Cerebras Systems is set to release its second-quarter earnings after U.S. market hours on Wednesday, August 12 (Eastern Time), its second report since going public in May. The company guided core revenue for the second fiscal quarter to approximately $194 million, an 88% year-over-year surge, though this is marginal sequential growth from the $191.3 million reported in the first fiscal quarter. Wall Street’s consensus forecast is roughly $191 million. In the first quarter, total revenue was $193.4 million, up 94% year-over-year, with cloud and other services revenue up 178% to $82.8 million and hardware revenue up 59% to $110.6 million. Investors are focused on profitability, with Wall Street expecting a net loss of $0.17 per share, a reversal from the $1.44 earnings per share reported a year earlier. The company warned core gross margin for the second fiscal quarter would fall to 36%–38%, down from 46.5% in the first quarter, with core operating margin projected at –30% to –32%. The margin decline stems from leasing expensive compute capacity from customers like G42 to meet AI inference demand before its own data centers are fully deployed. Wedbush analyst Matt Bryson noted data center capacity is the key constraint, with Cerebras securing approximately 215 megawatts of compute capacity for 2026.