Weighted-average shares used in calculating net income per share attributable to common stockholders: Basic 172,378 165,428 171,557 164,316 Diluted 183,340 178,100 182,254 178,281 Other comprehensive (loss) income Unrealized (loss) gain on marketable securities, net of taxes $ ( 2,589 ) $ 846 $ ( 7,679 ) $ 2,448 Total other comprehensive (loss) gain ( 2,589 ) 846 ( 7,679 ) 2,448 Total comprehensive income $ 150,499 $ 52,065 $ 225,719 $ 85,486 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (In thousands) (unaudited) Three Months Ended June 30, 2026 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders Equity Shares Amount Balances as of March 31, 2026 171,277 $ 17 $ 1,404,063 $ ( 780 ) $ 90,648 $ 1,493,948 Issuance of common stock upon exercise of stock options 930 755 755 Issuance of common stock upon vesting of restricted and performance stock units 1,100 Issuance of common stock upon exercise of warrants 126 Shares issued under employee stock purchase plan 52 6,294 6,294 Stock-based compensation 63,992 63,992 Warrants contra revenue 10,216 10,216 Unrealized loss on marketable securities ( 2,589 ) ( 2,589 ) Net income 153,088 153,088 Balances as of June 30, 2026 173,485 $ 17 $ 1,485,320 $ ( 3,369 ) $ 243,736 $ 1,725,704 Three Months Ended June 30, 2025 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders Equity Shares Amount Balances as of March 31, 2025 164,907 $ 16 $ 1,216,495 $ 2,028 $ ( 176,977 ) $ 1,041,562 Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 321 506 506 Issuance of common stock upon vesting of restricted stock units 924 1 1 Shares issued under employee stock purchase plan 59 4,345 4,345 Stock-based compensation 35,474 35,474 Warrants contra revenue 1,761 1,761 Unrealized gains on marketable securities 846 846 Net income 51,219 51,219 Balances as of June 30, 2025 166,211 $ 17 $ 1,258,581 $ 2,874 $ ( 125,758 ) $ 1,135,714 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents Six Months Ended June 30, 2026 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Stockholders Equity Shares Amount Balances as of December 31, 2025 170,186 $ 17 $ 1,348,969 $ 4,310 $ 10,338 $ 1,363,634 Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 1,028 869 869 Issuance of common stock upon vesting of restricted and performance stock units 2,093 Issuance of common stock upon exercise of warrants 126 Shares issued under employee stock purchase plan 52 6,294 6,294 Stock-based compensation 116,875 116,875 Warrants contra revenue 12,313 12,313 Unrealized loss on marketable securities ( 7,679 ) ( 7,679 ) Net income 233,398 233,398 Balances as of June 30, 2026 173,485 $ 17 $ 1,485,320 $ ( 3,369 ) $ 243,736 $ 1,725,704 Six Months Ended June 30, 2025 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders Equity Shares Amount Balances as of December 31, 2024 162,018 $ 16 $ 1,173,153 $ 426 $ ( 208,796 ) $ 964,799 Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 896 1,028 1,028 Issuance of common stock upon vesting of restricted stock units 3,238 1 1 Shares issued under employee stock purchase plan 59 4,345 4,345 Stock-based compensation 77,920 77,920 Warrants contra revenue 2,135 2,135 Unrealized gains on marketable securities 2,448 2,448 Net income 83,038 83,038 Balances as of June 30, 2025 166,211 $ 17 $ 1,258,581 $ 2,874 $ ( 125,758 ) $ 1,135,714 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents ASTERA LABS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net income $ 233,398 $ 83,038 Adjustments to reconcile net income to net cash provided by operating activities Stock-based compensation 112,905 77,920 Depreciation and amortization 7,639 2,517 Non-cash operating lease expense 2,718 1,522 Warrants contra revenue 12,313 2,136 Accretion of discounts on marketable securities ( 2,180 ) ( 4,489 ) Other, net ( 2,961 ) 734 Changes in operating assets and liabilities: Accounts receivable, net ( 109,461 ) 14,491 Inventory ( 53,127 ) ( 14,577 ) Prepaid expenses and other assets ( 41,422 ) ( 18,474 ) Accounts payable 2,811 4,607 Accrued expenses and other liabilities ( 357 ) ( 3,555 ) Net cash provided by operating activities 162,276 145,870 Cash flows from investing activities Purchases of property and equipment ( 28,054 ) ( 6,562 ) Purchases of marketable securities ( 359,732 ) ( 404,682 ) Sales and maturities of marketable securities 233,933 343,611 Payments for business combinations, net of cash acquired ( 69,214 ) Other investing activities ( 2,500 ) Net cash used in investing activities ( 225,567 ) ( 67,633 ) Cash flows from financing activities Proceeds from exercises of stock options 836 778 Proceeds from employee stock purchase plan 6,294 4,345 Net cash provided by financing activities 7,130 5,123 Net (decrease) increase in cash, cash equivalents, and restricted cash ( 56,161 ) 83,360 Cash, cash equivalents, and restricted cash (1) Beginning of the period 167,684 80,044 End of the period $ 111,523 $ 163,404 (1) Restricted cash was not material and is included in Prepaid expenses and other current assets. The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents ASTERA LABS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Nature of Business and Summary of Significant Accounting Policies Description of Business Astera Labs, Inc. (the Company ) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company s software suite, which is embedded in its connectivity products and integrated into its customers systems. The Company s patented software-defined platform approach delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach aims to efficiently address the data, network, and memory bottlenecks, scalability, and other unique infrastructure requirements of its hyperscalers and system original equipment manufacturer ( OEM ) customers. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America ( GAAP ) and applicable rules and regulations of the SEC regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2025, included in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. In the opinion of management, all adjustments, including normal recurring adjustments, that are considered necessary for a fair presentation of results of operations and financial position, have been included. Operating results for the periods presented herein are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no material changes in the Company s significant accounting policies during the three and six months ended June 30, 2026 compared with the significant accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 20, 2026. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company s significant estimates include, but are not limited to, revenue recognition, the valuation of acquired intangible assets, the valuation and realizability of deferred tax assets, reserves for uncertain tax positions, useful life of production equipment, the valuation of warrants, and the valuation and assumptions underlying stock-based compensation. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company s consolidated financial statements in future periods, and actual results could differ from these estimates. 6 Table of Contents Reclassifications Certain prior period balances were reclassified to conform to the current period s presentation. None of these reclassifications had an impact on reported net income, balance sheets, or cash flows for any of the periods presented. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure ( ASU 2024-03 ), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date ( ASU 2025-01 ). ASU 2024-03 requires additional disclosures of the nature of expenses included in the income statement and disclosures about specific expense categories included in the expense captions presented in the statements of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these new standards will have on its consolidated financial statements and related disclosures. In May 2025, the FASB issued Accounting Standards Update No. 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer ( ASU 2025-04 ). ASU 2025-04 reduces diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for annual reporting periods beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company does not expect a material impact from the adoption of this ASU on its consolidated financial statements and related disclosures. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles - Goodwill and Other -Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ( ASU 2025-06 ). ASU 2025-06 removes all references to project stages throughout Subtopic 350-40 and clarifies the threshold that the entities must meet to begin capitalizing costs. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements and related disclosures. 2. Segment and Geographical Information The Company s chief operating decision maker ( CODM ) is its Chief Executive Officer ( CEO ), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income to monitor budget versus actual results. The Company manages its operations and allocates resources as a single operating segment . 7 Table of Contents The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 392,400 $ 191,925 $ 700,761 $ 351,367 Less: Cost of revenue 104,833 46,362 178,053 86,393 Stock-based compensation (1) 62,300 35,121 110,714 77,605 Personnel-related expenses (1) 87,003 43,843 150,308 86,282 Other segment items (2) ( 14,824 ) 15,380 28,288 18,049 Consolidated net income $ 153,088 $ 51,219 $ 233,398 $ 83,038 (1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue. (2) Other segment items included are primarily related to income tax benefit, interest income, engineering related costs such as hardware design, software license, and cloud hosting services costs , and professional and consulting services fees. Revenue by location is determined by the billing address of the Company s customers, which includes the Company s end customers manufacturing partners and the Company s distributors. The following table sets forth revenue by geographic area (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 China $ 152,696 $ 59,056 $ 242,267 $ 103,694 Singapore 113,734 66,447 204,872 97,868 Taiwan 105,768 56,644 198,923 133,462 United States 5,531 2,218 20,498 5,519 Other 14,671 7,560 34,201 10,824 Total $ 392,400 $ 191,925 $ 700,761 $ 351,367 The Company had the following customers that individually comprised 10% or more of its revenue: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Customer A 29 % 27 % 29 % 20 % Customer B 25 % * 21 % * Customer C 15 % 13 % 17 % 19 % Customer D 13 % 24 % 13 % 23 % Customer E * 11 % * * Customer F * 12 % * 15 % *Less than 10% of total revenue Certain of the customers listed above are manufacturing partners that purchase the Company's products on behalf of the Company s end customers. As end customers may shift production volumes among their manufacturing partners from period to period, the revenue concentration percentages attributable to individual direct customers may fluctuate in a manner that is not necessarily representative of changes in underlying end-customer demand. 8 Table of Contents The Company had the following customers that individually comprised 10% or more of its accounts receivable, net: As of June 30, 2026 December 31, 2025 Customer A 30 % * Customer B 17 % 14 % Customer D 12 % * Customer E 10 % 28 % Customer C * 27 % *Less than 10% of total accounts receivable, net The Company did not recognize any material allowance for credit losses as of June 30, 2026 and December 31, 2025. Property and equipment, net by geographic location is based on the location of the asset. As of June 30, 2026 , 26 % and 67 % of the Company s property and equipment, net was located in the United States and Taiwan, respectively. As of December 31, 2025, 20 % and 73 % of the Company s property and equipment, net was located in the United States and Taiwan, respectively. 3. Marketable Securities The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands): As of June 30, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents Money market funds $ 84,575 $ $ $ 84,575 Total cash equivalents $ 84,575 $ $ $ 84,575 Marketable securities U.S. treasury and agency securities $ 228,121 $ 54 $ ( 1,003 ) $ 227,172 Commercial paper 19,371 ( 27 ) 19,344 Corporate debt securities 897,382 634 ( 3,027 ) 894,989 Total marketable securities $ 1,144,874 $ 688 $ ( 4,057 ) $ 1,141,505 As of December 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents Money market funds $ 142,772 $ $ $ 142,772 Commercial paper 5,496 ( 1 ) 5,495 Total cash equivalents $ 148,268 $ $ ( 1 ) $ 148,267 Marketable securities U.S. treasury and agency securities $ 203,175 $ 630 $ ( 11 ) $ 203,794 Commercial paper 11,459 4 ( 1 ) 11,462 Corporate debt securities 802,261 3,800 ( 112 ) 805,949 Total marketable securities $ 1,016,895 $ 4,434 $ ( 124 ) $ 1,021,205 As of June 30, 2026 and December 31, 2025, the Company s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material. Unrealized 9 Table of Contents losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands): As of June 30, 2026 As of December 31, 2025 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 458,030 $ 458,109 $ 463,417 $ 464,282 Due after one year through five years 771,419 767,971 701,746 705,190 Total available-for-sale securities $ 1,229,449 $ 1,226,080 $ 1,165,163 $ 1,169,472 Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company did not recognize any material allowance for credit losses as of June 30, 2026 and December 31, 2025 or impairment charges for the three and six months ended June 30, 2026 and 2025. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three and six months ended June 30, 2026 and 2025. 4. Fair Value Measurements The following table presents information about the Company s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands): As of June 30, 2026 Level 1 Level 2 Total Fair Value Cash equivalents Money market funds $ 84,575 $ $ 84,575 Total cash equivalents $ 84,575 $ $ 84,575 Marketable securities U.S. treasury and agency securities $ $ 227,172 $ 227,172 Commercial paper 19,344 19,344 Corporate debt securities 894,989 894,989 Total marketable securities $ $ 1,141,505 $ 1,141,505 As of December 31, 2025 Level 1 Level 2 Total Fair Value Cash equivalents Money market funds $ 142,772 $ $ 142,772 Commercial paper 5,495 5,495 Total cash equivalents $ 142,772 $ 5,495 $ 148,267 Marketable securities U.S. treasury and agency securities $ $ 203,794 $ 203,794 Commercial paper 11,462 11,462 Corporate debt securities 805,949 805,949 Total marketable securities $ $ 1,021,205 $ 1,021,205 10 Table of Contents As of June 30, 2026 and December 31, 2025, there were no market

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