Cerebras Systems, the AI chip company that pulled off the largest US tech IPO of 2026, just filed its first-ever quarterly earnings report. Revenue nearly doubled. The net loss shrank. And the stock dropped anyway.
The company reported Q1 2026 revenue of $193.4 million on June 23, representing 92% year-over-year growth from $99.5 million in the same period last year. That number actually beat analyst expectations, which had clustered around $180 to $183 million. Shares fell roughly 8% in after-hours trading, with investors fixating instead on what the company signaled about its margins going forward.
The numbers look good on paper
Cerebras narrowed its net loss to $14 million, or $0.22 per share, down from a $23.9 million loss a year earlier. Analysts had expected a loss of $0.14 to $0.16 per share, so the company missed on the bottom line even as it beat on the top line.
The revenue trajectory is genuinely striking. The company pulled in just $24.6 million in 2022. By 2025, that figure had ballooned to $510 million, a 76% year-over-year jump. For full-year 2025, Cerebras actually swung to a GAAP net income of $237.8 million from a $481.6 million loss in 2024.
