Cerebras Systems Inc. (NASDAQ: CBRS) reported first-quarter fiscal year 2026 financial results, with GAAP revenue of $193.4 million, up 94% year-over-year and 13% sequentially, for the period ended March 31, 2026.

Hardware revenue reached $110.6 million, up 59% year-over-year, while cloud and other services revenue grew 178% to $82.8 million. GAAP gross margin came in at 45%. The company reported a GAAP operating loss of $15.0 million and a net loss of $14.0 million. Cash, cash equivalents, restricted cash, and short-term investments totaled $3.3 billion.

During the quarter, Cerebras announced a multi-year agreement with OpenAI valued at more than $20 billion, under which OpenAI will deploy 750 megawatts of Cerebras inference compute over several years. The two companies also co-launched Codex-Spark, a coding model. Cerebras also began a multi-year partnership with AWS to distribute its inference services globally.

The company raised $6.4 billion in gross proceeds through its IPO, alongside a $1 billion Series H pre-IPO financing closed in February and a $1 billion working capital loan from OpenAI in January. In April, Cerebras closed a revolving credit facility of up to $850 million.

For the second quarter of fiscal 2026, Cerebras guided for core revenue of approximately $194.0 million, up 88% year-over-year, with core gross margin in the range of 36% to 38% and core operating margins between negative 30% and negative 32%.

For the full fiscal year 2026, the company projected core revenue of $855.0 million to $865.0 million, representing approximately 69% growth year-over-year at the midpoint, with core gross margin of 38% to 41% and core operating margins between negative 28% and negative 32%.