Cerebras Systems Inc. Q1 FY2026 Earnings Call

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Cerebras Systems Q1 FY2026 Earnings Summary

Overview: Cerebras reported strong Q1 FY2026 results (ended ~March 2026) in its first earnings call as a public company. Core total revenue reached $191.3 million, up 92% year-over-year from Q1 FY2025. The company highlighted its wafer-scale architecture delivering the world's fastest AI inference (order of magnitude faster than GPUs), major partnerships, and supply chain advantages (no reliance on HBM, CoWoS, or 3nm constraints). Ended quarter with $3.3 billion in cash equivalents, restricted cash, and marketable securities following its record semiconductor IPO.

Revenue Highlights (Core Non-GAAP Metrics)

  • Core Total Revenue: $191.3M (+92% YoY vs. Q1 FY2025); guidance implies continued strong growth.
  • Core Hardware Revenue: $111.6M (+60% YoY vs. Q1 FY2025). Expected to decline sequentially in coming quarters as production shifts to cloud deployments.
  • Core Cloud & Services Revenue: $79.8M (+167% YoY vs. Q1 FY2025). Strong demand for Cerebras Inference Cloud; ramping with OpenAI starting February 2026.

Margins and Profitability (Core Non-GAAP)

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Operator: Good afternoon, and welcome to Cerebras Systems' First Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] Please note that today's call is being recorded. I will now turn the call over to Sean Dorsey, Head of Investor Relations. Please go ahead. Sean Dorsey: Thank you, operator. Good afternoon, everyone, and welcome to Cerebras Systems' first earnings call as a public company. Earlier today, we issued our press release and posted our supplemental earnings presentation to the Investor Relations section of our website. A replay of this webcast will also be available on our Investor Relations website following the call. Joining me today are Andrew Feldman, our Co-Founder, Chief Executive and President; and Bob Komin, our Chief Financial Officer. Before we begin, I would like to remind everyone that today's discussion will include forward-looking statements under the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding our future financial performance, business strategy, market opportunity, customer demand, product road map, technology leadership, supply chain, operating model and outlook for Q2 and full year 2026. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks are described in our SEC filings

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