Quarterly ResultMay 19, 2026, 04:13 PM
Corvex Q1 Revenue $510K; Net Loss $(5.1)M; Completes Acquisition
AI Summary
Corvex, Inc. reported its first quarter 2026 financial results, including 12 days of operations from the newly acquired Corvex OpCo. The company completed the acquisition of Corvex OpCo on March 19, 2026, transitioning its primary business to AI cloud computing and rebranding from Movano Inc. to Corvex, Inc. Total revenue for Q1 2026 was $510 thousand, with a net loss of $(5.1) million, or $(3.13) per share. Adjusted EBITDA loss improved by 67% to $(1.6) million.
Key Highlights
- Completed acquisition of Corvex OpCo on March 19, 2026, transitioning to AI cloud computing.
- Q1 2026 total revenue was $510 thousand, including $475 thousand from AI Platform and services.
- Deferred revenue grew to $4.4 million at March 31, 2026, from $12 thousand at December 31, 2025.
- Net loss for Q1 2026 was $(5.1) million, or $(3.13) per share.
- Adjusted EBITDA loss improved by 67% to $(1.6) million in Q1 2026.
- Cash and cash equivalents stood at $29.3 million at March 31, 2026.
- Pro forma Q1 2026 revenue was $3.7 million, with a pro forma net loss of $(15.9) million.
Price Impact
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