Cerebras Systems (CBRS) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $210.8M, up 55% YoY; Core revenue was $230.9M, up 70%, led by cloud and services.

• Core net income was $29.8M, while GAAP net loss was $161.2M; Q4 and FY 2026 Core guidance imply sharp growth.

• Inference demand, hyperscaler wins and a pipeline increase of more than 10x supported management’s expectation to triple revenue in 2027.

Financial highlights

• GAAP cloud and other services revenue was a record $141.9M, up 265% YoY; Core cloud and other services revenue was $144.9M, up 272%.

• GAAP hardware revenue was $68.9M, down 29% YoY; Core hardware revenue was $86.0M.

• GAAP gross profit was $42.1M; operating loss was $224.1M and net loss was $161.2M, versus a $22.2M net loss a year earlier.

• Core net income was $29.8M versus a $10.9M loss a year earlier; Q3 Core Adjusted EBITDA was a loss of $3.3M.

Outlook and guidance

• Q4 2026 Core revenue guidance is $310M–$330M, Core gross margin 47%–49%, and Core operating margin (1%)–1%.

• FY 2026 Core revenue guidance is $940M–$960M, Core gross margin 42%–44%, and Core operating margin (10%)–(8%).

• Management expects revenue to triple in 2027, with Core margins progressing toward long-term targets.

• Cloud growth is constrained by data-center capacity; Q4 cloud revenue is expected to be flattish QoQ as capacity additions ramp from December.