Movano Q2 Earnings Call Highlights

Corvex reported $3.8 million in Q2 2026 revenue, all from its AI platform and services business, while contracted annualized recurring revenue on live compute reached approximately $22 million. The company posted a $12.8 million net loss and negative adjusted EBITDA of $3.2 million; it ended the quarter with $21.7 million in cash and said further AI infrastructure expansion will require additional capital. Management is focused on expanding power and compute capacity, advancing its Token Factory inference platform, and improving internal controls, while acknowledging customer concentration and unremediated material weaknesses remain risks. Corvex reported $3.8 million in second-quarter 2026 revenue, its first full reporting period including the AI cloud computing business acquired through its March merger with Corvex Legacy Holdings. Company leaders said the quarter’s reported revenue reflected the amount of computing capacity that was live and generating revenue during the period, rather than the full level of signed customer commitments. As of the earnings call date, Corvex said contracted annualized recurring revenue on live compute was approximately $22 million, including a compute delivery announced Aug. 4. The company defines the metric as the annualized value of fixed contractual fees from capacity that has been delivered, accepted by customers and is generating revenue. It excludes contracted capacity that has not yet entered service. Co-Founder and Co-Chief Executive Officer Jay Crystal said Corvex builds and operates AI infrastructure for training and inference workloads. Its offerings include AI factories and GPU clusters, the Corvex Token Factory inference platform, and confidential computing capabilities. The company’s AI factory contracts are take-or-pay arrangements, Crystal said, with customers paying fixed fees for reserved computing and storage capacity regardless of their utilization. Corvex said all of its current AI platform revenue comes from fixed-term contracts. Crystal said demand for AI infrastructure exceeds available supply, with energized, permitted, cooled and connected power capacity representing a key industry constraint. He said Corvex evaluates power costs, hardware costs, financing, contract duration, residual values and customer credit before approving new cluster deployments. Corvex Token Factory version one is now operating in closed alpha, Co-Founder and Co-CEO Seth Demsey said. The platform is intended to provide API access to open-weight AI models through Corvex’s inference engine. Demsey said the company plans further releases in the third and fourth quarters. During the quarter, Corvex also completed planning for version two of its cloud-management software and moved into execution. Demsey said the software is designed to improve automation, reliability and scalability as the platform expands. Chief Financial Officer Chance Moreland said all $3.8 million of second-quarter revenue came from AI platform and services operations. Revenue totaled $4.3 million for the six months ended June 30 and for the acquired business from March 19 through June 30. Cost of compute for the AI platform and services was $2.1 million in the quarter, excluding depreciation and amortization. Those costs primarily included data-center rent, power, network access and directly attributable labor. Depreciation and amortization totaled $2.7 million, largely reflecting servers, network.