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:
"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.
1 See "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.
First Quarter 2026 Financial Highlights
Three Months Ended March 31,
2026
2025
Revenue
$ 510
$ 206
Operating expenses
5,357
5,444
Loss from operations
(4,847)
(5,238)
Other income (expense), net
(158)
60
Net loss
$ (5,005)
$ (5,178)
Cumulative dividends on Series A preferred stock
(96)
—
Net loss attributable to common stockholders
$ (5,101)
$ (5,178)
Net loss per share, basic and diluted
$ (3.13)
$ (5.35)
Weighted average shares used in computing net loss per share, basic and
diluted
1,628,515
967,331
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, Stillpoint
corvex.media@stillpointglobaladvisors.com
CORVEX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data) (unaudited)
Three Months Ended
March 31,
2026
2025
REVENUE:
Revenue – AI Platform and services
$
475
$
–
Revenue – Connected devices and services
35
206
Total revenue
510
206
OPERATING EXPENSES:
Cost of revenue – AI Platform and services (exclusive of depreciation and amortization)
247
–
Cost of revenue – Connected devices and services (exclusive of depreciation and
amortization)
265
642
Depreciation and amortization
326
38
Technology and infrastructure
822
2,364
Sales and marketing
304
763
General and administrative
3,393
1,637
Total operating expenses
5,357
5,444
Loss from operations
(4,847)
(5,238)
Other (expense) income, net:
Interest expense (related party)
(178)
–
Interest and other income, net
20
60
Other (expense) income, net
(158)
60
Loss before provision for income taxes
(5,005)
(5,178)
Income tax provision
–
–
Net loss
$
(5,005)
(5,178)
Cumulative dividends on Series A preferred stock
$
(96)
$
–
Net loss attributable to common stockholders
$
(5,101)
(5,178)
Net loss per share, basic and diluted
$
(3.13)
$
(5.35)
Weighted average shares used in computing net loss per share, basic and diluted
1,628,515
967,331
CORVEX, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands) (unaudited)
March 31,
2026
December 31,
2025
ASSETS
Current assets
Cash and cash equivalents
$
29,330
$
2,827
Accounts receivable, net
1,504
–
Inventory
1,776
1,766
Prepaid expenses and other current assets
5,293
394
Total current assets
37,903
4,987
Property and equipment, net
29,074
101
Operating lease right-of-use assets, net
3,792
415
Intangible assets, net
15,359
–
Goodwill
518,263
–
Other assets
92
97
Total assets
604,483
5,600
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable
3,668
3,477
Accrued liabilities
1,535
683
Deferred revenue, current
2,226
12
Bridge loan (related party)
4,500
4,382
Operating lease liabilities, current
1,893
253
Finance lease liabilities, current
3,856
–
Total current liabilities
17,678
8,807
Operating lease liabilities, non-current
2,090
267
Finance lease liabilities, non-current
6,559
–
Deferred revenue, non-current
2,153
–
Total non-current liabilities
10,802
267
Total liabilities
28,480
9,074
Commitments and contingencies (Note 13)
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value, 5,000,000 shares authorized at March 31, 2026;
56,639 and 3,000 shares issued and outstanding at March 31, 2026 and December 31,
2025, respectively.
574,469
–
Common stock, $0.0001 par value, 500,000,000 shares authorized at March 31, 2026 and
December 31, 2025; 1,921,809 and 1,228,272 shares issued and outstanding at March
31, 2026 and December 31, 2025, respectively
–
10
Additional paid-in capital
172,931
162,908
Accumulated deficit
(171,397)
(166,392)
Total stockholders' equity (deficit)
576,003
(3,474)
Total liabilities and stockholders' equity
$
604,483
$
5,600
CORVEX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
For the three months ended
March 31,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(5,005)
$
(5,178)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
326
38
Stock-based compensation
2,178
299
Noncash lease expense
–
8
Write down of inventory to net realizable value
32
–
Amortization of debt discount (related party)
118
–
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable
(162)
–
Inventory
(42)
(212)
Prepaid expenses and other current assets
(747)
142
Other assets
48
(4)
Accounts payable
(1,362)
509
Deferred revenue
27
(18)
Operating lease liabilities, net
50
–
Accrued liabilities
251
113
Net cash used in operating activities
(4,288)
(4,303)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(6,238)
–
Cash acquired in business combination
36,679
Net cash provided by investing activities
30,441
–
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance lease liabilities
(32)
–
Issuance of common stock, net of issuance costs
–
758
Issuance of common stock upon exercise of stock options
382
–
Net cash provided by financing activities
350
758
Net increase (decrease) in cash and cash equivalents
26,503
(3,545)
Cash and cash equivalents at beginning of period
2,827
7,902
Cash and cash equivalents at end of period
$
29,330
$
4,357
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
$
1
$
–
Cash paid for taxes
$
–
$
–
NONCASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock upon exercise of stock options in exchange for receivable
$
11
$
–
Business acquired by issuance of equity instruments
$
581,911
$
–
Broker receivable recorded in prepaid and other current assets for payroll withholding taxes
$
97
$
–
Reconciliation of GAAP to Non-GAAP Results
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands, except percentages)
Three Months Ended
March 31,
Change
2026
2025
$
%
Net loss
AI Platform and services
$
(1,625)
$
–
$
(1,625)
(100)
%
Connected devices and services
(3,380)
(5,178)
1,798
35
%
Total net loss
(5,005)
(5,178)
173
3
%
Adjusted EBITDA(1)
AI Platform and services
(98)
–
(98)
(100)
%
Connected devices and services
(1,506)
(4,901)
3,395
69
%
Total adjusted EBITDA
$
(1,604)
$
(4,901)
$
3,297
67
%
(1)
See the "Non-GAAP Financial Measures" section included above for a reconciliation to the most directly comparable GAAP measure.
Three Months Ended
March 31,
AI Platform and services
2026
2025
Net loss
$
(1,625)
$
–
Depreciation and amortization
295
–
Stock-based compensation(1)
1,232
–
Transaction costs(2)
–
–
Income tax
–
–
Other expense (income), net
–
–
Adjusted EBITDA
$
(98)
$
–
Three Months Ended
March 31,
Connected devices and services
2026
2025
Net loss
$
(3,380)
$
(5,178)
Depreciation and amortization
31
38
Stock-based compensation(1)
946
299
Transaction costs(2)
719
–
Income tax
–
–
Other expense(income), net
178
(60)
Adjusted EBITDA
$
(1,506)
$
(4,901)
(1)
Stock-based compensation: related to 2024 Equity Incentive Plan for employees, contractors, or other entities.
(2)
Related to the transaction costs associated with the merger.
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2026
(in thousands, except share and per share data)
Historical
Total Pro Forma Adjustments
Corvex, Inc.
Corvex Legacy Holdings, Inc.
Transaction Accounting Adjustments: Merger
Note 1
Pro Forma Combined
Revenue
$
510
$
3,143
$
–
$
3,653
COSTS AND EXPENSES:
Cost of revenue (exclusive of depreciation and amortization)
512
1,089
592
(b), (c)
2,193
Depreciation and amortization
326
1,671
272
(a)
2,269
Technology and infrastructure
822
274
946
(c), (d)
2,042
Sales and marketing
304
278
263
(c)
845
General and administrative
3,393
1,965
6,316
(b), (c),
(d)
11,674
Total costs and expenses
5,357
5,277
8,389
19,023
Loss from operations
(4,847)
(2,134)
(8,389)
(15,370)
Other income (expense), net:
Interest expense (related party)
(178)
–
–
(178)
Interest and other income, net
20
(462)
57
(b)
(385)
Other income (expense), net
(158)
(462)
57
(563)
Net loss and total comprehensive loss
$
(5,005)
$
(2,596)
$
(8,332)
$
(15,933)
Net loss per share, basic and diluted
$
(3.13)
$
(4.08)
$
(7.81)
Weighted average shares used in computing net loss per
share, basic and diluted
1,628,515
2,039,726
2,039,726
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025
(in thousands, except share data)
Historical
Total Pro Forma Adjustments
Corvex, Inc.
Corvex Legacy Holdings, Inc.
Reclassification Adjustments
Note 2
Transaction Accounting Adjustments: Merger
Note 2
Total Pro Forma Adjustments
Pro Forma Combined
Revenue
$
433
$
7,102
$
–
$
–
$
–
$
7,535
COSTS AND EXPENSES:
Cost of revenue (exclusive
of depreciation and
amortization)
2,273
2,851
–
2,744
(e), (i)
2,744
7,868
Depreciation and
amortization
–
4,392
149
(a)
1,061
(b)
1,210
5,602
Technology and
infrastructure
–
1,342
5,667
(a)
4,357
(e), (f)
10,024
11,366
Research and development
5,740
–
(5,740)
(a)
–
(5,740)
–
Sales and marketing
–
1,186
1,410
(a)
1,213
(e)
2,623
3,809
General and administrative
–
7,099
6,437
(a)
30,864
(e), (f),
(g), (h),
(i)
37,301
44,400
Sales, general and
administrative
7,923
–
(7,923)
(a)
–
(7,923)
–
Total costs and
expenses
15,936
16,870
–
40,239
40,239
73,045
Loss from operations (1)
(15,503)
(9,768)
–
(40,239)
(40,239)
(65,510)
Other income (expense), net:
Interest expense (related
party)
(2,965)
–
–
–
–
(2,965)
Loss (Gain) change in
warrant liability fair value
–
(9,575)
–
9,575
(c)
9,575
–
Loss (Gain) in fair value of
SAFE liability
–
9,856
–
(9,856)
(d)
(9,856)
–
Interest and other income,
net
183
30
–
(77)
(i)
(77)
136
Other income
(expense), net
(2,782)
311
–
(358)
(358)
(2,829)
Income tax benefits
(expense)
–
(60)
–
–
–
(60)
Net loss and total
comprehensive loss
$
(18,285)
$
(9,517)
$
–
$
(40,597)
$
(40,597)
$
(68,399)
Net loss per share, basic and
diluted
$
(21.79)
$
(19.90)
$
(19.90)
$
(33.53)
Weighted average shares
used in computing net loss
per share, basic and diluted
840,720
2,039,726
2,039,726
2,039,726
Note 1 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for three months ended March 31, 2026
(a)
Reflects the estimated incremental amortization expense of $272 resulting from the Merger.
Amortization expense related to the acquired finite-lived intangible assets has been calculated based on preliminary estimated fair values and estimated useful lives of 7 years for customer relationships and 20 years for trade names.
The amount of amortization expense will ultimately be based on the periods in which the associated economic benefits are expected to be derived and the pattern of benefit for each intangible asset, and therefore, the preliminary amount reported may differ significantly between periods based upon the final values assigned to amortization methodology used for each asset.
A 10% increase or decrease in the estimated fair value of the intangible assets would cause an increase or decrease of $27 to the amortization expense amounts as presented in the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2026.
(b)
Reflects decrease of lease expense in cost of revenue of $39, sales, general and administrative of $10 and interest expense of $57.
(c)
Reflects stock options post-combination expense of $631 to cost of revenue, $769 to technology and infrastructure, $263 to sales and marketing, and $2,955 to general and administrative.
(d)
Reflects restricted stock units post-combination expense of $177 in technology and infrastructure and $3,371 in general and administrative.
Note 2 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the year ended December 31, 2025
(a)
Represents the reclassification of sales, general and administrative expenses into sales and marketing and general and administrative expenses; the reclassification of research and development into technology and infrastructure; and the reclassification of historical Movano depreciation expense from research and development and sales, general and administrative expenses into depreciation expense.
(b)
Reflects the estimated incremental amortization expense of $1,061 resulting from the Merger.
A 10% increase or decrease in the estimated fair value of the intangible assets would cause an increase or decrease of $106 to the amortization expense amounts as presented in the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2025.
(c)
Elimination of change in fair value of warrant liability as the Corvex Preferred Stock Warrants converted into shares of Corvex common stock and subsequently into Payment Shares, at the Exchange Ratio on the merger date.
(d)
Elimination of change in fair value of SAFE liability as the SAFEs automatically converted into shares of Corvex common stock and subsequently into Payment Shares, at the Exchange Ratio on the merger date.
(e)
Reflects stock options post-combination expense of $2,823 to cost of revenue, $3,540 to technology and infrastructure, $1,213 to sales and marketing, and $13,559 to general and administrative.
(f)
Reflects restricted stock units post-combination expense of $817 in technology and infrastructure and $15,526 in general and administrative.
(g)
Reflects estimated incremental transaction-related costs of approximately $719 incurred by the Company after December 31, 2025.
(h)
Reflects the accrual of severance payments pursuant to pre-existing employment agreements of $1,125.
(i)
Reflects decrease of lease expense in cost of revenue of $79, sales, general and administrative of $65 and interest expense of $77.
Reconciliation of Unaudited Pro Forma GAAP to Non-GAAP Results
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands, except percentages)
Historical
Pro Forma (i)
Three Months Ended March 31,
Year Ended December 31,
Three Months Ended March 31,
Year Ended December 31,
Other financial information
2026
2025
2026
2025
(in thousands of USD)
Net loss
$
(5,005)
$
(18,322)
$
(15,933)
$
(68,399)
Depreciation and
amortization
326
149
2,269
5,602
Stock-based compensation
2,178
2,913
10,344
42,031
Transaction costs (ii)
719
1,093
1,824
4,209
Income tax
–
–
–
60
Interest expense
178
2,782
563
2,829
Adjusted EBITDA
$
(1,604)
$
(11,385)
$
(933)
$
(13,668)
(i)
Pro forma combined non-GAAP financial information is derived from the unaudited pro forma condensed combined statements of operations included within the unaudited pro forma condensed combined financial information contained elsewhere in this filing, which has been prepared in accordance with Article 11 of Regulation S-X.
(ii)
Transaction costs in the unaudited pro forma condensed combined statements of operations include transaction-related expenses arising from the Merger, as reflected in the transaction accounting adjustments within the unaudited pro forma condensed combined financial information. These amounts include both historical transaction expenses incurred prior to the closing of the Merger and additional expenses recognized in connection with the transaction.
SOURCE Corvex
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