Cerebras Systems just delivered its first earnings report as a public company. Wall Street’s response was essentially: “Cool revenue, but about those margins.”
Shares of the AI chipmaker plunged between 10% and 15% on June 24, with intraday losses reaching as much as 19-20%, pushing the stock below its IPO price of $185.
The numbers tell two very different stories
Cerebras beat expectations on the top line. Q1 2026 revenue came in at $193.4 million, a 94% jump year-over-year and comfortably above the analyst consensus of $181.2 million.
The full-year revenue guidance was also above what Wall Street wanted. Cerebras projected $855 to $865 million for 2026, topping the roughly $825 million estimate analysts had penciled in.
