Corvex (MOVE) investor relations material

Executive summary

• All 7.7 MW in the August near-term plan was under contract; 1.5 MW was live, with the remaining 6.2 MW targeted for ready-for-service in Q4 2026. The broader year-end plan is ~8 MW.

• Contracted annualized revenue on live compute was $21.6M at September 30 and $21.7M as of November 12; Token Factory launched September 30, with meaningful revenue contribution expected from 2027.

Financial highlights

• Q3 revenue was $5.0M, up 31% QoQ from $3.8M; 9M revenue was $9.3M. Sequential growth reflected more live capacity and a partial-quarter Blackwell contribution.

• Q3 net loss attributable to common stockholders was $17.5M, or $0.60 per share; operating loss was $17.4M. Adjusted EBITDA was -$3.2M in Q3 and -$8.0M for 9M.

• Cash and cash equivalents were $42.0M at September 30, plus $0.7M restricted cash; Q3 operating cash use was $7.0M and capital expenditures were $9.8M.

• Q3 stock-based compensation was $11.3M, including $9.3M in G&A; G&A was $14.8M, primarily due to merger replacement awards.

Outlook and guidance

• Midwest 1 and the Mid-Atlantic 1 expansion are targeted to be ready for service in Q4 2026; this means facility infrastructure is prepared, before customer compute goes live and revenue begins.

• Offtake work is underway for a planned 1.6 MW Blackwell cluster at Mid-Atlantic 1 and 4.5 MW at Midwest 1; a right of first refusal covers a further 12.5 MW at Midwest 1 in 2027.

• Near-term priorities include completing both sites, finalizing offtake, converting power access into contracted capacity, and building Token Factory demand through partners and channels.

• Token Factory focus over the next two quarters is partner and channel onboarding, followed by direct enterprise sales; meaningful revenue contribution is expected to begin in 2027.

• Internal-control operating effectiveness testing is expected to begin in H1 2027; remediation requires sufficient control operation and testing.