Earnings release
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NEWS RELEASE Corvex Reports Second Quarter 2026 Results andProvides Business Update 2026-08-14 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 computingplatform specializing in GPU-accelerated infrastructure for AI workloads, today reported nancial results for thesecond quarter ended June 30, 2026. The second quarter is the Company's rst full reporting period that includesthe AI cloud computing business following the March 19, 2026 merger. Prior-year periods re ect only the legacyhealthcare 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, comparedwith $12,000 at December 31, 2025, re ecting 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 nancial measure, was $(3.2) million for the second quarter and $(4.8) million forthe six months ended June 30, 2026. Adjusted EBITDA for AI Platform and services was $(2.3) million for thesecond 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 millionrecorded in general and administrative expense, primarily re ecting replacement equity awards issued inconnection with the Merger.Cash and cash equivalents were $21.7 million at June 30, 2026. Cash used in operating activities for the threemonths ended June 30, 2026 $5.3 million, which included approximately $1.9 million of vendor paymentsassociated with the wind-down of the pre-Merger business and approximately $1.6 million of nonrecurringaccounting, legal and other costs associated with the Merger. It also included a $2.8 million deposit paid to avendor 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 fullsatisfaction 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. Corvexde nes this operating metric as the annualized value of xed contractual fees on capacity that has beendelivered, accepted by the customer and is generating revenue as of the stated date. It excludes contractedcapacity that is not yet live, is not a forecast and is not a GAAP nancial measure. 1
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All AI Platform and services revenue today is generated under xed-term contracts rather than spot pricing,meaning that customers reserve compute and storage capacity under those agreements and pay thecontracted fee regardless of utilization.Corvex Token Factory version 1 is now live in closed alpha. The Company also completed planning for version 2of its cloud management software during the second quarter and has moved into execution. The software isdesigned to improve automation, reliability and scalability as the platform grows. Corvex has additional CorvexToken Factory releases planned for the third and fourth quarters of 2026 as roadmap items move intoproduction.Following quarter end, Corvex announced on August 4 that it had completed delivery of a multi-yearagreement to provide clusters of GPUs to a leading AI company. The expansion was being funded through debt nancing, customer prepayment and cash on hand.The Company strengthened its operating and nancing leadership with the appointment of Chance Morelandas Chief Financial O cer 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 nancing expertise. "Q2 is our rst full reporting period with the AI infrastructure business, and reported revenue re ects whencontracted capacity becomes live and is accepted by customers," said Jay Crystal, Co-Founder and Co-Chief ExecutiveO cer of Corvex. "We recognized $3.8 million of revenue in the quarter, while contracted annualized recurringrevenue on live compute is approximately $22 million as of today. We spent the quarter focused on the inputs thatdrive the next stage of growth: securing power, hardware, capital and creditworthy customers, and on bringing themtogether quickly while maintaining disciplined project-level underwriting. At the same time, Corvex Token Factory isnow live in closed alpha, and we have strengthened our operating, nancing and governance bench as we scale." Capital Structure Update Following quarter end, Corvex materially simpli ed its capital structure. On July 1, 2026, stockholders approvedproposals resulting in the full conversion of Series A Preferred Stock and Series C Preferred Stock to Common Stockand the partial conversion of Series D Preferred Stock to Common Stock. As of July 8, 2026, the Company hadapproximately 27.6 million shares of Common Stock outstanding and 28,930 shares of Series D Preferred Stockoutstanding, convertible into approximately 28.9 million shares of Common Stock. Taken together, that representedapproximately 56.6 million common shares on an as-converted basis with respect to the remaining Series DPreferred Stock. On July 10, 2026, Corvex led a resale registration statement covering up to 53,390,008 shares heldor issuable to existing holders. The registration statement is not a primary o ering by Corvex, and the Company willnot receive proceeds from those resales. Second Quarter 2026 Financial Highlights Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 3,801 $ 103 $ 4,312 $ 309 Operating expenses 19,017 3,363 24,375 8,807 Loss from operations (15,216) (3,260) (20,063) (8,498) Other (expense) income, net 2,471 35 2,313 95 Loss before income tax expense (12,745) (3,225) (17,750) (8,403) Income tax expense (20) — (20) — Net loss $ (12,765) $ (3,225) $ (17,770) $ (8,403) Cumulative dividends on Series A preferred stock (59) — (155) — Net loss attributable to common stockholders $ (12,824) $ (3,225) $ (17,925) $ (8,403) Net loss per share, basic and diluted $ (5.12) $ (3.05) $ (8.59) $ (8.29) Weighted average shares used in computing net loss per share, basic and diluted 2,506,295 1,058,412 2,087,639 1,013,122 Investor Conference Call Management will host a conference call and live audio webcast to discuss these results and provide a businessupdate today at 4:30pm ET / 1:30pm PT. The live webcast of the earnings conference call can be accessed at the 2
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Corvex Investor Relations website at investors.corvex.ai. A replay of the webcast will be available at the samewebsite. Investors and analysts with questions may contact Corvex Investor Relations at investor-relations@corvex.ai. About Corvex Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex'splatform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-e cientcomputational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance, ande ciency 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., e ective March 23, 2026. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of applicable securities laws. Suchstatements 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 capitalstructure; our future growth; our technology; nancial projections; our projections for future active power; demandfor our platform; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In somecases, 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 similarexpressions intended to identify forward-looking statements. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods aresubject to risks and uncertainties that could cause actual results to di er materially from those projected. Theserisks include but are not limited to our ability to execute our business strategies and manage our growth, our abilityto maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategicrelationships or disruptions with our third-party providers, including our suppliers and data center partners, ourability to develop and maintain our corporate infrastructure and internal controls, our nancial performance, capitalrequirements and ability to raise additional capital and the impact of global political and macroeconomic conditions,including the e ects of global geopolitical con icts, in ation, tari s, interest rates, any instability in the globalbanking sector and foreign currency exchange rates. More information about factors that could a ect our operatingresults is included under the captions "Risk Factors" and "Management's Discussion and Analysis of FinancialCondition and Results of Operations" in our most recent lings with the SEC, including in our Annual Report on Form10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the three and six months endedJune 30, 2026, copies of which may be obtained by visiting our Investor Relations website at investors.corvex.ai orthe SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are madeand are based on information available to us at the time those statements are made and/or management's goodfaith belief as of that time with respect to future events. We assume no obligation to update forward-lookingstatements to re ect events or circumstances after the date they were made, except as required by law. Our resultsfor the three and six months ended June 30, 2026 are not necessarily indicative of our operating results for anyfuture periods. Non-GAAP Financial Measures To supplement our consolidated nancial statements, which are prepared and presented in accordance withgenerally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA to help us evaluateour business. We use this non-GAAP nancial measure to make strategic decisions, establish business plans andforecasts, identify trends a ecting our business, and evaluate operating performance. We believe that this non-GAAP nancial measure may be helpful to investors because it allows for greater transparency into what measureswe use in operating our business and measuring our performance and enables comparison of nancial trends andresults between periods where items may vary independent of business performance. This non-GAAP nancialmeasure is presented for supplemental informational purposes only, should not be considered a substitute for nancial information presented in accordance with GAAP, and may be di erent from similarly titled non-GAAPmeasures used by other companies. 3
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Adjusted EBITDA is de ned as net loss, excluding (i) depreciation and amortization, (ii) stock-based compensation,(iii) bene t 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, themost directly comparable nancial measure stated in accordance with GAAP. Corvex encourages investors to reviewthe related GAAP nancial measure and the reconciliation of the non-GAAP nancial measure to their most directlycomparable GAAP nancial measure, and not to rely on any single nancial measure to evaluate Corvex's business. Media Contact Chris Donahoe, Stillpoint corvex.media@stillpointglobaladvisors.com CORVEX, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 REVENUE: Revenue - AI Platform and services $ 3,801 $ — $ 4,277 $ — Revenue - Connected devices and services — 103 35 309 Total revenue 3,801 103 4,312 309 OPERATING EXPENSES: Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)(1) 2,108 — 2,356 — Cost of revenue - Connected devices and services (exclusive of depreciation and amortization)(2) 10 362 275 1,004 Depreciation and amortization 2,676 — 3,003 — Technology and infrastructure(3) 1,366 1,401 2,188 3,784 Sales and marketing(4) 740 — 1,041 — General and administrative(5) 12,117 1,600 15,512 4,019 Total operating expenses 19,017 3,363 24,375 8,807 Loss from operations (15,216) (3,260) (20,063) (8,498) Other (expense) income, net: Interest expense (related party) (31) — (208) — Interest expense (135) — (148) — Other income, net 136 35 168 95 Gain on disposal of assets 2,501 — 2,501 — Other (expense) income, net 2,471 35 2,313 95 Loss before income tax expense (12,745) (3,225) (17,750) (8,403) Income tax expense (20) — (20) — Net loss $ (12,765) $ (3,225) $ (17,770) $ (8,403) Cumulative dividends on Series A preferred stock (59) — (155) — Net loss attributable to common stockholders $ (12,824) $ (3,225) $ (17,925) $ (8,403) Net loss per share, basic and diluted $ (5.12) $ (3.05) $ (8.59) $ (8.29) Weighted average shares used in computing net loss per share, basic and diluted 2,506,295 1,058,412 2,087,639 1,013,122 Amounts include stock-based compensation expense, as follows: (1)Cost of revenue - AI Platform and services (exclusive of depreciation and amortization) $ 702 $ — $ 795 $ —(2)Cost of revenue - Connected devices and services (exclusive of depreciation and amortization) — — 1 1(3)Technology and infrastructure 783 286 1,263 381(4)Sales and marketing 302 — 342 —(5)General and administrative 7,601 494 9,165 697 4
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CORVEX, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data) (unaudited) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 21,695 $ 2,827 Accounts receivable, net 1,564 — Inventory — 1,766 Prepaid expenses and other current assets 5,003 394 Total current assets 28,262 4,987 Property and equipment, net 31,373 101 Operating lease right-of-use assets, net 5,286 415 Intangible assets, net 15,047 — Goodwill 519,318 — Other assets 37 97 Total assets 599,323 5,600 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable 3,870 3,477 Accrued liabilities 3,499 665 Deferred revenue, current 1,810 12 Bridge loan (related party) – 4,382 Operating lease liabilities, current 2,591 253 Finance lease liabilities, current 3,910 18 Total current liabilities 15,680 8,807 Operating lease liabilities, non-current 2,900 267 Finance lease liabilities, non-current 5,561 — Deferred revenue, non-current 1,931 — Total non-current liabilities 10,392 267 Total liabilities 26,072 9,074 Commitments and contingencies Stockholders' equity (deficit): Preferred stock, $0.0001 par value, 5,000,000 shares authorized at June 30, 2026; 56,583 and 3,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively. 577,133 2,850Common stock, $0.0001 par value, 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 2,060,185 and 1,228,272 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively – 10 Additional paid-in capital 180,280 160,058 Accumulated deficit (184,162) (166,392) Total stockholders' equity (deficit) 573,251 (3,474) Total liabilities and stockholders' equity $ 599,323 $ 5,600 CORVEX, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) (unaudited) Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (17,770) $ (8,403) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 3,813 75 Stock-based compensation 11,566 1,079 Amortization of debt discount (related party) 118 – Noncash lease expense 1,303 8 Gain on disposal of assets (2,501) – 5
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Changes in operating assets and liabilities, net of acquisition: Accounts receivable (221) – Inventory (42) (433) Prepaid expenses and other current assets (4,012) 144 Other assets 46 (10) Accounts payable (953) 775 Deferred revenue (611) (31) Other current and noncurrent liabilities – (603) Operating lease liabilities, net (1,449) – Accrued liabilities 1,151 – Net cash used in operating activities (9,562) (7,399) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (6,481) – Capitalized internal use software (409) – Cash acquired in business combination 36,678 – Net cash provided by investing activities 29,788 – CASH FLOWS FROM FINANCING ACTIVITIES: Payments on finance lease liabilities (1,836) – Issuance of common stock, net of issuance costs 478 1,606 Net cash (used in) provided by financing activities (1,358) 1,606 Net increase (decrease) in cash and cash equivalents 18,868 (5,793) Cash and cash equivalents at beginning of period 2,827 7,902 Cash and cash equivalents at end of period 21,695 2,109 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 1 $ — Cash paid for taxes $ — $ — NONCASH INVESTING AND FINANCING ACTIVITIES: Transaction expense adjustments $ 207 $ — Business acquired by issuance of equity instruments $ 581,955 $ — Bridge Loan (Related Party) extinguishment $ 4,663 $ — ROU assets obtained in exchange for lease liabilities $ 1,948 $ — Common shares issued from conversion of Series B Preferred shares $ 2,576 $ — Par value adjustment for stock splits and stock dividend $ 10 $ — Change in accrued capital expenditure $ 133 $ — Stock based compensation capitalized into internal use software $ 303 $ — Reconciliation of GAAP to Non-GAAP ResultsReconciliation of Net Loss to Adjusted EBITDA(in thousands, except percentages) Three Months Ended June 30, 2026 2025 Net loss $ (12,765) $ (3,225) Depreciation and amortization 2,676 — Stock-based compensation(1) 9,388 780 Income tax 20 — Gain on disposal of assets (2,501) — Interest and other income, net 30 (35) Adjusted EBITDA $ (3,152) $ (2,480) Six Months Ended June 30, 2026 2025 Net loss $ (17,770) $ (8,403) Depreciation and amortization 3,003 — Stock-based compensation(1) 11,566 1,079 Transaction costs(2) 719 — Income tax 20 — 6
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Gain on disposal of assets (2,501) — Interest and other income, net 188 (95) Adjusted EBITDA $ (4,775) $ (7,419) Three Months Ended June 30, Change 2026 2025 $ % Net loss AI Platform and services $ (13,918) $ — $ (13,918) NM Connected devices and services 1,153 (3,225) 4,378 136 % Total net loss $ (12,765) $ (3,225) $ (9,540) (296) % Adjusted EBITDA(1) AI Platform and services (2,264) — (2,264) NM Connected devices and services (888) (2,480) 1,592 64 % Total adjusted EBITDA $ (3,152) $ (2,480) $ (672) (27) % Six Months Ended June 30, Change 2026 2025 $ % Net loss AI Platform and services $ (15,542) $ — $ (15,542) NM Connected devices and services (2,228) (8,403) 6,175 73 % Total net loss $ (17,770) $ (8,403) $ (9,367) (111) % Adjusted EBITDA(1) AI Platform and services (2,373) — (2,373) NM Connected devices and services (2,402) (7,419) 5,017 68 % Total adjusted EBITDA $ (4,775) $ (7,419) $ 2,644 36 % (1) See the "Non-GAAP Financial Measures" section in this press release for a reconciliation to the most directly comparable GAAP measure. Three Months Ended June 30, AI Platform and services 2026 2025 Net loss $ (13,918) $ — Depreciation and amortization 2,588 — Stock-based compensation(1) 9,046 — Income tax 20 — Adjusted EBITDA $ (2,264) $ — Six Months Ended June 30, AI Platform and services 2026 2025 Net loss $ (15,542) $ — Depreciation and amortization 2,884 — Stock-based compensation(1) 10,278 — Income tax 20 — 7
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Interest and other income, net (13) — Adjusted EBITDA $ (2,373) $ — Three Months Ended June 30, Connected devices and services 2026 2025 Net income (loss) $ 1,153 $ (3,225) Depreciation and amortization 88 — Stock-based compensation(1) 342 780 Gain on disposal of assets (2,501) — Interest and other income, net 30 (35) Adjusted EBITDA $ (888) $ (2,480) Six Months Ended June 30, Connected devices and services 2026 2025 Net loss $ (2,228) $ (8,403) Depreciation and amortization 119 — Stock-based compensation(1) 1,288 1,079 Transaction costs(2) 719 — Gain on disposal of assets (2,501) — Interest and other income, net 201 (95) Adjusted EBITDA $ (2,402) $ (7,419) (1) Stock-based compensation: related to the 2019 and 2024 Incentive Plans for employees, contractors, or other entities.(2) Related to the transaction costs associated with the Merger. View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-reports-second-quarter-2026-results-and-provides-business-update-302852145.html SOURCE Corvex 8