Cerebras Systems: Fiscal 1Q26 Financial Results

Summary:

GAAP quarterly revenue of $193.4 million; record core revenue of $191.3 million, up 92% from a year ago
Announced a multi-year deal with OpenAI for 750MW valued at more than $20 billion
Launched multi-year partnership with Amazon to bring Cerebras’ fast inference to AWS
Raised $6.4 billion in Q2 in largest semiconductor IPO of all time

Cerebras Systems Inc., maker of the world’s fastest AI infrastructure, announced financial results for the first quarter of fiscal year 2026, ended March 31, 2026.“This was an outstanding start to 2026 for Cerebras. And we are proud of our achievements,” said Andrew Feldman, co-founder and CEO, Cerebras. “AI has moved from being a novelty to being useful and productive. Cerebras’ wafer-scale technology delivers the fastest AI in the world. And fast AI is more valuable than slow AI because it is more productive. It provides answers in less time. It delivers solutions in less time. This in turn has created significant momentum with pioneering customers like OpenAI and AWS and emerging customers as well. The growing importance of AI in our economy requires AI infrastructure that can power the most advanced applications at unprecedented speed. This is the Cerebras mission.”

“Our strong financial performance in Q1 highlights the large and rapidly growing opportunity in front of us,” said Bob Komin, Cerebras CFO. “We are focused on innovating at the pace of demand, supporting accelerating investments in growth and capitalization on strategic opportunities while effectively managing our capital structure.”

Q1 2026 and Recent Business Highlights

Announced a multi-year deal with OpenAI valued at more than $20 billion
- Reached agreement for OpenAI to deploy 750 megawatts of Cerebras’ high-speed inference compute over the next several years
- Co-launched Codex-Spark, a model designed for near-instant coding and optimized for interactive work where latency matters, delivering more than 1,000 tokens per second
Began a multi-year partnership with AWS to bring fast inference to an even bigger scale through global distribution for every startup, AI native, and enterprise company
- Together with AWS, we will launch a disaggregated inference strategy, with AWS’s Trainium 3 chips performing the prefill and the Cerebras CS-3 running blisteringly fast inference for decode
Launched enterprise customer trials of Kimi K2.6 and Gemma 4
- Kimi K2.6, the leading open-weight frontier model and the first trillion-parameter model served on Cerebras, achieved performance approaching 1,000 tokens per second as independently measured by Artificial Analysis
- Gemma 4 31B, flagship of Google DeepMind’s open-weight Gemma family, runs an order of magnitude faster on Cerebras based on scores on the Artificial Analysis Intelligence Index, enabling image understanding at Cerebras speed
Raised $6.4 billion in gross proceeds through our IPO, in addition to the $1 billion Series H pre-IPO financing closed in February and the $1 billion working capital loan from OpenAI in January. Also, in April, Cerebras closed a revolving credit facility for up to $850 million from a broad syndicate of investment banks to further support the company’s strategy to accelerate the pace of our data center acquisitions

1Q 2026 Financial Highlights
GAAP Financial Results:

GAAP revenue of $193.4 million, up 13% sequentially and up 94% YoY
- Hardware revenue of $110.6 million, up 59% YoY
- Cloud and other services revenue of $82.8 million, up 178% YoY
GAAP gross margin of 45%
- GAAP hardware gross margins of 41%
- GAAP cloud and other services gross margins of 49%
GAAP loss from operations of $15.0 million
GAAP net loss of $14.0 million
Cash, cash equivalents, restricted cash, and short-term investments of $3.3 billion

Core Financial Results are all non-GAAP metrics (and exclude the impact of amortization of customer warrants, data center pass-through revenues and costs, stock-based compensation, and certain other items):

Core total revenue of $191.3 million, up 12% sequentially and up 92% YoY
- Core hardware revenue of $111.6 million, up 60% YoY
- Core cloud and other services revenue of $79.8 million, up 167% YoY
Core gross margin of 47%
- Core hardware gross margins of 42%
- Core cloud and other services gross margins of 53%
Core operating loss of $3.5 million
Core net loss of $2.5 million

Q2 2026 Financial Outlook

Core Non-GAAP Financial Outlook:
- Core revenue of approximately $194.0 million, up 88% YoY
- Core gross margin in the range of 36 – 38%
- Core operating margins in the range of (30) to (32)%

Full Year Fiscal 2026 Financial Outlook
Core Non-GAAP Financial Outlook: