Cerebras Systems Inc. · 2026 Q2

Consensus vs reported

QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.

2026 Q2 preview

Reported this quarter

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What we learned

1. Gross margin fell from 44.6% to 14.2% on a revenue base that barely moved. Gross profit went $86.2M to $25.6M while cost of revenue went $107.2M to $154.6M. This is what capacity landing before revenue looks like.
2. Revenue grew 74% year over year and fell 7% sequentially. $180.1M against $103.3M a year earlier and $193.4M the quarter before — the first sequential decline in the series.
3. The $450.5M loss is mostly the IPO, not the business. Of $502.8M in operating expenses, $377.0M was stock-based compensation — the RSU charge that triggers on listing. Strip it and the operating loss is near $100M , a fifth of the headline.
4. Capital expenditure was $416.9M against $180.1M of revenue. Free cash flow of −$476.7M on operating cash flow of −$59.8M — more than twice quarterly revenue spent on the datacentre buildout in three months, up from $132.0M in March.
5. All five analyst notes landed the day after the print and all five are Buy. Consensus Strong Buy at $291.64 average, with Citi trimming to $320 and Morgan Stanley raising to $279, against a 14 August close of $218.98 — still 18% above the $185 IPO price.

Read the full analysis: Cerebras' First Full Quarter as a Public Company Cost 30 Points of Gross Margin →

Coverage around this release

Estimate against reported

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.

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