Cerebras Systems: Fiscal 2Q26 Financial Results

Summary:

GAAP cloud revenue grew 281%, core cloud revenue grew 287% from a year ago
600 MW of data center capacity now under contract
Manufacturing capacity to scale more than 10x in 2026
OpenAI launch partner for frontier model GPT-5.6 Sol
Partnerships with AMD and AWS establish Cerebras as the leader in disaggregated inference

Cerebras Systems, maker of a fast AI infrastructure, announced financial results for the second quarter ended June 30, 2026.“This was an outstanding quarter for Cerebras. Core revenue more than doubled to $210 million, and our cloud business nearly quadrupled year-over-year,” said Andrew Feldman, co-founder and CEO, Cerebras. “Speed changes what AI can do. It makes AI more useful, more productive, and opens entirely new markets. As a result, the demand for fast inference is enormous and Cerebras is scaling to meet it, securing more data center capacity, expanding manufacturing, and growing with customers and partners including OpenAI, AWS, AMD, and CrowdStrike.”

“Our quarterly results exceeded our guidance across all core business metrics. The market has responded strongly to the value of fast inference. We significantly improved core gross and operating margins compared to a year ago,” said Bob Komin, CFO, Cerebras. “We have made rapid progress in key areas required to deliver exceptional growth against our remaining performance obligations of $25.4 billion, and plan to more than triple revenue in 2027.”

Q2 2026 Financial Highlights
Core Financial Results are all non-GAAP metrics (and exclude the impacts of non-cash amortization of customer warrants and stock-based compensation, data center pass-through revenues and costs, and certain other items):

Record GAAP cloud and other services revenue of $126.0 million, up 281% YoY; Record core cloud and other services revenue of $127.7 million, up 287% YoY
GAAP total revenue of $180.1 million, up 74% YoY; Core total revenue of $209.9 million, up 103% YoY
GAAP gross margin of 14%; Core gross margin of 41%, an improvement of approximately 940 basis points from Q2’25
GAAP operating margin of (265%); Core operating margin of (16%), an improvement of approximately 2,600 basis points from Q2’25
Strong liquidity with cash, cash equivalents, restricted cash, and short-term investments of $8.6 billion and debt capacity of $850 million

Business Highlights: General

Successfully raised $6.4 billion in gross proceeds through our IPO and closed a revolving credit facility for up to $850 million to accelerate the pace of our data center acquisitions
$25.4 billion in remaining performance obligations as of June 30, 2026

Business Highlights: Capacity

Data Center Capacity Expansion: Increased data center capacity, live and under contract for delivery by the end of 2027 to more than 600 MW. Increased pipeline of data center opportunities to gigawatts
Manufacturing Capacity Expansion: New factory lines added at contract manufacturers Flex, Sanmina, and Rocket EMS. Manufacturing capacity to increase more than 10x in 2026
Supply Chain Capacity Expansion: Secured TSMC wafer supply needed for continued growth. Well positioned with other component vendors to meet the rapid growth forecasted in 2027 and beyond
Supply Chain Advantages: Through our wafer-scale architecture, we avoid many of the components that are currently in short supply. We do not use HBM memory, CoWoS packaging or 3nm fabrication technology, all of which are currently supply limited

Business Highlights: Capabilities

Enabled support for OpenAI GPT-5.6 Sol at 750 tokens per second
Stood up pioneering disaggregated inference solutions with AMD to deliver Cerebras speed while increasing throughput by up to 5x, which will be in production in Q4 2026
Deepened our partnership with AWS and expect to bring Cerebras’s disaggregated inference and the same 5x throughput benefits to Amazon Bedrock in the first quarter of 2027

Business Highlights: Customers

Signed new cloud capacity agreements with leading AI coding companies including Cognition and Lovable
Cerebras fast inference serves as the foundation for agentic flows in industries ranging from finance to life sciences with customers including Block, Figma, AlphaSense, and GSK
Pioneered a new segment of the security market with CrowdStrike. Cerebras fast inference enables inline security using LLMs for a large portion of enterprise traffic

Third Quarter 2026 Financial Outlook
Core Non-GAAP Financial Outlook: