Cerebras Systems Inc. CBRS

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q2 · updated 2026-09-04 · ISIN US15675D1037

Revenue decelerating Net debt to net cash strategy: New market

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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

Cerebras Systems designs and manufactures AI compute hardware centered on its Wafer-Scale Engine chips and associated CS-series systems (CS-2, CS-3, CS-4), deployed in data centers for high-throughput AI inference workloads. Revenue is generated through two primary streams: hardware sales and leases to large enterprise and hyperscaler customers under multi-year capacity agreements, and cloud and other services comprising AI inference delivered through Cerebras' cloud platform on a subscription and consumption basis. The business is anchored by long-duration customer contracts, most notably the Master Relationship Agreement with OpenAI covering 750 MW of AI inference compute capacity with deployment through 2028 and an option for an additional 1.25 GW by end of 2030 ³. The June 2026 AWS commercial agreement extends the hardware leasing model to a second hyperscaler. The cloud and services segment, growing at triple-digit rates, serves enterprise customers across finance, life sciences, and security. Manufacturing is outsourced to contract manufacturers including Flex, Sanmina, and Rocket EMS, with capacity planned to expand more than 10x in 2026 ⁴.

Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

Cerebras Systems reported 2026-Q2 revenue of $180.1 million, an increase of 74% year-over-year, with cloud and other services revenue growing 281% over the same period ³. The quarter was defined by the completion of the company's initial public offering on May 15, 2026, which raised net proceeds of approximately $6.2 billion ³. Remaining performance obligations reached $25.4 billion, underpinned by the OpenAI Master Relationship Agreement and a global hardware leasing agreement with AWS signed in June 2026 ⁴. Net loss totaled $450.5 million, or $2.98 per diluted share, substantially elevated by a $366.8 million cumulative stock-based compensation charge triggered by IPO-related RSU vesting ².

Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-12):

„This was an outstanding quarter for Cerebras. Core revenue more than doubled to $210 million, and our cloud business nearly quadrupled year-over-year. 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.“ – Andrew Feldman, Co-founder and Chief Executive Officer ⁴

„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. 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.“ – Bob Komin, Chief Financial Officer ⁴

Revenue · 2026-Q2180$m+74.3 % vs. 2025-Q2

Net profit · 2026-Q2-450$m−245.6 % vs. 2025-Q2

EPS · 2026-Q2-2.98$−256.0 % vs. 2025-Q2

Revenue trend

Guidance

For FY2026, the company guides Gross margin (GAAP) to 41% - 43% (raised); Operating margin to (19%) to (17%) (raised); Core revenue to $880 to $890 million (raised). ⁴.

Profitability

Operating income for 2026-Q2 was -$477.2 million and net income was -$450.5 million, yielding diluted EPS of -$2.98. The period included approximately $366.8 million in cumulative stock-based compensation expense recognized upon the IPO liquidity event triggering RSU vesting ². Operating cash flow was -$59.8 million; capital expenditures totaled $416.9 million, producing free cash flow of -$476.7 million.

Leverage

Cash and equivalents stood at $6,742.2 million at quarter-end, yielding a net cash position of $5,823.9 million (reported net debt of -$5,823.9 million). The balance reflects approximately $6.2 billion in IPO net proceeds received in May 2026 and a $1.0 billion working capital loan from OpenAI at 6.0% fixed interest ³. The company also established an $850 million revolving credit facility in June 2026, upsized from an initial $250 million commitment entered in April 2026 ³. No LTM EBITDA figure is separately disclosed in the provided inputs; a Net-Debt/EBITDA ratio cannot be derived from available data.

Recurring

Cloud and other services revenue increased 281% for the three months ended June 30, 2026 compared to the same period in 2025, and 232% for the six months ended June 30, 2026 ³. The cloud segment, which delivers AI inference through Cerebras' cloud platform on a subscription and consumption basis, was described as having nearly quadrupled year-over-year ⁴. New cloud capacity agreements were signed in the quarter with AI coding companies Cognition and Lovable, adding to an existing enterprise customer base that includes Block, Figma, AlphaSense, GSK, and CrowdStrike ⁴.

Management view

Cerebras entered a global hardware leasing agreement with AWS in June 2026 for joint compute solution development and deployment in AWS data centers, with integration of disaggregated inference on Amazon Bedrock targeted for Q1 2027 ³ ⁴. The company was named as OpenAI's launch partner for the frontier model GPT-5.6 Sol, with Cerebras inference enabling support at 750 tokens per second ⁴. Manufacturing capacity is planned to increase more than 10x during 2026 through expanded lines at Flex, Sanmina, and Rocket EMS, and 600 MW of data center capacity was under contract with the pipeline described as expanding to gigawatts ⁴.

Change

Hardware revenue decreased 23% for the three months ended June 30, 2026 compared to the same period in 2025, primarily due to $28.0 million of customer warrant asset amortization recognized as a reduction of revenue ³. The GAAP operating loss of $477.2 million and net loss of $450.5 million were substantially elevated by the one-time $366.8 million stock-based compensation charge tied to IPO-triggered RSU vesting ². On a non-GAAP core basis, gross margin improved approximately 940 basis points to 41% and operating margin improved approximately 2,600 basis points to (16%) relative to Q2 2025 ⁴.

Risks (current)

U.S. export licenses are required for CS-2, CS-3, and CS-4 systems shipped to the UAE, creating ongoing regulatory compliance obligations ³. Material weaknesses in internal control over financial reporting were identified, with remediation ongoing and requiring significant resource investment ³. The OpenAI Master Relationship Agreement contains exclusivity provisions limiting customer base diversification, delivery milestones with termination rights, and triggers that could require immediate repayment of the $1.0 billion working capital loan; the AWS commercial agreement similarly includes minimum manufacturing capacity guarantees and exclusivity provisions that may limit availability to other customers ² ³. Data center lease commitments extend longer than customer agreements, creating a demand-forecasting mismatch in a volatile industry environment ².

New this reporting period

Cerebras completed its initial public offering on May 15, 2026, issuing 34,500,000 Class A shares at $185.00 per share with net proceeds of approximately $6.2 billion and listing on Nasdaq ³. A global hardware leasing agreement with AWS was entered in June 2026 for joint compute solutions and future Amazon Bedrock deployment, and the company was named launch partner for OpenAI's GPT-5.6 Sol with inference enabled at 750 tokens per second ³ ⁴. A revolving credit facility of $250 million was established on April 14, 2026 and upsized to $850 million on June 17, 2026 following IPO completion ³.

Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Scaling of the Cerebras inference cloud on the back of large hyperscaler and frontier-model commitments
Revenue rose to 180.1 in 2026-Q2 from 103.3 in 2025-Q2 with growth flagged accelerating, driven by a 750MW multi-year OpenAI deployment agreement and an AWS partnership for fast-inference distribution ¹ ⁴

OpenAI multi-year relationship (Master Relationship Agreement, 750MW deployment, Codex-Spark co-launch)
OpenAI 750MW multi-year deployment agreement (2026-Q1) and Codex-Spark model co-launch anchor a growing frontier-model workload pipeline ¹

Hyperscaler distribution via AWS (Commercial Agreement, Bedrock, disaggregated inference)
AWS Commercial Agreement (2026-Q2) and planned disaggregated inference/throughput benefits on Amazon Bedrock (2027-Q1) broaden the distribution channel ³ ⁴

Inference cloud model support and enterprise trials (GPT-5.6, Kimi K2.6, Gemma 4)
GPT-5.6 Sol support at 750 tokens/second plus Kimi K2.6 and Gemma 4 enterprise trials extend supported-model traction on the Cerebras Inference service launched 2024-08 ¹ ⁴

Capacity build-out and cash position after IPO
Capex of 416.9 in 2026-Q2 and a cash balance of 6742.2 following the IPO and an 850 million revolving credit facility fund deployment scale-up ⁴

Profitability and operating loss trajectory
Operating income of -477.2 and net income of -450.5 in 2026-Q2 widened versus prior quarters amid the capacity ramp ⁴

Sector trend: Demand-side KPIs point up, with accelerating revenue and raised guidance driven by frontier-model inference workloads and hyperscaler agreements ¹ ⁴. Profitability KPIs remain negative as heavy capex and operating losses accompany the utilisation build-out ⁴.

Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

2026 · 9 events

2026-Q2 · Apr – Jun 2026

revenue 2026-08-12
Q2 total revenue increased 74% YoY; cloud and other services revenue grew 281% YoY; core revenue more than doubled to $210M; six-month revenue up 84% YoY (³, ⁴)

Net debt to net cash 2026-08-12
Completed IPO on May 15, 2026, issuing 34,500,000 Class A shares at $185.00 per share with net proceeds of approximately $6.2 billion; ended Q2 with $6.74 billion cash and net cash of $5.82 billion (³)

New market 2026-08-12
Entered global hardware leasing agreement with AWS for joint compute deployment in AWS data centers with disaggregated inference targeting Amazon Bedrock in Q1 2027; remaining performance obligations reached $25.4 billion (³, ⁴)

Revenue decelerating 2026-08-12
Revenue growth decelerated to +74.3% YoY (prior period +94.4%). ³

2026-Q1 · Jan – Mar 2026

„This was an outstanding start to 2026 for Cerebras. And we are proud of our achievements. 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.“ – Andrew Feldman, co-founder and CEO ¹

Margin expanding 2026-06-24
Gross margin improved to 44.6% in Q1 2026 from 41.8% in Q1 2025, primarily driven by higher hardware gross margin from lower material costs and improved manufacturing efficiency (²)

Revenue accelerating ◦ 2026-06-23
Q1 total revenue reached $193.4M (+94% YoY); core revenue $191.3M (+92% YoY), with cloud and other services up 178% and hardware up 59% (¹)

New market 2026-06-23
Announced multi-year deal with OpenAI valued at more than $20 billion for 750MW AI inference compute deployment, with option for additional 1.25GW by end of 2030 (¹)

EBITDA turned positive 2026-06-23
EBITDA turned positive for the first time after 2 negative periods (-51.8 to +3.1 USDm). ¹

Net cash build 2026-06-23
Net cash position expanded to 1,354.4 USDm from 701.7 USDm in 2025-Q4 (+93%, derived from reported financial debt minus cash). ¹

Key Figures ($m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Revenue ($m) · quarterly basis, as reported

Net income ($m) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($m) · quarterly basis, as reported

Cash ($m) · quarterly basis, as reported

Debt ($m) · quarterly basis, as reported

Net Debt ($m) · quarterly basis, as reported

Capex ($m) · quarterly basis, as reported

FCF ($m) · quarterly basis, as reported

D&A ($m) · quarterly basis, as reported

Quarters

Amounts in $m · EPS in $ per share · as reported

Period	Published	Revenue	Op. income	Net income	EPS ($)	EBITDA (adj.)	FCF	Cash	Net Debt	Source
2026-Q2*	2026-08-12	180.1	-477.2	-450.5	-2.98	-53.1	-476.7	6,742.2	-5,823.9	³
2026-Q1*	2026-06-23	193.4	-15	-14	-0.22	12.7	-119.6	1,716	-1,354.4	¹
2025-Q2*	2026-08-12	103.3	-57.2	309.5	1.91	-38.3	-155.8	–	–	³
2025-Q1*	2026-06-23	99.5	-28.5	-23.9	-0.46	-15.4	-153.2	–	–	¹

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

Columns not reported in this reporting cadence are hidden: Op. income (adj.), EPS adj., Net Debt/EBITDA (not reported in any source for these periods).

Balance Sheet & Cash Flow ($m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in $m · as reported

Period	Published	Cash	Debt	Net Debt	Source
FY2025	2026-06-23	701.7	0	-701.7	¹

Quarters

Amounts in $m · as reported

Period	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
2026-Q2	2026-08-12	6,742.2	918.2	-5,823.9	24.4	-59.8	416.9	-476.7	³
2026-Q1	2026-06-23	1,716	361.6	-1,354.4	18.2	12.3	132	-119.6	¹
2025-Q4	2026-06-23	701.7	0	-701.7	–	–	–	–	¹
2025-Q2	2026-08-12	–	–	–	5.4	-68.9	86.8	-155.8	³
2025-Q1	2026-06-23	–	–	–	3.9	-54.9	98.2	-153.2	¹

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Products & M&A (10/11 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/Line	Since	Status	Source
Cerebras disaggregated inference and throughput benefits expected on Amazon Bedrock	2027-03	Planned	⁴
Disaggregated inference solution with AMD expected in production	2026-12	Planned	⁴
IPO completed	2026-06	Launched	⁴
GPT-5.6 Sol support enabled at 750 tokens per second	2026-06	Launched	⁴
Initial Public Offering	2026-05	Launched	³
IPO and listing on Nasdaq	2026-05	Launched	²
Revolving Credit Facility (2x)	2026-04	Launched	⁴
Gemma 4 enterprise customer trials (2x)	2026-03	Launched	¹
Codex-Spark model co-launch with OpenAI	2026-03	Launched	¹
Series H redeemable convertible preferred stock issuance	2026-01	Launched	²
Cerebras Inference cloud service launch	2024-08	Launched	²

M&A (4)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions · 4Divestitures/exits · 0

Acquisitions

Transaction / stake	Date	Type	Source
AWS Commercial Agreement	2026-06	Announced	³
OpenAI 750MW multi-year deployment agreement	2026-03	Announced	¹
AWS partnership for fast inference distribution	2026-03	Completed	¹
OpenAI Master Relationship Agreement	2025-12	Announced	³

Reported KPIs (as disclosed) (37)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

Date	Period	KPI	Value / change	Source
2026-08-12	2026-Q2	working capital loan outstanding principal balance	$918.2 million	³
2026-08-12	2026-Q2	OpenAI committed capacity	750MW	³
2026-08-12	2026-Q2	OpenAI additional capacity option	1.25GW	³
2026-08-12	2026-Q2	marketable securities	$1.2 billion	³
2026-08-12	2026-Q2	cash, cash equivalents and restricted cash	$7.4 billion	³
2026-08-12	2026-Q2	accumulated deficit	$1.4 billion	³
2026-08-12	2026-Q2	remaining performance obligations	$25.4 billion	⁴
2026-08-12	2026-Q2	manufacturing capacity increase in 2026	more than 10x	⁴
2026-08-12	2026-Q2	GPT-5.6 Sol inference speed	750 tokens per second	⁴
2026-08-12	2026-Q2	disaggregated inference throughput increase with AMD	up to 5x	⁴
2026-08-12	2026-Q2	debt capacity	$850 million	⁴
2026-08-12	2026-Q2	data center capacity under contract	600 MW	⁴
2026-08-12	2026-Q2	cash, cash equivalents, restricted cash, and short-term investments	$8.6 billion	⁴
2026-06-24	2026-Q2	working capital loan outstanding	$982.9 million	²
2026-06-24	2026-Q2	total revenue	$193,406	²
2026-06-24	2026-Q2	sales and marketing	$14,701	²
2026-06-24	2026-Q2	research and development	$75,495	²
2026-06-24	2026-Q2	operating lease commitments	$460.3 million	²
2026-06-24	2026-Q2	net loss	$(14,006)	²
2026-06-24	2026-Q2	marketable securities	$515.6 million	²
2026-06-24	2026-Q2	loss from operations	$(15,037)	²
2026-06-24	2026-Q2	hardware revenue	$110,593	²
2026-06-24	2026-Q2	gross profit	$86,176	²
2026-06-24	2026-Q2	gross margin	44.6%	²
2026-06-24	2026-Q2	general and administrative	$11,017	²
2026-06-24	2026-Q2	cloud and other services revenue	$82,813	²
2026-06-24	2026-Q2	cash and cash equivalents	$2.7 billion	²
2026-06-24	2026-Q2	accumulated deficit	$919.3 million	²
2026-06-23	2026-Q1	Core total revenue	$191.3 million	¹
2026-06-23	2026-Q1	Core operating loss	-$3.5 million	¹
2026-06-23	2026-Q1	Core net loss	-$2.5 million	¹
2026-06-23	2026-Q1	Core hardware revenue	$111.6 million	¹
2026-06-23	2026-Q1	Core hardware gross margins	42%	¹
2026-06-23	2026-Q1	Core gross margin	47%	¹
2026-06-23	2026-Q1	Core cloud and other services revenue	$79.8 million	¹
2026-06-23	2026-Q1	Core cloud and other services gross margins	53%	¹
2026-06-23	2026-Q1	cash, cash equivalents, restricted cash, and short-term investments	$3.3 billion	¹

▸ Earlier KPIs (+22)

Guidance Tracking (latest per metric/period · 9/9)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

Actuals: ratios in %

For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
FY2026	2026-08-12	Gross margin (GAAP)	41–43%	–	pending	raised	⁴
FY2026	2026-08-12	Operating margin	17–19%	–	pending	raised	⁴
FY2026	2026-08-12	Core revenue	880–890	–	pending	raised	⁴
2026-Q3	2026-08-12	Gross margin (GAAP)	38–40%	–	pending	initiated	⁴
2026-Q3	2026-08-12	Operating margin	23–25%	–	pending	initiated	⁴
2026-Q3	2026-08-12	Core revenue	214–216	–	pending	initiated	⁴
2026-Q2	2026-06-23	Gross margin (GAAP)	36–38%	–	–	initiated	¹
2026-Q2	2026-06-23	Operating margin	-32–-30%	-265	miss	initiated	¹
2026-Q2	2026-06-23	Core revenue	~194	–	–	initiated	¹

Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

In FY 2026 (through June 2026), Cerebras Systems reported Q1 revenue of $193.4 million, up 94% year-over-year, and Q2 revenue of $180.1 million, up 74% year-over-year, with cloud and other services revenue growing 281% in Q2 driven primarily by the OpenAI compute relationship (³). Core gross margin improved approximately 940 basis points year-over-year in Q2 to approximately 41%, reflecting lower material costs and improved manufacturing efficiency, and core operating margin improved approximately 2,600 basis points over the same period (⁴). The company completed its IPO on May 15, 2026, raising approximately $6.2 billion in net proceeds and exiting Q2 with $6.74 billion in cash and a net cash position of $5.82 billion (², ³). Q1 net loss narrowed to $14.0 million from $23.9 million in Q1 2025, while Q2 net loss expanded to $450.5 million, primarily reflecting $366.8 million in stock-based compensation triggered by IPO-related RSU vesting (²). Remaining performance obligations reached $25.4 billion at the end of Q2, underpinned by the 750MW OpenAI master relationship agreement and the AWS global hardware leasing agreement entered in June 2026 (⁴).

Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

4 documents · 2026 – 2026 · SEC EDGAR (USA)

#	Document type	Published	Link
#1	8-K-EX99.1	2026-06-23	Open
#2	10-Q	2026-06-24	Open
#3	10-Q	2026-08-12	Open
#4	8-K-EX99.1	2026-08-12	Open

FAQ#

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including Gross margin (GAAP). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Where can I find the official investor relations documents of Cerebras Systems Inc.?

The sources chapter links all 4 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.