Cerebras reported Q1 revenue of $193.4 M, up 94% year-over-year and above the $180.8 M consensus, but delivered EPS of $0.22 versus a $0.16 loss estimate. It announced a $20 B OpenAI partnership for 750 MW inference compute, guided 2026 revenue to $855-865 M and forecast Q2 gross margins of 36%-38%.
Cerebras posted Q1 revenue of $193.4 M, up 94% year-over-year and 13% sequentially, exceeding the $180.8 M consensus. It achieved 45% GAAP gross margin while non-GAAP loss narrowed to $2.5 M, yet delivered EPS of $0.22 versus an expected $0.16 loss estimate.
The company secured a multi-year OpenAI partnership valued at over $20 B to deploy 750 MW of inference compute and co-launched the Codex-Spark coding model delivering over 1,000 tokens per second. A separate AWS alliance will integrate Trainium 3 chips with CS-3 systems for global fast inference.
Cerebras guided 2026 revenue between $855 M and $865 M, implying 69% year-over-year growth, but forecast Q2 core gross margins of 36%-38%, down from Q1’s 47% non-GAAP margin. Market reaction saw shares fall over 9% after trading hours, reflecting concerns over near-term margin pressure.
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