Record results and raised outlook: Q2 core revenue rose 103% year over year to $209.9 million, while margins improved significantly. Cerebras raised its full-year core revenue forecast to $880 million–$890 million and expects more than $25 billion in remaining performance obligations. Major capacity expansion underway: The company secured more than 600 megawatts of data-center capacity through 2027 and plans manufacturing output to exceed ten times its 2025 level during 2026.
Management identified data-center availability as the primary bottleneck to growth. Technology and customer pipeline expanding: Cerebras is developing disaggregated inference partnerships with AMD and AWS, plans AWS Bedrock availability in early 2027, and signed six deals worth more than $30 million each in Q2. It also plans to unveil its fourth-generation CS-4 system and remains on track for CS-5 in the second half of 2027.
AMD and Cerebras Create A New Blueprint For Hardware Cerebras Systems (NASDAQ:CBRS) reported record second-quarter core revenue and raised its full-year outlook, as the AI infrastructure company said it is expanding data-center capacity, manufacturing output and customer deployments to support anticipated growth beginning in 2027. Chief Executive Officer Andrew Feldman said the company beat its guidance for core revenue, core gross margin and core operating margin during the quarter, which also included the completion of Cerebras' public offering. Management characterized 2026 as a "foundation-building year" as it prepares to serve more than $25 billion in remaining performance obligations, or RPO. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat CrowdStrike's Cerebras Deal Puts Its AI Security Strategy to the Test "We delivered record core revenue and beat guidance on all metrics," Feldman said.
He added that the company expects to more than triple core revenue in 2027 and continue growing at multiples in subsequent years, based on progress in capacity, technology and customer additions. Chief Financial Officer Bob Komin said second-quarter core revenue was $209.9 million, up 103% from a year earlier. Core cloud and other services revenue rose 287% year over year to $127.7 million, while core hardware revenue increased 17% to $82.1 million. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be AI Insider Activity: Are Sales Across 3 Key Stocks Noteworthy or Just Noise?
Komin said cloud and services growth reflected the ramp of the company's OpenAI deployment, greater usage from other cloud customers and timing related to hardware customers' data-center expansions. He said the company has several late-stage hardware opportunities representing hundreds of millions of dollars, along with new cloud opportunities for 2027. Core gross margin was 40.6%, up about 940 basis points from the prior-year quarter.
Core cloud and other services gross margin was 41.8%, improving 1,600 basis points year over year. Core hardware gross margin was 38.8%, up 510 basis points from a year earlier. Core operating loss was $33.6 million, while core operating margin improved to negative 16% from negative 42% a year earlier.
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