Cerebras Systems' revenue rose 94.4% to $193.4 million in the quarter to Mar 31, 2026, and its net loss narrowed to $14.0 million

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Cerebras Systems, which sells AI supercomputers for customers' own data centers and compute on its cloud, filed its 10-Q, the quarterly report a US-listed company files with the SEC, on Jun 24, 2026 for the quarter ended Mar 31, 2026. Revenue was $193.41 million, up 94.4% from $99.51 million in the same quarter a year earlier. Hardware revenue rose 59% to $110.6 million and cloud and other services revenue rose 178% to $82.8 million. The 10-Q credits the hardware gain to demand for on-premises systems and the cloud gain mainly to demand for its cloud inference services.1^,2^,3^,4^,5^,6^,7^,8^,9^,10

The operating loss was $15.04 million against $28.47 million a year earlier, and the net loss $14.01 million against $23.87 million, a diluted loss of $0.22 a share against $0.46.11^,12^,13^,14^,15^,16

One customer, listed as Customer A, accounted for 63% of revenue, against 24% a year earlier; Customer B, which the 10-Q treats as a related party of Customer A, accounted for 11%, against 64%. In December 2025 Cerebras signed a master relationship agreement under which OpenAI committed to buy 750MW of AI inference compute capacity and related services, with deployment expected, the 10-Q said, in tranches during 2026 through 2028. Cerebras recognized $16.9 million of revenue from the arrangement in the quarter, net of $0.8 million of warrant amortization, and the 10-Q reported $25.0 billion in remaining performance obligations, revenue still to be recognized under its contracts, a significant amount of it under the OpenAI agreement. The agreement came with a warrant issued to OpenAI to buy up to 33,445,026 Class N shares at $0.00001 each, vesting in tranches as milestones under the agreement are met. OpenAI also lent Cerebras about $1.0 billion in January 2026 through a secured promissory note, recorded as restricted cash on receipt, which Cerebras may repay in cash or with services and other non-cash credits. By Mar 31, 2026 no cash payments had been made on the note, and $21.7 million of non-cash billings had been credited against it.17^,18^,19^,20^,21^,22^,23^,24^,25^,26^,27^,28^,29

Cerebras completed its IPO on May 15, 2026, selling 34,500,000 Class A shares at $185.00 each for net proceeds of about $6.2 billion, which the Mar 31 statements do not reflect. At Mar 31 it held $2.7 billion in cash, cash equivalents and restricted cash and $515.6 million in marketable securities. The IPO satisfied a vesting condition on restricted stock units, and the 10-Q said Cerebras expected to record $366.8 million of cumulative stock-based compensation expense on them in the quarter to Jun 30, 2026. It had recognized none on those units in the first quarter, when its total stock-based compensation expense was $9.6 million. The board also granted performance-based restricted stock units in the first quarter, 5,700,000 to chief executive Andrew Feldman and 3,300,000 to the chief technology officer, that vest in three equal tranches on the achievement of market capitalization thresholds of $75.0 billion, $150.0 billion and $250.0 billion. The company's next 10-Q gave revenue of $180.11 million and an operating loss of $477.23 million for the quarter from Apr 1 to Jun 30, 2026.30^,31^,32^,33^,34^,35^,36^,37^,38^,39^,40^,41^,42

Our records hold revenue, operating income, net income and diluted earnings per share for the quarter, and keep one value for each period, so they cannot show whether the year-earlier figures were restated.43^,44