Cerebras Systems (NASDAQ: CBRS), the wafer-scale AI-accelerator maker that completed its initial public offering this quarter, filed its first Item 2.02 earnings 8-K with the U.S. Securities and Exchange Commission on June 23, 2026. The filing furnishes the company's financial results for the quarter ended March 31, 2026 and, as Exhibit 99.1, the full press release that carries the actual figures. Read straight from the exhibit: GAAP revenue was $193.4 million, GAAP gross margin was 45%, GAAP loss from operations was $15.0 million, and GAAP net loss was $14.0 million. The 8-K body itself states only that the company "announced its financial results for the quarter ended March 31, 2026" and points to the exhibit for the numbers; it is signed by Chief Financial Officer Robert Komin. Everything quantitative below is drawn from Exhibit 99.1, which the release furnishes rather than files for purposes of Section 18.

The release reports the period as the first quarter of fiscal 2026, ended March 31, 2026 — the disclosure carries a March-quarter label even though it was furnished in June, the company's first reporting cycle as a public registrant. Cerebras presents two parallel sets of figures: GAAP results and what it labels "Core" results, which it describes as non-GAAP metrics that exclude the impact of amortization of customer warrants, data center pass-through revenues and costs, stock-based compensation, and certain other items. Reporting both side by side is the only way to read this filing accurately, because the gap between the two is where most of the period's reported loss sits.

"GAAP revenue of $193.4 million, up 13% sequentially and up 94% year-over-year"— Cerebras Systems Inc., Exhibit 99.1 to Form 8-K, source

GAAP and core, side by side

On a GAAP basis, the $193.4 million top line splits into hardware revenue of $110.6 million (up 59% year over year) and cloud and other services revenue of $82.8 million (up 178% year over year). GAAP gross margin was 45%, composed of 41% hardware gross margin and 49% cloud-and-services gross margin. GAAP loss from operations was $15.0 million and GAAP net loss was $14.0 million. The company also disclosed cash, cash equivalents, restricted cash, and short-term investments of $3.3 billion at the period end.

The core (non-GAAP) set runs close to the GAAP figures on revenue but diverges sharply on profitability. Core total revenue was $191.3 million, which the release frames as record core revenue up 92% from a year ago; core hardware revenue was $111.6 million and core cloud and other services revenue was $79.8 million. Core gross margin was 47%, with 42% on hardware and 53% on cloud and services. The decisive contrast is on the loss line: against a GAAP operating loss of $15.0 million, the company reports a core operating loss of $3.5 million, and against a GAAP net loss of $14.0 million it reports a core net loss of $2.5 million. The roughly $11.5 million difference between the GAAP and core operating loss is, by the company's own definition, attributable to the excluded items — chiefly customer-warrant amortization, data center pass-throughs, and stock-based compensation. The release does not provide a line-by-line reconciliation table within the furnished text reproduced here; the magnitude of the adjustment is therefore stated rather than itemized in this excerpt.

One internal wrinkle is worth flagging without editorializing: the release's GAAP highlights state revenue was "up 94% year-over-year," while the headline bullets and the core line cite "up 92%." The two growth rates attach to two different revenue bases — the $193.4 million GAAP figure and the $191.3 million core figure — which accounts for the difference. Both numbers are reproduced here exactly as the company stated them.

The guidance the company furnished

Cerebras provided forward guidance entirely on a core (non-GAAP) basis; it did not furnish GAAP guidance in the release. For the second quarter of fiscal 2026, the company guided to core revenue of approximately $194.0 million, which it describes as up 88% year over year, with core gross margin in the range of 36% to 38% and core operating margins in the range of negative 30% to negative 32%. The sequential step-down in the guided gross-margin range — from a reported 47% core gross margin in Q1 to a guided 36% to 38% in Q2 — is disclosed in the filing; the company does not attribute a cause for the change in the furnished text.

For full-year fiscal 2026, the company guided to core revenue of $855.0 million to $865.0 million, which it characterizes as up 69% year over year at the midpoint, with core gross margin in the range of 38% to 41% and core operating margins in the range of negative 28% to negative 32%. Reconciling the cadence: the Q2 guide of roughly $194.0 million sits only marginally above the $193.4 million GAAP and $191.3 million core figures already reported for Q1, while the full-year midpoint of $860 million implies a materially higher run rate across the back half of the year than the first two quarters' guided levels suggest. The filing states the targets; it does not break out the implied second-half quarters.

The capital-structure and commercial backdrop the release discloses

Alongside the operating figures, the release discloses a set of financing and commercial events. The company states it raised $6.4 billion in gross proceeds through its IPO, which it describes as the largest semiconductor IPO of all time, in addition to a $1 billion Series H pre-IPO financing closed in February and a $1 billion working-capital loan from OpenAI in January. It further discloses that in April it closed a revolving credit facility for up to $850 million from a syndicate of investment banks. On the commercial side, the release discloses a multi-year deal with OpenAI it values at more than $20 billion, under which OpenAI would deploy 750 megawatts of Cerebras inference compute over the next several years, and a multi-year partnership with Amazon Web Services to deliver inference at scale. These disclosures appear in the same furnished exhibit as the financial results and are characterizations made by the company, not independent valuations.

What the record shows for this quarter is a company reporting near-doubling year-over-year revenue growth, a GAAP gross margin in the mid-40s, and a GAAP net loss of $14.0 million that narrows to a $2.5 million core net loss once the company's defined adjustments are applied — paired with forward core-revenue guidance of $855 million to $865 million for the full year. CFO Bob Komin, quoted in the release, said the company is "focused on innovating at the pace of demand, supporting accelerating investments in growth and capitalization on strategic opportunities while effectively managing our capital structure." The 8-K and its Exhibit 99.1 were both fetchable from sec.gov, and every figure above is reported as the company stated it; the conference call referenced in the release, which may carry additional reconciliation detail, is a separate event from this filing.