CBRS earnings analysis — 10-Q, transcript, statement tablesCerebras Systems Inc. (CBRS) 财报解读 — 10-Q、transcript、statement tables
Cerebras Systems (CBRS) Q1 Fiscal 2026 Earnings Follow-Up Analysis
Consensus vs. Actual Performance
Non-GAAP diluted EPS came in at -$0.04, a 75.6% beat over the consensus estimate of -$0.16362; reported revenue of $191M exceeded the $181M consensus by 5.6%, with both core metrics outpacing market expectations.
Revenue Quality & Profitability
The financial snapshot lists total revenue of $193M, a 12.8% YoY increase, while the earnings call noted core revenue of $191.3M split into $111.6M in core hardware revenue (60% YoY growth) and $79.8M in core cloud and services revenue (167% YoY growth). Gross margin reached 44.6% with $86M in gross profit; operating income was -$15M, with an operating margin of -7.8%, a 55.4% YoY improvement. EBIT matched operating income at -$15M, while EBITDA was $3M for a 1.6% margin. GAAP net income was a $14M loss, with diluted EPS of -$0.22.
Cash Flow & Capital Position
Operating cash flow totaled $12M, capital expenditures were $132M, resulting in free cash flow of -$120M. The company ended the quarter with $2.7B in cash and cash equivalents, $1.4B in total debt, and net debt of -$1.4B, with cash reserves fully covering outstanding debt.
Guidance & Disclosure Gaps
No parsed numeric forward guidance is publicly available; the official release noted GAAP/non-GAAP reconciliation tables are posted to the IR site but full adjustment details were not provided in available materials. Unresolved disclosures include full segment breakdowns beyond the two reported lines, backlog/RPO, deferred revenue, and complete 10-Q financial footnote details.
Earnings Call Highlights
This marked the company’s first earnings call as a public company. CEO Andrew Feldman highlighted surging AI compute demand from commercialized AI deployments, demonstrated a 13x performance advantage over leading GPUs on a 1T-parameter open source model, noted progress with OpenAI and AWS partnerships, and emphasized the company’s supply chain resilience relative to peers.
赛伯乐系统（CBRS）2026财年第一季度业绩跟进分析
共识与实际业绩对比
本季度非GAAP摊薄每股收益为-0.04美元，较市场预期的-0.16362超出75.6%；营收实际达1.91亿美元，较预期的1.81亿美元超出5.6%，两项核心指标均超市场共识。
营收质量与盈利能力
财务报表显示总营收1.93亿美元，同比增长12.8%；电话会议提及核心营收1.913亿美元，其中核心硬件营收1.116亿美元（同比增长60%），核心云服务营收7980万美元（同比增长167%）。季度毛利率44.6%，对应毛利8600万美元；营业利润为-1500万美元，营业利润率-7.8%，同比提升55.4%；EBIT为-1500万美元，EBITDA 300万美元，利润率1.6%；GAAP口径净亏损1400万美元，摊薄每股收益-0.22美元。
现金流与资本状况
经营性现金流1200万美元，当期资本支出1.32亿美元，自由现金流为-1.20亿美元；期末现金及等价物达27亿美元，总债务14亿美元，净债务为-14亿美元，现金储备完全覆盖总债务。
指引与披露缺口
目前无公开可解析的量化业绩指引；官方仅提及GAAP与非GAAP指标调节表已发布，但未披露完整调整明细。尚未披露细分业务完整细节、订单储备/递延收入、10-Q完整财务附注内容。
电话会议要点
本次为公司上市后首次业绩电话会，CEO安德鲁·费尔德曼提及AI商业化落地推动算力需求爆发，演示公司产品较主流GPU快13倍的性能优势，提到与OpenAI、AWS的合作进展，并强调自身供应链韧性优于同行。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。