Cerebras Systems
ConvictionModerate
Hybrid: hardware sales (CS-3 wafer-scale systems & supercomputers) + cloud/services (per-token fast-inference API and managed compute), increasingly tilting to recurring cloud revenue.
Revenue
$191.3M core / $193.4M GAAPQ1 FY26); $510M FY25Rev growth
+92% YoY coreQ1 FY26); FY25 ~+135% YoY ($217M->$510M regionGross margin
47% core / 45% GAAPQ1 FY26) — guided DOWN to 36-38% Q2 FY26Op margin
negativeFY26 guide core operating margin (28)%-(32)%Capex intensity
rising sharply — building owned data-center capacityrenting 3rd-party capacity short-term to serve OpenAIMarket cap
~$39.9BJun 26 2026; ~219.6M sh x ~$181.65Price · 1-year trend
real · weekly$181-35% 1yUSD
52-week range
$161 – $386
52w lowas of 2026-06-26 · Yahoo Finance52w high
Across the boards
The thesis on this name
subject
AI Compute Value-Chain
Full context
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence