Slide 1: Corvex Reports Q1 2026 Financial Results and Provides Business Update
NEWS RELEASE Corvex Reports Q1 2026 Financial Results and Provides Business Update 2026-05-19 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 fo
Slide 2: First Quarter 2026 Financial Highlights
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
Slide 3: Forward-Looking Statements and Non-GAAP Financial Measures
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 di er materially from those projected. These risks include but are not limited to our ability to execute our busine
Slide 4: Pro forma financial information notes
does not purport to indicate the nancial 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 estimat
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, December 31, 2026 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 Proper
Slide 6: Adjusted EBITDA and cash flows
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) Operatin
Slide 7: Adjusted EBITDA reconciliation by segment and pro forma statement
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 dev
Slide 8: Unaudited Pro Forma Condensed Combined Statement of Operations
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 sha
Slide 9: Note 2 – Merger and Reclassification Transaction Adjustments
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
Slide 10: Pro forma non-GAAP notes
(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 Ar