Cerebras reported revenue of $193.4 million in its first quarter, a 92% increase from the $99.5 million recorded in the same period a year earlier. The company also announced future revenue guidance following its earnings report.

For the quarter, Cerebras reported a net loss of $14 million, or 22 cents per share. In the first quarter of the previous year, the company had a net loss of $23.9 million, or 46 cents per share. Cerebras' core gross margin for the first quarter was 46.5%.

The company forecast its core gross margin to decrease to between 36% and 38% in the second quarter. Cerebras anticipates full-year core revenue to be between $855.5 million and $865 million, which represents a 69% growth at the midpoint. It also expects core revenue growth of 88% from a year earlier, totaling $914 million.

Cerebras stock fell 8% in extended trading after its earnings announcement. The company went public on the Nasdaq in May, pricing its initial public offering at $185 per share. On its first trading day, the stock opened at $350 and closed at $311.07. By Tuesday, Cerebras shares had dropped 28% from their initial public offering price, closing at $226.72.

During the first quarter, Cerebras announced a deal valued at over $20 billion to provide OpenAI with computing power. Cerebras also stated that its chips would be integrated into Amazon Web Services' data centers during the same quarter. The company, founded in 2015, raised over $6 billion in its initial public offering and operates a service for running AI models using data centers equipped with its processors.