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Corvex, Inc. Reports Financial Results and Business Update for Q1 2026

On May 19, 2026, Corvex, Inc., an innovative engineering-driven AI computing platform that focuses on GPU-accelerated infrastructure for AI workloads, announced its financial results for the first quarter of 2026. This period marks a significant transition for the company as it successfully completed the acquisition of Corvex OpCo on March 19, effectively shifting its primary operations towards AI cloud computing. This acquisition also led to the renaming of Movano Inc. to Corvex, Inc., a change that took effect on March 23, 2026.

Q1 2026 Financial Highlights

In the newly restructured setup, Corvex reported total revenues of $510,000 for the first quarter, which marks an impressive increase from $206,000 reported in the same period last year. This figure includes $475,000 generated from AI platform and services, reflecting the contributions from Corvex OpCo during the transition period following the acquisition.

Deferred revenues saw a remarkable growth, climbing to $4.4 million by March 31, 2026, up from a mere $12,000 at the end of December 2025. This increase indicates a significant backlog of contracted AI compute capacity pending revenue recognition. Despite these positives, Corvex reported a net loss of $5.1 million for the quarter, translating to $3.13 per share, which shows a slight improvement as compared to the net loss of $5.2 million or $5.35 per share in Q1 2025.

The company also achieved an adjusted EBITDA loss of $1.6 million, a notable enhancement from last year's loss of $4.9 million, underscoring Corvex's disciplined execution and focus on optimizing resources in line with its AI platform objectives.

Additionally, a pro forma consolidated financial overview indicated a pro forma revenue of $3.7 million and a pro forma net loss of $15.9 million, with an adjusted EBITDA loss of $0.9 million for Q1 2026.

By the end of the quarter, Corvex maintained cash and cash equivalents amounting to $29.3 million, providing it with a solid financial footing to fuel its ongoing growth initiatives.

CEO's Statement

Jay Crystal, the Chief Executive Officer of Corvex, remarked on the company's first quarter performance, stating, "This quarter signifies a pivotal moment as we embrace the public market with our enhanced AI platform. We are strategically positioned to play a significant role in defining the next chapter of AI infrastructure. By seamlessly merging scalable AI infrastructures, inference software, and secured computing into a cohesive platform, we aim to empower AI-native organizations, enterprises, and government bodies to efficiently deploy and safeguard AI at an industrial scale."

Conference Call Details

To discuss these results and offer further insights into the business's future, Corvex's management has scheduled a conference call for later today at 4:30 PM ET / 1:30 PM PT. Investors and stakeholders can join the live audio webcast at the Corvex Investor Relations website.

Conclusion

Corvex remains committed to scaling its innovative AI technology, focusing on delivering robust and secure computing resources to meet the rising demand from various sectors. With a new business lay-out and clearer strategic vision, the company is setting the stage for future growth and advancement in the fast-evolving landscape of artificial intelligence and cloud computing.