In its first earnings report since going public, Cerebras Systems (CERE) forecast a narrower full-year gross margin of...

In its first earnings report since going public, Cerebras Systems (CERE) forecast a narrower full-year gross margin of 38%-41% (excluding warrants and pass-through revenues) compared to 47% in Q1, leading to a ~20% stock drop on June 24, 2026 source 1. CEO Andrew Feldman claimed the guidance was "misunderstood," citing a temporary need to rent back equipment from a major customer, which would compress margins while building data center capacity source 1. Revenue of $193M (+94% YoY) beat expectations, and net loss narrowed to $14M source 3. The stock touched a new low, nearly reaching its IPO price. Separately, Cerebras' Wafer-Scale Engine won a poster award at ISC26 for accelerating simulation workloads, a positive technical validation but insufficient to offset investor concerns source 2. The margin compression and insider lock-up expiry (28M shares tradable) pressure near-term sentiment.