NASDAQ: CBRS
Cerebras Systems Inc.CIK 0002021728 · Information Technology · SIC 3674 · Semiconductors
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Cerebras reports 94% revenue growth, $1B OpenAI loan, but discloses material weaknesses in controls
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Cerebras announces $20B+ OpenAI deal, AWS partnership, and $6.4B IPO alongside Q1 results
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Cerebras completes IPO: 34.5M Class A shares at $185 (~$6.38B gross; filing rounds to ~$6.38B (34.5M × $185; filing rounds to $6.4B))
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Cerebras Systems prices 30M-share IPO at $185.00, raising $5.4B net proceeds
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Cerebras raises IPO price 29% to $155/share, upsizes offering to 30M shares for $4.5B proceeds
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Cerebras prices $3.2B IPO at $120/share; insiders retain 99% voting control via dual-class stock
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Cerebras Systems files to go public; preliminary S-1 discloses 750MW OpenAI commitment, $1B working capital loan, and 20-to-1 dual-class structure
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Latest financial statements
From 10-Q filed Jun 24, 2026 (period ending Mar 31, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 193.4 | 99.5 |
| Cost of revenue / cost of sales | 107.2 | 57.9 |
| Gross profit | 86.2 | 41.6 |
| Operating expenses: | ||
| Sales and marketing | 14.7 | 10.3 |
| Research and development | 75.5 | 52.8 |
| General and administrative | 11.0 | 7.0 |
| Total operating expenses | 101.2 | 70.1 |
| Operating income | (15.0) | (28.5) |
| Other income/(expense), net | 2.5 | 6.3 |
| Income before income taxes | (12.5) | (22.2) |
| Income tax expense/(benefit) | 1.5 | 1.7 |
| Net income | (14.0) | (23.9) |
| Basic earnings per share | (0.22) | (0.46) |
| Diluted earnings per share | (0.22) | (0.46) |
Consolidated Balance Sheets (Unaudited)
| Description | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 1,716 | 701.7 |
| Short-term investments | 515.6 | 406.5 |
| Accounts receivable, net | 62.6 | 50.4 |
| Inventories | 70.0 | 36.7 |
| Prepaid expenses and other current assets | 77.9 | 31.8 |
| Other current assets | 1,139 | 316.5 |
| Total current assets | 3,581 | 1,544 |
| Property, plant and equipment, net | 572.4 | 437.4 |
| Operating lease right-of-use assets, net | 353.3 | 248.9 |
| Deferred income taxes and other assets | 16.3 | 4.6 |
| Other long-term assets | 425.4 | 91.4 |
| TOTAL ASSETS | 4,948 | 2,326 |
| Current liabilities: | ||
| Current portion of long-term debt | 621.3 | — |
| Accounts payable | 50.3 | 48.6 |
| Current portion of operating lease liabilities | 66.2 | 45.9 |
| Accrued liabilities | 171.0 | 139.5 |
| Deferred revenue, current | 149.9 | 131.0 |
| Other current liabilities | 368.4 | 354.5 |
| Total current liabilities | 1,427 | 719.5 |
| Long-term debt | 361.6 | — |
| Operating lease liabilities | 312.5 | 216.0 |
| Other long-term liabilities | 94.3 | 35.8 |
| Total liabilities | 2,196 | 971.3 |
| Redeemable preferred stock | 2,947 | 1,933 |
| Shareholders' equity: | ||
| Capital in excess of stated value | 742.7 | 346.8 |
| Accumulated other comprehensive income (loss) | 3.4 | 1.3 |
| Retained earnings (deficit) | (919.3) | (905.3) |
| Treasury stock | 21.5 | 21.5 |
| Total shareholders' equity | (194.7) | (578.7) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,948 | 2,326 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 12.3 | (54.9) |
| Investing Activities: | ||
| Net cash from investing activities | (236.6) | (56.7) |
| Financing Activities: | ||
| Net cash from financing activities | 2,038 | 1.6 |
| Net increase/(decrease) in cash | 1,815 | (110.0) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗