MergerMay 19, 2026, 04:07 PM
Corvex Completes Merger, Reports Q1 Net Loss $5.01M
AI Summary
Corvex, Inc. (formerly Movano Inc.) completed its merger with Corvex Legacy Holdings, Inc. on March 19, 2026, and subsequently changed its name on March 23, 2026. For Q1 2026, the company reported a net loss of $5.01 million, an improvement from $5.18 million in Q1 2025, with total revenue increasing to $0.51 million from $0.21 million year-over-year. The merger significantly impacted the balance sheet, with total assets increasing to $604.48 million and stockholders' equity improving to $576.00 million.
Key Highlights
- Corvex completed its merger with Corvex Legacy Holdings, Inc. on March 19, 2026.
- Company name changed from Movano Inc. to Corvex, Inc. on March 23, 2026.
- Q1 2026 Net Loss was $(5,005) thousand, compared to $(5,178) thousand in Q1 2025.
- Total Revenue for Q1 2026 was $510 thousand, up from $206 thousand in Q1 2025.
- AI Platform and services revenue (new segment) was $475 thousand in Q1 2026.
- Connected devices and services revenue was $35 thousand in Q1 2026, down from $206 thousand in Q1 2025.
- Total assets surged to $604,483 thousand as of March 31, 2026, from $5,600 thousand at Dec 31, 2025.
- Total stockholders' equity (deficit) improved to $576,003 thousand from $(3,474) thousand.
Price Impact
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