Corvex Reports Third Quarter 2026 Results
Corvex, Inc. (MOVE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Corvex Reports Third Quarter 2026 Results ARLINGTON, Va., Nov. 12, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq: MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today reported financial results for the thi
How this was made
The 30-second read
Why it matters
The Q3 loss and cash burn may trigger short‑term price pressure, but the capital raise and pipeline projects could mitigate longer‑term risk.
Market read
Micro‑cap AI infrastructure stock with new earnings data; potential short‑term downside.
What to watch
The $33M private placement provides cash runway, and the right of first refusal could boost future capacity.
Corvex reports Q3 2026 revenue of $4,982 thousand, up 31% sequentially, with GAAP net loss of $(17,519) thousand and first full quarter of AI Factory operations
Quarterly revenue rose 31% from the prior quarter as printed and the company reports 1.5 MW live with about $21.7 million contracted ARR on live compute. Against that, the GAAP net loss widened to $(17,519) thousand, operating expenses reached $22,419 thousand, Adjusted EBITDA was $(3,242) thousand, operating cash use for nine months was $(16,567) thousand, and the remaining capacity and offtake are not yet contracted or live.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue (three months ended Sep 30, 2026)GAAP | $4.98M | up 31% | – |
| Revenue - AI Platform and services (three months)GAAP | $4.98M | – | – |
| Revenue - Connected devices and services (three months)GAAP | — | – | – |
| Cost of revenue - AI Platform and services (three months)GAAP | $2.52M | – | – |
| Cost of revenue - Connected devices and services (three months)GAAP | — | – | – |
| Depreciation and amortization (three months)GAAP | $2.91M | – | – |
| Technology and infrastructure (three months)GAAP | $1.32M | – | – |
| Sales and marketing (three months)GAAP | $842K | – | – |
| General and administrative (three months)GAAP | $14.83M | – | – |
| Total operating expenses (three months)GAAP | $22.42M | – | – |
| Loss from operations (three months)GAAP | −$17.44M | – | – |
| Interest expense (three months)GAAP | −$281K | – | – |
| Interest expense, related party (three months)GAAP | — | – | – |
| Other (expense) income, net (three months)GAAP | −$82K | – | – |
| Net loss (three months)GAAP | −$17.52M | – | – |
| Net loss per share, basic and diluted (three months)GAAP | $(0.60) | – | – |
| Adjusted EBITDA (three months)non-GAAP | −$3.24M | – | – |
| Adjusted EBITDA - AI Platform and services (three months)non-GAAP | −$3.24M | – | – |
| Stock-based compensation expense (three months)GAAP | $11.29M | – | – |
| Total revenue (nine months ended Sep 30, 2026)GAAP | $9.29M | – | – |
| Revenue - AI Platform and services (nine months)GAAP | $9.26M | – | – |
| Revenue - Connected devices and services (nine months)GAAP | $35K | – | – |
| Total operating expenses (nine months)GAAP | $46.79M | – | – |
| Loss from operations (nine months)GAAP | −$37.5M | – | – |
| Gain on disposal of business (nine months)GAAP | $2.51M | – | – |
| Net loss (nine months)GAAP | −$35.29M | – | – |
| Net loss attributable to common stockholders (nine months)GAAP | −$35.44M | – | – |
| Net loss per share, basic and diluted (nine months)GAAP | $(3.22) | – | – |
| Adjusted EBITDA (nine months)non-GAAP | −$8.02M | – | – |
| Adjusted EBITDA - AI Platform and services (nine months)non-GAAP | −$5.62M | – | – |
| Stock-based compensation expense (nine months)GAAP | $22.85M | – | – |
| Net cash used in operating activities (nine months)GAAP | −$16.57M | – | – |
| Purchase of property and equipment (nine months)GAAP | −$16.02M | – | – |
| Cash used in operating activities (three months, as stated in highlights)GAAP | $7M | – | – |
| Cash and cash equivalents (at Sep 30, 2026)GAAP | $41.99M | – | – |
| Total assets (at Sep 30, 2026)GAAP | $627.7M | – | – |
| Total stockholders' equity (at Sep 30, 2026)GAAP | $598.3M | – | – |
| Deferred revenue, current and non-current (at Sep 30, 2026)GAAP | $3.2M | – | – |
| Contracted annualized revenue on live compute (as of Nov 12, 2026)other | approximately $21.7 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AI Platform and servicesThe filing states that all AI Platform and services revenue today is generated under take-or-pay contracts. Adjusted EBITDA for this segment is $(3,242) thousand for the quarter and $(5,615) thousand for nine months, per the filing's reconciliation. | $4,982 thousand (three months ended Sep 30, 2026); $9,259 thousand (nine months) | – | – |
| Connected devices and servicesThe release prints this line with prior-year figures of $80 thousand (three months) and $389 thousand (nine months) but gives no explanation for the change. | — (three months ended Sep 30, 2026); $35 thousand (nine months) | – | – |
Capital returns
- Early September 2026: closed a private placement of approximately 4.26 million shares of common stock at $7.75 per share, for gross proceeds of approximately $33 million, per the release.
- Nine-month cash flow statement prints 'Issuance of common stock and Series D preferred stock in the Private Placement, net of issuance costs' of 30,976 thousand.
- No share repurchases or dividends on common stock are reported. Cumulative dividends on Series A preferred stock of $(155) thousand are printed for nine months 2026 only.
- As of November 10, 2026: approximately 39.1 million common shares outstanding and approximately 21,800 Series D Preferred shares, convertible into approximately 21.8 million common shares, or approximately 60.9 million common shares on an as-converted basis, per the release.
What drove it
- The company states that Corvex Token Factory launched publicly on September 30, 2026, moving the serverless inference platform out of closed alpha as planned.
- The company states that it has secured all of the approximately 8 MW of critical IT capacity in the plan announced August 31, 2026, of which 1.5 MW is live and supports approximately $22 million of contracted ARR.
- The company states that the Mid-Atlantic 1 expansion and Midwest-1 are on track to be ready for service in the fourth quarter of 2026.
- The company states that a right of first refusal on a further 12.5 MW at Midwest-1 could bring total capacity above 20 MW.
- The company states that Adjusted EBITDA excludes depreciation and amortization of 2,908 thousand, stock-based compensation of 11,287 thousand and other items for the quarter, per its reconciliation.
Concerns
- GAAP operating expenses of $22,419 thousand in the quarter exceeded revenue of $4,982 thousand, and loss from operations was $(17,437) thousand.
- General and administrative expense of $14,830 thousand includes stock-based compensation of 9,265 thousand, per the release's footnote.
- The company says it is 'working to complete offtake' for a 1.6 MW NVIDIA Blackwell cluster at Mid-Atlantic 1 and for 4.5 MW at Midwest-1, which indicates these offtake agreements are not yet completed.
- Only 1.5 MW of the approximately 8 MW of critical IT capacity is live as of the release date.
- The release notes that the Q3 2026 results are the first full reporting period after the June 30, 2026 transfer of the legacy healthcare assets, and that prior-year periods are not directly comparable.
- Forward-looking statements in the release cite risks including delays in arranging financing, procuring or installing equipment, and potential inability to enter into customer offtake agreements at all.
What to watch
- Whether the Mid-Atlantic 1 expansion and Midwest-1 are ready for service in the fourth quarter of 2026, as the company expects.
- Completion of offtake for the 1.6 MW Blackwell cluster at Mid-Atlantic 1 and the 4.5 MW at Midwest-1.
- Conversion of the approximately $21.7 million contracted ARR on live compute as capacity goes live, given the release's definition that excludes contracted capacity not yet live.
- Operating cash use, which was $(16,567) thousand for nine months, against cash and cash equivalents of $41,986 thousand.
- Revenue recognition from the $3.2 million of deferred revenue as contracted AI compute capacity goes live.
- Use of the 12.5 MW right of first refusal at Midwest-1 for a 2027 deployment.
Balance sheet and cash flow
- Cash and cash equivalents of $41,986 thousand and restricted cash of 729 thousand at Sep 30, 2026, versus $2,827 thousand cash and cash equivalents at Dec 31, 2025.
- Goodwill of $519,249 thousand and intangible assets, net, of $14,731 thousand at Sep 30, 2026; the balance sheet shows Series A, C and D preferred conversions and a business acquired by issuance of equity instruments of $581,955 thousand as noncash items.
- Debt lines printed at Sep 30, 2026: Loan payable, current 1,870 thousand; Loan payable, non-current 5,059 thousand; Finance lease liabilities, current 3,964 thousand; Finance lease liabilities, non-current 4,549 thousand.
- Bridge loan (related party) was 4,382 thousand at Dec 31, 2025 and is shown as nil at Sep 30, 2026; the cash flow statement shows a noncash bridge loan extinguishment of 4,663 thousand.
- Net cash used in operating activities of $(16,567) thousand for nine months 2026 versus $(9,008) thousand for nine months 2025.
- Cash flows from financing activities for nine months 2026 total 36,439 thousand; cash flows from investing activities total 20,016 thousand, including cash acquired in business combination of 36,678 thousand.
- In August 2026 a Corvex subsidiary borrowed $7.5 million under a secured equipment financing facility with USD.AI to fund GPU servers for the Blackwell expansion at Mid-Atlantic 1; the release says the loan is non-recourse to Corvex, Inc. and supported by a limited guaranty from the operating subsidiary.
Analysis
Corvex reported third-quarter 2026 total revenue of $4,982 thousand, against $80 thousand in the prior-year quarter and $3.8 million in the second quarter of 2026, which the release describes as up 31% sequentially. The company describes this as its first full reporting period after the June 30, 2026 transfer of legacy healthcare assets and says prior-year periods are not directly comparable, so year-over-year percentages are not presented here. All AI Platform and services revenue is reported under take-or-pay contracts, and the company says 1.5 MW is live with approximately $21.7 million of contracted annualized revenue on live compute as of November 12, 2026.
Costs rose sharply with the new business. Operating expenses were $22,419 thousand in the quarter, including $2,908 thousand of depreciation and amortization and $14,830 thousand of general and administrative expense. The release shows stock-based compensation of $11,287 thousand for the quarter, of which $9,265 thousand is in general and administrative expense. GAAP loss from operations was $(17,437) thousand and the GAAP net loss was $(17,519) thousand, or $(0.60) per share, compared with a net loss of $(4,029) thousand in the prior-year quarter. Adjusted EBITDA, a non-GAAP measure defined in the release, was $(3,242) thousand for the quarter against $(1,900) thousand a year earlier. The release does not print a gross margin percentage. Cost of revenue for AI Platform and services was $2,520 thousand against AI Platform revenue of $4,982 thousand.
The balance sheet changed materially in the period. Total assets were $627,692 thousand at September 30, 2026, including goodwill of $519,249 thousand, against $5,600 thousand at December 31, 2025. Cash and cash equivalents were $41,986 thousand. Net cash used in operating activities for nine months was $(16,567) thousand, and the company cites a private placement of approximately 4.26 million shares at $7.75 per share for gross proceeds of approximately $33 million, closed in early September. Deferred revenue was $3.2 million, which the release says reflects amounts collected in advance for contracted capacity not yet recognized as revenue. The release also discloses the August 2026 $7.5 million secured equipment financing at a subsidiary, described as non-recourse to Corvex, Inc.
Operationally, the company says approximately 8 MW of critical IT capacity is now secured under its plan, with the Mid-Atlantic 1 expansion and Midwest-1 expected to be ready for service in the fourth quarter of 2026. Offtake is not yet completed for the 1.6 MW Blackwell cluster at Mid-Atlantic 1 or for the 4.5 MW at Midwest-1, and the company holds a right of first refusal on a further 12.5 MW at Midwest-1 for 2027. The company also launched Corvex Token Factory publicly on September 30, 2026. The release provides no numeric guidance for revenue, margins, expenses or tax, so no guidance comparison is made.
The figures that deserve attention are the gap between operating expenses and revenue, the large stock-based compensation charge, the cash used in operations, and the proportion of the capacity plan that is live and contracted today. Revenue, expense and loss figures are all as printed in the filing's thousands-based tables.
Management, verbatim
We see customer demand that meets our underwriting criteria, and we are working to complete offtake for a 1.6 MW NVIDIA Blackwell cluster planned for Mid-Atlantic 1 and for 4.5 MW at Midwest-1
Jay Crystal, Co-Founder and Co-Chief Executive Officer
In the third quarter we launched Corvex Token Factory on schedule and received notices of allowance for two patents covering Corvex's technology
Seth Demsey, Co-Founder and Co-Chief Executive Officer
Not in the filing
stated, not guessed- No numeric guidance for revenue, gross margin, operating expenses or tax rate is provided, and no prior outlook was supplied.
- Year-over-year percentage change in total revenue is not printed; the release states that prior-year periods are not directly comparable.
- Prior-year (September 30, 2025) cash and cash equivalents and total assets are not printed.
- Quarter-level gross margin is not printed; cost of revenue for AI Platform and services is printed without a gross margin figure.
- Quarter-level prior-year cash used in operating activities is not printed; the release reports the nine-month comparison only.
- Second-quarter 2026 segment and expense line items are not printed; only total revenue of $3.8 million is given for that quarter.
- Prior-quarter figures for operating expenses, net loss and Adjusted EBITDA are not printed.
- Share price reaction and analyst consensus are not contained in the filing.
- Quarter-level operating cash flow of $7.0 million is printed in highlights text only; no quarter-level cash flow statement is provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Corvex, a Nasdaq‑listed AI compute provider, transitioned from legacy healthcare assets and is building new data center capacity.
Ticker impact
Corvex, Inc. filed an 8‑K reporting Q3 2026 results with a $17.5M net loss and $5.0M revenue.
likely downside as investors price in the larger net loss despite revenue growth
The primary disclosure shows a significant loss and modest revenue, which typically triggers sell pressure in micro‑cap stocks.
Market effects
Highlights challenges in AI‑infrastructure niche and may affect peer valuations.
Limited to US micro‑cap and AI‑infrastructure segment.
Low global impact.
Counterpoint
Despite the loss, the secured contracts and upcoming capacity expansions could support upside.
Key entities
- companyCorvex, Inc.
AI computing platform reporting Q3 2026 results.
