CBRS · Cerebras Systems
5 filings
CBRS SEC Filings
Cerebras Systems - 5 total filings
CBRS filed 0 annual reports (10-K), 2 quarterly reports (10-Q) and 3 current reports (8-K) between 2026 and 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.
Cerebras Systems 8-K Report, Financial Results (Aug 12, 2026)
Cerebras Systems (CBRS) reported Q2 2026 results that show a sharp acceleration in its cloud business, with GAAP cloud and other services revenue of $126.0 million, up 281% year-over-year, and core cloud revenue of $127.7 million, up 287%. Total GAAP revenue was $180.1 million (up 74%), while non-GAAP core revenue was $209.9 million (up 103%). Core gross margin reached 41%, roughly 940 basis points higher than a year earlier, and core operating margin improved to (16%) from (42%). Management raised full-year 2026 core guidance across all metrics, now calling for core revenue of $880 to $890 million, and said it plans to more than triple revenue in 2027. The company ended the quarter with $8.6 billion in cash, restricted cash, and short-term investments, plus an $850 million revolving credit facility, following a $6.4 billion IPO. The GAAP picture is much weaker and investors should weigh it heavily. GAAP net loss for the quarter was $450.5 million, GAAP gross margin was 14%, and GAAP operating margin was (265%), driven by $377 million of stock-based compensation, $44 million of amortization of customer warrants recorded as contra-revenue, and a sharp rise in R&D expense to $320 million from $61 million. Management's non-GAAP adjustments exclude these items, pass-through revenue, and IPO-related payroll taxes, so the core metrics flatter reported profitability. The filing also shows a large increase in customer warrant assets ($1.13 billion combined current and non-current), a $1.25 billion working capital loan, and $25.4 billion in remaining performance obligations, which concentrate exposure on a small number of major customers such as OpenAI, G42, MBZUAI, and AWS. The quarter reflects a company in an aggressive buildout phase: data center capacity under contract has reached more than 600 MW, manufacturing capacity is expected to grow more than 10x in 2026, and new partnerships with OpenAI, AMD, and AWS were announced. Execution on capacity delivery, the cost structure behind the cloud business, and dependence on a few large customers will determine whether the revenue growth translates into GAAP profitability.
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.
Cerebras Systems 8-K Report, Financial Results (Jun 23, 2026)
Cerebras Systems reported first-quarter 2026 results (quarter ended March 31, 2026) that show strong top-line growth alongside a sharp expected margin decline. GAAP revenue was $193.4 million, up 94% year-over-year, and core revenue was $191.3 million, up 92%. Cloud and other services revenue rose 178% to $82.8 million, while hardware revenue rose 59% to $110.6 million. GAAP gross margin was 44.6% and core gross margin 46.5%. GAAP net loss narrowed to $14.0 million from $23.9 million a year earlier, and core operating loss improved to $3.5 million from $19.3 million. Adjusted EBITDA was positive at $12.7 million, compared with a $15.4 million loss a year earlier. The balance sheet changed substantially. Cash, restricted cash, and investments totaled about $3.3 billion at quarter-end, funded largely by the $1.0 billion Series H preferred round and a $1.0 billion working capital loan from OpenAI. Customer loans now total about $983 million, including $621 million current. Total liabilities rose to $2.2 billion, and the stockholders' deficit narrowed to $194.7 million from $578.7 million, partly because redeemable convertible preferred stock grew to $2.9 billion. Operating cash flow was modestly positive at $12.3 million, but capital expenditures of $132 million left free cash flow negative at roughly $120 million. The $6.4 billion IPO proceeds were received after quarter-end and are not reflected in these March 31 figures. The outlook is the main point for investors. Management guided second-quarter core revenue to about $194 million, roughly flat sequentially, with core gross margin falling to 36% to 38% and core operating margin to negative 30% to 32%. Full-year 2026 core revenue guidance of $855 million to $865 million, up about 69% at the midpoint, implies second-half revenue of roughly $470 million to $480 million, which requires a large ramp in deployments such as the OpenAI 750 MW commitment. The company also depends heavily on a few customers, including OpenAI and AWS, and the non-GAAP measures exclude stock-based compensation, customer warrant amortization, and pass-through items that affect comparability.
Cerebras Systems 8-K Report, Bylaw Amendment (May 15, 2026)
Cerebras Systems Inc. (CBRS) has filed an 8-K report detailing significant corporate actions coinciding with its initial public offering (IPO). The company has officially amended and restated its certificate of incorporation and bylaws, effective upon the closing of its IPO. These changes are crucial for establishing the company's new corporate structure as a publicly traded entity, aligning with the terms outlined in its final prospectus. The most significant event reported is the successful completion of Cerebras Systems' IPO on May 15, 2026. The company offered 34,500,000 shares of Class A common stock at $185.00 per share, including the full exercise of the underwriters' option. This resulted in substantial gross proceeds of $6.4 billion, positioning the company with significant capital for future growth and operations.