-- Record GAAP revenue of $210.8 million 
 
   -- Record Core revenue of $230.9 million 
 
   -- GAAP cloud revenue grew 265% from a year ago 
 
   -- Core cloud revenue $144.9 million, up 272% from a year ago 
 
   -- Commercial wins with two new hyperscalers 
 
   -- 700 megawatts of data center capacity now under contract 
 
   -- First to deliver production scale heterogeneous disaggregated inference 
      offering 

SUNNYVALE, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems (NASDAQ: CBRS), maker of the world's fastest AI infrastructure, today announced financial results for the third quarter ended September 30, 2026.

"Cerebras' technology remains the undisputed champion of speed," said Andrew Feldman, co-founder and CEO of Cerebras. "We're giving customers more ways to access our technology and scale with us be it through direct system sales, Cerebras Cloud or third-party cloud providers. I'm proud of our team for delivering the performance and speed customers need to build entirely new applications and expand what AI can do. That progress energizes us to do even more as we push the limits of innovation and expect to triple revenue in 2027."

"We exceeded our guidance across the board for the third quarter in a row and delivered sequential improvements on all core financial metrics, " said Bob Komin, CFO of Cerebras. "We won new marquee customers, including hyperscalers, neoclouds and large enterprises. And we saw our pipeline for high-speed AI inference increase by more than 10x in the quarter."

Q3 2026 Financial Highlights

GAAP Financial Results

   -- GAAP cloud and other services revenue: Record $141.9 million, up 265% 
      year-over-year 
 
   -- GAAP total revenue: Record $210.8 million, up 55% year-over-year 
 
   -- GAAP gross margin: 20% up sequentially 
 
   -- GAAP operating margin: (106%) 

Core Financial Results (Non-GAAP)

Core results exclude the impacts of non-cash amortization of customer warrants and stock-based compensation, data center pass-through revenues and costs, and certain other items.

   -- Core cloud and other services revenue: $144.9 million, up 272% 
      year-over-year 
 
   -- Core total revenue: $230.9 million, up 70% year-over-year 
 
   -- Core gross margin: 41% up both sequentially and year-over-year 
 
   -- Core operating margin: (14%) 

Fourth Quarter 2026 Financial Outlook

   -- Core Non-GAAP Financial Outlook: 
 
          -- Core revenue of approximately $310 to $330 million 
 
          -- Core gross margin in the range of 47% - 49% 
 
          -- Core operating margins in the range of (1%) to 1% 

Full Year 2026 Financial Outlook

   -- Core Non-GAAP Financial Outlook: 
 
          -- Core revenue of $940 to $960 million 
 
          -- Core gross margin in the range of 42% - 44% 
 
          -- Core operating margins in the range of (10%) to (8%) 

Liquidity

   -- Strong liquidity with cash, cash equivalents, restricted cash, and 
      short-term investments of $7.8 billion and debt capacity of $850 million. 

Business Highlights: General

   -- $26.1 billion in remaining performance obligations as of September 30, 
      2026. 

Business Highlights: Customers

Cerebras is rapidly expanding its customer base, broadening its reach and diversifying its revenue.

   -- Oracle is integrating Cerebras' fast inference into Oracle Cloud 
      Infrastructure. With the fastest AI inference, AI labs, enterprises and 
      developers that rely on Oracle will now have the performance required to 
      build robust agents and applications that are hyper responsive and 
      execute complicated tasks in a shorter period of time. Cerebras will be 
      available in Oracle Cloud Infrastructure in 2027. 
 
   -- Today, Cerebras announced an important cloud deal with a top three 
      hyperscaler. More will be shared next year. 
 
   -- Expanded reach through a variety of neoclouds, diversifying routes to 
      market and giving customers more ways to access Cerebras' high-speed 
      inference. 
 
   -- Cerebras high-speed inference will power the new Bilt Neighborhood OS 
      platform and Bilt Concierge AI assistant to deliver faster, seamless 
      interactions between the platform and the eight million consumers and 
      50,000 businesses it serves. 

Business Highlights: Capacity

Global data center capacity and manufacturing capacity continue to grow.

   -- Secured 700 gross megawatts of data center capacity for delivery by the 
      end of 2027, increasing pipeline of opportunities to gigawatt scale. 
      Cerebras Cloud is now among the largest non-hyperscaler AI clouds. 
 
   -- Signed contracts for additional capacity in Norway and Finland. This 
      expands Cerebras' European capacity and supports long-term cloud 
      inference demand. 
 
   -- Scaling manufacturing capacity with Flex and Sanmina; expects to exit 
      2026 with more than 10x manufacturing capacity versus beginning of the 
      year. 
 
   -- Plans in place to add factories and further increase capacity in 2027 to 
      support substantial growth. 
 
   -- Cerebras disaggregated inference expands capacity by increasing up to 5x 
      the number of tokens that data centers can deliver. More superfast tokens 
      per MW means each data center produces more revenue. 

Business Highlights: Capabilities

Cerebras is advancing capabilities on every front: new systems and processors, improved software, advanced manufacturing techniques, and partnerships that deliver best-in-industry solutions.

   -- Cerebras is the first in the market to deliver production-scale 
      heterogeneous disaggregated inference, which is expected to become a 
      default offering in major clouds. Disaggregated inference delivers 
      substantially more high-speed tokens for the same power, resulting in 
      more profit per MW for cloud owners and lower cost per token for AI 
      users. 
 
   -- This August, Cerebras unveiled its next-generation systems, setting new 
      standards for ultra-fast AI inference performance, efficiency and 
      scalability: 
 
          -- At Supernova 2026, Cerebras introduced CS-4, the world's fastest 
             AI accelerator, delivering up to 30x faster inference. CS-4 will 
             soon be in full production. 
 
          -- At Hot Chips 2026, Cerebras previewed its next-generation system 
             the CS-5, targeted for early Summer 2027, designed to deliver up 
             to 10,000 tokens per second per user. 
 
          -- Cerebras' next-generation processor, the Wafer Scale Engine 5 to 
             be deployed in CS-5, is back from the fab, completed bring up and 
             is in system testing. From tape out to in system test in less than 
             5 months. 
 
   -- Cerebras was a day-zero launch partner for Kimi K3.1, Moonshot AI's 2.8 
      trillion-parameter frontier class open-weight model. Kimi 3.1 on Cerebras 
      is the fastest in the industry, running up to 2,000 tokens per second. 

Upcoming Investor Events

Cerebras will participate in the following events with the financial community:

TomorrowX Summit, Austin, TX

Tuesday, November 17, 2026

Barclays Global Technology Conference, San Francisco, CA

Wednesday, December 9, 2026

Earnings Webcast and Conference Call

Cerebras Systems will host a conference call to review its financial results for the third quarter of 2026 and to discuss our financial outlook today at 2 p.m. PT (5 p.m. ET). Interested parties may join the conference call via the webcast and can be accessed at the Cerebras website at https://investors.cerebras.ai/. The webcast will be recorded and available for replay on the same website following the conclusion of the conference call.

About Cerebras Systems

Cerebras Systems (NASDAQ: CBRS) builds the world's fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. Cerebras believes that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. For more information, visit cerebras.ai

Contacts

Investor Relations

Sean Dorsey

investors@cerebras.ai

Media & Analyst Relations

Kriselle Laran

pr@cerebras.ai

Cerebras Disclosure Information

Cerebras uses its blog (cerebras.ai/blog), its investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras' press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

Forward-Looking Statements