Corvex Q1 Revenue Jumps to $510K; Deferred Revenue Climbs to $4.4M
MOVE•Corvex completed the acquisition of Corvex OpCo on March 19, 2026, renamed from Movano Inc., and delivered Q1’26 revenue of $510,000, up from $206,000 a year earlier, with deferred revenue soaring to $4.4 million. Net loss narrowed to $5.1 million while adjusted EBITDA loss improved by 67% to $1.6 million.
1. Acquisition and Rebranding
On March 19, 2026, Corvex finalized its acquisition of Corvex OpCo and officially changed its name from Movano Inc. to Corvex, Inc. on March 23, marking its full transition into an AI cloud computing platform focused on GPU-accelerated infrastructure.
2. Q1 Financial Results
Including 12 days of post-close operations, Corvex reported Q1’26 revenue of $510,000 versus $206,000 in Q1’25. Deferred revenue jumped to $4.4 million from $12,000 at year-end, net loss amounted to $5.1 million (–$3.13 per share), and adjusted EBITDA loss improved 67% to $1.6 million.
3. Pro Forma Performance and Liquidity
Pro forma consolidated results for Q1’26 showed revenue of $3.7 million, a net loss of $15.9 million and an adjusted EBITDA loss of $0.9 million. Cash and cash equivalents stood at $29.3 million as of March 31, supporting ongoing AI infrastructure investments.
4. Platform Positioning and Outlook
Corvex aims to deliver a unified AI infrastructure that combines scalable GPU compute, inference software and confidential computing for AI-native organizations, enterprises and government. Management will host a conference call on May 19 to discuss strategic priorities and growth plans for its AI cloud platform.
