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Cerebras Systems Inc.

CBRS

Filing: SEC 10-Q
Period: Quarter ended 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Cerebras Systems Inc.. A complete text table follows the diagram.

Cerebras Is Turning Giant Chips Into an AI Utility

Hardware still leads, but cloud inference nearly tripled as the company begins building contracted compute capacity at data-center scale

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0001628280-26-044981
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

Every Sankey amount is reported or an exact arithmetic difference between reported revenue and cost. The operating loss is visually reframed as a funding bridge so a non-negative Sankey can show how gross profit and external capital together support operating investment. Customer concentration, financing and capacity commitments appear only as filing-backed annotations.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Cloud and services grew 178%, versus 59% for hardware. Cerebras is shifting from selling AI machines toward selling compute over time.
The cloud line already earns a higher gross margin than hardware: 49% versus 41%, despite rapidly expanding data-center capacity.
One unnamed customer supplied 63% of quarterly revenue and two related customers supplied 74% combined, leaving the growth story highly concentrated.
OpenAI committed to 750 MW of inference capacity and funded a roughly $1B working-capital loan for the buildout; it also holds an option for another 1.25 GW.
Cerebras spent $132M on property and equipment during the quarter, while construction in progress rose to $295M as compute capacity moved onto its balance sheet.
Revenue nearly doubled while the operating loss narrowed from $28M to $15M. R&D still absorbed 88% of gross profit.

View accessible tables

Financial categories · Quarter ended 2026-03-31 · Millions of USD
Category	Stage	Value	Notes
On-premises AI systems	1	$111M	57% of revenue; +59%
Cloud inference & services	1	$82.8M	43% of revenue; +178%
Hardware gross profit	2	$45.7M	41% gross margin
Hardware production	2	$64.9M	Wafer-scale systems and delivery
Cloud gross profit	2	$40.5M	49% gross margin
Cloud capacity delivery	2	$42.3M	Data centers, depreciation and service costs
Gross profit	3	$86.2M	44.6% margin, up from 41.8%
Operating funding bridge	3	$15M	Reported operating loss
Operating investment capacity	4	$101M	Gross profit plus external funding
Research & development	5	$75.5M	39% of revenue; wafer-scale roadmap
Sales & marketing	5	$14.7M	Building the customer base
General & administrative	5	$11M	Public-company and scaling costs

Financial flows · Millions of USD
From	To	Value
On-premises AI systems	Hardware gross profit	$45.7M
On-premises AI systems	Hardware production	$64.9M
Cloud inference & services	Cloud gross profit	$40.5M
Cloud inference & services	Cloud capacity delivery	$42.3M
Hardware gross profit	Gross profit	$45.7M
Cloud gross profit	Gross profit	$40.5M
Gross profit	Operating investment capacity	$86.2M
Operating funding bridge	Operating investment capacity	$15M
Operating investment capacity	Research & development	$75.5M
Operating investment capacity	Sales & marketing	$14.7M
Operating investment capacity	General & administrative	$11M