0001628280-26-056186
SEC filingCerebras Q2 2026核心营收翻倍至$209.9M、云业务近四倍增长，AI推理需求驱动全年指引上调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenue (GAAP) | $180,110 thousand | $103,322 thousand | +74% |
| Total revenue (Core, Non-GAAP) | $209,869 thousand | $103,322 thousand | +103% |
| Cloud and other services revenue (GAAP) | $125,991 thousand | $33,027 thousand | +281% |
| Cloud and other services revenue (Core, Non-GAAP) | $127,728 thousand | $33,027 thousand | +287% |
| Hardware revenue (GAAP) | $54,119 thousand | $70,295 thousand | — |
| Gross margin (GAAP) | 14.2% | 31.1% | — |
| Gross margin (Core, Non-GAAP) | 40.6% | 31.2% | +约940 bps |
| Loss from operations (GAAP) | $(477,233) thousand | $(57,182) thousand | — |
| Core operating loss (Non-GAAP) | $(33,613) thousand | $(43,901) thousand | — |
| Operating margin (GAAP) | (265%) | (55%) | — |
| Core operating margin (Non-GAAP) | (16%) | (42%) | +约2,600 bps |
| Net income (loss) (GAAP) | $(450,528) thousand | $309,512 thousand | — |
| Core net loss (Non-GAAP) | $(6,908) thousand | $(40,543) thousand | — |
| Diluted EPS (GAAP) | $(2.98) | $1.91 | — |
| Adjusted EBITDA (Non-GAAP) | $(53,070) thousand | $(38,301) thousand | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Core revenue | $214 to $216 million | Non-GAAP |
| Q3 2026 | Core gross margin | 38% - 40% | Non-GAAP |
| Q3 2026 | Core operating margin | (25%) to (23%) | Non-GAAP |
| Full Year 2026 | Core revenue | $880 to $890 million | Non-GAAP |
| Full Year 2026 | Core gross margin | 41% - 43% | Non-GAAP |
| Full Year 2026 | Core operating margin | (19%) to (17%) | Non-GAAP |
本季核心矛盾在于「规模换利润」：GAAP总营收$180.1M同比+74%，但硬件营收由$70.3M降至$54.1M，增长完全由云及其他服务驱动（GAAP +281%、Core +287%）。GAAP毛利率降至14.2%，主因是云业务成本$101.4M大幅上升及$14.5M pass-through revenue与$14.1M pass-through costs的错配；剔除客户认股权证摊销、股权激励与pass-through后，Core毛利率达40.6%，同比改善约940 bps，Core经营利润率(16%)同比改善约2,600 bps，显示核心业务单位经济性在改善。GAAP净亏损$450.5M主要受$377.0M股权激励与$44.3M认股权证摊销等非现金项拖累，Core净亏损仅$6.9M。
管理层口径强调「季度业绩在所有核心指标上超出指引」，并将全年2026核心营收指引上调至$880–890M、核心毛利率41%–43%、核心经营利润率(19%)–(17%)，同时提出2027年营收「more than triple」的目标，对应$25.4B剩余履约义务。资本与产能端，IPO募资$6.4B、循环信贷额度$850M、现金及等价物/受限现金/短期投资合计$8.6B，数据中心容量超600MW已签约、制造产能2026年扩张10倍以上，并强调不依赖HBM、CoWoS与3nm等紧缺环节。风险面需关注客户集中度（OpenAI、Group 42、MBZUAI、AWS）、云业务成本与pass-through波动对GAAP毛利率的扰动，以及Q3核心毛利率指引环比回落至38%–40%所隐含的爬坡成本。