Corvex Reports Q1 2026 Results Following Transition to AI Cloud Computing

Corvex, Inc. reported its first quarter 2026 financial results and provided a business update, following the completion of its acquisition of Corvex OpCo on March 19, 2026. The company transitioned its main business to AI cloud computing and changed its name from Movano Inc. to Corvex, Inc., effective March 23, 2026.

For the quarter, Corvex reported total revenue of 510 thousand dollars, compared to 206 thousand dollars in the same period last year. Of this amount, 475 thousand dollars came from AI platform and services revenue during the post-acquisition period. Deferred revenue rose to 4.4 million dollars at the end of March 2026, up from 12 thousand dollars at the end of 2025, reflecting contracted AI compute capacity not yet recognized.

The company posted a net loss of 5.1 million dollars, or 3.13 dollars per share, compared to a net loss of 5.2 million dollars, or 5.35 dollars per share, in the previous year. Adjusted EBITDA loss improved to 1.6 million dollars from 4.9 million dollars. On a pro forma basis, Corvex reported revenue of 3.7 million dollars, a net loss of 15.9 million dollars, and adjusted EBITDA loss of 0.9 million dollars for the quarter.

As of March 31, 2026, Corvex held 29.3 million dollars in cash and cash equivalents. The company stated that it will continue to focus on scaling its AI infrastructure and confidential computing platform for enterprise and government clients.