Cerebras reports 92% revenue growth in chipmaker's first earnings report since IPO

Cerebras said revenue growth almost doubled in the AI chipmaker's first earnings report since its initial public offering last month. The stock fell 5% in extended trading.

Here's how the company did:

• Loss per share: 22 cents
• Revenue: $193.4 million

The company's revenue grew 92% year over year in the first quarter, according to a statement. Net loss shrank to $14 million from $23.9 million, or 46 cents per share, a year ago.

Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May. After pricing its IPO at $185, Cerebras saw its stock open at $350 and close at $311.07.

The shares have since dropped 28%, closing on Tuesday at $226.72.

Founded in 2015, the Cerebras raised almost $6 billion in the offering, the most for a U.S. technology company since Uber's debut in 2019.

Cerebras is trying to challenge AI chip leader Nvidia in one corner of the market, and it also operates a service for running AI models through data centers filled with its processors.

Cerebras enjoys a performance advantage in part by packing many times more SRAM memory on its chip than Google's latest tensor processing unit or the Groq 3 LPU chip that Nvidia announced in March, Mizuho said in a June 8 note to clients.

During the first quarter, Cerebras said its chips will go inside Amazon Web Services' data centers, and it announced a deal worth over $20 billion to supply OpenAI with computing power.

Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.

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