Cerebras Systems Q3 2026: Core revenue $230.9 million, up 70%; $26.1 billion in remaining performance obligations

Cerebras Systems (NASDAQ: CBRS) reported record Core (non-GAAP) revenue of $230.9 million for the quarter ended 30 September 2026, up 70% year on year from $135.7 million, according to the official release dated 12 November 2026. GAAP revenue was $210.8 million, up 55% year on year. Core revenue is reconciled from GAAP revenue of $210.809 million by subtracting pass-through revenue of $16.360 million and adding amortization of customer warrant assets of $36.424 million, to arrive at Core revenue of $230.873 million. Core cloud and other services revenue reached $144.9 million, up 272% year on year, while GAAP cloud and other services revenue was $141.9 million, up 265%. Core gross margin was 41%, but Core operating margin was (14%), so the company was still in a Core operating loss. GAAP gross margin was 20% and GAAP operating margin was (106%). Core net income was $29.82 million versus a Core net loss of $10.86 million a year earlier; Reuters reported this as an adjusted profit of $29.82 million versus an adjusted loss of $10.86 million, and said analysts had expected an adjusted loss of $38.4 million (LSEG). GAAP net loss widened to $161.2 million, or $0.67 a share, from $22.2 million, or $0.41 a share, a year earlier. Cerebras raised its full-year 2026 Core revenue outlook to $940–$960 million, from the prior official outlook of $880–$890 million issued with the 12 August 2026 Q2 results (Reuters reported the raise from that range). For Q4 2026, the company expects Core revenue of $310–$330 million, Core gross margin of 47%–49%, and Core operating margins of (1%) to 1%; CNBC reported that LSEG consensus had been $271 million and a 42.1% margin for Q4. Remaining performance obligations stood at $26.1 billion as of 30 September 2026. Reuters reported that an OpenAI compute deal underpins this RPO figure; it is not an “OpenAI $26.1 billion contract.” The official release stated: “Today, Cerebras announced an important cloud deal with a top three hyperscaler. More will be shared next year.” CNBC and Reuters independently reported that CEO Andrew Feldman said on the earnings call that the customer is Microsoft, the deal was signed in October, revenue is expected to begin in Q1 2027, and details will be shared next year. The official release also said Oracle is integrating Cerebras inference into Oracle Cloud Infrastructure, to be available in 2027. Cerebras has secured 700 gross megawatts of data center capacity for delivery by the end of 2027. CEO Feldman said the company expects to “triple revenue in 2027.” Cash, cash equivalents, restricted cash and short-term investments totalled $7.8 billion, with debt capacity of $850 million. CNBC reported that shares rose 17% in extended trading after the results. Sources: Cerebras Systems official release dated 12 November 2026, CNBC, Reuters.