Cerebras forecast Q2 gross margins of 36–38%, down from 47% in Q1, sending shares down 10% despite projected revenue of $194 million, up 88% year-over-year. It secured a multiyear OpenAI deal valued over $20 billion for 750 megawatts of inference capacity and began an AWS partnership.
Shares of Cerebras Systems slid about 10% after management lowered expected core gross margins for fiscal Q2 to 36%–38%, overshadowing strong top-line growth and a Q1 beat.
In Q1 fiscal 2026, revenue reached $193.4 million, a 94% year-over-year increase, and net loss narrowed to $0.22 per share. The company forecasts Q2 revenue of $194 million and core gross margins of 36%–38%, down from 47% in Q1 due in part to temporary system rentals from an existing client.
Cerebras signed a multiyear OpenAI agreement valued at over $20 billion covering 750 megawatts of inference capacity and launched a partnership with AWS. It guides full-year 2026 revenue of $855 million to $865 million and targets long-term gross margins near 60%.
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