Cerebras Systems Announces Strong First Quarter 2026 Results

•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

SUNNYVALE, Calif. - June 23, 2026 - Cerebras Systems Inc. (NASDAQ: CBRS), maker of the world's fastest AI infrastructure, today 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, Cerebras co-founder and CEO. "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

oReached agreement for OpenAI to deploy 750 megawatts of Cerebras' high-speed inference compute over the next several years

oCo-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

oTogether 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

oKimi 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

oGemma 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% year-over-year

oHardware revenue of $110.6 million, up 59% year-over-year

oCloud and other services revenue of $82.8 million, up 178% year-over-year

•GAAP gross margin of 45%

oGAAP hardware gross margins of 41%

oGAAP 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% year-over-year

oCore hardware revenue of $111.6 million, up 60% year-over-year

oCore cloud and other services revenue of $79.8 million, up 167% year-over-year

•Core gross margin of 47%

oCore hardware gross margins of 42%

oCore 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:

oCore revenue of approximately $194.0 million, up 88% year-over-year

oCore gross margin in the range of 36 - 38%

oCore operating margins in the range of (30) to (32)%

Full Year Fiscal 2026 Financial Outlook

Core Non-GAAP Financial Outlook:

•Core revenue of $855.0 to 865.0 million, up 69% year-over-year at the midpoint

•Core gross margin in the range of 38 - 41%

•Core operating margins in the range of (28) to (32)%

Earnings Webcast and Conference Call

Cerebras Systems will host a conference call to review its financial results for the first quarter of fiscal 2026 and to discuss our financial outlook today at 2 p.m. PT (5 p.m. ET). Interested parties may join the conference call via the webcast and can be accessed at the Cerebras website at https://investors.cerebras.ai/. The webcast will be recorded and available for replay on the same website following the conclusion of the conference call.

About Cerebras Systems

Cerebras Systems (NASDAQ: CBRS) is building the world's fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. They believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud.

Investor Relations
Sean Dorsey
[email protected]