Andrew Feldman, co-founder and CEO of Cerebras Systems, holds a Wafer Scale Engine 3 chip on the Nasdaq Market site in New York on May 14, 2026.
Michael Nagle | Bloomberg | Getty Images
cerebrum In its first earnings report since its initial public offering last month, the AI chip maker said sales nearly doubled. The company expected gross profit margins to decline, and its stock price fell 10% in after-hours trading.
The company’s initiatives include:
Loss per share: 22 cents Earnings: $193.4 million
The company’s first-quarter sales increased 92% from $99.5 million in the same period last year, according to the announcement. Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago.
Capitalizing on investor interest in infrastructure to run AI models, Cerebras listed on the Nasdaq in May. After pricing its IPO at $185, Cerebras opened its stock price at $350 and ended at $311.07.
The stock has since fallen 28%, closing at $226.72 on Tuesday.
Cerebras said its core gross margin, or the profit left after accounting for cost of goods sold, will shrink to 36-38% in the second quarter from 46.5% in the first quarter.
The company said it expects core revenue to increase 88% year over year to $914 million. Additionally, full-year core revenue will be between $855.5 million and $865 million, representing 69% growth at the midpoint, Cerebras said.
Founded in 2015, Cerebras has raised more than $6 billion in an initial public offering, the most for a U.S. technology company since its founding. Uberdebuted in 2019.
Cerebras seeks to challenge AI chip leadership Nvidia In one corner of the market, the company also operates a service that runs AI models through data centers equipped with its own processors.
Cerebras enjoys a performance advantage in part because it has many times more SRAM memory on the chip. Google In a June 8 memo to customers, Mizuho said it will adopt the latest Tensor Processing Unit, or Groq 3 LPU chip that NVIDIA announced in March.
During the first quarter, Cerebras announced that its chip would be installed inside Amazon Web Services data centers announced a deal worth more than $20 billion to provide computing power to OpenAI.
Executives will discuss the results with analysts on a conference call beginning at 5 p.m. ET.
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