Cerebras Systems reported first-quarter revenue of $193.4 million, up 94% from a year earlier, while net loss narrowed 41% to $14 million in its first earnings report since going public.

The AI infrastructure company forecast second-quarter revenue of about $194 million and full-year revenue of $855 million to $865 million. The results come as Cerebras builds on a recently announced multi-year OpenAI agreement valued at more than $20 billion and a partnership with Amazon Web Services.

Shares fell about 10% in extended trading after its projected full-year adjusted gross margins of 38% to 41%, down from the 47% gross margin it reported in the first quarter. The outlook remained well below those of rivals such as Nvidia, whose gross margins are in the mid-70% range, and AMD, whose gross margins are in the mid-50% range.

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For the second quarter, its expects core gross margins of 36% to 38%, while full-year operating margins are projected in the range of negative 28% to negative 32% as the company continues investing in growth and capacity expansion.

The company’s revised SEC filing shows revenue remained heavily concentrated among Abu Dhabi-linked customers in 2025, with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) accounting for 62% of revenue and G42 accounting for 24%, highlighting customer concentration as a key business risk.

“AI has moved from being a novelty to being useful and productive. Cerebras’ wafer-scale technology delivers the fastest AI in the world. And fast AI is more valuable than slow AI because it is more productive,” Andrew Feldman, its co-founder and CEO, said.

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