Cerebras

Q2 FY2026 EarningsQ2 FY2026 results missed GAAP revenue expectations but significantly outperformed on core metrics: GAAP revenue of $180.1M missed the $193.6M consensus by 7.0%, yet non-GAAP 'Core' revenue reached $209.9M, a 103% YoY increase. The variance is primarily due to $44.3M in non-cash amortization of customer warrants treated as contra-revenue under GAAP. GAAP EPS of -$2.98 was significantly below the -$1.67 consensus due to $377M in stock-based compensation related to the IPO. Management raised FY26 core revenue guidance to $880M-$890M, implying strong demand for AI fast inference infrastructure.