Second Quarter 2026
Filed Aug 14, 2026Corvex reported $3.8 million of second-quarter revenue in its first full reporting period including the AI cloud computing business, while contracted annualized recurring revenue on live compute was approximately $22 million as of August 14, 2026.
The AI Platform generated $3.8 million of quarterly revenue and the Company reported approximately $22 million of contracted annualized recurring revenue on live compute, but GAAP net loss attributable to common stockholders was $(12.8) million and cash used in operating activities was $5.3 million for the quarter.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended June 30, 2026GAAP | $ 3,801 (in thousands) | – | – |
| Total revenue, six months ended June 30, 2026GAAP | $ 4,312 (in thousands) | – | – |
| Cost of revenue - AI Platform and services, three months ended June 30, 2026GAAP | $ 2,108 (in thousands) | – | – |
| Cost of revenue - Connected devices and services, three months ended June 30, 2026GAAP | $ 10 (in thousands) | – | – |
| Depreciation and amortization, three months ended June 30, 2026GAAP | $ 2,676 (in thousands) | – | – |
| Technology and infrastructure expense, three months ended June 30, 2026GAAP | $ 1,366 (in thousands) | – | – |
| Sales and marketing expense, three months ended June 30, 2026GAAP | $ 740 (in thousands) | – | – |
| General and administrative expense, three months ended June 30, 2026GAAP | $ 12,117 (in thousands) | – | – |
| Total operating expenses, three months ended June 30, 2026GAAP | $ 19,017 (in thousands) | – | – |
| Loss from operations, three months ended June 30, 2026GAAP | $ (15,216 ) (in thousands) | – | – |
| Gain on disposal of assets, three months ended June 30, 2026GAAP | $ 2,501 (in thousands) | – | – |
| Net loss, three months ended June 30, 2026GAAP | $ (12,765 ) (in thousands) | – | $ (9,540 ) (in thousands); (296 )% |
| Net loss attributable to common stockholders, three months ended June 30, 2026GAAP | $ (12,824 ) (in thousands) | – | – |
| Net loss per share, basic and diluted, three months ended June 30, 2026GAAP | $ (5.12 ) | – | – |
| Weighted average shares used in computing net loss per share, basic and diluted, three months ended June 30, 2026GAAP | 2,506,295 | – | – |
| Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $ (3,152 ) (in thousands) | – | $ (672 ) (in thousands); (27 )% |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $ (4,775 ) (in thousands) | – | $ 2,644 (in thousands); 36 % |
| Adjusted EBITDA - AI Platform and services, three months ended June 30, 2026non-GAAP | $ (2,264 ) (in thousands) | – | NM |
| Adjusted EBITDA - Connected devices and services, three months ended June 30, 2026non-GAAP | $ (888 ) (in thousands) | – | $ 1,592 (in thousands); 64 % |
| Total stock-based compensation expense, three months ended June 30, 2026GAAP | $9.4 million | – | – |
| Contracted annualized recurring revenue on live compute, as of August 14, 2026other | approximately $22 million | – | – |
| Deferred revenue, including current and non-current portions, at June 30, 2026GAAP | $3.7 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AI Platform and servicesAll AI Platform and services revenue today is generated under fixed-term contracts rather than spot pricing. Customers reserve compute and storage capacity and pay the contracted fee regardless of utilization. | $ 3,801 (in thousands) | – | – |
| Connected devices and servicesThe second quarter is the Company’s first full reporting period that includes the AI cloud computing business following the March 19, 2026 merger. Prior-year periods reflect only the legacy healthcare business and are therefore not directly comparable. | $ — | – | – |
What drove it
- Contracted annualized recurring revenue on live compute was approximately $22 million as of August 14, 2026. The metric represents annualized fixed contractual fees on capacity that has been delivered, accepted by customers and is generating revenue.
- On August 4, Corvex announced completion of delivery under a multi-year agreement to provide clusters of GPUs to a leading AI company.
- The expansion was being funded through debt financing, customer prepayment and cash on hand.
- Corvex Token Factory version 1 is live in closed alpha. The Company completed planning for version 2 during the second quarter and moved into execution.
- The Company has additional Corvex Token Factory releases planned for the third and fourth quarters of 2026.
Concerns
- Prior-year periods reflect only the legacy healthcare business and are not directly comparable with the post-Merger AI cloud computing business.
- GAAP net loss attributable to common stockholders was $(12.8) million, or $(5.12) per share, for the second quarter.
- Total stock-based compensation expense was $9.4 million in the second quarter, including $7.6 million in general and administrative expense, primarily reflecting replacement equity awards issued in connection with the Merger.
- The Company stated that contracted annualized recurring revenue on live compute excludes contracted capacity that is not yet live, is not a forecast and is not a GAAP financial measure.
- As of July 8, 2026, remaining Series D Preferred Stock was convertible into approximately 28.9 million shares of Common Stock. The Company also filed a resale registration statement on July 10, 2026 covering up to 53,390,008 shares held or issuable to existing holders.
What to watch
- Conversion of contracted AI compute capacity into revenue after delivery and customer acceptance.
- Execution of the multi-year GPU-cluster agreement announced on August 4.
- Funding of expansion through debt financing, customer prepayment and cash on hand.
- Cash used in operating activities after the pre-Merger wind-down payments, nonrecurring Merger costs and refunded vendor deposit.
- Production releases of Corvex Token Factory planned for the third and fourth quarters of 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $ 21,695 (in thousands) at June 30, 2026, compared with $ 2,827 (in thousands) at December 31, 2025.
- Accounts receivable, net, were $ 1,564 (in thousands) at June 30, 2026.
- Property and equipment, net, were $ 31,373 (in thousands) at June 30, 2026.
- Goodwill was $ 519,318 (in thousands) at June 30, 2026.
- Finance lease liabilities were $ 3,910 (in thousands) current and $ 5,561 (in thousands) non-current at June 30, 2026.
- Operating lease liabilities were $ 2,591 (in thousands) current and $ 2,900 (in thousands) non-current at June 30, 2026.
- The Bridge Loan (related party) was extinguished on June 30, 2026. The Company reported a $ 2,501 (in thousands) gain on disposal of assets.
- Net cash used in operating activities was $ (9,562 ) (in thousands) for the six months ended June 30, 2026, compared with $ (7,399 ) (in thousands) for the six months ended June 30, 2025.
- Cash used in operating activities for the three months ended June 30, 2026 was $5.3 million, including approximately $1.9 million of vendor payments associated with the wind-down of the pre-Merger business, approximately $1.6 million of nonrecurring Merger-related costs, and a $2.8 million vendor deposit that was refunded in July 2026.
- Purchase of property and equipment was $ (6,481 ) (in thousands) for the six months ended June 30, 2026.
- Capitalized internal use software was $ (409 ) (in thousands) for the six months ended June 30, 2026.
- Net cash provided by investing activities was $ 29,788 (in thousands) for the six months ended June 30, 2026, including $ 36,678 (in thousands) of cash acquired in the business combination.
- Net cash used in financing activities was $ (1,358 ) (in thousands) for the six months ended June 30, 2026.
Analysis
Corvex reported $3.8 million of second-quarter revenue, all from AI Platform and services, in the first full period that includes the AI cloud computing business following the March 19, 2026 merger. Management said revenue is recognized when contracted capacity becomes live and is accepted by customers. The Company reported approximately $22 million of contracted annualized recurring revenue on live compute as of August 14, 2026, but specifically stated that this measure excludes contracted capacity that is not yet live and is not a forecast or GAAP measure.
The earnings profile reflects substantial costs associated with building the AI infrastructure platform and the Merger. Total operating expenses were $19,017 thousand, including $2,108 thousand of AI Platform cost of revenue, $2,676 thousand of depreciation and amortization, and $12,117 thousand of general and administrative expense. Stock-based compensation totaled $9.4 million in the quarter, including $7.6 million recorded in general and administrative expense. GAAP net loss attributable to common stockholders was $(12.8) million, or $(5.12) per share, while adjusted EBITDA was $(3.2) million.
Liquidity increased to $21,695 thousand at June 30, 2026 from $2,827 thousand at December 31, 2025. The Company used $5.3 million of cash in operating activities during the quarter, including approximately $1.9 million for pre-Merger business wind-down vendor payments, approximately $1.6 million of nonrecurring Merger-related costs, and a $2.8 million capital-investment deposit that was refunded in July 2026. For the six-month period, property and equipment purchases were $6,481 thousand and capitalized internal-use software was $409 thousand, consistent with an infrastructure buildout. The June 30 transfer of legacy healthcare assets to the lender extinguished the related Bridge Loan and resulted in a $2.5 million non-recurring, non-cash gain on disposal.
Operationally, the Company emphasized fixed-term AI contracts rather than spot pricing, under which customers reserve capacity and pay contracted fees regardless of utilization. Following quarter end, Corvex announced completion of delivery under a multi-year GPU-cluster agreement, funded through debt financing, customer prepayment and cash on hand. The capital structure also changed materially after quarter end through preferred-stock conversions and a resale registration statement. The release provided no financial guidance, so the principal reported milestones are capacity going live, recognition of contracted revenue, expansion financing and delivery of planned Token Factory releases.
Management, verbatim
Q2 is our first full reporting period with the AI infrastructure business, and reported revenue reflects when contracted capacity becomes live and is accepted by customers.
Jay Crystal, Co-Founder and Co-Chief Executive Officer of Corvex
Not in the filing
stated, not guessed- Forward financial guidance for revenue, gross margin, operating expenses, tax rate, earnings, capital expenditures or cash flow
- Prior-quarter revenue, expense, operating-loss, net-loss, EPS and adjusted EBITDA figures
- Reported gross profit and gross margin
- Reported GAAP operating income
- Reported non-GAAP net income or non-GAAP EPS
- Free cash flow
- Share repurchases and common-stock dividends
- Total debt balance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.