Corvex, Inc. (MOVE) Form 10-Q — Aug 14, 2026
Corvex, Inc., the former Movano (Nasdaq: MOVE), closed its merger with AI cloud operator Corvex OpCo on March 19, 2026 for total consideration of $582.0 million, recording $519.3 million of goodwill and pivoting from women's health wearables to GPU-accelerated AI infrastructure. The new AI Platform segment generated $3.8 million of Q2 2026 revenue versus $0.1 million of total revenue a year earlier, with two customers representing 93% of that revenue. Losses widened sharply: the Q2 net loss was $12.8 million ($5.12 per share) versus $3.2 million ($3.05) in Q2 2025, with general and administrative expense of $12.1 million including $7.6 million of stock-based compensation.
Key figures
- Eps
- -$5.12 Q2 2026; -$8.59 H1 2026
- Revenue
- $3.801 million Q2 2026; $4.312 million H1 2026
- Net Income
- -$12.765 million Q2 2026; -$17.770 million H1 2026
- Debt Amount
- $7.5 million GPU equipment loan (subsequent event, funded August 3, 2026)
- Revenue Yoy
- Q2 2026 $3.801 million vs Q2 2025 $0.103 million (~37x, driven by the Merger rather than organic growth)
- Total Assets
- $599.323 million
- Cash Position
- $21.695 million at June 30, 2026
- Interest Rate
- 10
- Maturity Date
- September 1, 2029
- Shares Outstanding
- 27647305
- Goodwill
- $519.318 million
- Gain on disposal
- $2.501 million
- Intangible assets
- $15.4 million (Customer Relationships $5.19 million / 7 yrs; Tradename $10.21 million / 20 yrs)
- Bridge loan settled
- $4.382 million related-party bridge loan satisfied by transfer of healthcare operating assets
- Merger consideration
- $581.955 million total (Payment Shares at $10.71 per common share equivalent valued at $577.045 million plus $4.910 million assumed awards)
- H1 operating cash burn
- -$9.562 million
- Q2 loss from operations
- -$15.216 million
- Unamortized equity comp
- ~$133 million ($72.2 million options + $60.8 million RSUs)
- Gpu loan reserve and fee
- $724,565.50 required reserve deposit and $150,000 upfront fee
- Assumed awards fair value
- $148.5 million ($4.9 million in purchase price; ~$143.6 million to be recognized through 2030)
- Customer concentration q2
- Customer A 65%, Customer B 28% of revenue
- Supplier concentration h1
- One supplier 26% of purchases
- H1 stock based compensation
- $11.869 million
- Series d conversion potential
- ~28.9 million common shares from 28,929.59 Series D preferred shares
- Acquired business contribution
- $4.3 million revenue and $15.5 million net loss from March 19 to June 30, 2026
Price after filing
Close on the filing date to close N calendar days later (from $11.72). Historical, not a forecast.
AI analysis
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