GoKawiilAndrew Feldman, co-founder and CEO of Cerebras Systems, holds the Wafer Scale Engine 3 chip at the Nasdaq MarketSite in New York on May 14, 2026.
Cerebras said revenue almost doubled in the AI chipmaker's first earnings report since its initial public offering last month. The stock fell 8% in extended trading as the company forecast a drop in its gross margin.
Here's how the company did:
Loss per share: 22 cents
22 cents Revenue: $193.4 million
The company's revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement. Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago.
Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May. After pricing its IPO at $185, Cerebras saw its stock open at $350 and close at $311.07.
The shares have since dropped 28%, closing on Tuesday at $226.72.
Cerebras said its core gross margin, or the profit left after accounting for the cost of goods sold, will shrink to between 36% and 38% in the second quarter from 46.5% in the first.
The company said it expects core revenue growth of 88% from a year earlier to $914 million. And full-year core revenue will be between $855.5 million and $865 million, representing 69% growth at the midpoint, Cerebras said.
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