Cerebras Systems

Refresh delta (since 2026-06-29)

1. Q2 2026 revenue was $180.1M, up 74% YoY and below Q1's $193.4M. Quarter ended 2026-06-30: total revenue $180,110K vs $103,322K. Hardware was $54.1M (−23% YoY); Cloud and other services $126.0M (+281%). First-half revenue was $373.5M, up 84%. Q1 revenue matches the dossier's Q1 figure [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-12, https://www.sec.gov/Archives/edgar/data/2021728/000162828026056357/cbrs-20260630.htm].

2. GAAP loss from operations was $(477.2)M, most of it stock compensation tied to the IPO. Stock-based compensation and related payroll tax added back in the core reconciliation were in the quarter. Operating expenses were $502.8M vs $89.3M. R&D rose $259.4M, of which $228.0M was IPO-related stock-based compensation and related tax. Net loss was $(450.5)M, or $(2.98) per share on 151.0M weighted shares, against net income of $309.5M in Q2 2025, which included $368.4M of other income. First-half GAAP net loss was $(464.5)M.

3. GAAP gross margin was 14%, against the dossier's Q1 GAAP margin of 44.6%. Q2 gross profit was $25.6M. The 10-Q attributes the fall to amortisation of customer warrant assets as a reduction of revenue ($44.3M in the quarter, $46.3M in the half) and IPO-related stock compensation ($15.8M in cost of revenue). Hardware gross margin was 2% and cloud 20%.

4. Core measures, as the 10-Q defines them. Core gross profit was $85.2M, core operating loss $(33.6)M and core net loss $(6.9)M for Q2. Core gross margin. Core operating margin on the same base. The dossier recorded a Q2 core gross-margin guide of 36–38% and a core operating margin guide of −30/−32%; the guide's own revenue basis was not re-read here, so the comparison is indicative only.

5. Contracted backlog: $25.4B of remaining performance obligations at 2026-06-30, "a significant amount" tied to the OpenAI agreement. About 22% is expected within 24 months to 2028-06-30, 43% in months 25–48, and the rest later. OpenAI also holds an option for a further 1.25GW, for up to 2.0GW in total, in tranches by end-2030.

6. OpenAI revenue and financing. Revenue recognised under the OpenAI arrangement was $56.8M in Q2 and $74.4M in the half, net of customer-warrant amortisation of $2.5M and $3.3M. Gross of that amortisation. The ~$1.0B working-capital loan stood at $918.2M principal at 2026-06-30 ($736.0M current, $182.2M non-current), after $86.3M of non-cash repayments through services and other credits against $1,004.6M received in January. OpenAI-arrangement revenue of Q2 revenue.

7. Customer concentration, by letter. Customer A was 34% of Q2 revenue (49% for the half); Customer B 32% (20% for the half, and under 10% a year earlier); Customer C 10%. Customer A and Customer D (10% of the half) are related parties of each other under ASC 850. At 2026-06-30 Customer B was 57% of receivables and Customer D 19%. The 10-Q does not name any of them. The dossier's FY2025 figures (MBZUAI 62%, G42 24%) are from the 424B4, not from this filing.

8. Geography, Q2 2026 vs Q2 2025. United States $84.0M (vs $30.2M); EMEA $95.7M (vs $73.0M). Half-year US $154.1M vs $105.1M; EMEA $218.9M vs $97.6M. The dossier's FY2025 split was US $187.6M and EMEA $322.2M.

9. IPO proceeds and liquidity. The IPO closed 2026-05-15: 34,500,000 Class A shares at $185.00, including the full overallotment option, for net proceeds of about $6.2B. At 2026-06-30: cash $6,742.2M, restricted cash $684.7M, investments $1,179.4M. Stockholders' equity was $9,154.6M against a $(578.7)M deficit at 2025-12-31. The dossier's IPO net proceeds of ~$5,408.5M came from the prospectus.

10. Customer warrants and capex. Customer-warrant assets were $167.8M current plus $960.6M non-current against $152.4M at 2025-12-31; the remaining balance is amortised against revenue through October 2031. First-half capexCapital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. on property and equipment was $548.9M and operating cash flow $(47.5)M. Net property and equipment was $986.8M vs $437.4M. Customer deposits fell to $242.7M from $354.5M; inventories were $32.7M vs $63.6M at year end. The dossier carried inventory of $89.0M at 2026-03-31.

11. Share count and credit facility. At 2026-08-05: 112,247,109 Class A, 111,601,424 Class B and 13,715,508 Class N shares outstanding, against the dossier's 215,110,345 immediately after the IPO. A revolver agreed 2026-04-14 rose to $850.0M on 2026-06-17 (maturity 2031-04-14, $150.0M minimum liquidity covenant, nothing borrowed at 2026-06-30). The lock-up ends at the earlier of two trading days after Q3 2026 earnings and 180 days after the prospectus.

12. Legal. Part II Item 1 repeats that Cerebras is not presently a party to litigation it believes would have a material adverse effect.

Where the new facts touch the dossier's own lines (stated as fact; the lines stay as written). The verdict and seed describe revenue "86% UAE-concentrated (MBZUAI + G42, related parties)". The 10-Q's Q2 and half-year concentration table shows two related-party customers (A and D) at 34% and, for the half, 10%, and a new Customer B at 32% that the filing does not name. The seed's cash-and-valuation framing rests on web prices; the 10-Q has no market price, so the ~46x FY26-guide multiple is not recomputed. The seed's catalysts list the Q2 print and "OpenAI loan/warrant + revenue-recognition + related-party detail"; this 10-Q is that filing, and items 4 to 7 report what it says. The dossier states no live MarketCall tracks CBRS.

What held

• The business is still loss-making on a GAAP operating basis, now by far more because of IPO stock compensation (items 2, 3).
• Cloud is still the fast-growing line (+281% YoY) and hardware is shrinking year on year (item 1).
• The OpenAI loan and warrants are still on the balance sheet and still net against revenue and billings, with $86.3M of the loan already settled non-cash (items 6, 10).
• The 10-Q still discloses no material litigation (item 12).