Cerebras Systems (CBRS) investor relations material

Company overview and business model

• Designs and manufactures wafer-scale AI compute systems and software for high-speed AI training and inference.

• Offers on-premises hardware, cloud-based solutions, and hybrid deployments to hyperscalers, enterprises, and Sovereign AI initiatives.

• Strategic partnerships with OpenAI, AWS, G42, and MBZUAI drive significant revenue and product co-development.

• Business model includes direct sales, cloud consumption, and recurring software/service revenue.

Financial performance and metrics

• Revenue grew from $24.6M (2022) to $78.7M (2023), $290.3M (2024), and $510.0M (2025), a 76% YoY increase in 2025.

• Gross margin was 39% in 2025, down from 42.3% in 2024 due to higher data center costs.

• Net income of $237.8M in 2025, compared to a net loss of $481.6M in 2024; non-GAAP net loss of $75.7M in 2025.

• Cash, cash equivalents, and restricted cash totaled $930.4M at year-end 2025; $1.0B Series H preferred stock and $1.0B OpenAI loan received in early 2026.

• $24.6B in remaining performance obligations as of December 31, 2025, largely from the OpenAI agreement.

Use of proceeds and capital allocation

• IPO expected to raise ~$4.49B net (up to $5.16B with over-allotment), based on $155/share midpoint.

• Proceeds to fund operations, working capital, capital expenditures, and potential acquisitions or investments.

• ~$329.6M allocated to satisfy tax withholding on RSU settlements at IPO.

• Management has broad discretion over use of funds; no current commitments for acquisitions.