CBRS Reports Q1

Cerebras Systems (NASDAQ: CBRS ) released first-quarter financial results and hosted an earnings call on Tuesday.

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Access the full call at Watch the full earnings call below: Summary Cerebras Systems reported Q1 2026 revenue of $191.3 million, a 92% increase year-over-year, with core hardware revenue at $111.6 million and core cloud and services revenue at $79.8 million.

The company highlighted strategic partnerships with OpenAI and AWS, including a $20 billion agreement with OpenAI for Cerebras Compute over several years and a collaboration with AWS to deploy Cerebras systems in AWS data centers.

The company emphasized its wafer-scale architecture as a key differentiator, claiming it provides significant speed advantages over GPUs for AI inference.

Cerebras reported a near break-even core non-GAAP operating loss of $3.5 million, showing improved margins and a strong cash position with $3.3 billion in liquidity.

Future guidance includes Q2 revenue of approximately $194 million and full-year 2026 revenue in the range of $855 to $865 million, with expectations of continued strong demand and data center expansion.

Full Transcript OPERATOR Good afternoon and welcome to Cerebras Systems first quarter fiscal year 2026 earnings conference call.

Currently, all participants are in a listen-only mode.

Following management's prepared remarks, we will open the call for questions.

Please note that today's call is being recorded.

I will now turn the call over to Sean Dorsey, Head of Investor Relations.

Please go ahead.

Sean Dorsey, Head of Investor Relations Thank you, operator.

Good afternoon everyone and welcome to Cerebras Systems first earnings call as a public company.

Earlier today we issued our press release and posted our supplemental earnings presentation to the Investor Relations section of our website.

A replay of this webcast will also be available on our Investor Relations website following the call.

Joining me today are Andrew Feldman, our co-founder, Chief Executive and President, and Bob Komen, our Chief Financial Officer.

Before we begin, I would like to remind everyone that today's discussion will include forward-looking statements under the safe harbor of the Private Securities Litigation Reform Act of 1995.

These statements include, but are not limited to, statements regarding our future financial performance, business strategy, market opportunity, customer demand, product roadmap, technology leadership, supply chain operating model, and outlook for Q2 and full year 2026.

Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

These risks are described in our SEC filings, including our final prospectus related to our IPO and our future periodic filings with the SEC.

We undertake no obligation to update these forward-looking statements except as required by law.

During today's call, we will also discuss certain non-GAAP financial measures.

Reconciliations between GAAP and non-GAAP results are included in today's press release and supplemental materials which are available on the Investor Relations page of our website.

With that, I'll turn the call over to Andrew.

Andrew Feldman, Founder and CEO Thank you, Sean, and thank you everyone for joining us today.

This has been an extraordinary several months, and I want to begin by thanking our customers, our partners, suppliers, employees, and shareholders.

We would not be here without your trust and your support.

Earlier today, we posted our Q1 2026 results, and we delivered a strong quarter.

We delivered core revenue of 191.3 million, up 92% year over year.

Core hardware revenue contributed 111.6 million, up 60% year over year, while core cloud and services revenue contributed 79.8 million, up 167% year over year.

Bob will share more color on our financial results.

Shortly before Bob digs into that, I'd like to say a few things about the market.