Cerebras Systems Delivers Record Revenue in Third Quarter 2026, Raises Full-Year Outlook
SUNNYVALE, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems (NASDAQ: CBRS), maker of the world’s fastest AI infrastructure, today announced financial results for the third quarter ended September 30, 2026.
“Cerebras’ technology remains the undisputed champion of speed,” said Andrew Feldman, co-founder and CEO of Cerebras. “We’re giving customers more ways to access our technology and scale with us be it through direct system sales, Cerebras Cloud or third-party cloud providers. I’m proud of our team for delivering the performance and speed customers need to build entirely new applications and expand what AI can do. That progress energizes us to do even more as we push the limits of innovation and expect to triple revenue in 2027.”
“We exceeded our guidance across the board for the third quarter in a row and delivered sequential improvements on all core financial metrics,” said Bob Komin, CFO of Cerebras. “We won new marquee customers, including hyperscalers, neoclouds and large enterprises. And we saw our pipeline for high-speed AI inference increase by more than 10x in the quarter.”
Q3 2026 Financial Highlights
GAAP Financial Results
Core Financial Results (Non-GAAP)
Core results exclude the impacts of non-cash amortization of customer warrants and stock-based compensation, data center pass-through revenues and costs, and certain other items.
Fourth Quarter 2026 Financial Outlook
Full Year 2026 Financial Outlook
Liquidity
Business Highlights: General
Business Highlights: Customers
Cerebras is rapidly expanding its customer base, broadening its reach and diversifying its revenue.
Business Highlights: Capacity
Global data center capacity and manufacturing capacity continue to grow.
Business Highlights: Capabilities
Cerebras is advancing capabilities on every front: new systems and processors, improved software, advanced manufacturing techniques, and partnerships that deliver best-in-industry solutions.
Upcoming Investor Events
Cerebras will participate in the following events with the financial community:
TomorrowX Summit, Austin, TX
Tuesday, November 17, 2026
Barclays Global Technology Conference, San Francisco, CA
Wednesday, December 9, 2026
Earnings Webcast and Conference Call
Cerebras Systems will host a conference call to review its financial results for the third quarter of 2026 and to discuss our financial outlook today at 2 p.m. PT (5 p.m. ET). Interested parties may join the conference call via the webcast and can be accessed at the Cerebras website at https://investors.cerebras.ai/. The webcast will be recorded and available for replay on the same website following the conclusion of the conference call.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. Cerebras believes that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. For more information, visit cerebras.ai
Contacts
Investor Relations
Sean Dorsey
investors@cerebras.ai
Media & Analyst Relations
Kriselle Laran
pr@cerebras.ai
Cerebras Disclosure Information
Cerebras uses its blog (cerebras.ai/blog), its investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras’ press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements about: demand for high-speed AI inference and long-term growth; the fourth quarter and full year 2026 financial outlook; tripling revenue in 2027; data center capacity and the timing of delivery; the Mikkeli, Finland data center; expanding data center geographic and infrastructure reach across Europe and Canada, and establishing first presence in South America; the performance, efficiency and scalability of CS-4 and CS-5, and the targeted timing of the CS-5 AI accelerator; the timing and expected benefits of customer and partner relationships, including the partnership with hyperscalers, availability in Oracle Cloud Infrastructure in 2027, expanding access of high-speed inference to European customers, powering the new Bilt Neighborhood OS platform and Bilt Concierge AI assistant to deliver faster, seamless interactions between the platform, consumers and businesses; and any assumptions relating to the foregoing. The words “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “objective,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.
Cerebras’ actual results or outcomes could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the SEC, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.
Reconciliation of GAAP Gross Profit to Core Gross Profit:
Reconciliation of GAAP Gross Margin to Core Gross Margin:
Reconciliation of GAAP Operating Expenses to Core Operating Expenses:
Reconciliation of GAAP Loss from Operations to Core Operating Loss:
Reconciliation of GAAP Operating Margin to Core Operating Margin:
Reconciliation of GAAP Loss from Operations to Core Adjusted EBITDA:
Reconciliation of GAAP Net Income (Loss) to Core Net Income (Loss):
Discussion of Non-GAAP Financial Measures
Use of non-GAAP financial measures
We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include core total revenue, core hardware revenue, core cloud and other services revenue, core gross profit, core hardware gross profit, core cloud and other services gross profit, core gross margin, core hardware gross margin, core cloud and other services gross margin, core operating loss, core operating margin, core net income (loss), and core adjusted earnings before interest, income tax, depreciation and amortization (“Core Adjusted EBITDA”). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.
Reconciliations of each of these non-GAAP financial measures to their most directly comparable GAAP measures for this quarter and prior periods are included in the tables below or elsewhere in the materials accompanying this press release.
Usefulness of non-GAAP financial measures to investors
By excluding certain items that may not be indicative of our recurring operating results from our core technology and service offerings and stock-based compensation from grants of equity awards, we believe that the non-GAAP metrics described below provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow additional information with respect to financial measures used by management in its financial and operational decision-making and may be useful to our institutional investors and the analyst community to help them analyze the health of our business. Disclosure of these non-GAAP financial measures also facilitates the comparisons of Cerebras’ operating performance with the performance of other companies in the same industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a manner comparable to their core operations.
Economic substance of and material limitations associated with non-GAAP financial measures used by Cerebras
Core revenue, core hardware revenue, core cloud and other services revenue, core gross profit, core hardware gross profit, core cloud and other services gross profit, core gross margin, core hardware gross margin, core cloud and other services gross margin, core operating loss, core operating margin, Core Adjusted EBITDA and core net income (loss) are adjusted, as applicable, to: (i) exclude non-cash stock-based compensation; (ii) exclude pass-through revenues and costs that are not part of our core technology and services offering; and (iii) add back non-cash amortization from customer warrants that is recorded as a reduction in revenues; (iv) exclude from core net income (loss) the effect of the change in fair value (extinguishment) of the forward contract liability; and (v) present employer payroll tax related to stock-based compensation from IPO as an offset to the stock-based compensation adjustment in calculating core net income (loss). Core adjusted EBITDA also excludes the impacts of depreciation and amortization.
Core gross margin, core hardware margin, and core cloud and other services margin represent core gross profit, core hardware gross profit, and core cloud and other services gross profit, respectively, expressed as a percentage of their corresponding core revenue.
More specifically, Cerebras makes the adjustments described above for the following reasons:
There are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results. Cerebras compensates for these limitations on the use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Cerebras also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure for this quarter and prior periods within this press release, and Cerebras encourages investors to review those reconciliations carefully.