Cerebras Systems Stock CBRS
Cerebras Systems designs and manufactures AI compute hardware centered on its Wafer-Scale Engine chips and associated CS-series systems (CS-2, CS-3, CS-4), deployed in data centers for high-throughput AI inference workloads. Cerebras Systems stock (CBRS): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. Cerebras Systems stock (CBRS): listed on Nasdaq. NadirAlpha has evaluated 4 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: USD 180 million (+74% year on year). Latest reported (Q2 2026): remaining performance obligations, manufacturing capacity increase in 2026, GPT-5.6 Sol inference speed. Latest reading: Revenue decelerating, Net cash build, Partnership, Strategic pivot.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Cerebras Systems Current Status
Where Cerebras Systems stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“This was an outstanding quarter for Cerebras. Core revenue more than doubled to $210 million, and our cloud business nearly quadrupled year-over-year. Speed changes what AI can do. It makes AI more useful, more productive, and opens entirely new markets. As a result, the demand for fast inference is enormous and Cerebras is scaling to meet it, securing more data center capacity, expanding manufacturing, and growing with customers and partners including OpenAI, AWS, AMD, and CrowdStrike.”
“Our quarterly results exceeded our guidance across all core business metrics. The market has responded strongly to the value of fast inference. We significantly improved core gross and operating margins compared to a year ago. We have made rapid progress in key areas required to deliver exceptional growth against our remaining performance obligations of $25.4 billion, and plan to more than triple revenue in 2027.”
Cerebras Systems Stock: Key Figures ($ million)
Revenue, margin, earnings and EPS of Cerebras Systems per fiscal year, half-year and quarter in $ million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Quarters
| Period | Published | Revenue | Op. income | Net income | EPS ($) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-12 | 180.1 | -477.2 | -450.5 | -2.98 | -53.1 | -476.7 | 6,742.2 | -5,823.9 | 3 |
| 2026-Q1* | 2026-06-23 | 193.4 | -15 | -14 | -0.22 | 12.7 | -119.6 | 1,716 | -1,354.4~ | 1 |
| 2025-Q2* | 2026-08-12 | 103.3 | -57.2 | 309.5 | 1.91 | -38.3 | -155.8 | – | – | 3 |
| 2025-Q1* | 2026-06-23 | 99.5 | -28.5 | -23.9 | -0.46 | -15.4 | -153.2 | – | – | 1 |
Cerebras Systems Balance Sheet & Cash Flow ($ million)
Balance sheet and cash flow of Cerebras Systems up to Q2 2026 in $ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | Source |
|---|---|---|---|---|---|
| FY2025 | 2026-06-23 | 701.7 | 0 | -701.7 | 1 |
Quarters
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-12 | 6,742.2 | 918.2 | -5,823.9 | 24.4 | -59.8 | 416.9 | -476.7 | 3 |
| 2026-Q1 | 2026-06-23 | 1,716 | 361.6~ | -1,354.4~ | 18.2 | 12.3 | 132 | -119.6 | 1 |
| 2025-Q4 | 2026-06-23 | 701.7 | 0 | -701.7 | – | – | – | – | 1 |
| 2025-Q2 | 2026-08-12 | – | – | – | 5.4 | -68.9 | 86.8 | -155.8 | 3 |
| 2025-Q1 | 2026-06-23 | – | – | – | 3.9 | -54.9 | 98.2 | -153.2 | 1 |
Cerebras Systems Guidance Tracking (latest per metric/period · 9/9)
What Cerebras Systems guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Actuals: ratios in %
Direction: initiatedraised Verdict: misspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-12 | Gross margin (GAAP) | 41–43% | – | 4 | ||
| FY2026 | 2026-08-12 | Operating margin | 17–19% | – | 4 | ||
| FY2026 | 2026-08-12 | Core revenue | 880–890 | – | 4 | ||
| 2026-Q3 | 2026-08-12 | Gross margin (GAAP) | 38–40% | – | 4 | ||
| 2026-Q3 | 2026-08-12 | Operating margin | 23–25% | – | 4 | ||
| 2026-Q3 | 2026-08-12 | Core revenue | 214–216 | – | 4 | ||
| 2026-Q2 | 2026-06-23 | Gross margin (GAAP) | 36–38% | – | – | 1 | |
| 2026-Q2 | 2026-06-23 | Operating margin | -32–-30% | -265 | 1 | ||
| 2026-Q2 | 2026-06-23 | Core revenue | ~194 | – | – | 1 |
Cerebras Systems Stock: Price & Chart
Price history of Cerebras Systems stock (CBRS) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Cerebras Systems Event Timeline
What happened at Cerebras Systems since 2023: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology
2026 · 9 events
Cloud and other services revenue increased 281% for the three months ended June 30, 2026; core revenue more than doubled year-over-year to $210 million 3 4
Entered global hardware leasing agreement with AWS in June 2026 for joint compute solution deployment in AWS data centers, with disaggregated inference for Amazon Bedrock expected in Q1 2027 3 4
Net cash position expanded to USD 5,823.9 million from USD 701.7 million in 2025-Q4 (+730%, derived from reported financial debt minus cash). 3
Cerebras completed its IPO on May 15, 2026, issuing 34,500,000 Class A shares at $185.00 per share for net proceeds of approximately $6.2 billion, described as the largest semiconductor IPO of all time 1
“This was an outstanding start to 2026 for Cerebras. And we are proud of our achievements. AI has moved from being a novelty to being useful and productive. Cerebras' wafer-scale technology delivers the fastest AI in the world. And fast AI is more valuable than slow AI because it is more productive. It provides answers in less time. It delivers solutions in less time. This in turn has created significant momentum with pioneering customers like OpenAI and AWS and emerging customers as well. The growing importance of AI in our economy requires AI infrastructure that can power the most advanced applications at unprecedented speed. This is the Cerebras mission.”
Q1 total revenue of 193.4 million, up 94% year-over-year; hardware revenue up 59% and cloud and other services revenue up 178% year-over-year 2
Gross margin improved to 44.6% from 41.8% in Q1 2025, primarily driven by lower material costs and improved manufacturing efficiency in hardware 2
Cerebras began recognizing revenue under the OpenAI master relationship agreement for 750MW of AI inference compute capacity valued at more than $20 billion, and received a $1.0 billion working capital loan from OpenAI at 6% fixed rate in January 2026 2
EBITDA turned positive for the first time after 2 negative periods (-51.8 to +USD 3.1 million). 1
Cerebras Systems Business Model
What Cerebras Systems does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology
Cerebras Systems designs and manufactures AI compute hardware centered on its Wafer-Scale Engine chips and associated CS-series systems (CS-2, CS-3, CS-4), deployed in data centers for high-throughput AI inference workloads. Revenue is generated through two primary streams: hardware sales and leases to large enterprise and hyperscaler customers under multi-year capacity agreements, and cloud and other services comprising AI inference delivered through Cerebras' cloud platform on a subscription and consumption basis. The business is anchored by long-duration customer contracts, most notably the Master Relationship Agreement with OpenAI covering 750 MW of AI inference compute capacity with deployment through 2028 and an option for an additional 1.25 GW by end of 2030 3. The June 2026 AWS commercial agreement extends the hardware leasing model to a second hyperscaler. The cloud and services segment, growing at triple-digit rates, serves enterprise customers across finance, life sciences, and security. Manufacturing is outsourced to contract manufacturers including Flex, Sanmina, and Rocket EMS, with capacity planned to expand more than 10x in 2026 4.
Cerebras Systems Stock: Share-Price Drivers
What determines the business trajectory of Cerebras Systems according to management, summarised from the reports up to Q2 2026. NadirAlpha methodology
The OpenAI 750MW multi-year deployment agreement and the AWS commercial agreement expand contracted and distributed inference capacity, underpinning the revenue trajectory (revenue USD 180.1 million in 2026-Q2 versus USD 103.3 million in 2025-Q2), 1, 3
OpenAI 750MW multi-year deployment agreement signed and an OpenAI Master Relationship Agreement in place, adding contracted capacity, 1, 3
AWS partnership and AWS Commercial Agreement for fast-inference distribution, with disaggregated inference and throughput benefits expected on Amazon Bedrock and a disaggregated inference solution with AMD expected in production, 3, 4
Cerebras Inference cloud service in market, GPT-5.6 Sol enabled at 750 tokens per second, plus Codex-Spark co-launch with OpenAI and enterprise customer trials of Kimi K2.6 and Gemma 4, 1, 4
Revenue reached USD 180.1 million in 2026-Q2 against USD 103.3 million a year earlier and USD 193.4 million in the prior quarter, with growth flagged as accelerating and guidance raised, 4
Operating income was USD -477.2 million in 2026-Q2 versus USD -57.2 million a year earlier, with negative free cash flow of USD -476.7 million on capex of USD 416.9 million, 4
IPO completed and listing on Nasdaq, an $850 million revolving credit facility closed and a Series H preferred issuance, lifting cash to USD 6,742.2 million, 2, 3, 4
Sector trend: AI inference demand and deployed compute capacity are rising, reflected in higher contracted deployments, hyperscaler distribution and increasing model throughput such as 750 tokens per second, 1, 4. Profitability remains negative with operating losses widening and heavy capex and cash outflows accompanying the capacity build-out, 4.
Cerebras Systems Products & announcements (10/11 active+recent)
Product announcements of Cerebras Systems from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2027 | |||
| Cerebras disaggregated inference and throughput benefits expected on Amazon Bedrock | 2027-03 | 4 | |
| 2026 | |||
| Disaggregated inference solution with AMD expected in production | 2026-12 | 4 | |
| IPO completed | 2026-06 | 4 | |
| GPT-5.6 Sol support enabled at 750 tokens per second | 2026-06 | 4 | |
| Initial Public Offering | 2026-05 | 3 | |
| IPO and listing on Nasdaq | 2026-05 | 2 | |
| Revolving Credit Facility (2x) | 2026-04 | 4 | |
| Gemma 4 enterprise customer trials (2x) | 2026-03 | 1 | |
| Codex-Spark model co-launch with OpenAI | 2026-03 | 1 | |
| Series H redeemable convertible preferred stock issuance | 2026-01 | 2 | |
| 2024 | |||
| Cerebras Inference cloud service launch | 2024-08 | 2 | |
Cerebras Systems Transactions & Events (4)
Transactions of Cerebras Systems since 2023: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology
Partnerships and contracts of Cerebras Systems
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| AWS Commercial Agreement | 2026-06 | Agreement | 3 |
| OpenAI 750MW multi-year deployment agreement | 2026-03 | Agreement | 1 |
| AWS partnership for fast inference distribution | 2026-03 | Agreement | 1 |
| 2025 | |||
| OpenAI Master Relationship Agreement | 2025-12 | Agreement | 3 |
Cerebras Systems Risks (162 since the last annual report, 162 tracked in total)
Which risks Cerebras Systems has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: FinancialLegalSupply chainMacroGeopoliticsCustomersPeopleRegulatoryCompetitionCyberESGMarketTechnologywachstumStrategynaturkatastrophe
| Risk | Category | Last reported |
|---|---|---|
| Cerebras Systems: first mention in 8-K-EX99.1 earnings release of 2026-08-12 (2026-Q2), source 4 | ||
| Ability to sustain and manage growth, access borrowings and capital on acceptable terms | = | |
| Obligations under Master Relationship Agreement with OpenAI and potential impact of failure to meet obligations | = | |
| Limited operating history at current scale and ability to accurately forecast revenue | = | |
| Dependence on TSMC wafer supply for continued growth | = | |
| Historical reliance on hardware systems sales and early-stage, rapidly evolving cloud and AI infrastructure market | = | |
| Cerebras Systems: first mention in 10-Q quarterly report of 2026-08-12 (2026-Q2), source 3 | ||
| Customer advance funds held in trust may require refund on demand; tax obligations may arise before revenue recognition. | = | |
| Revolving Credit Facility entered April 2026; future drawdowns create leverage risk affecting operations and financing flexibility. | = | |
| Material weaknesses in internal controls over revenue, inventory, data center accounting | = | |
| If MRA terminated (except for OpenAI material uncured breach) or trigger events occur, OpenAI may control disposition of Working Capital Loan funds and require immediate repayment. | = | |
| Taiwan-based foundry operations vulnerable to geopolitical tensions | = | |
| Strategic partners G42 and MBZUAI in Middle East; wars and political instability impact operations | = | |
| Customer concentration and personnel in UAE exposed to regional conflicts | = | |
| Strategic partners G42 and MBZUAI headquartered in UAE, subject to export restrictions | = | |
| Limited experience evaluating data center providers; disputes with providers have been costly; delays in facility availability may cause missed customer obligations. | = | |
| Reliance on sole/single-source suppliers for critical components; qualification delays | = | |
| Single-source wafer foundry (TSMC); geopolitical and supply disruption exposure in Taiwan | = | |
| Dependence on co-founders and senior team; no key-person insurance policies | = | |
| Currently subject to lawsuits over copyrighted data used in AI model training | = | |
| Directors and officers indemnified to fullest extent permitted by Delaware law; directors' and officers' insurance may be inadequate. | = | |
| Class B common stock holds 99.2% of voting power post-IPO; concentrated control limits Class A shareholders' influence on corporate matters. | = | |
| MRA with OpenAI requires delivery of capacity tranches across specified data centers with minimum capacity thresholds; failure to deliver or service level failures allow OpenAI termination rights. | = | |
| OpenAI MRA service-level failure can trigger termination or customer refunds | = | |
| Revolving Credit Agreement imposes operational and financial restrictions including limitations on indebtedness, dividends, investments, liens, affiliate transactions, and asset transfers. | = | |
| NVIDIA and hyperscalers have greater resources; competitive pricing pressure from established players | = | |
| Cybersecurity breaches, ransomware, nation-state attacks threaten confidential data | = | |
| Data center facilities vulnerable to cybersecurity attacks, physical breaches, system failures that could disrupt service and impact customer relationships. | = | |
| Remote and hybrid work arrangements increase cybersecurity risks | = | |
| Reputational and legal liability risk from controversial AI models or misuse by customers | = | |
| Outstanding stock options and RSUs totaling approximately 55.8 million shares may cause dilution upon exercise and vesting. | = | |
| Inability to offset price reductions through volume or cost-reduction; margin erosion risk | = | |
| Rising data center energy costs; power supply constraints and volatility | = | |
| Approximately 171.1 million shares eligible for release from lock-up during 180-day Lock-up Period; sales could pressure stock price. | = | |
| Current-generation product pricing expected to decline; new releases may cannibalize existing sales | = | |
| Company has history of generating net losses; accumulated deficit of $1.4 billion; uncertain ability to achieve and maintain profitability. | = | |
| Potential China-Taiwan military conflict; semiconductor supply chain disruption risk | = | |
| U.S. trade restrictions, sanctions, export controls affecting international operations | = | |
| Resource-intensive sales; lengthy evaluation and approval processes delay revenue recognition | = | |
| Long lead times for wafers and components; demand forecasting mismatch risk | = | |
| Rising raw material and component costs; gross margin pressure | = | |
| Complex global supply chain vulnerable to natural disasters, geopolitical conflict, force majeure | = | |
| If domestic and global economic conditions worsen or AI technology adoption does not progress as expected, overall spending may be reduced. | = | |
| Recession, inflation, or slowdown may reduce customer technology spending | = | |
| 2025 U.S. tariff announcements and retaliatory measures; cost and market volatility | = | |
| Earthquakes, floods, power outages threaten San Francisco Bay Area operations | = | |
| Multi-class capital structure, staggered board, and Delaware law provisions (Section 203) protect against hostile takeovers but may limit shareholder value. | = | |
| Dodd-Frank conflict mineral due diligence increases sourcing costs | = | |
| Open-source software licensing obligations risk proprietary code disclosure | = | |
| Risk of securities class action litigation following stock price volatility; potential substantial costs and management distraction. | = | |
| EU AI Act and varying state AI laws create compliance uncertainty | = | |
| GDPR, UK GDPR, CCPA impose strict data processing requirements and fines | = | |
| Reliance on emerging growth company accounting standard exemptions may make financial statements less comparable to other public companies. | = | |
| Operating as public company requires compliance with securities exchange rules, SEC regulations, and increased audit and insurance expenses. | = | |
| Significant increased costs for compliance with Sarbanes-Oxley Act, Dodd-Frank, and exchange listing requirements; emerging growth company status temporary. | = | |
| AI model architectures evolving; customer demand may shift from current optimization targets | = | |
| Training data may contain biased, flawed, or unauthorized information | = | |
| Cloud-based platform requires significant capital expenditures for hardware, data centers, and personnel; may not lead to increased revenue. | = | |
| Inference solution launched 2024; uncertain market demand and customer adoption | = | |
| Internal IT systems and third-party provider failures disrupt business operations | = | |
| Long design cycles; risk of product obsolescence if AI workloads change direction | = | |
| Broader adoption and commercialization of AI technology and continued rapid developments inherently uncertain; new offerings may not be successful. | = | |
| Dependency on cloud and data center providers creates operational risks | = | |
| May not sustain historical growth rates; limited operating history at current scale makes forecasting difficult. | = | |
| Customers may develop internal AI solutions; commoditization risk as market matures | = | |
| Cerebras Systems: first mention in 10-Q quarterly report of 2026-06-24 (2026-Q1), source 2 | ||
| Material weaknesses identified in internal control over financial reporting; remediation ongoing with significant resource investment required. | 2026-Q2 2026-08-12 3 | |
| Net operating loss carryforwards subject to Section 382 ownership change limitations; existing NOLs may expire or become unavailable. | 2026-Q2 2026-08-12 3 | |
| Effective tax rate subject to change from U.S. and foreign tax law changes, CFC tested income rules, minimum taxes, and examination outcomes. | 2026-Q2 2026-08-12 3 | |
| AWS Commercial Agreement includes minimum manufacturing capacity guarantees and exclusivity provisions that may limit ability to satisfy other customers. | 2026-Q2 2026-08-12 3 | |
| U.S. export licenses required for CS-2/CS-3/CS-4 systems to UAE, compliance obligations | 2026-Q2 2026-08-12 3 | |
| Significant additional capital required for business growth; future financing on favorable terms not assured. | 2026-Q2 2026-08-12 3 | |
| Stock price subject to fluctuation from market conditions, competitive developments, analyst coverage, and semiconductor/AI industry dynamics. | 2026-Q2 2026-08-12 3 | |
| Depend on third-party suppliers including sole sources; substantially all manufacturing services and components procured on purchase order basis without capacity or volume commitments. | 2026-Q2 2026-08-12 3 | |
| Intense competition for engineering talent in AI industry; stock-price dependent retention risk | 2026-Q2 2026-08-12 3 | |
| Delaware Court of Chancery exclusive forum for derivative and fiduciary duty claims; federal courts exclusive for Securities Act claims; may increase investor costs. | 2026-Q2 2026-08-12 3 | |
| Third-party patent and IP litigation ongoing, costly to defend | 2026-Q2 2026-08-12 3 | |
| EU AI Act and emerging AI regulations; compliance costs and product/service limitations | 2026-Q2 2026-08-12 3 | |
| Government authorities may restrict data center development based on environmental considerations or impose energy efficiency requirements. | 2026-Q2 2026-08-12 3 | |
| Government contracts require security clearances, complex compliance, funding risk | 2026-Q2 2026-08-12 3 | |
| Complex hardware/software systems may contain defects, bugs, vulnerabilities; warranty and repair costs | 2026-Q2 2026-08-12 3 | |
| Cerebras Systems: first mention in 8-K-EX99.1 earnings release of 2026-06-23 (2026-Q1), source 1 | ||
| Potential impact of reduction in demand from or material adverse development in relationships with significant customers | 2026-Q2 2026-08-12 4 | |
| Long-term data center commitments vs. shorter customer contract terms; demand forecasting risk | 2026-Q2 2026-08-12 3 | |
| History of net losses and ability to achieve and maintain profitability uncertain | 2026-Q2 2026-08-12 4 | |
| Ability to launch new offerings and add new product capabilities | 2026-Q2 2026-08-12 4 | |
| Ability to compete effectively in rapidly evolving and competitive AI computing market | 2026-Q2 2026-08-12 4 | |
| Cerebras Systems: first mention in 10-Q quarterly report of 2026-06-24 (2026-Q1), source 2 | ||
| Third-party AI training data may lack proper rights or security measures. | = | |
| Remote work and third-party access increase cybersecurity breach risks. | = | |
| Third-party supplier compromises could disrupt IT systems and products. | = | |
| Failure to comply with debt covenants could trigger default and accelerate repayment. | = | |
| Customer advance funds may need to be refunded on demand if not used. | = | |
| Customer agreements for cloud offerings may be terminated, not renewed, or renewed on less favorable terms; could leave excess units and unrecoverable costs. | = | |
| Future leverage could restrict cash flow, operations, debt refinancing ability. | = | |
| Revolving Credit Facility restrictions limit strategic acquisitions and financing flexibility. | = | |
| Director and officer indemnification obligations may reduce funds available for third-party claim satisfaction. | = | |
| Multi-class structure may exclude company from certain stock indices, reducing institutional investment. | = | |
| Estimated 171.1 million shares releasing from lock-up could depress Class A stock price. | = | |
| Material weaknesses in internal controls over financial reporting identified. | = | |
| MRA and customer agreements contain service-level commitments; inability to meet commitments due to downtime could result in service credits, refunds, or damages. | = | |
| Supplier credit limits could require accelerated payments or alternate sources. | = | |
| Ongoing conflicts Russia-Ukraine, Middle East; Taiwan supply chain vulnerability; trade restrictions and sanctions risk | = | |
| Customer agreements including OpenAI MRA contain exclusivity provisions restricting support to certain competitors; limits customer base diversification. | = | |
| Under MRA with OpenAI, required to deliver capacity tranches across specified data centers with minimum thresholds on time-based milestones; failure to deliver or meet service levels could result in termination. | = | |
| $1.0 billion Working Capital Loan from OpenAI has repayment triggers; if MRA terminated except for OpenAI breach or trigger events occur, OpenAI may control funds and require immediate repayment. | = | |
| Data center agreements longer-term than customer agreements create mismatch in forecasting; volatility of industry makes demand forecasting difficult. | = | |
| Long-term data center lease commitments with high upfront costs and termination fees; disputes with providers could cause litigation costs and missed obligations. | = | |
| TSMC sole wafer foundry; no long-term commitments; geopolitical risks (Taiwan, South Korea) threaten supply | = | |
| San Francisco Bay Area seismic risk; headquarters and data centers exposed; inadequate business interruption insurance | = | |
| Taiwan foundry, suppliers in high geopolitical tension areas; earthquakes, typhoons, floods threaten supply continuity | = | |
| AI model training on copyrighted data subject to ongoing litigation risk. | = | |
| Potential 'controlled company' exemption could reduce governance requirements and stock attractiveness. | = | |
| Bayh-Dole Act could limit exclusive rights to government-funded inventions. | = | |
| Open-source software licensing could force disclosure of proprietary code. | = | |
| Inability to protect patents or maintain patent coverage competitively. | = | |
| Third-party intellectual property licensing could restrict own IP enforcement. | = | |
| Trade secret misappropriation or disclosure by employees or partners. | = | |
| Service-level commitment breaches; warranty and support costs; customer damages from non-performance; refund obligations | = | |
| Multi-class structure concentrates voting power with Class B holders (99.2% post-IPO). | = | |
| Product defects or failures could result in warranty claims exceeding reserves. | = | |
| Unavailability of third-party development tools could delay new product designs. | = | |
| Cyber-attacks increasingly sophisticated; personal data and proprietary information at risk; breach detection delays likely | = | |
| Security breaches could result in litigation, fines, notification costs. | = | |
| Third-party IT providers, cloud services vulnerable to breaches; vendor switching difficult; disaster recovery inadequacy risk | = | |
| Personal data processing; compliance with multiple jurisdictional privacy laws; breach notification obligations | = | |
| Slow analyst coverage and forecasting errors may cause stock price decline if guidance unmet. | = | |
| Limited operating history at current scale; difficulty forecasting revenue and predicting future financial performance accurately. | = | |
| Rising costs for data center energy; global energy market disruption and geopolitical factors affecting power supply and pricing. | = | |
| History of net losses; may not achieve adequate revenue growth to offset increasing expenses and maintain profitability. | = | |
| U.S. tariffs on imports 2025; retaliatory tariffs; trade disputes China-U.S.; export license requirements | = | |
| Changes to trade policy, tariffs or restrictions could impact supply chain. | = | |
| Geopolitical tensions could lead to additional export sanctions or restrictions. | = | |
| Long, unpredictable sales cycles; customer evaluation periods protracted; proof-of-concept resource intensive | = | |
| Limited suppliers for critical components; competitors may receive priority; capacity allocation risks | = | |
| Third-party data centers vulnerable to damage, disruption, power loss, cybersecurity attacks, and local administrative actions beyond company control. | = | |
| Price fluctuations and scarcity in raw materials and components; cost pass-through limitations | = | |
| Suppliers may cease operations or fail financially; alternate sources often unavailable or costly | = | |
| Long bills of materials with single-source suppliers; lead time risks; demand forecasting challenges | = | |
| Supply chain disruptions could prevent component sourcing or production. | = | |
| Government budget cycles and funding reductions affect public sector demand. | = | |
| Recession, inflation, credit tightening, interest rate increases may reduce customer technology spending | = | |
| Existing product pricing declines over time; competitive pricing pressures; commoditization risk | = | |
| Risks related to uncertain adoption of AI technology and cloud infrastructure; economic downturn could reduce spending. | = | |
| Early stages of cloud offerings in nascent, rapidly evolving market; substantial capital investments required with uncertain returns. | = | |
| May not sustain growth rate or manage future growth effectively in rapidly evolving AI market. | = | |
| Dependence on co-founders and senior management team; no key person insurance; replacement difficult | = | |
| If acquisitions pursued, unknown liabilities of target companies; IP infringement, tax liabilities, litigation risk | = | |
| Multi-class structure, classified board, and Delaware law provisions impair acquisition attempts. | = | |
| Patent portfolio maturity uncertain; competitors have more robust IP; licensing and enforcement challenges abroad | = | |
| Open-source software lacks warranties and may have security vulnerabilities. | = | |
| Future accounting standard changes could affect reported financial results. | = | |
| EU AI Act and evolving US AI regulations create compliance uncertainty. | = | |
| Dodd-Frank conflict minerals requirements increase sourcing and compliance costs. | = | |
| GDPR, UK GDPR, CCPA and evolving privacy laws increase compliance costs. | = | |
| Changes to data privacy laws regarding cross-border data transmission and data residency expectations may disproportionately impact cloud offerings. | = | |
| Extended transition period for accounting standards may reduce financial comparability and investor appeal. | = | |
| Subject to various governmental regulations; compliance may incur significant expense; failure to comply subject to penalties. | = | |
| Risks from unintended AI model consequences, IP infringement claims, harmful content, societal impact concerns | = | |
| Uncertain broader adoption of AI technology and rapid pace of AI developments; inability to expand applications or keep up with requirements would harm business. | = | |
| Advanced process nodes and packaging innovations required; tape-out failures carry high impact; yield uncertainty | = | |
| AI architectures evolving; existing solutions may become outdated without continuous innovation | = | |
| Dominant competitors have greater resources, scale, and established ecosystems; price erosion likely as market matures | = | |
| Industry consolidation strengthening competitors; M&A pipelines active among strategic players | = | |
| Cerebras Systems: first mention in 8-K-EX99.1 earnings release of 2026-06-23 (2026-Q1), source 1 | ||
| Ability to access borrowings and sources of capital on acceptable terms | = | |
| Forward-looking statements subject to risks and uncertainties | = | |
| Timing and execution of strategic customer, partner and financing arrangements | = | |
Cerebras Systems Reported KPIs (as disclosed) (37)
Figures Cerebras Systems discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Cerebras Systems, published 2026-08-12, period 2026-Q2 | ||
| working capital loan outstanding principal balance | $918.2 million | 3 |
| OpenAI committed capacity | 750MW | 3 |
| OpenAI additional capacity option | 1.25GW | 3 |
| marketable securities | $1.2 billion | 3 |
| cash, cash equivalents and restricted cash | $7.4 billion | 3 |
| accumulated deficit | $1.4 billion | 3 |
| remaining performance obligations | $25.4 billion | 4 |
| manufacturing capacity increase in | more than 10x | 4 |
| GPT-5.6 Sol inference speed | 750 tokens per second | 4 |
| disaggregated inference throughput increase with AMD | up to 5x | 4 |
| debt capacity | $850 million | 4 |
| data center capacity under contract | 600 MW | 4 |
| cash, cash equivalents, restricted cash, and short-term investments | $8.6 billion | 4 |
| Cerebras Systems, published 2026-06-24, period 2026-Q1 | ||
| working capital loan outstanding | $982.9 million | 2 |
| total revenue | $193,406 | 2 |
| sales and marketing | $14,701 | 2 |
| research and development | $75,495 | 2 |
| operating lease commitments | $460.3 million | 2 |
| net loss | $(14,006) | 2 |
| marketable securities | $515.6 million | 2 |
| loss from operations | $(15,037) | 2 |
| hardware revenue | $110,593 | 2 |
| gross profit | $86,176 | 2 |
| gross margin | 44.6% | 2 |
| general and administrative | $11,017 | 2 |
| cloud and other services revenue | $82,813 | 2 |
| cash and cash equivalents | $2.7 billion | 2 |
| accumulated deficit | $919.3 million | 2 |
| Cerebras Systems, published 2026-06-23, period 2026-Q1 | ||
| Core total revenue | $191.3 million | 1 |
| Core operating loss | -$3.5 million | 1 |
| Core net loss | -$2.5 million | 1 |
| Core hardware revenue | $111.6 million | 1 |
| Core hardware gross margins | 42% | 1 |
| Core gross margin | 47% | 1 |
| Core cloud and other services revenue | $79.8 million | 1 |
| Core cloud and other services gross margins | 53% | 1 |
| cash, cash equivalents, restricted cash, and short-term investments | $3.3 billion | 1 |
Cerebras Systems Development
The business development of Cerebras Systems period by period up to Q2 2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology
FY2026: Cerebras Systems
Cerebras delivered strong year-over-year revenue growth in both reported quarters of fiscal 2026, with Q1 total revenue of 193.4 million, up 94% year-over-year 2, and Q2 total revenue of 180.1 million, up 74% year-over-year 3. Cerebras Systems completed its initial public offering on May 15, 2026, raising net proceeds of approximately $6.2 billion 2 and ending Q2 with a net cash position of 5,823.9 million 3. GAAP operating losses widened to 477.2 million in Q2, largely driven by cumulative stock-based compensation expense of $366.8 million from RSU vesting triggered by the IPO liquidity event 2. Strategic backlog reached $25.4 billion in remaining performance obligations by the end of Q2, anchored by the OpenAI 750MW AI inference compute agreement and a new global hardware leasing partnership with AWS 4.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
All original documents NadirAlpha used for this report on Cerebras Systems stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology
| # | Document type | Published |
|---|---|---|
| #1 | 8-K-EX99.1 earnings release | 2026-06-23 |
| #2 | 10-Q quarterly report | 2026-06-24 |
| #3 | 10-Q quarterly report | 2026-08-12 |
| #4 | 8-K-EX99.1 earnings release | 2026-08-12 |
Cerebras Systems Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Gross margin (GAAP). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Cerebras Systems report?
As reported for Q2 2026: remaining performance obligations, manufacturing capacity increase in 2026, GPT-5.6 Sol inference speed, disaggregated inference throughput increase with AMD, debt capacity, data center capacity under contract. The chapter Reported KPIs lists every value with its source.
Where can I find the official investor relations documents of Cerebras Systems?
NadirAlpha links all 4 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, each with type, publication date and a direct link; every figure in the report carries a source number.