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 ~$181.65Across the boards
The thesis on this name
subject
State of AI Compute
Full context
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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
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