CBRS 财报追踪 on 如是观https://stormlive.xyz/cbrs/cbrs-earnings/Recent content in CBRS 财报追踪 on 如是观如是观https://stormlive.xyz/images/papermod-cover.pnghttps://stormlive.xyz/images/papermod-cover.pngHugozh如是观 赣ICP备18008090号-1Wed, 24 Jun 2026 00:00:00 +0000Cerebras (CBRS) Q1 FY2026 首次季报复盘https://stormlive.xyz/cbrs/cbrs-earnings/2026q1-fy2026/Wed, 24 Jun 2026 00:00:00 +0000https://stormlive.xyz/cbrs/cbrs-earnings/2026q1-fy2026/<p><strong>报告时间</strong>：2026-06-24 04:15 CST（美东 6/23 16:15 ET，<strong>电话会议前 45 分钟</strong>） <strong>报告类型</strong>：IPO 后首份季度业绩追踪 <strong>状态</strong>：⚠️ <strong>财报新闻稿 + SEC 8-K 尚未公开披露</strong>（电话会议定于 5 PM ET / 北京 6/24 05:00 CST 召开）</p> <hr> <h2 id="-一句话总结">🎯 一句话总结</h2> <blockquote> <p><strong>CBRS 6/23 收涨 5.74% 至 $226.82，盘中振幅 13%（$210-$237），市场以&quot;Buy the rumor&quot;姿态迎接 5 PM ET 的 IPO 后首份季报。共识预期 EPS -$0.16、营收 $180.81M（Visible Alpha）/ $183.26M（Yahoo）。Ziven 第三方数据已抓取到 &ldquo;实际&rdquo; -$0.14 / $181M / Beat +$0.03，但官方新闻稿和 SEC 8-K 在抓取时点（财报前 45 分钟）尚未发布，电话会议结束后才能确认。</strong></p> </blockquote> <hr> <h2 id="-当日股价走势623-美东">📈 当日股价走势（6/23 美东）</h2> <table> <thead> <tr> <th>指标</th> <th>数值</th> <th>来源</th> </tr> </thead> <tbody> <tr> <td><strong>前一日收盘</strong></td> <td>$214.00 (6/12) / $224.43 (6/20, 6/21 调整)</td> <td>Nasdaq / Ziven</td> </tr> <tr> <td><strong>Open</strong></td> <td>$214.50 (盘前竞价)</td> <td>Ziven</td> </tr> <tr> <td><strong>Day High</strong></td> <td>$237.00</td> <td>Ziven / Nasdaq</td> </tr> <tr> <td><strong>Day Low</strong></td> <td>$210.00</td> <td>Ziven / Nasdaq</td> </tr> <tr> <td><strong>Close</strong></td> <td><strong>$226.82</strong> (16:00 ET)</td> <td>Ziven / Yahoo / Nasdaq 一致</td> </tr> <tr> <td><strong>单日涨跌</strong></td> <td><strong>+5.74%</strong> +$12.32</td> <td>Ziven</td> </tr> <tr> <td><strong>Volume</strong></td> <td>6.38M</td> <td>Ziven</td> </tr> <tr> <td><strong>VWAP</strong></td> <td>$224.61</td> <td>Ziven</td> </tr> <tr> <td><strong>盘后报价</strong></td> <td>$229.90 +1.40% (16:07 ET) / $230.00 16:16 ET</td> <td>Nasdaq</td> </tr> <tr> <td><strong>6/23 收盘市值</strong></td> <td>~$49.79B</td> <td>Yahoo Finance</td> </tr> <tr> <td><strong>Implied move (options)</strong></td> <td><strong>±12.8%</strong> (TipRanks) / <strong>-12.7%</strong> 跌至 $187 (Invezz 6/23 18:22)</td> <td>TipRanks / Invezz</td> </tr> </tbody> </table> <p><strong>形态解读</strong>：</p><link>https://stormlive.xyz/cbrs/cbrs-earnings/2026_q2/</link><pubDate>Mon, 01 Jan 0001 00:00:00 +0000</pubDate><guid>https://stormlive.xyz/cbrs/cbrs-earnings/2026_q2/</guid><description><h1 id="cbrs-q2-fy2026-季报深度分析">CBRS Q2 FY2026 季报深度分析</h1> <blockquote> <p><strong>财报日校时</strong>：报告日 2026-08-12 (EDT)，盘后发布。EDT 收盘 16:00 → 盘后 ~16:11 → 当前股价 $234.00。</p> <p><strong>一句话定调</strong>：<strong>核心业务全面 beat</strong>（Core 营收 $209.9M +103% YoY / Core 毛利率 41% +940bp YoY / RPO $25.4B / 现金 $8.6B），但 <strong>GAAP 数字被 IPO 后 SBC $377M 单季度确认 砸出 -$450M 净亏 + 14% 毛利率</strong>，<strong>Q3 指引中规中矩</strong>（营收 $214-216M、毛利率 38-40%）、<strong>全年指引上修</strong>（$880-890M / 毛利率 41-43%）。市场反应：<strong>盘后 -10.71% 至 $234</strong>——<strong>GAAP 数字主导情绪</strong>，但 <strong>Core 数字 + RPO + 600MW 容量 + 2027 三倍增长指引 是结构性强信号</strong>。</p> </blockquote> <hr> <h2 id="1-关键数字gaap-vs-core-对账">1. 关键数字（GAAP vs Core 对账）</h2> <h3 id="11-损益表q2-fy2026-vs-q2-fy2025">1.1 损益表（Q2 FY2026 vs Q2 FY2025）</h3> <table> <thead> <tr> <th>项目</th> <th>Q2 FY2026</th> <th>Q2 FY2025</th> <th>YoY</th> <th>Q1 FY2026 (对比)</th> <th>解读</th> </tr> </thead> <tbody> <tr> <td><strong>GAAP 营收</strong></td> <td><strong>$180.1M</strong></td> <td>$103.3M</td> <td><strong>+74%</strong></td> <td>$193.4M</td> <td>✅ 创纪录，<strong>环比 -6.9%</strong>（OpenAI pass-through 成本所致）</td> </tr> <tr> <td><strong>Core 营收</strong>（非 GAAP）</td> <td><strong>$209.9M</strong></td> <td>$103.3M</td> <td><strong>+103%</strong></td> <td>$191.3M</td> <td>✅✅ <strong>Core 创纪录超 $200M</strong>，远超 Q1</td> </tr> <tr> <td>硬件 GAAP 营收</td> <td>$54.1M</td> <td>$70.3M</td> <td><strong>-23%</strong> ⚠️</td> <td>$110.6M</td> <td>⚠️ <strong>硬件营收环比腰斩</strong>——客户结构转向云</td> </tr> <tr> <td>硬件 Core 营收</td> <td>$82.1M</td> <td>$70.3M</td> <td>+17%</td> <td>—</td> <td>✅ Core 视角下硬件 +17% YoY（SBC warrant 摊销回填）</td> </tr> <tr> <td>云 &amp; 其他服务 GAAP</td> <td>$126.0M</td> <td>$33.0M</td> <td><strong>+281%</strong> ✅✅</td> <td>$82.8M</td> <td>✅✅ <strong>加速</strong>——这是 OpenAI MRA + AWS Bedrock 的核心证据</td> </tr> <tr> <td>云 &amp; 其他服务 Core</td> <td>$127.7M</td> <td>$33.0M</td> <td><strong>+287%</strong> ✅✅</td> <td>—</td> <td>✅✅</td> </tr> <tr> <td><strong>GAAP 毛利率</strong></td> <td><strong>14.2%</strong></td> <td>31.1%</td> <td><strong>-16.9pp</strong> ⚠️⚠️</td> <td>45%</td> <td>🔴 <strong>单季 -31pp 断崖</strong>——但全是 SBC + Warrant + Pass-through</td> </tr> <tr> <td>硬件毛利率 GAAP/Core</td> <td>1.8% / 38.8%</td> <td>33.6% / 33.7%</td> <td>— / +5.1pp</td> <td>—</td> <td>⚠️ 硬件 GAAP 毛利率 1.8%（异常低）</td> </tr> <tr> <td>云毛利率 GAAP/Core</td> <td>19.5% / 41.8%</td> <td>25.6% / 26.0%</td> <td>-6.1pp / +15.8pp</td> <td>49% / 53%</td> <td>⚠️ GAAP 降但 Core 显著改善 +15.8pp</td> </tr> <tr> <td><strong>Core 毛利率</strong></td> <td><strong>40.6%</strong></td> <td>31.2%</td> <td><strong>+9.4pp</strong> ✅</td> <td>47%</td> <td>✅ <strong>YoY +940bp</strong>（核心战略达成）</td> </tr> <tr> <td><strong>GAAP 运营亏损</strong></td> <td><strong>($477.2M)</strong></td> <td>($57.2M)</td> <td>扩大 8.3x ⚠️⚠️</td> <td>($15.0M)</td> <td>🔴 <strong>R&amp;D $320M 单季度含 SBC $222M + IPO 一次性</strong></td> </tr> <tr> <td>Core 运营亏损</td> <td>($33.6M)</td> <td>($43.9M)</td> <td>收窄 23% ✅</td> <td>($3.5M)</td> <td>✅ <strong>Core 视角：接近 break-even</strong></td> </tr> <tr> <td>GAAP 净亏</td> <td><strong>($450.5M)</strong></td> <td>+$309.5M</td> <td>同比恶化</td> <td>($14.0M)</td> <td>🔴 Q2'25 含 $363M 一次性 forward contract gain</td> </tr> <tr> <td><strong>Core 净亏</strong></td> <td><strong>($6.9M)</strong></td> <td>($40.5M)</td> <td>收窄 83% ✅</td> <td>($2.5M)</td> <td>✅ <strong>Core 接近 break-even</strong>——这是 Q2 真正的故事</td> </tr> <tr> <td>GAAP EPS（摊薄）</td> <td><strong>($2.98)</strong></td> <td>$1.91</td> <td>恶化</td> <td>($0.22)</td> <td>🔴</td> </tr> <tr> <td>GAAP 加权平均股数（摊薄）</td> <td>150.97M</td> <td>161.82M</td> <td>-7%</td> <td>—</td> <td>受 OpenAI Warrant 反摊薄影响</td> </tr> <tr> <td>Adjusted EBITDA</td> <td>($53.1M)</td> <td>($38.3M)</td> <td>恶化</td> <td>$12.7M</td> <td>⚠️ 含 SBC 回填后 EBITDA 仍亏</td> </tr> </tbody> </table> <p><strong>关键洞察</strong>：GAAP 数字 -$450.5M 净亏看起来是灾难，但<strong>只有 $6.9M 是 Core 经营亏损</strong>——剩下 $443.6M = SBC $377M + Warrant 摊销 $44M + IPO 相关税 $22.8M + Pass-through 净额 $0.4M。<strong>Q2 经营层面已接近 break-even</strong>（Core 净亏仅 $6.9M，年化 $27.6M vs Core 营收 $210M）。</p></description></item></channel></rss>