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    Astera Labs Announces Financial Results for the Third Quarter of Fiscal Year 2025

    11/4/25 4:05:00 PM ET
    $ALAB
    Semiconductors
    Technology
    Get the next $ALAB alert in real time by email
    • Record quarterly revenue of $230.6 million, up 20% QoQ and 104% YoY
    • Strong Q3 revenue growth driven by new AI platform ramps featuring multiple product families
    • Scorpio fabric switch design wins expand to several platforms at multiple hyperscaler customers

    SAN JOSE, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Astera Labs, Inc. (NASDAQ:ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, today announced preliminary financial results for the third quarter of fiscal year 2025, ended September 30, 2025.

    "Astera Labs delivered strong financial results in Q3 with revenue growing by 20% sequentially to a new record level of $230.6 million," said Jitendra Mohan, Astera Labs' Chief Executive Officer. "During the quarter, we saw robust demand and upside across our signal conditioning, smart cable module (SCM), and switch fabric portfolios as new AI platforms ramped up production. Looking into Q4, we anticipate continued PCIe 6 momentum alongside robust growth from our Taurus Ethernet SCMs. We remain focused on our rack-scale vision, which is further strengthened by the proposed acquisition of aiXscale Photonics, which we believe will support our customers' technology roadmaps and increase our market reach beyond copper interconnects."

    Third Quarter 2025 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $230.6 million, up 20% sequentially and up 104% year-over-year
    • GAAP gross margin of 76.2%
    • GAAP operating income of $55.4 million
    • GAAP operating margin of 24.0%
    • GAAP net income of $91.1 million
    • GAAP diluted earnings per share of $0.50

    Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 76.4%
    • Non-GAAP operating income of $96.1 million
    • Non-GAAP operating margin of 41.7%
    • Non-GAAP net income of $88.2 million
    • Non-GAAP diluted earnings per share of $0.49

    Q3 2025 and Recent Business Highlights

    • Entered into a definitive agreement to acquire aiXscale Photonics GmbH, a provider of fiber-chip coupling technologies. The evolution to AI Infrastructure 2.0 demands scale-up connectivity solutions that meet aggressive speed, power, reach, and reliability requirements while facilitating high-volume, rack-scale integration. Optical connectivity will be critical to supporting the massive bandwidth needs of scale-up systems with hundreds of accelerators. The acquisition will help enable Astera Labs to develop photonic scale-up solutions by combining aiXscale's fiber-chip coupling capabilities with Astera Labs' connectivity and signal processing expertise.
    • Showcased our AI rack-scale vision with a full portfolio of purpose-built connectivity solutions at the 2025 Open Compute Project (OCP) Global Summit built across a multitude of open standards including PCIe, UALink, Ethernet, CXL, and OpenBMC. Live demos highlighted state-of-the-art silicon, hardware, and software solutions enabling an open and collaborative ecosystem for optimizing rack-scale performance and flexibility. Our experts also delivered six technical sessions on topics including UALink deployment strategies and PCIe security.
    • Announced new comprehensive collaborations spanning GPU, CPU, cables, connectors, ODMs, IP design and verification, and software management providers to accelerate AI Infrastructure 2.0 deployment through open standards. Collaborations with AMD, Amphenol, Arm, ASPEED, Cadence Design Systems, Eoptolink, Ingrasys, Insyde Software, Molex, Quanta Computer, Synopsys, TE Connectivity, Wistron, and Wiwynn are driving rack-scale innovation with an open ecosystem.
    • Joined Arm Total Design to accelerate and simplify custom SoC development based on Arm Neoverse Compute Subsystems (CSS). As a key design services partner, Astera Labs will provide multi-protocol chiplet solutions via its proven Intelligent Connectivity Platform. The collaboration enables customers to build platform-specific AI infrastructure with validated, interoperable connectivity solutions.

    Fourth Quarter of Fiscal 2025 Financial Outlook

    Based on current business trends and conditions, Astera Labs estimates the following:

    GAAP Financial Outlook:

    • Revenue within a range of $245 million to $253 million
    • GAAP gross margin of approximately 75%
    • GAAP operating expenses within a range of approximately $129 million to $134 million
    • GAAP tax rate of approximately 45%
    • GAAP diluted earnings per share of approximately $0.20 weighted-average diluted shares outstanding of approximately 183 million

    Non-GAAP Financial Outlook (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of approximately 75%
    • Non-GAAP operating expenses within a range of approximately $85 million to $90 million
    • Non-GAAP tax rate of approximately 15%
    • Non-GAAP diluted earnings per share of approximately $0.51 on non-GAAP weighted-average diluted shares outstanding of approximately 183 million

    Earnings Webcast and Conference Call

    Astera Labs will host a conference call to review its financial results for the third quarter of fiscal 2025 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 5908687. The call will also be webcast and can be accessed at the Astera Labs website at https://ir.asteralabs.com/. The webcast will be recorded and available for replay on the company's website for the next six months.

    Discussion of Non-GAAP Financial Measures

    We use certain non-GAAP financial measures, including those concerning our financial outlook, to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the closest GAAP measure can be found later in this release. The timing and impact of any adjustments to arrive at the corresponding GAAP financial measures concerning our financial outlook are inherently dependent on future events that are typically uncertain or that may be outside of our control. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income, non-GAAP pro forma diluted earnings per share, and non-GAAP pro forma weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income, non-GAAP pro forma diluted earnings per share, and non-GAAP pro forma weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    We adjust the following items from one or more of our non-GAAP financial measures:

    Stock-based compensation expense

    We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary significantly from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparisons of our business performance across periods.

    Employer payroll taxes related to stock-based compensation resulting from our IPO

    We exclude employer payroll taxes related to the time-based vesting and net settlement of restricted stock units in connection with our initial public offering (the "IPO"), because this does not correlate to the operation of our business. We believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.

    Income tax effect

    This represents the impact of the non-GAAP adjustments on an after-tax basis and one-off discrete tax adjustments that are unrelated to our core operating performance in connection with the presentation of non-GAAP net income and non-GAAP net income per diluted share. This approach is designed to enhance investors' ability to understand the impact of our non-GAAP tax expense on our current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.

    Non-GAAP pro forma weighted-average shares to compute non-GAAP pro forma net income per share

    We present non-GAAP pro forma weighted-average shares, assuming our redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements based on Astera Labs' current expectations. The words "accelerating," "advance," "aims," "anticipate," "beginning," "believe," "confidence," "committed," "continue," "deliver," "designed," "enable," "estimate," "expand," "expect," "forecasting," "forthcoming," "goal," "guidance," "intend," "look," "may," "momentum," "strategies," "on track," "opportunities," "positioning," "progress," "proliferate," "proposed," "prospects," "provide," "represents," "roadmaps," "should," "upside," "vision," "will," and similar phrases as they relate to Astera Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Astera Labs as of November 4, 2025, and are subject to various assumptions, beliefs, risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include, but are not limited to, statements regarding our future business, operating results, cash flow, financial position and guidance (and any underlying drivers), including for the fourth quarter of fiscal 2025; our business strategy, plans and market opportunities, our growth profile and our ability to further build upon our revenue base, expand our product offerings, increase our market opportunity, remain at the forefront of an AI infrastructure transformation, and scale our connectivity platform; our objectives for future operations; our production, development, shipping and delivery of, activity, applications and demand for, availability of, as well as absolute and relative revenue and growth (including the drivers) from, existing, new, growing or enhanced products, including continued expansion of PCIe 6 connectivity deployments into custom ASIC accelerator-based systems, growth of Ethernet SCMs across multiple 400G applications and continued wins for our Scorpio product family with hyperscaler customers and the performance and results of those products for our customers; the timing, impact and proliferation of different connectivity standards and demands; the plans and potential success of our announced and ongoing collaborations, partnerships and strategic relationships, including our Arm Total Design collaboration and the set of comprehensive collaborations spanning GPU, CPU, cables & connectors, ODM, software management, and IP/design & verification providers announced at the 2025 OCP; our competitive positioning and the impacts thereof; our R&D and strategic IP plans; our timing and ability to complete the acquisition of aiXscale Photonics and develop photonic scale-up solutions, and the anticipated effects and benefits associated with the acquisition; the size of our team; and maximize and future industry and macroeconomic conditions, events and trends such as in cloud and AI infrastructure as well as our preparedness and solutions for them. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation: the competitive and cyclical nature of the semiconductor industry; the concentration of our customer base; the changes in demand for AI; the macroeconomic and/or geopolitical environment, including economic uncertainty and volatility in the capital markets; risks that demand for our products and the supply chain may be adversely affected, including by the imposition of tariffs by the United States or any other jurisdiction and any corresponding retaliatory tariffs, changes in political policies, military conflict (such as between Russia/Ukraine and Israel/Hamas), terrorism, sanctions or other geopolitical events globally (including conflict between Taiwan and China); quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with managing international activities (including trade barriers, particularly with respect to China); our ability to successfully complete acquisitions and to integrate newly acquired businesses and offerings; absence of long-term commitments from customers; risks that Astera Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; stock price volatility; information technology risks, including cyber-attacks against Astera Labs' products and its networks; and other risks and uncertainties that are detailed under the caption "Risk Factors" and elsewhere in our Annual Report on 10-K, as filed with the Securities and Exchange Commission (the "SEC") on February 14, 2025, and in subsequent Quarterly Reports on Form 10-Q filed with the SEC and the other SEC filings and reports Astera Labs may make from time to time.  Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not unduly rely on any of the forward-looking statements. Astera Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    About Astera Labs

    Astera Labs (NASDAQ:ALAB) provides rack-scale AI infrastructure through purpose-built connectivity solutions grounded in open standards. By collaborating with hyperscalers and ecosystem partners, Astera Labs enables organizations to unlock the full potential of modern AI. Astera Labs' Intelligent Connectivity Platform integrates CXL®, Ethernet, PCIe®, and UALink™ semiconductor-based technologies with the company's COSMOS software suite to unify diverse components into cohesive, flexible systems that deliver end-to-end scale-up, and scale-out connectivity. Discover more at www.asteralabs.com.

      
    ASTERA LABS, INC.



    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

    (In thousands)
      
     As of
     September 30,

    2025
     December 31,

    2024
    Assets   
    Current assets   
    Cash and cash equivalents$140,407  $79,551 
    Marketable securities 994,021   834,750 
    Accounts receivable, net 42,898   38,811 
    Inventory 51,663   43,215 
    Prepaid expenses and other current assets 61,170   16,652 
    Total current assets 1,290,159   1,012,979 
    Property and equipment, net 72,482   35,651 
    Other assets 38,541   5,878 
    Total assets$1,401,182  $1,054,508 
        
    Liabilities and Stockholders' Equity
    Current liabilities   
    Accounts payable$25,811  $26,918 
    Accrued expenses and other current liabilities 75,147   59,624 
    Total current liabilities 100,958   86,542 
    Other liabilities 28,493   3,167 
    Total liabilities 129,451   89,709 
        
    Stockholders' equity   
    Common stock 17   16 
    Additional paid-in capital 1,302,261   1,173,153 
    Accumulated other comprehensive income 4,097   426 
    Accumulated deficit (34,644)  (208,796)
    Total stockholders' equity 1,271,731   964,799 
    Total liabilities and stockholders' equity$1,401,182  $1,054,508 
            



    ASTERA LABS, INC.



    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

    (In thousands, except per share amounts)
        
     Three Months Ended Nine Months Ended
     September 30,

    2025
     June 30,

    2025
     September 30,

    2024
     September 30,

    2025
     September 30,

    2024
    Revenue$230,575  $191,925  $113,086  $581,942  $255,194 
    Cost of revenue 54,763   46,362   25,209   141,156   56,943 
    Gross profit 175,812   145,563   87,877   440,786   198,251 
              
    Operating expenses         
    Research and development 78,928   66,724   50,659   210,206   144,306 
    Sales and marketing 19,359   18,609   23,248   59,670   100,834 
    General and administrative 22,119   20,456   22,866   64,445   69,321 
    Total operating expenses 120,406   105,789   96,773   334,321   314,461 
    Operating income (loss) 55,406   39,774   (8,896)  106,465   (116,210)
    Interest income 11,456   10,885   10,912   32,773   23,730 
    Income (loss) before income taxes 66,862   50,659   2,016   139,238   (92,480)
    Income tax (benefit) provision (24,252)  (560)  9,609   (34,914)  15,654 
    Net income (loss)$91,114  $51,219  $(7,593) $174,152  $(108,134)
              
    Net income (loss) per share attributable to common stockholders:    
    Basic$0.54  $0.31  $(0.05) $1.05  $(0.89)
    Diluted$0.50  $0.29  $(0.05) $0.97  $(0.89)
    Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders:         
    Basic 167,436   165,428   156,831   165,365   121,649 
    Diluted 180,631   178,100   156,831   178,961   121,649 
                        



    ASTERA LABS, INC.



    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

    (In thousands)
      
     Nine Months Ended

    September 30,
     2025 2024
    Cash flows from operating activities   
    Net income (loss)$174,152  $(108,134)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities   
    Stock-based compensation 118,659   186,370 
    Depreciation and amortization 3,983   2,180 
    Non-cash operating lease expense 2,290   1,687 
    Warrants contra revenue 4,016   946 
    Accretion of discounts on marketable securities (6,278)  (4,931)
    Other, net 231   1,014 
    Changes in operating assets and liabilities:   
    Accounts receivable, net (4,089)  (17,054)
    Inventory (7,106)  (1,271)
    Prepaid expenses and other assets (56,760)  (4,998)
    Accounts payable (1,088)  11,723 
    Accrued expenses and other liabilities (624)  31,094 
    Operating lease liability (3,345)  (1,653)
    Net cash provided by operating activities 224,041   96,973 
        
    Cash flows from investing activities   
    Purchases of property and equipment (18,855)  (18,797)
    Purchases of marketable securities (664,432)  (724,921)
    Sales and maturities of marketable securities 515,109   77,577 
    Other investing activities (500)  — 
    Net cash used in investing activities (168,678)  (666,141)
        
    Cash flows from financing activities   
    Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions —   672,198 
    Payment of deferred offering costs —   (4,801)
    Tax withholding related to net share settlements of restricted stock units —   (20,111)
    Proceeds from exercises of stock options, net of repurchases 1,730   2,901 
    Proceeds from employee stock purchase plan 4,345   — 
    Net cash provided by financing activities 6,075   650,187 
    Net increase in cash, cash equivalents, and restricted cash 61,438   81,019 
    Cash, cash equivalents, and restricted cash   
    Beginning of the period 80,044   45,098 
    End of the period$141,482  $126,117 
            



    ASTERA LABS, INC.



    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)

    (In thousands, except percentages and per share amounts)
        
     Three Months Ended Nine Months Ended
     September 30,

    2025
     June 30,

    2025
     September 30,

    2024
     September 30,

    2025
     September 30,

    2024
    GAAP gross profit$175,812  $145,563  $87,877  $440,786  $198,251 
    Stock-based compensation expense upon IPO(1) —   —   —   —   516 
    Stock-based compensation expense 379   353   102   694   198 
    Non-GAAP gross profit$176,191  $145,916  $87,979  $441,480  $198,965 
              
    GAAP gross margin 76.2%  75.8%  77.7%  75.7%  77.7%
    Stock-based compensation expense upon IPO(1) —   —   —   —   0.2 
    Stock-based compensation expense 0.2   0.2   0.1   0.1   0.1 
    Non-GAAP gross margin(2) 76.4%  76.0%  77.8%  75.9%  78.0%
              
    GAAP operating income (loss)$55,406  $39,774  $(8,896) $106,465  $(116,210)
    Stock-based compensation expense upon IPO(1) —   —   —   —   88,873 
    Stock-based compensation expense 40,739   35,474   45,535   118,659   97,497 
    Employer payroll tax related to stock-based compensation from IPO(3) —   —   —   —   1,072 
    Non-GAAP operating income$96,145  $75,248  $36,639  $225,124  $71,232 
              
    GAAP operating margin 24.0%  20.7% (7.9)%  18.3% (45.5)%
    Stock-based compensation expense upon IPO(1) —   —   —   —   34.8 
    Stock-based compensation expense 17.7   18.5   40.3   20.4   38.2 
    Employer payroll tax related to stock-based compensation from IPO(3) —   —   —   —   0.4 
    Non-GAAP operating margin 41.7%  39.2%  32.4%  38.7%  27.9%
              
    GAAP net income (loss)$91,114  $51,219  $(7,593) $174,152  $(108,134)
    Stock-based compensation expense upon IPO(1) —   —   —   —   88,873 
    Stock-based compensation expense 40,739   35,474   45,535   118,659   97,497 
    Employer payroll tax related to stock-based compensation from IPO(3) —   —   —   —   1,072 
    Income tax effect(4) (43,627)  (8,670)  2,340   (66,935)  (2,471)
    Non-GAAP net income$88,226  $78,023  $40,282  $225,876  $76,837 
              
    Net income (loss) per share attributable to common stockholders:    
    GAAP - basic$0.54  $0.31  $(0.05) $1.05  $(0.89)
    GAAP - diluted$0.50  $0.29  $(0.05) $0.97  $(0.89)
    Non-GAAP pro forma -diluted$0.49  $0.44  $0.23  $1.26  $0.46 
              
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders:
    GAAP - basic 167,436   165,428   156,831   165,365   121,649 
    GAAP - diluted 180,631   178,100   156,831   178,961   121,649 
    Non-GAAP pro forma - diluted(5) 180,631   178,100   173,832   178,961   165,463 
                        

    ____________________

    (1) Stock-based compensation expense recognized in connection 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.

    (2) Total may not sum due to rounding

    (3) Employer payroll taxes related to 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.

    (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 stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. We no longer maintain valuation allowance for non-GAAP purposes due to our profitability on a non-GAAP basis. For the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, the non-GAAP tax expense rate was approximately 18%, 9%, and 15%, respectively. For the nine months ended September 30, 2025 and 2024, the non-GAAP tax expense rate was approximately 12% and 19%, respectively.

    (5) We present the non-GAAP pro-forma weighted average shares to provide meaningful supplemental information of comparable shares for each period presented. The non-GAAP pro forma weighted average shares is calculated as follows:

     Three Months Ended Nine Months Ended
     September 30,

    2025
     June 30,

    2025
     September 30,

    2024
     September 30,

    2025
     September 30,

    2024
    Shares used to compute GAAP net income (loss) per share attributable to common stockholders - diluted180,631 178,100 156,831 178,961 121,649
    Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the periods— — — — 25,809
    Effect of dilutive equivalent shares— — 17,001 — 18,005
    Shares used to compute non-GAAP pro forma net income per share - diluted180,631 178,100 173,832 178,961 165,463
              



    ASTERA LABS, INC.,



    RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK (Unaudited)

    (In millions, except percentages and per share amounts)

      
     Outlook for Three Months Ending

    December 31, 2025
     Low High
    GAAP gross margin 75%  75%
    Stock-based compensation expense —   — 
    Non-GAAP gross margin 75%  75%
        
    GAAP operating expense$129  $134 
    Stock-based compensation expense 44   44 
    Non-GAAP operating expense$85  $90 
        
    GAAP tax rate 45%  45%
    Income tax effect (30)  (30)
    Non-GAAP tax rate 15%  15%
        
    GAAP EPS - diluted$0.20  $0.20 
    Stock-based compensation expense and income tax effect 0.31   0.31 
    Non-GAAP EPS - diluted$0.51  $0.51 
        



    ASTERA LABS, INC.



     SUPPLEMENTAL FINANCIAL INFORMATION



     STOCK-BASED COMPENSATION EXPENSE (Unaudited)

    (In thousands)
          
     Three Months Ended

     Nine Months Ended

     September 30,

    2025

     June 30,

    2025

     September 30,

    2024

     September 30,

    2025

     September 30,

    2024

    Cost of revenue$        379          $        353          $        102          $        694          $        714         
    Research and development         21,711                   17,852                   14,641                   58,749                   57,619         
    Sales and marketing         9,361                   9,194                   16,200                   30,874                   81,216         
    General and administrative         9,288                   8,075                   14,592                   28,342                   46,821         
    Total stock-based compensation expense (1)$        40,739          $        35,474          $        45,535          $        118,659          $        186,370         
                        

    ____________________

    (1) Stock-based compensation expense recognized during the nine months ended September 30, 2024 included $88.9 million of cumulative stock-based compensation expense related to 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.

    IR CONTACT: Leslie Green

    [email protected]



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