Cerebras rent-back capacity splits core revenue from GAAP revenue Strategy shift hardware to inference-cloud Securities investigation live overhang, unresolved under probe rented racks owned 600+ MW ramp replaces rent contra-revenue gate rental cost is skimmed skim minus pass-through revenue split gross margin guide 36 to 40 percent contra-revenue GAAP 66 core ~2x YoY GAAP revenue: miss 37.4% 30% 45%
40% owned rented 60% | gross margin 37.4%