CBRS · Cerebras Systems
2 filings
CBRS 10-Q Quarterly Reports
Cerebras Systems - 2 quarterly reports
CBRS filed 0 annual reports (10-K), 2 quarterly reports (10-Q) and 3 current reports (8-K) between 2026 and 2026.
- 2026-Q2Aug 12, 2026
Cerebras Systems Quarterly Report for Q2 Ended Jun 30, 2026
Cerebras Systems (CBRS) reported a sharply higher revenue base but a widening GAAP loss in the quarter ended June 30, 2026, driven largely by IPO-related stock-based compensation. Q2 2026 total revenue was $180.1 million, up 74% year over year from $103.3 million, and six-month revenue was $373.5 million, up 84%. Cloud and other services revenue rose 281% in the quarter to $126.0 million, while hardware revenue fell 23% to $54.1 million. GAAP gross margin compressed to 14% from 31%, reflecting roughly $44.3 million of non-cash amortization of customer warrant assets recorded as a reduction of revenue, IPO-related stock-based compensation and payroll tax costs, and start-up costs for cloud capacity. GAAP net loss was $450.5 million for the quarter, versus net income of $309.5 million a year earlier, which had included a one-time $363.3 million gain from extinguishment of a forward contract liability. The balance sheet was transformed by the May 2026 IPO, which raised approximately $6.2 billion net, and by a $1.0 billion secured Working Capital Loan from OpenAI. Cash, cash equivalents, and restricted cash totaled $7.4 billion and marketable securities $1.2 billion at June 30, 2026, against $918.2 million of outstanding loan principal and $1.5 billion of total current liabilities. Management states liquidity is sufficient for at least 12 months. Company-defined core operating loss narrowed to $33.6 million in the quarter from $43.9 million, and core gross profit rose to $85.2 million from $32.3 million, but these non-GAAP measures exclude substantial recurring costs and should be weighed against GAAP results. Remaining performance obligations reached $25.4 billion, with a significant share tied to the OpenAI master relationship agreement covering 750MW of committed inference capacity. Investors should weigh the very high concentration of revenue and receivables among a few customers (OpenAI, G42, MBZUAI, AWS), the heavy capital and lease commitments for data centers (new non-cancelable leases of roughly $2.3 billion disclosed across Q2 and Q3), and disclosed material weaknesses in internal control over financial reporting, which mean disclosure controls were not effective as of June 30, 2026. Lock-up expirations beginning in the coming months could also add supply to the stock.
- 2026-Q1Jun 24, 2026
Cerebras Systems Quarterly Report for Q1 Ended Mar 31, 2026
Cerebras Systems (CBRS) reported Q1 2026 (three months ended March 31, 2026) revenue of $193.4 million, up 94% year over year from $99.5 million, with cloud and other services growing 178% to $82.8 million and hardware up 59% to $110.6 million. Gross margin expanded to 44.6% from 41.8%, and net loss narrowed to $14.0 million from $23.9 million. However, management flagged that gross margin is expected to be significantly lower in the near term because amortization of customer warrant assets (a non-cash reduction to revenue) and pass-through data center costs will weigh on reported results, and that overall gross profit will decline in absolute dollars as cloud capacity start-up costs are incurred. The balance sheet and liquidity picture changed sharply. Cash, cash equivalents and restricted cash rose to $2.7 billion, largely from a $1.0 billion Series H preferred raise and a $1.0 billion secured Working Capital Loan from OpenAI, which bears 6% interest and is repaid through non-cash service credits. Remaining performance obligations reached $25.0 billion, with a significant portion tied to OpenAI's 750MW Master Relationship Agreement. Customer concentration is extreme: Customer A (MBZUAI, per the risk factors) accounted for 63% of Q1 revenue, and three customers made up 86% of receivables. The company also disclosed material weaknesses in internal control over financial reporting, and its disclosure controls were concluded to be not effective as of March 31, 2026. Subsequent events are significant. The company completed its IPO on May 15, 2026, at $185.00 per share, raising about $6.2 billion net, and it entered a $850 million revolving credit facility upsized on June 17, 2026. It also signed an AWS commercial agreement with a warrant for up to 2.7 million Class N shares, and it has substantial new data center leases (about $1.6 billion of undiscounted commitments). Because the IPO's share count, proceeds and stock-based compensation effects are not reflected in Q1 figures, the next reported quarter should show materially higher stock-based compensation, including about $366.8 million of expected cumulative RSU expense in Q2 2026.