Cerebras Systems (CBRS) investor relations material

Executive summary

• Delivered record core revenue in Q2 2026, surpassing guidance on all key metrics, with core revenue more than doubling year-over-year to $210 million and cloud business nearly quadrupling, driven by demand for fast inference and new partnerships.

• Completed a successful IPO, raising $6.4 billion and strengthening the balance sheet, ending Q2 with over $8.6 billion in cash and equivalents.

• Secured more than $25 billion in remaining performance obligations (RPO), providing strong visibility for future growth.

• Entered major agreements with OpenAI and AWS, including a multi-year AI compute deal and global hardware leasing.

• Positioned for more than 3x revenue growth in 2027, with continued expansion in capacity, capabilities, and customer base.

Financial highlights

• Q2 2026 core revenue reached $209.9 million, up 103% year-over-year; GAAP total revenue was $180.1 million, up 74%.

• Core cloud and services revenue was $127.7 million, up 287% year-over-year; hardware revenue was $82.1 million, up 17%.

• Core gross margin improved to 41%, up 940 basis points year-over-year; core operating margin improved to -16% from -42% a year ago.

• Net loss for Q2 2026: $(450.5) million, primarily due to IPO-related stock-based compensation and warrant amortization; core net loss (non-GAAP): $(6.9) million.

• Ended Q2 with over $8.6 billion in cash, restricted cash, and marketable securities.

Outlook and guidance

• Q3 2026 core revenue expected between $214 million and $216 million; core gross margin 38%-40%; core operating margin -25% to -23%.

• Full year 2026 guidance raised: core revenue $880 million-$890 million, core gross margin 41%-43%, core operating margin -19% to -17%.

• Expect core gross margin to improve significantly in Q4 2026 and trend toward 60%+ in 2027.

• Plans to more than triple revenue in 2027.