Cerebras Systems reported $193.4 million in first-quarter revenue, up 92% year over year, in the AI chipmaker's first earnings release since its Nasdaq IPO in May 2026. Shares fell 7% in after-hours trading despite the strong top-line results.
Cerebras Systems posted its first quarterly earnings report since going public last month, disclosing $193.4 million in revenue for the first quarter of 2026 — a 92% increase from $99.5 million in the same period a year earlier — while the stock fell 7% in after-hours trading.
The AI chipmaker's net loss narrowed to $14 million in the quarter, down from $23.9 million, or 46 cents per share, a year ago. The company reported a loss per share of 22 cents.
Cerebras debuted on the Nasdaq in May, pricing its IPO at $185 per share. The stock opened at $350 on its first day of trading and closed that session at $311.07. Since then, shares have retreated 28%, closing Tuesday at $226.72.
The offering raised over $6 billion, making it the largest U.S. technology IPO since Uber's 2019 debut, the company said.
For the second quarter, Cerebras said it expects core revenue growth of 88% year over year, reaching $914 million. The company also issued full-year guidance for core revenue between $855.5 million and $865 million, representing 69% growth at the midpoint.
During the first quarter, Cerebras secured two significant commercial agreements. The company said its chips will be deployed inside Amazon Web Services data centers, and it announced a deal valued at over $20 billion to supply OpenAI with computing power.
Cerebras competes against Nvidia in a portion of the AI accelerator market and also operates an inference service that runs AI models through data centers equipped with its own processors.
Mizuho, in a June 8 note to clients, said Cerebras holds a performance advantage in part by integrating significantly more SRAM memory on its chip than Google's latest tensor processing unit or the Groq 3 LPU chip that Nvidia announced in March.
Founded in 2015, the company is led by co-founder and CEO Andrew Feldman. Executives were scheduled to discuss the quarterly results with analysts on a conference call beginning at 5 p.m. ET Tuesday.
The after-hours share decline, even against a backdrop of strong revenue growth, reflects the elevated expectations embedded in the stock's valuation following its high-profile public debut — and signals that investors will be watching closely whether the company's large deal pipeline translates into sustained profitability in coming quarters.
Marc Sabatini is a staff writer at TechEchelon covering enterprise software, cybersecurity, and the regulatory beats that shape both. He focuses on the deal flow and policy decisions that move markets.
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