MOVE

This article first appeared on GuruFocus. Release Date: August 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Contracted annualized recurring revenue on live compute reached approximately $22 million as of August 4, 2026, reflecting strong growth from $3.8 million in Q2 revenue. AI Factory contracts are take-or-pay, ensuring 100% of AI platform revenue comes from fixed-term agreements, reducing dependence on customer utilization. The company is expanding its power footprint and team, with key hires like Michael Craig (VP of Architecture) and Chance Moreland (CFO) to support scaling. Corvex Token Factory is now live in closed alpha, with plans for further releases in Q3 and Q4, positioning the company in the growing inference market. Confidential computing offerings, including patent-pending capabilities, differentiate Corvex and target regulated enterprises, enhancing market positioning. Q2 2026 revenue was only $3.8 million, a small figure that does not reflect the full business activity, indicating early-stage operations. Net loss for Q2 was $12.8 million, with adjusted EBITDA negative at $3.2 million, showing ongoing profitability challenges. Material weaknesses in internal controls remain unremediated, requiring significant work and investment in Sarbanes-Oxley compliance. Revenue is concentrated in a small number of customers, posing a risk if any major customer fails to renew or reduces usage. The company faces potential dilution with 53.4 million shares registered for resale, and stock-based compensation will create large non-cash charges through 2030. Warning! GuruFocus has detected 1 Warning Sign with MOVE. Is MOVE fairly valued? Test your thesis with our free DCF calculator. Q: What is the current state of Corvex's business and its key operating metrics?A: Jay Crystal, Co-CEO, explained that Corvex builds and operates AI infrastructure, focusing on three products: AI Factories and GPU Clusters, the Corvex Token Factory (inference platform), and confidential computing. He emphasized that the bottleneck is not demand or chips, but the ability to combine power, land, hardware, software, and a creditworthy customer. As of today, contracted annualized recurring revenue on live compute is approximately $22 million, which excludes contracted capacity not yet live. Jay stressed that a signed contract does not produce revenue; only live compute does. Q: Can you explain the mechanics of revenue recognition and the $22 million contracted ARR figure?A: Christopher Moreland, CFO, clarified that contracted annualized recurring revenue (ARR) on live compute is a point-in-time operating metric, defined as the annualized value of fixed contractual fees on capacity that has been delivered, accepted, and is generating revenue. It excludes contracted capacity not yet live and is not a forecast. He noted that this metric may vary in future periods as the company may strategically reposition assets, such as optimizing compute through the Corvex Token Factory, which could cause a transitory dip in contracted revenue. Q: What were the key financial results for the second quarter of 2026?A: Christopher Moreland reported total revenue of $3.8 million, all from the AI Platform and Services. Cost of compute was $2.1 million, and depreciation and amortization was $2.7 million. G&A was $12.1 million, largely driven by $7.6 million in stock-based compensation. Net loss was $12.8 million, and adjusted EBITDA was negative $3.2 million. The company ended the quarter with $21.7 million in cash and no funded debt outstanding. Q: How is Corvex addressing the material weaknesses in internal controls?A: Christopher Moreland acknowledged the material weaknesses disclosed in the 2025 Form 10-K remain unremediated. He stated that building a public company finance function is core to his mandate. The company has engaged a top-10 US accounting and advisory firm to support the Sarbanes-Oxley compliance program. Work is underway on risk assessment and scoping, with a goal to complete that during the current fiscal quarter, followed by developing and testing internal controls. Q: What is the company's strategy for securing power and capital to scale?A: Jay Crystal highlighted that business development efforts around securing additional power advanced significantly, with expectations to share more about growth in contracted power capacity soon. He also mentioned key hires, including Michael Craig as VP of Architecture and Site Operations and Chance Moreland as CFO, to build capabilities for architecting new clusters and capital formation. The company's underwriting process requires every new cluster deployment to clear a return threshold at the project level before approval. Q: Can you provide details on the capital structure simplification and dilution?A: Christopher Moreland explained that after July 1 stockholder approvals, Series A and C preferred stock fully converted to common stock, and Series D partially converted. As of July 8, there were 27.6 million common shares outstanding and 28,930 Series D preferred shares convertible into roughly 28.9 million common shares, totaling approximately 56.6 million common shares on an as-converted basis. He also noted a resale registration statement was filed for up to 53.4 million shares held by existing holders, which is not a primary offering and Corvex will not receive proceeds. Q: What is the competitive advantage of Corvex's confidential computing offering?A: Jay Crystal explained that almost all AI compute today runs unprotected, exposing model weights, training data, and prompts. Corvex's patent-pending confidential computing capabilities combine trusted execution environments, post-quantum key exchange, and remote attestation to secure model weights, allowing safe inference on third-party infrastructure. This offering is designed to remove trust from the equation and prove security with cryptography, enhancing positioning with regulated enterprises and security-conscious customers. Q: How does Corvex differentiate itself in the AI Factory market?A: Jay Crystal cited three key factors: speed to value, solving customer problems, and security. He provided examples, including adding liquid-cooling support in approximately two weeks to serve a customer on the latest generation of compute, and profiling and patching a customer's workload that ran slower than expected, handing it back running hundreds of times faster. He emphasized that reputation in this market compounds faster than capacity. Q: What is the market opportunity for the Corvex Token Factory?A: Jay Crystal noted two tailwinds: inference is now the majority of AI workloads and continues to compound, and workloads are shifting from expensive closed-weight models to open-weight models. He explained that the capability gap has narrowed, and for many production tasks, a frontier model is not necessary. Corvex routes a small share of its own requests to frontier models for planning and hard problems, while routing the majority of routine execution to open-weight models run in the Corvex Token Factory, achieving equivalent outcomes at a fraction of the cost. Q: What are the key metrics investors should use to measure Corvex's progress?A: Jay Crystal stated that investors should measure the company on contracted power, contracted annualized recurring revenue, live compute, and the capacity brought into service. He acknowledged the second quarter was small on the income statement but not small in the business, citing the merger closure, capital structure cleanup, legacy business exit, and new clusters brought into revenue. He also noted revenue is concentrated in a small number of customers and that the Corvex Token Factory needs to rapidly iterate from its alpha state. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Nebius Breaks Out to All-Time Highs—Here's What's Driving It. Corvex reported $3.8 million in second-quarter 2026 revenue, its first full reporting period including the AI cloud computing business acquired through its March merger with Corvex Legacy Holdings. Company leaders said the quarter’s reported revenue reflected the amount of computing capacity that was live and generating revenue during the period, rather than the full level of signed customer commitments. As of the earnings call date, Corvex said contracted annualized recurring revenue on live compute was approximately $22 million, including a compute delivery announced Aug. 4. The company defines the metric as the annualized value of fixed contractual fees from capacity that has been delivered, accepted by customers and is generating revenue. It excludes contracted capacity that has not yet entered service. Why PayPal’s Rally Faded—And What Could Restart It Co-Founder and Co-Chief Executive Officer Jay Crystal said Corvex builds and operates AI infrastructure for training and inference workloads. Its offerings include AI factories and GPU clusters, the Corvex Token Factory inference platform, and confidential computing capabilities. → Looking Beyond CrowdStrike? 3 AI Security Stocks Stand Out The company’s AI factory contracts are take-or-pay arrangements, Crystal said, with customers paying fixed fees for reserved computing and storage capacity regardless of their utilization. Corvex said all of its current AI platform revenue comes from fixed-term contracts. Checkmate in the Cloud: ServiceNow's Shopping Spree Crystal said demand for AI infrastructure exceeds available supply, with energized, permitted, cooled and connected power capacity representing a key industry constraint. He said Corvex evaluates power costs, hardware costs, financing, contract duration, residual values and customer credit before approving new cluster deployments. → 3 Robotics Stocks Under $10: Value, Momentum, or Bet? Corvex Token Factory version one is now operating in closed alpha, Co-Founder and Co-CEO Seth Demsey said. The platform is intended to provide API access to open-weight AI models through Corvex’s inference engine. Demsey said the company plans further releases in the third and fourth quarters. During the quarter, Corvex also completed planning for version two of its cloud-management software and moved into execution. Demsey said the software is designed to improve automation, reliability and scalability as the platform expands. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? Chief Financial Officer Chance Moreland said all $3.8 million of second-quarter revenue came from AI platform and services operations. Revenue totaled $4.3 million for the six months ended June 30 and for the acquired business from March 19 through June 30. Cost of compute for the AI platform and services was $2.1 million in the quarter, excluding depreciation and amortization. Those costs primarily included data-center rent, power, network access and directly attributable labor. Depreciation and amortization totaled $2.7 million, largely reflecting servers, networking equipment, computing hardware, finance lease amortization and acquired intangibles. Operating expenses included: Technology and infrastructure expense of $1.4 million; Sales and marketing expense of $700,000; and General and administrative expense of $12.1 million. Moreland said stock-based compensation totaled $9.4 million in the quarter, including $7.6 million recorded in general and administrative expenses. The expense was driven primarily by replacement equity awards issued for Corvex OpCo options and restricted stock units in connection with the merger. The company said the assumed awards had total fair value of about $148.5 million. Of that amount, approximately $4.9 million was included in purchase consideration and approximately $143.6 million is expected to be recognized as compensation expense through 2030. Corvex posted a net loss of $12.8 million for the quarter and a net loss attributable to common stockholders of $12.9 million. Other income included a $2.5 million noncash gain on disposal of assets following the June 30 transfer of legacy healthcare assets to a lender in full satisfaction of a bridge loan. Adjusted EBITDA was negative $3.2 million in the second quarter and negative $4.8 million for the first six months of 2026. Adjusted EBITDA for the AI platform was negative $2.3 million for the quarter. Corvex ended the quarter with $21.7 million in cash and cash equivalents, $31.4 million in net property and equipment, $519 million in goodwill and $15 million in net intangible assets. The company said it had no funded debt outstanding after extinguishing the bridge loan associated with the pre-merger business. Finance lease liabilities were $9.5 million and operating lease liabilities totaled $5.5 million. For the six months ended June 30, Corvex used $9.6 million in operating cash flow. Moreland said the amount included approximately $1.9 million related to winding down the legacy healthcare business, $1.6 million of nonrecurring merger-related costs, and a $2.8 million capital-investment deposit that was refunded in July. Moreland said continued infrastructure expansion will require additional capital. He cited the company’s Aug. 4 Blackwell expansion as an example of a project funded through debt financing, a customer prepayment and existing cash. After the quarter ended, stockholders approved preferred-share conversions that resulted in approximately 56.6 million common shares outstanding on an as-converted basis as of July 8, according to the company. Corvex also filed a resale registration statement covering up to 53.4 million shares held or issuable to existing holders. Moreland said the filing was not a primary offering and would not provide proceeds to the company. Crystal said the company’s immediate priorities include expanding power capacity, bringing more compute capacity into service, converting its business pipeline, advancing Token Factory beyond its alpha stage, and improving internal controls and back-office operations. Corvex disclosed that material weaknesses reported in its 2025 annual filing remained unremediated during the quarter. Moreland said the company engaged a top-10 U.S. accounting and advisory firm to assist with risk assessment, Sarbanes-Oxley compliance scoping, implementation and testing of internal controls. Crystal acknowledged that revenue remains concentrated among a small number of customers and said investors should evaluate Corvex’s progress based on contracted power, contracted annualized recurring revenue on live compute, and the capacity it places into service. Corvex, Inc. is an artificial intelligence cloud computing company focused on providing GPU-accelerated infrastructure for AI training, inference and other high-performance computing workloads. The company offers scalable computing resources designed to support demanding AI applications, including GPU clusters, high-throughput storage, networking and related infrastructure. Corvex was formerly known as Movano Inc., a health technology company focused on wearable devices and biometric monitoring. In March 2026, Movano completed an all-stock merger with the private Corvex business and subsequently changed its name to Corvex, Inc., while continuing to trade on Nasdaq under the ticker symbol MOVE. Following the transaction, the company shifted its primary business from wearable health technology to AI cloud computing and later transferred its remaining legacy healthcare assets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Corvex Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Contracted annualized recurring revenue on live compute is approximately $22 million as of August 14, 2026 ARLINGTON, Va., Aug. 14, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq: MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today reported financial results for the second quarter ended June 30, 2026. The second quarter is the Company's first full reporting period that includes the AI cloud computing business following the March 19, 2026 merger. Prior-year periods reflect only the legacy healthcare business and are therefore not directly comparable. Second Quarter 2026 Financial Highlights: Total revenue for the second quarter was $3.8 million. Revenue for the six months ended June 30, 2026 was $4.3 million. Deferred revenue, including current and non-current portions, was $3.7 million at June 30, 2026, compared with $12,000 at December 31, 2025, reflecting contracted AI compute capacity not yet recognized as revenue. Net loss attributable to common stockholders for the second quarter was $(12.8) million, or $(5.12) per share. Net loss attributable to common stockholders for the six months ended June 30, 2026 was $(17.8) million, or $(8.59) per share. Adjusted EBITDA, a non-GAAP financial measure, was $(3.2) million for the second quarter and $(4.8) million for the six months ended June 30, 2026. Adjusted EBITDA for AI Platform and services was $(2.3) million for the second quarter and $(2.4) million for the six-month period. Total stock-based compensation expense was $9.4 million in the second quarter, including $7.6 million recorded in general and administrative expense, primarily reflecting replacement equity awards issued in connection with the Merger. Cash and cash equivalents were $21.7 million at June 30, 2026. Cash used in operating activities for the three months ended June 30, 2026 $5.3 million, which included approximately $1.9 million of vendor payments associated with the wind-down of the pre-Merger business and approximately $1.6 million of nonrecurring accounting, legal and other costs associated with the Merger. It also included a $2.8 million deposit paid to a vendor for an intended capital investment, which was refunded to the Company in July 2026. On June 30, the Company also completed the transfer of its legacy healthcare assets to the lender in full satisfaction of the related Bridge Loan, extinguishing that obligation and recognizing a $2.5 million non-recurring, non-cash gain on disposal. Business Highlights: Contracted annualized revenue on live compute was approximately $22 million as of August 14, 2026. Corvex defines this operating metric as the annualized value of fixed contractual fees on capacity that has been delivered, accepted by the customer and is generating revenue as of the stated date. It excludes contracted capacity that is not yet live, is not a forecast and is not a GAAP financial measure. All AI Platform and services revenue today is generated under fixed-term contracts rather than spot pricing, meaning that customers reserve compute and storage capacity under those agreements and pay the contracted fee regardless of utilization. Corvex Token Factory version 1 is now live in closed alpha. The Company also completed planning for version 2 of its cloud management software during the second quarter and has moved into execution. The software is designed to improve automation, reliability and scalability as the platform grows. Corvex has additional Corvex Token Factory releases planned for the third and fourth quarters of 2026 as roadmap items move into production. Following quarter end, Corvex announced on August 4 that it had completed delivery of a multi-year agreement to provide clusters of GPUs to a leading AI company. The expansion was being funded through debt financing, customer prepayment and cash on hand. The Company strengthened its operating and financing leadership with the appointment of Chance Moreland as Chief Financial Officer in June and Michael Craig as Vice President of Architecture and Site Operations in July. Corvex also added Nicholas Donofrio and Patrick Fleury to its Board of Directors, expanding the Board's public-company governance, technology, data center and infrastructure financing expertise. "Q2 is our first full reporting period with the AI infrastructure business, and reported revenue reflects when contracted capacity becomes live and is accepted by customers," said Jay Crystal, Co-Founder and Co-Chief Executive Officer of Corvex. "We recognized $3.8 million of revenue in the quarter, while contracted annualized recurring revenue on live compute is approximately $22 million as of today. We spent the quarter focused on the inputs that drive the next stage of growth: securing power, hardware, capital and creditworthy customers, and on bringing them together quickly while maintaining disciplined project-level underwriting. At the same time, Corvex Token Factory is now live in closed alpha, and we have strengthened our operating, financing and governance bench as we scale." Capital Structure UpdateFollowing quarter end, Corvex materially simplified its capital structure. On July 1, 2026, stockholders approved proposals resulting in the full conversion of Series A Preferred Stock and Series C Preferred Stock to Common Stock and the partial conversion of Series D Preferred Stock to Common Stock. As of July 8, 2026, the Company had approximately 27.6 million shares of Common Stock outstanding and 28,930 shares of Series D Preferred Stock outstanding, convertible into approximately 28.9 million shares of Common Stock. Taken together, that represented approximately 56.6 million common shares on an as-converted basis with respect to the remaining Series D Preferred Stock. On July 10, 2026, Corvex filed a resale registration statement covering up to 53,390,008 shares held or issuable to existing holders. The registration statement is not a primary offering by Corvex, and the Company will not receive proceeds from those resales. Second Quarter 2026 Financial Highlights Investor Conference Call Management will host a conference call and live audio webcast to discuss these results and provide a business update today at 4:30pm ET / 1:30pm PT. The live webcast of the earnings conference call can be accessed at the Corvex Investor Relations website at investors.corvex.ai. A replay of the webcast will be available at the same website. Investors and analysts with questions may contact Corvex Investor Relations at [email protected]. About Corvex Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance, and efficiency at scale. As previously announced on March 19, 2026, Corvex, Inc. (formerly known as Movano Inc.) acquired Corvex Legacy Holdings, Inc. (Corvex OpCo, formerly known as Corvex, Inc.) (such acquisition the "Merger"). Following the Merger, the Company was renamed Corvex, Inc., effective March 23, 2026. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; financial projections; our projections for future active power; demand for our platform; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, copies of which may be obtained by visiting our Investor Relations website at investors.corvex.ai or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the three and six months ended June 30, 2026 are not necessarily indicative of our operating results for any future periods. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA to help us evaluate our business. We use this non-GAAP financial measure to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that this non-GAAP financial measure may be helpful to investors because it allows for greater transparency into what measures we use in operating our business and measuring our performance and enables comparison of financial trends and results between periods where items may vary independent of business performance. This non-GAAP financial measure is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Adjusted EBITDA is defined as net loss, excluding (i) depreciation and amortization, (ii) stock-based compensation, (iii) benefit from income taxes (iv) transaction costs related to the Merger, (v) gain on disposal of assets and (vi) interest and other income, net. A reconciliation is provided below to reconcile adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP. Corvex encourages investors to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to their most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate Corvex's business. Media Contact Chris Donahoe, Stillpoint [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-reports-second-quarter-2026-results-and-provides-business-update-302852145.html

This article first appeared on GuruFocus. Release Date: May 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Corvex Inc (NASDAQ:MOVE) has successfully completed the acquisition of Corvex Legacy Holdings, Inc., enhancing its AI platform capabilities. The company reported pro forma revenue of $3.65 million for Q1 2026, primarily driven by its AI platform. Corvex Inc (NASDAQ:MOVE) is strategically positioned in the emerging neo-cloud and AI inference markets, offering investors direct exposure. The company is building a vertically integrated AI infrastructure platform, differentiating itself from commodity computing providers. Corvex Inc (NASDAQ:MOVE) is investing in confidential computing technologies, which are expected to become foundational for regulated enterprises and federal customers. The reported revenue for Q1 2026 was only $510,000, reflecting limited contribution from the AI platform due to the short operating period post-merger. The company reported an operating loss of $4.8 million for the first quarter of 2026. Adjusted pro forma EBITDA for the March quarter was a loss of $933,000, indicating ongoing financial challenges. Corvex Inc (NASDAQ:MOVE) is still in the early stages of development as a public company, which may pose risks and uncertainties. The company did not take questions during the earnings call, which may limit transparency and investor confidence. Warning! GuruFocus has detected 2 Warning Signs with MOVE. Is MOVE fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an overview of Corvex's strategic focus following the merger? A: Corvex CEO, Jay Kristol, explained that the company is focusing on building a vertically integrated AI infrastructure platform. This platform addresses scalable infrastructure capacity, efficient inference delivery, and security for sensitive AI workloads. The strategy involves operating across three layers: AI infrastructure, AI inference, and confidential computing software. Q: How does Corvex differentiate itself in the AI infrastructure market? A: Jay Kristol highlighted that Corvex differentiates itself by integrating AI infrastructure, inference software, and confidential computing into a unified platform. This approach contrasts with commodity-oriented computing providers and aims to meet the evolving demands of AI model labs, hyperscalers, and government-backed AI initiatives. Q: What are the financial highlights for Q1 2026? A: CFO Jay Kogan reported that Corvex's revenue was $510,000 with an operating loss of $4.8 million. On a pro forma basis, assuming the acquisition closed on January 1, 2025, revenue was $3.65 million, primarily from Corvex's AI platform, with an adjusted pro forma EBITDA loss of $933,000. Q: What is the significance of the Token Factory in Corvex's strategy? A: The Token Factory is a key component of Corvex's strategy, focusing on delivering scalable AI inference capabilities. It aims to provide reliable, auto-scaling, cost-efficient, and secure inference platforms for AI native companies, enterprises, and federal organizations. Q: How does Corvex plan to address security concerns in AI workloads? A: Corvex is investing in confidential computing technologies to secure model weights, inference requests, and proprietary training data. This involves a layered security architecture combining hardware-based confidential computing with software to protect sensitive AI assets during deployment and runtime operations. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The company completed a transformative merger on March 19, 2026, pivoting from legacy healthcare to a vertically integrated AI infrastructure platform. Management identifies a 'once-in-a-generation' shift in computing infrastructure, driving demand for secure, industrial-scale AI training and deployment. The strategy centers on three complementary layers: AI Factory (infrastructure), Token Factory (inference software), and Confidential Computing (security). Corvex aims to differentiate from 'commodity-oriented' providers by integrating hardware-based security with software orchestration for sensitive AI workloads. Performance attribution for the quarter is heavily skewed by the merger timing, with pro forma results showing the AI platform generated nearly all of the $3.65 million in revenue. The platform is designed to serve high-scale needs, targeting deployments ranging from 2,000 GPUs to hyperscale clusters exceeding 100,000 GPUs. The upcoming 'Token Factory' is designed to provide scalable API access to open-source and proprietary models, aiming for recurring, asset-light revenue streams. Management intends to use confidential computing software licensing as a lead generation source for future high-margin AI Factory infrastructure deployments. Strategic focus is shifting toward a vertically integrated approach that spans both data center capacity and computing capacity to accelerate customer deployment speed. The company plans to embed confidential computing directly into its inference layer to capture security-conscious federal and regulated enterprise customers. Future growth is predicated on moving beyond 'bare metal' infrastructure into higher-value software layers like Kubernetes and SLURM orchestration. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The company underwent a name change from Movano Inc. to Corvex Inc. effective March 23, 2026, following the acquisition of Corvex OpCo. A complex multi-series preferred stock issuance (Series B, C, and D) was executed to facilitate the merger, with Series B already converted to common stock. A stock dividend of 0.358 shares for every share outstanding was distributed on April 6, 2026, as part of the merger agreement. Reported GAAP results are noted as non-representative of future operations, as they only include 12 days of AI platform performance versus a full quarter of legacy healthcare.

Conference Call at 4:30 PM ET / 1:30 PM PT ARLINGTON, Va., May 19, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, reported first quarter 2026 results and provided a business update. Reported Q1'26 Highlights: Completed acquisition of Corvex OpCo on March 19, 2026, transitioning the Company's primary business to AI cloud computing and renaming Movano Inc. to Corvex, Inc., effective March 23, 2026. Including 12 days of Corvex OpCo operations in the period, Q1'26 total revenue was $510 thousand, compared to $206 thousand in Q1'25, including $475 thousand in AI Platform and services revenue contributed during the post-close stub period. Deferred revenue, including current and non-current portions, grew to $4.4 million at March 31, 2026, from $12 thousand at December 31, 2025, reflecting contracted AI compute capacity not yet recognized. Net loss of $(5.1) million, or $(3.13) per share, compared to a net loss of $(5.2) million, or $(5.35) per share, in Q1'25. Adjusted EBITDA1 loss of $(1.6) million, improved by $3.3 million, or 67%, compared to $(4.9) million in Q1'25, reflecting disciplined execution as the Company concentrates resources on its AI platform opportunity. The Company provided supplemental information, including pro forma consolidated financial data for the first quarter of 2026, including pro forma revenue of $3.7 million, pro forma net loss of $(15.9) million and pro forma adjusted EBITDA loss of $(0.9) million. Cash and cash equivalents of $29.3 million at March 31, 2026. "The first quarter marked a defining moment for Corvex as we transitioned into the public markets. With our AI platform now operating as a public company, we believe Corvex is well-positioned to help define the next era of AI infrastructure. AI is reshaping the global computing landscape, and by combining scalable AI infrastructure, inference software, and confidential computing into a unified platform, we believe we are well-positioned to help AI-native organizations, enterprises, and government deploy and secure AI at an industrial scale," said Jay Crystal, Chief Executive Officer of Corvex. First Quarter 2026 Financial Highlights Conference Call Management will host a conference call and live audio webcast to discuss these results and provide a business update today at 4:30pm ET / 1:30pm PT. The live webcast of the earnings conference call can be accessed at the Corvex Investor Relations website at investors.corvex.ai. A replay of the webcast will be available at the same website. About Corvex Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance, and efficiency at scale. As previously announced on March 19, 2026, Corvex, Inc. (formerly known as Movano Inc.) acquired Corvex Legacy Holdings, Inc. (Corvex OpCo, formerly known as Corvex, Inc.) (such acquisition the "Merger"). Following the Merger, the Company was renamed Corvex, Inc., effective March 23, 2026. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our projections for future active power; demand for our platform; other estimated amounts included in our revenue backlog figure; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, copies of which may be obtained by visiting our Investor Relations website at investors.corvex.ai or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended March 31, 2026 are not necessarily indicative of our operating results for any future periods. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA to help us evaluate our business. We use this non-GAAP financial measure to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that this non-GAAP financial measure may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. This non-GAAP financial measure is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Adjusted EBITDA is defined as net loss, excluding (i) depreciation and amortization, (ii) stock-based compensation, (iii) transaction costs related to the Merger, (iv) Other expense (income), and (v) benefit from income taxes. A reconciliation is provided below to reconcile adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP. Corvex encourages investors to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to their most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate Corvex's business. Summary Historical and Pro Forma Consolidated Financial Data To supplement our consolidated financial statements, we have also prepared the unaudited pro forma condensed combined financial information that is included below. This information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses." In the unaudited pro forma condensed combined financial information, the Merger has been accounted for as a business combination, using the acquisition method of accounting under U.S. GAAP, where the Company is considered to be the accounting acquirer and Corvex OpCo is the accounting acquiree. For more information on the unaudited pro forma condensed combined financial information, including the notes thereto, see Exhibit 99.1 to the Company's Current Report on Form 8-K, filed with the SEC on May 19, 2026. This unaudited pro forma condensed combined financial information is for informational purposes only and does not purport to indicate the financial conditions or results that would have been obtained had the Merger actually been completed on the assumed date or for the periods presented, nor what may be realized or expected in the future. The unaudited pro forma adjustments represent management's estimates based on information available as of the date of these unaudited pro forma condensed combined statements of operations and are subject to change as additional information becomes available and analyses are performed. The unaudited pro forma condensed combined statements of operations do not include any management adjustments related to the realization of any costs (or cost savings) from operating efficiencies or synergies. The unaudited condensed combined pro forma statements of operations are subject to certain risks and uncertainties that could cause actual results to differ materially from those illustrated. Media Contact Chris Donahoe, [email protected] Note 1 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for three months ended March 31, 2026 Note 2 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the year ended December 31, 2025 View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-reports-q1-2026-financial-results-and-provides-business-update-302776777.html

PLEASANTON, Calif., Aug. 22, 2025 /PRNewswire/ -- Movano Health (Nasdaq: MOVE)(the "Company") announced today that it received a notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") indicating that because the Company had not yet filed its Form 10-Q for the quarterly period ended June 30, 2025 (the "Form 10-Q"), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Filing Requirement") requiring Nasdaq-listed companies to timely file all periodic financial reports with the Securities and Exchange Commission (the "SEC"). The Form 10-Q was due on August 14, 2025. The Company appealed its previously announced delisting determination at a hearing with the Nasdaq Hearing Panel (the "Panel") on August 19, 2025 during which the Company submitted a plan to regain compliance with the Filing Requirement and the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Compliance Plan"). As part of the Compliance Plan and as previously disclosed, on August 13, 2025, the Company engaged RBSM LLP ("RBSM") as the Company's new independent registered public accounting firm for the fiscal year ending December 31, 2025 and interim periods. The Company is awaiting the determination of the Panel. There can be no assurance that the Panel will grant the Company's request for a stay of the suspension of the Company's securities from trading on the Nasdaq Capital Market to allow for the Company to execute its Compliance Plan or that the Company will be able to regain compliance and thereafter maintain its listing on Nasdaq. About Movano Health Founded in 2018, Movano Inc. (Nasdaq: MOVE) dba Movano Health, maker of the Evie Ring (www.eviering.com), is developing a suite of purpose-driven healthcare solutions to bring medical-grade data to the forefront of wearables. Featuring modern and flexible form factors, Movano Health's devices offer an innovative approach to delivering trusted data to both customers and enterprises, capturing a comprehensive picture of an individual's health data and uniquely translating it into personalized and intelligent insights. Movano Health's proprietary technologies and wearable medical device solutions will soon enable the use of data as a tool to proactively monitor and manage health outcomes across a number of patient populations that exist in healthcare. For more information on Movano Health, visit https://movanohealth.com/. Forward Looking Statements This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs, or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements relating to the Company's plan to regain compliance with Nasdaq's rules and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to Nasdaq's acceptance of the Company's compliance plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq's requirements; uncertainties associated with the Company's preparation of the delinquent filings; and the possibility of additional delays in the filing of the delinquent filing and the Company's other SEC filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. View original content to download multimedia:https://www.prnewswire.com/news-releases/movano-health-receives-notification-of-deficiency-from-nasdaq-related-to-delayed-filing-of-quarterly-report-on-form-10-q-302536871.html SOURCE Movano

PLEASANTON, Calif., May 23, 2025 /PRNewswire/ -- Movano Health (Nasdaq: MOVE)(the "Company") announced today that it received a notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") indicating that because the Company had not yet filed its Form 10-Q for the quarterly period ended March 31, 2025 (the "Form 10-Q"), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") requiring Nasdaq-listed companies to timely file all periodic financial reports with the Securities and Exchange Commission (the "SEC"). The Form 10-Q was due on May 15, 2025. The Notice states that the Company has 60 calendar days, or until July 21, 2025, to submit a plan to regain compliance with the Listing Rule (the "Plan"). If Nasdaq accepts the Company's Plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the Form 10-Q filing due date, or until November 11, 2025, to file its Form 10-Q to regain compliance. If Nasdaq does not accept the Company's Plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. About Movano Health Founded in 2018, Movano Inc. (Nasdaq: MOVE) dba Movano Health is developing a suite of purpose-driven healthcare solutions to bring medical-grade data to the forefront of wearables. Featuring modern and flexible form factors, Movano Health's devices offer an innovative approach to delivering trusted data to both customers and enterprises, capturing a comprehensive picture of an individual's health data and uniquely translating it into personalized and intelligent insights. Movano Health's proprietary technologies and wearable medical device solutions enable the use of data as a tool to proactively monitor and manage health outcomes across a number of patient populations that exist in healthcare. For more information on Movano Health, visit https://movanohealth.com/. Forward Looking Statements This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs, or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements relating to the Company's plan to regain compliance with Nasdaq's rules and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to the timing of the Company's submission of a compliance plan, Nasdaq's acceptance of any such plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq's requirements; uncertainties associated with the Company's preparation of the Delinquent Filing; and the possibility of additional delays in the filing of the delinquent filing and the Company's other SEC filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. View original content to download multimedia:https://www.prnewswire.com/news-releases/movano-health-receives-notification-of-deficiency-from-nasdaq-related-to-delayed-filing-of-quarterly-report-on-form-10-q-302464510.html SOURCE Movano