Cerebras Q3 Earnings: Record Revenue, Outlook Raised; Stock Jumps
Cerebras reported record Q3 2026 revenue of $210.8 million, up 55%, on Nov. 12, 2026, raised its outlook and said it expects to triple revenue in 2027.
Cerebras Systems reported record third-quarter revenue on Thursday, November 12, 2026, and raised its outlook for the year. Revenue rose 55% to $210.8 million, and the AI chipmaker said it expects to triple revenue in 2027. Its shares jumped 15% in post-market trading, according to Yahoo Finance.
Cerebras is an AI chipmaker that earns money from both hardware sales and cloud services. Its shares trade under the ticker CBRS.
Q3 2026 by the numbers
The quarter ended September 30, 2026.
Measure | Q3 2026 | Change vs. year ago |
|---|---|---|
Revenue (GAAP) | $210.8 million | +55% |
Core revenue | $230.9 million | +70% |
Core cloud revenue | $144.9 million | +272% |
GAAP gross margin | 20.0% | down from 40.6% |
Core gross margin | 41.0% | up from 40.7% |
GAAP net loss | $161.2 million | wider than $22.2 million |
GAAP loss per share | $0.67 | vs. $0.41 loss |
Source: Cerebras earnings release, November 12, 2026.
Two sets of numbers
Cerebras reports both GAAP results and "core" results. Core figures leave out non-cash items such as the amortization of warrants given to customers and stock-based compensation, as well as data-center pass-through revenue and costs. That is why core revenue is higher than GAAP revenue and why the GAAP gross margin looks much weaker. On a GAAP basis, the company lost $224.1 million from operations in the quarter. Investors should look at both.
Raised outlook
Guidance (core) | Q4 2026 | Full year 2026 |
|---|---|---|
Revenue | about $310M to $330M | $940M to $960M |
Gross margin | 47% to 49% | 42% to 44% |
Source: Cerebras. The company did not restate its previous full-year range in the release.
New customers and capacity
Cerebras said it won business with two new hyperscalers, the biggest cloud providers, including what it called an important cloud deal with a "top three hyperscaler." It did not name that customer and said more will be shared next year. It also said its systems will be available in Oracle Cloud Infrastructure in 2027.
The company reported $26.1 billion of remaining performance obligations, meaning contracted revenue it has not yet recognized, and $7.8 billion of cash, cash equivalents, restricted cash and short-term investments. It said it has secured 700 gross megawatts of data center capacity for delivery by the end of 2027.
What it means for investors
Cerebras is growing quickly but still loses money on a GAAP basis, and fast-growing stocks like this one can swing sharply after earnings. After-hours moves can also change by the next morning's open; our stock market hours guide explains extended trading. For a broader view of AI chip stocks on Thursday, see our Nov. 12 market close, and our guide on how to read an earnings report explains GAAP versus adjusted results.
This article is for information only and is not investment advice.
Sources
This article is for information only and is not investment advice. Do your own research before buying or selling any asset.