What Cerebras Systems (CBRS) Said on Its Q3 Earnings Call

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Cerebras Systems (NASDAQ:CBRS) raised its 2026 financial outlook after reporting record third-quarter core revenue and announcing a cloud agreement with Microsoft, while…

Cerebras Systems (NASDAQ:CBRS) raised its 2026 financial outlook after reporting record third-quarter core revenue and announcing a cloud agreement with Microsoft, while executives said data center delays have put portions of its OpenAI contract behind schedule.

Chief Executive Officer Andrew Feldman said the Microsoft agreement, signed on the day of the earnings call, brought the company's hyperscaler customer count to three, alongside Amazon Web Services and Oracle. Cerebras expects to disclose more about the Microsoft deal in the first half of 2027, when revenue from the agreement is also expected to begin.

The company continues to expect revenue to triple in 2027, with improving gross margins, as it expands manufacturing and data center capacity. However, Chief Financial Officer Bob Komin said fourth-quarter cloud revenue would be roughly flat sequentially because new capacity will arrive too late to materially affect the period.

Third-quarter core revenue rose 70% from a year earlier to $231 million, exceeding the midpoint of the company's guidance by $16 million. Core cloud and other services revenue increased 272% year over year to $145 million, while core hardware revenue was $86 million, up 5% sequentially.

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Core gross margin was 41%, up 40 basis points from the second quarter. Core hardware gross margin fell to 31%, which Komin attributed to the final shipments under an older, lower-priced customer agreement. Core cloud and other services gross margin improved to 46.9% from 41.8% in the prior quarter, helped by higher-priced new business.

Core operating loss was approximately $33 million, while core net income was positive at $30 million. Komin said the company delivered positive non-GAAP net income for the first time as a public company.

For the fourth quarter, Cerebras raised its guidance to core revenue of $310 million to $330 million, core gross margin of 47% to 49%, and core…

Komin…

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