Overview
- Cerebras reported first-quarter revenue of $193.4 million, roughly a 92–94% year‑over‑year increase, and narrowed its net loss as a public company after Tuesday’s results.
- The company raised full‑year core revenue guidance to about $855 million–$865 million and gave Q2 revenue guidance near $194 million, both above Wall Street estimates.
- Cerebras said core gross margins will fall from about 46–47% in Q1 to roughly 36–38% in Q2 and 38–41% for 2026 because it is temporarily renting back previously sold systems to meet OpenAI’s fast‑rising demand.
- Management also disclosed that warrants granted to OpenAI covering 33.4 million shares are recorded as contra‑revenue and will reduce reported sales as they vest, and pass‑through customer costs further pressure margins.
- Investors sold shares after the guidance, pushing the stock down in after‑hours and premarket trade, and near‑term selling risk is heightened by an upcoming lock‑up expiry that will free about 13% of IPO shares to trade.