Business
Corvex Reports Q1 2026 Financial Results and Provides Business Update
Conference Call at 4:30 PM ET / 1:30 PM PTARLINGTON, Va., May 19, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE), an engineering-led AI computing platform
About this update from Corvex, Inc.
[{"type":"text","content":"Conference Call at 4:30 PM ET / 1:30 PM PTARLINGTON, 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.\n \n \n \n \n \n \n \nReported 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.1 See \"Non-GAAP Financial Measures\" and the reconciliation of GAAP to non-GAAP results table in this press release for additional inform...