Cerebras Systems Inc.
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+ FollowMarket Cap$13.54B
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Earnings Call Q2 2026
August 12, 2026 - AI Summary
Strong quarter + beats across core metrics (good)
- Q2 core revenue $209.9M, +103% YoY (record).
- Core cloud & other services revenue $127.7M, +287% YoY (nearly 4x).
- Core gross margin 40.6%, +940 bps YoY; core operating margin -16% vs -42% prior year (≈+2,600 bps improvement).
- Full-quarter narrative: improving product/services demand for fast inference, plus operating leverage despite investments.
2026 guidance raised; Q3 seen as margin trough (good + somewhat bad)
- Q3 2026 outlook: core revenue $214M–$216M; core gross margin 38%–40%; core operating margin -25% to -23%.
- Management says Q3 is the low point for core gross margin.
- Full-year 2026 outlook raised: core revenue $880M–$890M; core gross margin 41%–43%; core operating margin -19% to -17%.
- Key reason for short-term margin pressure: “rented back” systems to meet fast-inference demand sooner (higher near-term cost).
Huge demand visibility and capacity build plan to support rapid growth (opportunity)
- Remaining performance obligations (RPO) at June 30, 2026: $25.4B—framed as high visibility into future revenue.
- Management expects to more than triple core revenues in 2027 and continue at multiples afterward.
- Capacity progress:
- Secured 600+ MW of data center capacity live or under contract for delivery by end of 2027; pipeline expanding into gigawatts.
- Manufacturing: expects >10x manufacturing capacity in 2026, with additional 2027 contracted facilities (3x–4x more mentioned).
- Liquidity: $8.6B cash/cash equivalents/restricted cash/marketable securities; unused revolver up to $850M.
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$-224.75
350.6% downside
Current Fair Value
350.6% downsideOvervalued by 350.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $13.54 Billion |
|---|---|
| Enterprise Value | $8.02 Billion |
| Earnings per Share | $0.41 |
| Beta | 1.85 |
| Outstanding Shares | 150,968,000 |
Return
| Return on Equity | -5.60% |
|---|---|
| Return on Assets | -4.41% |
| Return on Invested Capital | -5.10% |
Valuation & Multiples
| P/E Ratio | -27.49 |
|---|---|
| PEG | 11.2 |
| Price to Sales | 22.42 |
| Price to Book Ratio | 1.49 |
| Enterprise Value to Revenue | 11.78 |
| Enterprise Value to EBIT | -15.63 |
| Enterprise Value to Net Income | -16 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.13 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 22, 2026
EPS Estimate
$-0.21
Consensus analyst estimateRevenue Estimate
$210.21 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 12, 2026
EPS Estimate
$-0.15
Consensus analyst estimateRevenue Estimate
$214.70 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 64.77% |
|---|---|
| Total Calls | 40,200▼ 99.61% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.04%▼ 140.24% |
|---|---|
| Total Invested | $546.62M▼ 97.22% |
| Investors Holding | 169▼ 292.00% |
About Cerebras Systems Inc.
784 employees
CEO: Andrew D. Feldman
Cerebras Systems Inc. is a leading innovator in artificial intelligence infrastructure. The company develops and manufactures an advanced AI compute platform, integrating proprietary hardware systems and software. This platform is delive...