Cerebras Systems (CBRS 7.42%), which launched its IPO a month ago raising $5.5 billion, saw shares soar 68% on the first trading day but have since lost more than 25%. In its first earnings report since the IPO, the company reported revenue surging 92% in the first quarter to a record of more than $191 million. Cerebras also signed a multi-year deal with OpenAI worth more than $20 billion and partnered with Amazon Web Services. However, the report highlighted a crucial metric: gross margin. In the first quarter, Cerebras reported core gross margin of 47%. For the current quarter, the company expects core gross margin in the range of 36% to 38%, showing a narrowing from the first three months of the year.