Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
The AI computing specialist's latest results were strong. The real story is a backlog worth almost 29 times this year's expected revenue.
Overview
By most measures, Cerebras Systems (NASDAQ:CBRS) delivered an outstanding second quarter.
The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue.
Details
But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI.
Source
Originally published at www.fool.com.