Cerebras Systems (CBRS) reported a first-quarter 2026 loss of $0.04 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.14, marking a 71.43% earnings surprise. The company’s revenues were $193.4 million, reflecting a 94% increase year-over-year and exceeding estimates by 7.04%. Notably, hardware revenues were $110.6 million, a 59% increase, while cloud and other services revenues surged by 178% due to a new multi-year agreement with OpenAI.
The agreement with OpenAI, valued at over $20 billion, involves deploying 750 megawatts of high-speed inference compute over the coming years, contributing to the demand for AI infrastructure. Cerebras also launched a partnership with Amazon Web Services (AWS) to enhance its distribution, aiming for faster inference capabilities. The company’s adjusted EBITDA turned positive at $12.7 million, compared to a loss of $15.4 million in the previous year, with cash, cash equivalents, and investments totaling $3.3 billion as of March 31, 2026.
Looking ahead, Cerebras anticipates core revenue of approximately $194 million for Q2 2026, which signifies 88% year-over-year growth, and has a full-year revenue forecast of $855-$865 million, translating to a 69% annual increase. The core gross margin is expected to be between 38% and 41% for the year.
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