Cerebras 8-K
PositiveEarningsGuidance raised
Fast-inference cloud growth drives capacity expansion; FY2026 core revenue guidance raised to $880M–$890M
Filed 2026-08-12 16:09 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 and FY2026 guidance. Core results (non-GAAP measures excluding stock-based compensation, customer-warrant amortization and data-center pass-throughs) show fast-inference cloud and other services revenue up 287% Y/Y, driving core total revenue up 103% Y/Y. The company reported $25.4B of remaining performance obligations and is expanding data-center and manufacturing capacity to serve demand.
For Q3, core operating margin guidance midpoint is (24%) vs (16%) in Q2; core gross margin midpoint is 39% vs 40.6%; core revenue midpoint is +2.4% Q/Q from $210M. FY2026 core revenue, gross-margin and operating-margin guidance was raised; management also plans to more than triple revenue in 2027.
Key Figures
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Revenue, GAAP | $180M, +74% Y/Y | $374M, +84% Y/Y |
| Revenue, non-GAAP core | $210M, +103% Y/Y | $401M, +98% Y/Y |
| Gross margin, GAAP | 14.2%, vs 31.1% | 29.9%, vs 36.3% |
| Gross margin, non-GAAP core | 40.6%, vs 31.2% | 43.4%, vs 36.6% |
| Operating loss, GAAP | $(477)M, vs $(57.2)M | $(492)M, vs $(85.7)M |
| Operating loss, non-GAAP core | $(33.6)M, loss narrowed 23% Y/Y | $(37.1)M, loss narrowed 41% Y/Y |
| Net income (loss) | $(451)M, vs $310M | $(465)M, vs $286M |
| Net loss, non-GAAP core | $(6.91)M, loss narrowed 83% Y/Y | $(9.39)M, loss narrowed 83% Y/Y |
| Diluted EPS, GAAP | $(2.98), vs $1.91 | $(4.34), vs $1.76 |
| Operating cash flow | — | $(47.5)M, vs $(124)M |
- GAAP cloud and other services revenue was $126.0M, up 281% Y/Y; the non-GAAP core measure was $127.7M, up 287% Y/Y.
- Q2 2025 other income included a $363M gain from extinguishment of a forward-contract liability. Q2 2026 GAAP operating expenses included $362M of stock-based compensation, a major item excluded from core results.
- Remaining performance obligations were $25.4B at quarter-end. More than 600 MW of data-center capacity was live or under contract for delivery by the end of 2027; manufacturing capacity is planned to increase more than 10x in 2026. Liquidity was $8.6B in cash, cash equivalents, restricted cash and short-term investments, with up to $850M of revolving credit capacity.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue, non-GAAP core | Q3 2026 | ≈$214M-$216M | — | — |
| Gross margin, non-GAAP core | Q3 2026 | 38%-40% | — | — |
| Operating margin, non-GAAP core | Q3 2026 | (25%) to (23%) | — | — |
| Revenue, non-GAAP core | FY2026 | $880M-$890M | — | Raised |
| Gross margin, non-GAAP core | FY2026 | 41%-43% | — | Raised |
| Operating margin, non-GAAP core | FY2026 | (19%) to (17%) | — | Raised |
| Revenue | FY2027 | Plan to more than triple revenue | — | — |
Investor Takeaways
- Watch whether the company brings the contracted data-center capacity online by the end of 2027 and expands manufacturing as planned; execution would support its stated 2027 revenue plan.
- AMD disaggregated inference is planned for production in Q4 2026, with throughput benefits of up to 5x; AWS Bedrock is expected to add the offering in Q1 2027. Those deployments will test whether partner integrations deliver the stated performance.
- Conversion of the $25.4B in remaining performance obligations into revenue, alongside continued cloud growth, will show whether demand for fast inference is translating into delivered business.
The summary is written by an AI model reading the filing.
Model 005 · prompt v173 · 2026-11-02 19:50:55Z