One-sentence summary
This dataset places Cerebras's Q3 2026 GAAP and Core figures side by side: same quarter, GAAP gross margin 20.0% versus Core 41.0%; GAAP operating margin -106.3% versus Core -14%. Nearly all of the gap comes from three items: data center pass-through revenue, customer warrant amortization and stock-based compensation.
Table 1: Income statement (GAAP)
| Metric | Q3 2026 ($K) | Q3 2025 ($K) | Change | Nine months 2026 ($K) | Nine months 2025 ($K) |
|---|---|---|---|---|---|
| Hardware revenue | 68,881 | 96,794 | -28.8% | 233,592 | 236,763 |
| Cloud and other services | 141,928 | 38,920 | +264.7% | 350,732 | 101,785 |
| Total revenue | 210,809 | 135,714 | +55.3% | 584,324 | 338,548 |
| Cost of hardware | 61,290 | 47,969 | +27.8% | 179,362 | 143,028 |
| Cost of cloud and other services | 107,425 | 32,610 | +229.4% | 251,135 | 66,682 |
| Total cost of revenue | 168,715 | 80,579 | +109.4% | 430,497 | 209,710 |
| Gross profit | 42,094 | 55,135 | -23.6% | 153,827 | 128,838 |
| Gross margin | 20.0% | 40.6% | -20.6pt | 26.3% | 38.1% |
| Research and development | 177,842 | 57,257 | +210.6% | 573,488 | 170,775 |
| Sales and marketing | 32,813 | 20,834 | +57.5% | 134,483 | 49,388 |
| General and administrative | 55,588 | 3,513 | +1,482% | 162,277 | 20,796 |
| Total operating expenses | 266,243 | 81,604 | +226.3% | 870,248 | 240,959 |
| Loss from operations | -224,149 | -26,469 | Widened | -716,421 | -112,121 |
| Operating margin | -106.3% | -19.5% | — | -122.6% | -33.1% |
| Other income, net | 63,900 | 5,787 | +1,004% | 93,409 | 380,431 |
| Income tax expense | 969 | 1,519 | -36.2% | 2,740 | 4,866 |
| Net loss | -161,218 | -22,201 | Widened | -625,752 | Net income 263,444 |
| Loss per share (basic, $) | -0.67 | -0.41 | — | -4.13 | EPS 1.92 |
| Weighted average shares (K) | 238,885 | 53,983 | +342% | 151,532 | 52,909 |
Table 2: Balance sheet
| Metric | September 30, 2026 ($K) | December 31, 2025 ($K) |
|---|---|---|
| Cash and cash equivalents | 3,074,752 | 701,706 |
| Restricted cash | 444,042 | 228,672 |
| Investments | 4,286,026 | 406,531 |
| Accounts receivable, net | 231,762 | 50,423 |
| Inventories | 146,100 | 63,626 |
| Customer warrants, current | 140,174 | 60,906 |
| Total current assets | 8,865,661 | 1,543,646 |
| Property and equipment, net | 1,507,797 | 437,396 |
| Customer warrants, non-current | 951,800 | 91,447 |
| Operating lease right-of-use assets | 571,237 | 248,950 |
| Total assets | 11,938,412 | 2,326,037 |
| Accounts payable | 236,981 | 48,630 |
| Deferred revenue, current | 234,309 | 131,049 |
| Customer deposits | 108,715 | 354,460 |
| Working capital loan, current | 706,518 | — |
| Total current liabilities | 1,680,871 | 719,540 |
| Deferred revenue, non-current | 453,293 | 35,847 |
| Operating lease liability, non-current | 522,771 | 215,957 |
| Working capital loan, non-current | 122,564 | — |
| Total liabilities | 2,779,499 | 971,344 |
| Stockholders' equity | 9,158,913 | -578,655 |
Table 3: Cash flow, nine months
| Metric | Nine months 2026 ($K) | Nine months 2025 ($K) |
|---|---|---|
| Net cash used in operating activities | -388,894 | -134,216 |
| Purchases of property and equipment | -1,046,059 | -301,139 |
| Purchases of investments | -5,120,232 | -20,175 |
| Net cash used in investing activities | -4,892,200 | -182,724 |
| Net proceeds from IPO | 6,232,511 | — |
| Series H preferred stock | 1,014,249 | — |
| Working capital loan proceeds | 1,004,571 | — |
| Net cash from financing activities | 7,869,421 | 1,068,812 |
| Cash, equivalents and restricted cash at period end | 3,518,794 | 1,334,134 |
Table 4: GAAP to Core reconciliation, Q3 2026
| Item ($K) | GAAP | Less pass-through revenue | Add warrant amortization | Add stock-based comp | Core |
|---|---|---|---|---|---|
| Total revenue | 210,809 | -16,360 | +36,424 | — | 230,873 |
| Hardware revenue | 68,881 | — | +17,078 | — | 85,959 |
| Cloud and other services | 141,928 | -16,360 | +19,346 | — | 144,914 |
| Gross profit | 42,094 | -488 | +36,424 | +16,545 | 94,575 |
| Gross margin | 20.0% | — | — | — | 41.0% |
Table 5: Guidance
| Guidance item | Q4 2026 | Full year 2026 | Prior full-year guidance |
|---|---|---|---|
| Core revenue | $310M-$330M | $940M-$960M | $880M-$890M |
| Core gross margin | 47%-49% | 42%-44% | 41%-43% |
| Core operating margin | -1% to +1% | -10% to -8% | -19% to -17% |
| 2027 revenue | Triple 2026 (company statement) | — | — |
Definitions
| Item | Basis |
|---|---|
| Core (non-GAAP) | Excludes non-cash amortization of customer warrants, stock-based compensation, data center pass-through revenues and costs, and certain other items |
| Data center pass-through revenue | $16.36 million this quarter ($34.97 million for nine months); revenue from reselling third-party data center capacity, with matching costs in cost of revenue |
| Customer warrant amortization | $36.42 million this quarter; warrants issued to customers amortized over contract life, a non-cash item |
| $584 million | Nine-month cumulative 2026 revenue, not quarterly; the quarter was $210.8 million |
| RPO of $2.61 billion | Remaining performance obligations as of September 30, 2026; contracted but unrecognized |
| 700 MW | Contracted data center capacity for delivery by end-2027; not energized capacity |
| Liquidity of $7.8 billion | Cash plus restricted cash plus investments (3,074,752 + 444,042 + 4,286,026 ≈ 7,804,820 thousand) |
| Nine-month 2025 net income | Includes one-time items; not a valid comparison base for 2026 |
Reading the data
First, the gap between the two bases sits in three places. Q3 GAAP revenue was $210.8 million and Core revenue $230.9 million, a $20.1 million difference from removing pass-through revenue (-$16.4 million) and adding warrant amortization (+$36.4 million). GAAP gross profit was $42.1 million and Core $94.6 million, a $52.5 million difference from pass-through net (-$0.5 million), warrant amortization (+$36.4 million) and stock-based compensation (+$16.5 million). Decide which basis you are using first, or gross margin will appear to jump from 20% to 41%.
Second, hardware and cloud have swapped roles. Cloud's share of revenue rose from 28.7% a year ago to 67.3%. The company has moved from equipment supplier to compute provider, improving revenue repeatability while requiring it to build and lease data centers — capex rose from $301 million to $1.046 billion over nine months.
Third, the loss comes mostly from R&D and first-year public-company costs. R&D rose 210.6% to $177.8 million; G&A went from $3.5 million to $55.6 million. Nine-month stock-based compensation was $541.7 million, a major component of the $625.8 million net loss. Strip it out and the Core operating loss is 14% of revenue rather than 106% on a GAAP basis.
Fourth, cash comfortably covers the current burn. $7.8 billion of liquidity against a $161.2 million quarterly net loss is roughly 48 quarters of coverage. The risk is not liquidity but whether Core operating margin turns positive in Q4.
Fifth, demand-side figures say more than revenue. RPO of $2.61 billion is about 2.7x the midpoint of 2026 Core revenue guidance, and 700 MW of contracted capacity is scheduled for 2027 delivery. If those convert on schedule, the 2027 "triple" guidance has support.
Limits when using this dataset
- A dash means the company did not disclose that item on that basis; no values are estimated;
- GAAP and Core figures cannot be added together or substituted for each other; period comparisons must use one basis;
- Nine-month 2025 net income includes one-time items (including a forward contract liability extinguishment gain) and is not a valid year-over-year base;
- Customer concentration and revenue per customer are not disclosed in the release; risk factors cite dependence on a limited number of significant customers;
- 700 MW is contracted capacity, not energized capacity; RPO is a multi-year measure;
- This dataset contains no figures derived by this site.