Key Highlights

  • Corvex, formerly Movano, reported second-quarter 2026 Revenue of $3.8 million, compared with $103,000 a year earlier.
  • Contracted annualised revenue on live compute was about $22 million as of 14 August.
  • Critical IT capacity is planned to rise from about 1.5 megawatts to 8 megawatts by the end of 2026.

From Movano to Corvex

Corvex, Inc. (NASDAQ:MOVE) is the new name of Movano Inc., the former healthcare wearables company. Movano acquired Corvex Legacy Holdings on 19 March 2026 and was renamed Corvex on 23 March. The ticker remained MOVE.

The company now describes itself as an engineering-led AI computing platform. On 30 June 2026 it transferred its legacy healthcare Assets to its lender, which satisfied a bridge Loan and produced a $2.5 million non-cash gain.

Second-quarter results

For the quarter ended 30 June 2026, reported on 14 August, revenue was $3.8 million, compared with $103,000 a year earlier. This was the first full quarter including the AI cloud business. Deferred revenue was $3.7 million.

The net loss attributable to common stockholders was $12.8 million, or $5.12 per share. Adjusted EBITDA was a loss of $3.2 million. Stock-based compensation was $9.4 million, largely replacement Equity awards linked to the merger, which explains much of the gap between the GAAP loss and the adjusted measure.

Cash was $21.7 million at 30 June, up from $2.8 million at the end of 2025. Operating cash outflow was $5.3 million, including about $1.6 million of non-recurring Merger costs. A $2.8 million vendor deposit was refunded in July.

An approximately $33 million private Placement is not part of the 30 June balance. The company said the multi-year GPU cluster delivered on 4 August for a leading AI company was funded through debt financing, customer prepayment and cash on hand; contract values were not disclosed.

Contracted capacity and expansion

Corvex reported contracted annualised revenue on live compute of about $22 million as of 14 August. It defines this as fixed contractual fees on delivered, accepted capacity, and says it is neither a forecast nor a GAAP measure. All AI platform revenue comes from fixed-term contracts under which customers pay regardless of utilisation.

On 31 August the company said critical IT capacity would rise from about 1.5 megawatts to 8 megawatts by the end of 2026, supporting about 3,000 current-generation GPUs across two United States data centres. Both sites were expected to go live in the fourth quarter, with expansion revenue starting in the first quarter of 2027, and about $33 million had been raised through a private placement.

Capital structure and governance

At 8 July 2026 there were about 27.6 million common shares outstanding, plus Series D Preferred Shares convertible into about 28.9 million common shares, or roughly 56.6 million on an as-converted basis. On 10 July the company filed a resale registration statement covering up to 53,390,008 shares; Corvex does not receive proceeds from those resales.

Chance Moreland was appointed chief financial officer in June 2026, and Nicholas Donofrio and Patrick Fleury joined the board. The results release contained no numerical guidance.

What to watch

Items to watch include the fourth-quarter go-live of the expanded sites, growth in contracted annualised revenue, the company's funding of its build-out, and the Token Factory software releases planned for the third and fourth quarters of 2026.