Cerebras Q2 Core Revenue Doubles to $210M, Cloud Nearly Quadruples; FY26 Guidance Raised
CBRS sits 38% above its 52-week low of $160.81.
Summary
Cerebras reported Q2 core revenue of $209.9 million, up 103% year-over-year, with cloud revenue up 287%. Full-year 2026 core revenue guidance was raised to $880-$890 million, and the company disclosed $25.4 billion in remaining performance obligations.
Updates
· Benzinga — Adjusted loss per share was 4.5 cents, beating the 17-cent estimate. The company disclosed $25.4 billion in remaining performance obligations excluding AWS and hyperscaler backlog, and plans to unveil its CS-4 system next week.
· Dow Jones Newswires — CFO Bob Komin said core gross margin is pressured by renting back systems to meet inference demand, costing roughly 500 basis points, and will trough in Q3 before improving in Q4 as data-center capacity comes online. Cerebras ended the quarter with $25.4 billion in remaining performance obligations and over 600MW of data-center capacity delivered or contracted by end-2026.
· Dow Jones Newswires — Cerebras posted a $450.5 million Q2 net loss ($2.98/share) and revenue of $180.1 million, missing the $190.6 million consensus; shares fell 17% after hours to $218.63. Q3 core revenue guidance is $214M-$216M with core gross margin of 38%-40%.
Key Events · Earnings and Guidance · CBRS
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Q2 Core Revenue Doubles
Core total revenue reached $209.9 million, up 103% year-over-year, with core cloud and other services revenue of $127.7 million, up 287%.
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FY26 Guidance Raised
Full-year 2026 core revenue guidance was raised to $880-$890 million from $855-$865 million, and core gross margin to 41%-43% from 38%-40%.
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Remaining Performance Obligations
Remaining performance obligations stood at $25.4 billion as of June 30, 2026, providing multi-year revenue visibility.
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Capacity Expansion
Data center capacity under contract increased to more than 600 MW, and manufacturing capacity is expected to scale more than 10x in 2026.
Analysis · CBRS · Manufacturing
A blowout quarter for Cerebras: core revenue more than doubled year-over-year to $209.9 million, driven by cloud revenue that nearly quadrupled. Full-year 2026 core revenue guidance was raised to $880-$890 million and gross margin to 41%-43%, while the company also disclosed $25.4 billion in remaining performance obligations and 600 MW of data center capacity under contract. Despite a GAAP net loss of $450.5 million, the core operating loss narrowed dramatically to $33.6 million, and the company holds $8.6 billion in cash and investments. These results validate the OpenAI and AWS partnerships and position Cerebras for aggressive scaling in 2027.
How filings like this one have moved
In the 30 days to Oct 3, 2026, 40.9% of the 320 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.38%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CBRS was trading at $222.29 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $72.7B. The 52-week trading range was $160.81 to $386.34. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.