Key Highlights

● Second-quarter revenue reached US$3.8 million, against US$103,000 a year earlier.

● The company plans to grow critical IT capacity from 1.5 to 8 megawatts by end-2026.

● Corvex secured about US$33 million through a private placement to fund the expansion.

● Contracted annualised recurring revenue on live compute was about US$22 million as of 14 August.

A former healthcare-device company turns to AI compute

Corvex, Inc. (NASDAQ:MOVE) is an Arlington, Virginia-based company offering GPU-accelerated cloud infrastructure for artificial-intelligence workloads. It was formerly Movano Inc, a healthcare-device business. An all-stock merger with Corvex completed on 19 March 2026, after which the combined company took the Corvex name and kept the MOVE ticker. The merger lifted stockholders' equity above Nasdaq's minimum, after a delisting notice in October 2025.

Because the business only recently changed character, historical comparisons are limited. Goodwill of US$519.3 million from the merger dominates total assets of US$599.3 million at 30 June.

Latest reported results

Corvex reported second-quarter 2026 results on 14 August 2026. Revenue was US$3.8 million, against US$103,000 a year earlier, and six-month revenue was US$4.3 million. The net loss attributable to common stockholders was US$12.8 million for the quarter, including stock-based compensation of US$9.4 million. Non-GAAP adjusted EBITDA was a loss of US$3.2 million.

Cash and equivalents were US$21.7 million at 30 June 2026, up from US$2.8 million at the end of 2025. Operating cash outflow in the quarter was US$5.3 million. The company highlighted contracted annualised recurring revenue on live compute of about US$22 million as of 14 August. It defines this as fixed contractual fees on delivered and accepted capacity, and says it is not a forecast or a GAAP measure. The release contained no financial guidance.

Expansion plans and financing

On 31 August 2026 the company outlined a data-centre expansion. It expects critical IT capacity to grow from about 1.5 megawatts to 8 megawatts by the end of 2026, supporting around 3,000 latest-generation GPUs across two U.S. sites. Both sites are expected to be ready for service in the fourth quarter, with revenue from the expansion beginning in the first quarter of 2027. Corvex also holds a right of first refusal on a further 12.5 megawatts. It said it had secured about US$33 million through a private placement to fund the work.

Further capital-markets activity followed. Around late September the company filed a registration statement for a securities offering and a filing to sell up to 4.26 million shares for existing holders, and, roughly a month earlier, a US$500 million mixed shelf. Such filings can increase the share count over time.

Site readiness and the 2027 revenue start

Execution on fourth-quarter site readiness is central, since the company expects expansion revenue only from the first quarter of 2027. Preferred stock represents around 28.9 million common shares on an as-converted basis at the Series D level, and the accumulated deficit was US$184.2 million at 30 June, with liabilities of US$26.1 million.

Corvex has also said it plans further releases of its Corvex Token Factory in the third and fourth quarters of 2026, following the launch of its security-first inference platform on 30 September. That product cadence runs ahead of the revenue from new capacity, which the company does not expect until 2027.