Cerebras (CBRS) Q3 2026

Q3 core revenue rose to $230.9M, and the Q4 outlook of $310M–$330M topped LSEG consensus.

Cerebras · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Cerebras (CBRS) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Cerebras (CBRS) Q3 2026 earnings review

Q3 core revenue rose to $230.9M, and the Q4 outlook of $310M–$330M topped LSEG consensus

  1. 1.Core revenue beat the $215.8M Zacks consensus by 7.0%; GAAP revenue was $210.8M
  2. 2.The Q4 core revenue midpoint is 18.1% above the $271M LSEG consensus
  3. 3.Full-year core revenue outlook was raised to $940M–$960M from $880M–$890M
  4. 4.MBZUAI and OpenAI made up 38% and 34% of Q3 revenue, per the 10-Q
  5. 5.Shares were up 10.8% pre-market at $108.31 as of 8:36 AM EST, not a close

Note: MBZUAI is Mohamed bin Zayed University of Artificial Intelligence. The consensus gaps are DeepCell calculations. Core revenue is GAAP revenue less pass-through revenue, plus customer warrant amortization. Pre-market is not a close.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Form 10-Q (Nov 12, 2026); Zacks on Yahoo Finance, Nov 10, 2026; LSEG via CNBC and CNBC quote, Nov 13, 2026 8:36 AM EST

2

2 · Executive summary

Q3 core revenue of $230.9M beat the Zacks consensus of $215.8M

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 10, 2026)

MetricActualConsensusVarianceResult
Q3 core revenue$230.9M$215.8M+$15.1M / +7.0%Beat

Share price, Nov 12 regular close to Nov 13 pre-market last

Cerebras Systems Inc. (Nasdaq)Nov 12 closePre-market, 8:36 AM ESTChange ($)Change (%)
CBRS$97.75$108.31+$10.56+10.8%

Note: Both prices are from CNBC; the pre-market last at 8:36 AM EST is not a close, and the change is a DeepCell calculation. Zacks expected a loss of $0.13 a share on its own basis; the company reports no core EPS, and GAAP loss per share was $0.67, so no EPS verdict is shown.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Form 10-Q (Nov 12, 2026); Zacks on Yahoo Finance, Nov 10, 2026; LSEG via CNBC and CNBC quote, Nov 13, 2026 8:36 AM EST

3

3 · Q3 results vs. consensus

Cerebras raised its 2026 core revenue outlook to $940M–$960M

Core (non-GAAP) outlook, as stated in the Nov 12 and Aug 12, 2026 releases

MetricPrior outlookNew outlookStatus
Full-year 2026 core revenue$880M–$890M$940M–$960MRaised
Full-year 2026 core gross margin41%–43%42%–44%Raised
Full-year 2026 core operating margin(19%)–(17%)(10%)–(8%)Raised
Q4 2026 core revenuen.a.$310M–$330MLSEG $271M
Q4 2026 core gross marginn.a.47%–49%LSEG 42.1%

Note: Margins in brackets are negative. The Q4 midpoint of $320M is 38.6% above Q3 core revenue, a DeepCell calculation. Q4 consensus is LSEG via CNBC; Benzinga showed a similar estimate.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 12, 2026); LSEG via CNBC, Nov 12, 2026; analysis of company data

4

4 · 2026 outlook vs. prior

Total revenue rose 55% to $210.8M, but the GAAP net loss widened to $161.2M

  1. Revenue grewTotal revenue rose to $210.8M from $135.7M. Core revenue was $230.9M.
  2. Operating loss widenedLoss from operations was $224.1M. Stock-based compensation was $155.1M.
  3. Core net income was positiveCore net income was $29.8M. GAAP loss per share was $0.67.

Key figures

$M unless notedQ3 2025Q3 2026Change
Total revenue$135.7M$210.8M55.3%
Core revenue$135.7M$230.9M70.1%
Gross profit$55.1M$42.1M-$13.0M
Loss from operations-$26.5M-$224.1M-$197.7M
Net loss-$22.2M-$161.2M-$139.0M
Loss per share, diluted ($)-$0.41-$0.67n.a.

Note: Growth rates and changes are DeepCell calculations; the company states 55% total revenue growth and 70% core revenue growth. Core figures are non-GAAP.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Core revenue rose to $230.9M from $135.7M, led by cloud and other services

Core revenue

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $135.7Mv · Q3 2026: $230.9MQ3 2025Q3 2026$0M$50M$100M$150M$200M$250M$135.7M$230.9M
Core cloud revenue rose to $144.9M from $38.9M. Core hardware revenue fell to $86.0M.“We exceeded our guidance across the board for the third quarter in a row.” Bob Komin, CFO

Note: Core revenue removes $16.4M of pass-through data center revenue and adds back $36.4M of customer warrant amortization, which GAAP records as a revenue reduction.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

6

6 · Revenue growth

Cloud and other services made up 67% of Q3 total revenue, up from 29%

  1. Cloud revenue grewCloud and other services revenue rose to $141.9M. The company states growth of 265%.
  2. Hardware revenue fellHardware revenue fell 28.8% to $68.9M.
  3. United States revenue grewUnited States revenue was $130.8M, per the 10-Q. EMEA revenue was $79.8M.

Revenue by type

$MQ3 2025Q3 2026YoY
Hardware$96.8M$68.9M-28.8%
Cloud and other services$38.9M$141.9M+264.7%
Total revenue$135.7M$210.8M+55.3%
United States (10-Q)$39.8M$130.8M+228.8%

Note: EMEA is Europe, Middle East and Africa. Cerebras has one reportable segment. The YoY column is a DeepCell calculation. Revenue by region is based on the billing location of the customer.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Form 10-Q for Q3 2026 (Nov 12, 2026); analysis of company data

7

7 · Revenue by type

MBZUAI and OpenAI together made up 72% of Q3 total revenue

Share of total revenue by customer

Q3 2026, per the Form 10-Q

Share of revenue · MBZUAI: 38.0%Share of revenue · OpenAI: 34.0%Share of revenue · G42: 7.0%MBZUAIOpenAIG420%10%20%30%40%50%38.0%34.0%7.0%
MBZUAI and its related party G42 made up 45% of Q3 revenue, down from 84% in Q3 2025. OpenAI held 64% of receivables.

Note: MBZUAI is Mohamed bin Zayed University of Artificial Intelligence. The 10-Q risk factors name OpenAI with the same Q3 and nine-month revenue shares that Note 3 reports under the label Customer B. G42 and MBZUAI are related parties. Combined shares are DeepCell sums of rounded percentages.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Form 10-Q for Q3 2026 (Nov 12, 2026); analysis of company data

8

8 · Customer concentration

GAAP gross margin fell to 20.0% from 40.6%, while core gross margin was 41%

GAAP gross margin

Q3 2025 vs Q3 2026

Gross margin · Q3 2025: 40.6%Gross margin · Q3 2026: 20.0%Q3 2025Q3 20260%10%20%30%40%50%40.6%20.0%
Customer warrant amortization of $36.4M reduced GAAP revenue and gross profit. Core gross profit was $94.6M.

Note: Gross margin is gross profit divided by revenue. Core gross margin excludes pass-through items, customer warrant amortization and stock-based compensation.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

9

9 · Margin analysis

Cash, restricted cash and investments rose to $7.8B after the IPO

  1. Cash use roseNine-month operating cash outflow was $388.9M. Purchases of PP&E were $1,046.1M.
  2. IPO funded the build-outTotal stockholders equity was $9.2B at Sep 30, 2026.
  3. RPO grewRPO was $26.1B at Sep 30, 2026, up from $25.4B at Jun 30.

Cash flow and balance sheet

$MPriorCurrent
Operating cash flow, nine months-$134.2M-$388.9M
Free cash flow, nine months-$435.4M-$1,435.0M
Cash and cash equivalents$701.7M$3,074.8M
Investments$406.5M$4,286.0M
Working capital loan, current$0.0M$706.5M

Note: RPO is remaining performance obligations. Balance rows compare Dec 31, 2025 with Sep 30, 2026. Free cash flow is operating cash flow less purchases of property and equipment, a DeepCell calculation.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

10

10 · Cash and balance sheet

Customer concentration, capacity delivery and cash use are the main watch items

Indicator
What to watch
Implication
Latest reading
Customer concentration
Two customers drove most Q3 revenue
OpenAI is a large Q3 customer
Top customer 38%; OpenAI 34%
Q4 2026 core revenue
The outlook implies a large Q3-to-Q4 step-up
Capacity must come online
Midpoint $320M
Cash use
Build-out spending is high
Funded by IPO proceeds
Nine-month PP&E $1,046.1M

Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Form 10-Q for Q3 2026 (Nov 12, 2026), risk factors naming OpenAI and Note 3 Customer B table, accession 0001628280-26-073494

11

11 · Key risks to the outlook

12 · Appendix: Income detail

13 · Appendix: Non-GAAP items

Appendix: Q3 2026 results vs. prior outlook

ClaimEvidenceCalculation
Q3 core revenue outlook (Aug 12)$214M–$216MQ2 2026 release
Q3 core revenue, actual$230.9M+$14.9M vs top end, DeepCell calculation
Q3 core gross margin outlook38%–40%Actual 41%, as stated
Implied Q4 from the full-year range$307.9M–$327.9MFull-year range less nine-month core revenue

Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 12, 2026); LSEG via CNBC, Nov 12, 2026; analysis of company data

14

14 · Appendix: Guidance history

15 · Appendix: Balance sheet

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Total revenue$135.7M$210.8M55.3%
Core cloud revenue$38.9M$144.9M272.3%
Research and development$57.3M$177.8M210.6%
General and administrative$3.5M$55.6M1482.4%

Earnings

$M unless notedQ3 2025Q3 2026Change
Loss from operations-$26.5M-$224.1M-$197.7M
Net loss-$22.2M-$161.2M-$139.0M
Core operating loss-$15.1M-$33.1M-$18.0M
Core net income (loss)-$10.9M$29.8M+$40.7M

Note: YoY rates and changes in this appendix are DeepCell calculations from the statements. YoY rates are not shown for loss lines.Source: Cerebras official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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16 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/2021728/000162828026073366/cbrsannouncesfinancialresu.htm
  • Form 10-Q, quarter ended Sep 30, 2026, accession 0001628280-26-073494 — https://www.sec.gov/Archives/edgar/data/2021728/000162828026073494/cbrs-20260930.htm
  • Prior outlook: Q2 2026 results release (Form 8-K Exhibit 99.1, Aug 12, 2026) — https://www.sec.gov/Archives/edgar/data/2021728/000162828026056186/cbrsannouncesfinancialresu.htm
  • Q3 consensus: Zacks Consensus Estimate, Yahoo Finance, Nov 10, 2026 2:33 PM EST — https://finance.yahoo.com/markets/stocks/articles/buy-sell-hold-cerebras-systems-193300221.html
  • Q4 consensus: LSEG, via CNBC, Nov 12, 2026 4:07 PM EST — https://www.cnbc.com/2026/11/12/cerebras-systems-cbrs-q3-earnings-report-2026.html
  • Share price: CNBC CBRS quote, Nov 12, 2026 regular close $97.75 and pre-market last $108.31 at 8:36 AM EST — https://www.cnbc.com/quotes/CBRS
  • Company figures are in U.S. dollars. Statement amounts in thousands were converted to millions. Core figures are non-GAAP and follow the company’s reconciliation tables.

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17

17 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Cerebras Systems Inc.’s Q3 2026 press release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026, and its Form 10-Q filed the same day. Consensus estimates (Zacks via Yahoo Finance; LSEG via CNBC) and share prices (CNBC) are third-party data. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled core or non-GAAP, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:36 AM EST on November 13, 2026. The pre-market last is not a close.

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18

18 · Disclosures

Sources

Not investment advice; no rating or price target.

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