# Astera Labs’ Three Largest Direct Customers Accounted for 77% of Q3 Revenue By John Kim Canonical URL: https://www.tokenpost.com/news/business/55772 Published: 2026-11-12T18:43:42.000Z Updated: 2026-11-12T18:43:42.000Z Section: Business > The disclosure came alongside record fiscal third-quarter revenue of $584.9 million and a year-over-year decline in GAAP gross margin to 72.3%. Three direct customers accounted for 77% of Astera Labs’ fiscal third-quarter 2026 revenue, concentrating sales among a small group as the AI connectivity company posted a quarterly record. The customers, identified only as Customer A, Customer B and Customer C, contributed 53%, 14% and 10%, respectively. Customer A’s share was more than twice the other two customers’ combined 24%. The percentages cover direct customers. Some direct customers are manufacturing partners that buy Astera Labs products for end customers, so the figures do not establish what share of revenue came from three final buyers. Revenue for the quarter ended Sept. 30, 2026, reached $584.9 million, up 154% from a year earlier and 49% from the prior quarter. Astera Labs sells connectivity products for cloud and AI systems across PCIe, Ethernet and CXL technology platforms. Higher demand for Scorpio, Aries and Taurus products drove increased unit shipments. A richer mix of hardware modules and Scorpio products raised average selling prices, while lower prices in some other product families partly offset that effect. Scorpio fabric switches became the company’s largest product family by revenue. GAAP gross margin declined to 72.3% from 76.2% in the year-earlier quarter, a decrease of 390 basis points. GAAP operating income was $179.1 million, and net income totaled $182.9 million. Astera Labs projected fiscal fourth-quarter revenue of $730 million to $750 million, GAAP gross margin of about 72% and diluted GAAP earnings per share of $1.13 to $1.17. The company’s results and outlook were also covered in [TokenPost’s earlier report on Astera Labs](). ## Links in this article - [TokenPost’s earlier report on Astera Labs](https://www.tokenpost.com/news/business/49087)