Cerebras Systems Inc. (CBRS) shares fell more than 9% in after-hours trading on Tuesday after the AI chipmaker reported a mixed first-quarter print. For the three months ended March 2026, Cerebras posted GAAP revenue of $193.4 million, a 94% year-over-year increase, beating analyst estimates of $180.8 million. Hardware sales drove $110.6 million of revenue, while cloud and other services generated $82.8 million. However, the company reported a non-GAAP adjusted net loss of $0.22 per share, wider than the $0.16 per-share loss analysts projected. The quarterly GAAP net loss was $14.0 million, while its non-GAAP core net loss narrowed to $2.5 million. Cerebras closed the quarter with $3.3 billion in total liquid capital. For the second quarter, the company projects core non-GAAP revenue of approximately $194.0 million, above the $177.7 million estimate, but expects Q2 gross margins to land between 36% and 38%, a decline from the 47% core gross margin in the first quarter. For the full fiscal year 2026, Cerebras anticipates revenue between $855 million and $865 million, representing 69% year-over-year growth at the midpoint and above analyst expectations of $828 million.