From the Q2 2026 10-Q: the customer warrant asset went from $152.4m at the end of December to $1.1bn, and $44.3m of it was already deducted from revenue in the quarter. The rest comes out of revenue through October 2031
Cerebras Systems (CBRS) filed its Q2 2026 quarterly report (10-Q) on August 12, and it carries an item the income statement does not show on its face. Warrants given to customers are carried as an asset of $1.1bn at June 30. The company deducted $44.3m of that from revenue in the quarter.
Cerebras makes large chips used for AI computing. To win big customers it gave them the right to buy its shares very cheaply. Accounting treats that as money handed back to the customer, so the value comes out of revenue rather than being booked as a cost, and $1.1bn of it had still not been deducted at the end of June. The deductions run to October 2031.
74 Filing score · Large change
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Letting a customer buy shares cheaply is treated as handing back part of what it paid, so the value is subtracted from revenue rather than recorded as a cost.
No. It is drawn down in proportion to the revenue recognised with that customer, and the company says the remainder runs through October 2031. The quarterly amounts are set out in the subscriber section of this article.
The 10-Q states that warrants were issued to OpenAI and to AWS. The share counts, exercise prices and vesting terms are in the subscriber section.
On SEC EDGAR, open Cerebras Systems Inc.'s Q2 2026 10-Q (accession 0001628280-26-056357) and read the customer warrant part of Note 3, with Note 12.
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
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