Corvex (MOVE) Q3 2026 earnings summary

Executive summary

• The March merger shifted operations from legacy healthcare toward GPU-accelerated AI cloud computing; Q3 was the first full reporting period after the June 30 asset transfer, making prior-year comparisons not directly comparable.

• All 7.7 MW in the near-term capacity plan was contracted; 1.5 MW was live, supporting $21.6M of contracted ARR at quarter-end and $21.7M as of the call. The remaining 6.2 MW was targeted for ready-for-service in Q4 2026.

• Token Factory launched publicly on September 30; partner and channel onboarding are priorities, with meaningful revenue contribution expected to begin in 2027.

Financial highlights

• Q3 revenue was $4.982M versus $80K in Q3 2025; nine-month revenue was $9.294M versus $389K. Year-over-year comparisons reflect the merger and legacy-business asset transfer.

• Q3 operating loss was $17.437M and net loss was $17.519M; net loss attributable to common stockholders was $17.5M, or $0.60 per share. Nine-month net loss was $35.289M.

• Adjusted EBITDA loss was $3.242M in Q3 and $8.017M for nine months; Q3 stock-based compensation was $11.3M, including $9.3M in G&A.

• Cash and cash equivalents were $41.986M at September 30; Q3 operating cash use was $7.0M and capital expenditures were $9.8M.

• Deferred revenue was $3.2M at quarter-end, including $1.9M current and $1.3M non-current, as customer prepayments were recognized when capacity generated revenue.

Outlook and guidance

• Midwest 1 and the Mid-Atlantic expansion were targeted to be ready for service in Q4 2026, with ~8 MW planned by year-end; readiness precedes customer compute going live and revenue generation.

• Offtake work was underway for a planned 1.6 MW NVIDIA 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 included completing both sites on schedule, finalizing offtake, converting power access into contracted capacity, and growing Token Factory demand through partners and channels.

• Existing cash was expected to fund projected operating requirements for at least 12 months from issuance; continued losses and higher capital needs are expected as infrastructure scales, and further financing may be needed.