Key Takeaways

• Cerebras’s own core gross margin fell to 40.6% in Q2 2026 from 46.5%, but GAAP reported gross margin, collapsed far more sharply, to 14.45% from 44.56% the prior quarter.
• Free cash flow burn nearly quadrupled, widening to negative $476.7 million in the quarter ended June 30, 2026 from negative $119.6 million in Q1, as Cerebras races to build data center capacity for OpenAI and other customers.
• CEO Andrew Feldman and CTO Sean Lie sold roughly $200 million combined in Class A shares between August 20 and September 4, cutting Feldman’s direct stake to 16,853 shares.
• Despite the margin and cash trends, Wall Street’s mean price target actually rose slightly to $291.64 from $291.09 even as shares fell about…