Cerebras adjusted revenue jumps 70%; shares rise 18% after forecast increase
Key Facts
Cerebras reported results on November 12, 2026, for the third quarter ended September 30, posting adjusted core revenue of $230.9 million, up 70% year over year. Revenue topped analysts’ average estimate of $214.70 million, according to Reuters, while the official filing showed GAAP revenue at a record $210.8 million, up 55%. Reuters reported that the shares rose about 18% in extended trading after the results and outlook were announced. The announcement included a higher full-year revenue forecast and a sharp increase in cloud and other services activity. The company also gave its fourth-quarter outlook, setting ranges for revenue and margins.
Cloud and other services stood out as the largest contributors to growth in the quarter. Their GAAP revenue was $141.9 million, up 265% from the same period a year earlier, while adjusted core revenue from the activity was $144.9 million, up 272%. Total adjusted core revenue was $230.9 million, a 70% annual increase, the company said. A comparison with the second quarter of 2026 shows the activity continued to expand: total GAAP revenue then was $180.1 million, up 74% year over year. GAAP revenue from cloud and other services was also $126.0 million in the second quarter of 2026, compared with $33.0 million in the second quarter of 2025.
Cerebras raised its 2026 adjusted core revenue forecast to a range of $940–960 million, from $880–890 million previously, Reuters reported. For the fourth quarter, the company expects adjusted core revenue of $310 million to $330 million. It estimated adjusted gross margin for the quarter at 47% to 49%, and adjusted operating margin at negative 1% to positive 1%. The company has exceeded its guidance for the third consecutive quarter, according to Chief Financial Officer Bob Komin. Komin added that its pipeline of high-speed inference opportunities grew more than 10-fold during the quarter, pointing to the expanding commercial opportunities the company expects in this activity.
Alongside revenue growth, the results showed a divergence between GAAP and adjusted margins. GAAP gross margin was 20% in the third quarter of 2026, compared with 24.3% in the corresponding quarter of 2025. Adjusted gross margin was 41%, up from 40.7% in the year-earlier period. The company recorded a GAAP net loss of $161.218 million in the third quarter, compared with a loss of $22.201 million in the third quarter of the previous year. The figures place sales growth alongside a widening GAAP loss and a decline in GAAP gross margin, while the adjusted margin remained slightly above its level a year earlier.
The company disclosed remaining performance obligations of $26.1 billion as of September 30, 2026. It also said it had 700 megawatts of contracted data center capacity. Liquidity, including cash and cash equivalents, restricted cash and short-term investments, totaled $7.8 billion, with borrowing capacity of $850 million. These figures show the scale of contractual obligations and capacity the company said it had secured, alongside the financial resources available according to the disclosure. The filing did not name the hyperscaler tied to the cloud computing deal, describing it as one of the three largest providers without identifying it.
On cloud expansion, Cerebras said Oracle is integrating its fast inference into Oracle’s cloud infrastructure, with availability through Oracle expected in 2027. The company did not identify in its filing the party tied to a cloud deal with one of the three largest hyperscalers. Oracle’s announcement therefore remains separate in the disclosure from the unnamed deal, and the text does not identify the other party. The company linked its outlook to future revenue growth: CEO Andrew Feldman said Cerebras expects to triple its revenue in 2027. The expected service availability through Oracle, together with management’s forecast for the same year, is the clearest indication the company gave of its next phase.