Cerebras Systems said Thursday that it recorded core net income of $29.82 million in the third quarter, compared with a core net loss of $10.86 million a year earlier, and that it raised its full-year 2026 core revenue outlook to $940 million to $960 million. The company’s Nov. 12 release reported record core revenue of $230.9 million, up 70% from a year earlier. On a GAAP basis, Cerebras posted a net loss of $161.2 million.
Reuters, in a Nov. 13 dispatch, described the core result as a surprise adjusted profit. Analysts, on average, had expected an adjusted loss of $38.4 million, Reuters said, citing data compiled by LSEG. Reuters also reported that the new 2026 core revenue range is up from a previous forecast of $880 million to $890 million. Cerebras said it expects to triple revenue in 2027. CNBC separately reported that third-quarter core revenue beat the LSEG average estimate of $214.7 million.
The written release announced “an important cloud deal with a top three hyperscaler” and said more would be shared next year. It did not name the customer. Chief Executive Andrew Feldman identified Microsoft on the company’s earnings call and in an interview with CNBC. Feldman told CNBC that Microsoft signed the deal in October and that “we believe revenue begins to show up in Q1 ’27.” Reuters also reported the Microsoft cloud agreement.
Reuters reported that, on the earnings call, Feldman said delivery delays under Cerebras’s OpenAI agreement stemmed from industry-wide shortages of land and power, rather than chip manufacturing constraints. The company’s release said remaining performance obligations were $26.1 billion as of Sept. 30 and that it has 700 gross megawatts of data center capacity under contract for delivery by the end of 2027.
CoreWeave, another AI infrastructure provider, also raised its 2026 revenue forecast this week.