Corvex (MOVE) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Corvex OpCo (Corvex Legacy Holdings Inc) on March 19, 2026, with rebranding as Corvex Inc and a strategic shift to AI cloud computing, reducing legacy healthcare operations.

• Q1 2026 results reflect legacy healthcare for the full quarter and Corvex's AI platform for 12 days post-merger, with significant revenue growth and a focus on GPU-accelerated AI infrastructure.

• Operates two segments: AI Platform and services (GPU-accelerated infrastructure) and Connected devices and services (wearable health devices).

• Strategic focus on vertically integrated AI infrastructure, inference software, and confidential computing, targeting scalable, secure AI deployment for enterprises and government.

• Merger resulted in significant changes to business mix, cost structure, and capital requirements.

Financial highlights

• Q1 2026 total revenue was $510,000, up 148% year-over-year, with $475,000 from AI Platform and services post-merger.

• Pro forma Q1 2026 revenue was $3.7 million, nearly all from the AI platform; pro forma net loss was $(15.9) million, and pro forma adjusted EBITDA loss was $(0.9) million.

• Net loss for Q1 2026 was $5.0 million, or $(3.13) per share, a slight improvement from Q1 2025.

• Adjusted EBITDA loss improved to $(1.6) million from $(4.9) million year-over-year.

• Cash and cash equivalents as of March 31, 2026, were $29.3 million.

Outlook and guidance

• Positioned to address growing demand for secure, scalable, high-performance AI infrastructure, with plans to scale the platform and accelerate AI innovation.

• Existing cash is expected to fund operations for at least the next twelve months; additional capital may be sought for growth.

• Strategy targets recurring and asset-light revenue streams through software-centric offerings and expansion in AI Factory, Token Factory, and confidential computing markets.

• Forward-looking statements highlight expectations for growth but caution on risks and uncertainties impacting future results.