Cerebras 8-K

Summary

Q3 2026 results with Q4 and FY2026 guidance. Record GAAP revenue was $211M, up 55% Y/Y, as demand for high-speed inference drove the business. Core (non-GAAP) revenue growth slowed to +70% Y/Y from +103% in Q2; Core measures exclude stock-based compensation where applicable, customer-warrant amortization and pass-through revenue and costs.

For Q4, Core revenue guidance of $310M-$330M implies +38.6% Q/Q at the midpoint; Core gross margin is guided to 47%-49% vs 41.0% in Q3, and Core operating margin to -1%-1% vs -14.3%. FY2026 Core revenue guidance was raised to $940M-$960M from $880M-$890M, Core gross margin to 42%-44% from 41%-43%, and Core operating margin to -10%--8% from -19%--17%; the CEO also said the company expects to triple revenue in 2027.

Developments

• Oracle plans to make Cerebras’ high-speed inference available through Oracle Cloud Infrastructure in 2027. Cerebras also announced a deal with a top-three hyperscaler, with further details expected next year.
• Cerebras inference will power Bilt’s Neighborhood OS platform and Bilt Concierge AI assistant, serving a platform with eight million consumers and 50,000 businesses.
• The company has secured 700 gross megawatts of data-center capacity for delivery by the end of 2027, including additional capacity in Norway and Finland. It expects to exit 2026 with more than 10x its manufacturing capacity from the start of the year, supported by Flex and Sanmina.
• Cerebras says it is first to deliver production-scale heterogeneous disaggregated inference, which can provide up to 5x as many tokens from data-center capacity. Its CS-4 accelerator is expected to enter full production soon; CS-5, targeted for early summer 2027, is designed for up to 10,000 tokens per second per user.

Results with guidance

Metric	Guided for Q3 2026	Q3 2026 actual	9M 2026	Q4 2026 guide	FY2026 guide
Core revenue (non-GAAP)	$214M-$216M	$231M (beat)+70% Y/Y, +10% Q/Q	$632M+87% Y/Y	$310M-$330M+39% Q/Q at midpoint (better than reported)	$940M-$960Mraised from $880M-$890M
Core gross margin (non-GAAP)	38%-40%	41.0% (beat)+0.3 pp Y/Y, +0.4 pp Q/Q	42.5%+4.2 pp Y/Y	47%-49%+7.0 pp Q/Q at midpoint (better than reported)	42%-44%raised from 41%-43%
Core operating margin (non-GAAP)	-25%--23%	-14.3% (beat)-3.2 pp Y/Y, +1.7 pp Q/Q	-11.1%+12.0 pp Y/Y	-1%-1%+14.3 pp Q/Q at midpoint (better than reported)	-10%--8%raised from -19%--17%
Manufacturing capacity	—	—	—	—	at least 10reaffirmed from at least 10

Earlier guidance from the 8-K filed 2026-08-12.

Results without guidance

Metric	Q3 2026	Change	9M 2026
Operating income	-$224M	vs -$26.5M Y/Y, vs -$477M Q/Q	-$716Mvs -$112M Y/Y
Net income	-$161M	vs -$22.2M Y/Y, vs -$451M Q/Q	-$626M-338% Y/Y
Diluted EPS	-$0.67	vs -$0.41 Y/Y, vs -$2.98 Q/Q	-$4.13-357% Y/Y
Cash and cash equivalents	$3.07B	-54% Q/Q	—
Cash and marketable securities	$7.80B	—	—
Gross margin	20.0%	-20.6 pp Y/Y, +5.8 pp Q/Q	26.3%-11.8 pp Y/Y
Operating margin	-106.3%	-86.8 pp Y/Y, +158.7 pp Q/Q	-122.6%-89.5 pp Y/Y
Diluted shares	239M	+343% Y/Y, +58% Q/Q	152M-7.4% Y/Y

What moved the numbers

• GAAP cloud and other services revenue was $141.9M, up 265% Y/Y; hardware revenue was $68.9M vs $96.8M a year earlier, showing the shift toward cloud services.
• Remaining performance obligations were $26.1B as of 9/30/2026.
• Q3 noncash adjustments between GAAP and Core results included $155.1M of stock-based compensation and $36.4M of customer-warrant amortization.
• YTD operating cash flow was $(388.9)M, while purchases of property and equipment were $1.05B, reflecting investment in infrastructure capacity.

Other guidance (1)

Metric	Period	Guidance
Tokens per second	FY2027	10K

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.