Cerebras Systems has issued a revenue forecast for the fourth quarter, projecting core revenue between $310 million and $330 million. This guidance exceeds the analyst consensus of $271.2 million. At the midpoint of $320 million, the company anticipates approximately 49% sequential growth compared to the third quarter, which saw $214.7 million in core revenue.
The company previously increased its full-year 2026 core revenue outlook to a range of $880 million to $890 million, with projected gross margins between 41% and 43%. For the full year 2025, Cerebras reported $510 million in revenue, representing a 76% increase over 2024. In the second quarter of the current year, revenue grew by 103% year-over-year to $209.9 million.
Cerebras specializes in Wafer Scale Engine technology, positioning itself as a competitor to traditional GPU manufacturers like Nvidia. Despite strong revenue growth, the company currently maintains negative operating margins. Management identifies rapid capacity expansion and customer concentration as primary business risks that could impact future performance.
Financial backing for the company remains significant. In September, Cerebras raised $1.1 billion at a valuation of $8.1 billion. Earlier in February, the firm secured $1 billion in funding at a valuation of $23 billion. While the company scales its operations, it continues to work toward achieving positive profitability.
