Corvex Reports Second Quarter 2026 Results and Provides Business Update

Contracted annualized recurring revenue on live compute is approximately $22 million as of August 14, 2026 ARLINGTON, Va. , Aug. 14, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq: MOVE ), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today reported financial results for the second quarter ended June 30, 2026.

The second quarter is the Company's first full reporting period that includes the AI cloud computing business following the March 19, 2026 merger. Prior-year periods reflect only the legacy healthcare business and are therefore not directly comparable.

Second Quarter 2026 Financial Highlights:

Total revenue for the second quarter was $3.8 million. Revenue for the six months ended June 30, 2026 was $4.3 million. Deferred revenue, including current and non-current portions, was $3.7 million at June 30, 2026, compared with $12,000 at December 31, 2025, reflecting contracted AI compute capacity not yet recognized as revenue.

Net loss attributable to common stockholders for the second quarter was $(12.8) million, or $(5.12) per share. Net loss attributable to common stockholders for the six months ended June 30, 2026 was $(17.8) million, or $(8.59) per share.

Adjusted EBITDA, a non-GAAP financial measure, was $(3.2) million for the second quarter and $(4.8) million for the six months ended June 30, 2026. Adjusted EBITDA for AI Platform and services was $(2.3) million for the second quarter and $(2.4) million for the six-month period.

Total stock-based compensation expense was $9.4 million in the second quarter, including $7.6 million recorded in general and administrative expense, primarily reflecting replacement equity awards issued in connection with the Merger.

Cash and cash equivalents were $21.7 million at June 30, 2026. Cash used in operating activities for the three months ended June 30, 2026 $5.3 million, which included approximately $1.9 million of vendor payments associated with the wind-down of the pre-Merger business and approximately $1.6 million of nonrecurring accounting, legal and other costs associated with the Merger. It also included a $2.8 million deposit paid to a vendor for an intended capital investment, which was refunded to the Company in July 2026.

On June 30, the Company also completed the transfer of its legacy healthcare assets to the lender in full satisfaction of the related Bridge Loan, extinguishing that obligation and recognizing a $2.5 million non-recurring, non-cash gain on disposal.

Business Highlights:

Contracted annualized revenue on live compute was approximately $22 million as of August 14, 2026. Corvex defines this operating metric as the annualized value of fixed contractual fees on capacity that has been delivered, accepted by the customer and is generating revenue as of the stated date. It excludes contracted capacity that is not yet live, is not a forecast and is not a GAAP financial measure.

All AI Platform and services revenue today is generated under fixed-term contracts rather than spot pricing, meaning that customers reserve compute and storage capacity under those agreements and pay the contracted fee regardless of utilization. Corvex Token Factory version 1 is now live in closed alpha. The Company also completed planning for version 2 of its cloud management software during the second quarter and has moved into execution. The software is designed to improve automation, reliability and scalability as the platform grows. Corvex has additional Corvex Token Factory releases planned for the third and fourth quarters of 2026 as roadmap items move into production.

Following quarter end, Corvex announced on August 4 that it had completed delivery of a multi-year agreement to provide clusters of GPUs to a leading AI company. The expansion was being funded through debt financing, customer prepayment and cash on hand. The Company strengthened its operating and financing leadership with the appointment of Chance Moreland as Chief F...