AI chipmaker Cerebras reports a Q2 loss of $2.98 per share and forecasts Q3 revenue slightly above estimates but below some analyst expectations.
Cerebras Systems (CBRS) stock fell 17% in premarket trading after reporting a Q2 loss of $2.98 per share, reversing a $1.91 per-share profit from the same period last year. The company cited a core gross margin of 40.6%, which would have been 500 basis points higher without temporary system rentals to meet inference demand.
The AI chipmaker forecast Q3 core revenue of $214 million to $216 million, exceeding the $210 million consensus but falling short of some analyst estimates as high as $220 million. Full-year core revenue is projected at $880 to $890 million, with Q3 core gross margin expected at 38% to 40%.
Analysts noted the outlook was only modestly above expectations, potentially limiting positive earnings sentiment. CFO Bob Komin indicated Q3 would mark the low point for gross margins before improvement in Q4.