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Cerebras Systems doubled core revenue in Q2 as GAAP hardware sales fell 23%

8/23/2026

(NASDAQ: CBRS) posted second-quarter core revenue of $209.9 million, up 103% from a year earlier, exceeding management's guidance of approximately $194 million.

GAAP revenue rose 74% to $180.1 million, below the $194.23 million consensus compiled by LSEG. Shares fell 11.9% to $231.01 on August 13, having dropped as much as 16% in extended trading after the report.

Revenue mix and the GAAP-versus-core gap On a GAAP basis, hardware revenue declined 23% to $54.1 million.

Core hardware revenue, a company-defined non-GAAP figure that adds back customer-warrant amortization and excludes data-center pass-through revenue, rose 17% year over year to $82.1 million.