The Pulse

Cerebras reports 55% third-quarter revenue growth, raises outlook

Cerebras reported third-quarter GAAP revenue of $210.8 million, up 55% from a year earlier. The AI infrastructure company raised its full-year core revenue outlook to $940 million to $960 million.

AI.info Team · · fact-checked · against 1 source ↓ · Published 13 Nov 2026

Cerebras Systems reported third-quarter revenue of $210.8 million, up 55% from a year earlier, and raised its full-year revenue outlook. The AI infrastructure company called the GAAP result a record in its November 12 earnings release.

The results cover the quarter ended September 30, 2026. Cloud and other services revenue reached $141.9 million on a GAAP basis, an increase of 265% year over year, according to Cerebras.

Core results and margins

On a non-GAAP basis, Cerebras reported core revenue of $230.9 million, up 70% from a year earlier. Core cloud and other services revenue was $144.9 million, up 272%.

Cerebras excludes several items from its core results, including non-cash amortization of customer warrants and stock-based compensation, data center pass-through revenue and costs, and certain other items. The company's GAAP gross margin was 20%, up sequentially, while its GAAP operating margin was negative 106%.

Its core gross margin was 41%, up both sequentially and year over year, according to the release. Core operating margin was negative 14%.

Forecast and financial resources

For the fourth quarter, Cerebras forecasts approximately $310 million to $330 million in core revenue, a core gross margin of 47% to 49% and a core operating margin of negative 1% to positive 1%. Those outlook figures are non-GAAP measures.

For the full year, the company forecasts core revenue of $940 million to $960 million, with a core gross margin of 42% to 44% and a core operating margin of negative 10% to negative 8%. Co-founder and CEO Andrew Feldman said Cerebras expects to triple revenue in 2027.

Cerebras reported $26.1 billion in remaining performance obligations as of September 30. It also reported $7.8 billion in cash, cash equivalents, restricted cash and short-term investments, alongside $850 million in debt capacity.

Customers and capacity

Oracle is integrating Cerebras inference into Oracle Cloud Infrastructure, with Cerebras products to be available there in 2027. The company also disclosed a cloud deal with a top-three hyperscaler and said it would share more information next year.

Cerebras said it had secured 700 gross megawatts of data center capacity for delivery by the end of 2027. It signed contracts for additional capacity in Norway and Finland.

The company is scaling manufacturing capacity with Flex and Sanmina and expects to exit 2026 with more than 10 times its manufacturing capacity at the beginning of the year. It also has plans to add factories and increase capacity further in 2027.

Systems in development

Cerebras introduced its CS-4 system in August and says it will soon be in full production. Its CS-5 system, previewed at Hot Chips 2026, is targeted for early summer 2027 and is designed to deliver up to 10,000 tokens per second per user.

The company said its next-generation Wafer Scale Engine 5 processor, intended for the CS-5, has returned from fabrication and is in system testing. Its forward-looking statements identify risks including dependence on a limited number of significant customers and the ability to secure sufficient data center capacity and capital.