0001628280-26-073366
SEC filingCerebras Q3 2026营收创纪录$210.8M、Core营收$230.9M，云业务与700MW算力合同驱动高增长，并上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue (GAAP) | $210.8M | $135.7M | +55% |
| Core Revenue (Non-GAAP) | $230.9M | $135.7M | +70% |
| Gross Margin (GAAP) | 20.0% | 40.6% | — |
| Core Gross Margin (Non-GAAP) | 41.0% | 40.7% | — |
| Operating Margin (GAAP) | (106.3%) | (19.5%) | — |
| Core Operating Margin (Non-GAAP) | (14.3%) | (11.1%) | — |
| Net Income (Loss) (GAAP) | $(161.2)M | $(22.2)M | — |
| Core Net Income (Loss) (Non-GAAP) | $29.8M | $(10.9)M | — |
| Diluted EPS (GAAP) | $(0.67) | $(0.41) | — |
| Core Adjusted EBITDA (Non-GAAP) | $(3.3)M | $(6.5)M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | Core revenue | $310–330M | Non-GAAP |
| Q4 2026 | Core gross margin | 47%–49% | Non-GAAP |
| Q4 2026 | Core operating margin | (1%)–1% | Non-GAAP |
| Full Year 2026 | Core revenue | $940–960M | Non-GAAP |
| Full Year 2026 | Core gross margin | 42%–44% | Non-GAAP |
| Full Year 2026 | Core operating margin | (10%)–(8%) | Non-GAAP |
Q3 2026 GAAP总营收创纪录$210.8M、同比+55%，Core营收$230.9M、同比+70%，增长几乎全部由云及其他服务驱动：GAAP云营收$141.9M、同比+265%，Core云营收$144.9M、同比+272%；硬件营收$68.9M、同比下滑（去年同期$96.8M）。GAAP毛利率降至20.0%（去年同期40.6%），主因硬件毛利率仅11.0%及云业务成本上升；但Core毛利率41.0%环比与同比双升，Core云毛利率46.9%。GAAP营业利润率(106.3%)、净亏损$(161.2)M、摊薄EPS $(0.67)，主要受$155.1M股权激励与$36.4M客户认股权证摊销等非现金项拖累；剔除后Core营业利润率(14.3%)、Core净利$29.8M转正、Core Adjusted EBITDA $(3.3)M。
管理层称连续第三季全面超指引，剩余履约义务$26.1B、已签约700MW数据中心容量，流动性$7.8B、债务额度$850M；Q4指引Core营收$310–330M、Core毛利率47%–49%、Core营业利润率(1%)–1%，全年Core营收$940–960M，并预计2027年营收增长两倍。风险包括客户集中、云与数据中心产能及资本开支压力（前九月资本开支$1,046.1M、经营现金流$(388.9)M）。