On Tuesday, Movano (NASDAQ:MOVE) discussed first-quarter financial results during its earnings call. The full transcript is provided below.
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View the webcast at https://events.q4inc.com/attendee/168163399
Summary
Corvex Inc reported Q1 2026 revenue of $510,000 with an operating loss of $4.8 million. On a pro forma basis, revenue was $3.65 million, primarily from the AI platform.
The company completed a merger with Corvex Legacy Holdings Inc, leading to a significant restructuring and issuance of new preferred stock.
Corvex Inc is focusing on building a vertically integrated AI infrastructure platform, targeting AI model labs, government initiatives, and enterprises with scalable infrastructure and secure computing technology.
Strategic initiatives include developing an AI factory, a scalable Token Factory, and confidential computing to enhance security and performance for AI workloads.
Management expressed optimism about capturing growth in the AI infrastructure market, highlighting their differentiated strategy and investment in high-value layers of the AI stack.
Full Transcript
OPERATOR
Hello everyone. Thank you for joining us and welcome to Corvex’s first quarter 2026 earnings call. I will now hand the call over to Jay Kogan, CFO. Please go ahead sir.
Jay Kogan (Chief Financial Officer)
Thanks, Kara. Good afternoon everyone and welcome to Corvex’s first quarter 2026 earnings conference call. Joining me today are Corvex’s CEO Jay Crystal and Co-Founder and Director Seth Dempsey. A press release detailing our results was issued this afternoon and is available in the Investor Relations section of our website. A replay and transcript will be posted following the call. During today’s call we will make forward looking statements based on current expectations. Our actual results may differ materially from such statements. Descriptions of the risks and uncertainties associated with Corvex are included in our SEC filings which can be accessed through our website. Today’s discussion also includes references to non GAAP financial measures. Reconciliation to the most directly comparable GAAP measure is included in our press release and on our IR website. On March 19, 2026, Corvex Inc. Formerly known as Movano Inc. acquired Corvex Legacy Holdings Inc. Also known as Corvex OpCo.. The Company was renamed Corvex Inc., effective March 23, 2026 pursuant to the merger agreement. At closing, we issued to the prior security holders of Corvex Opco 240,562 shares of Series B convertible Preferred Stock, representing no more than 19.9% of our outstanding common stock immediately prior to closing, as well as 23,551,519.5 shares of Series C Preferred Stock and 30,227,052.4 shares of Series D Preferred Stock on March 31, 2026, each share of Series B Preferred Stock automatically converted into 1,000 shares of common stock in the coming weeks. Subject to stockholder approval of the conversion proposal at our upcoming annual meeting, each share of Series C preferred stock will automatically convert into 1,000 shares of common stock and each share of Series D preferred stock will be convertible into 1,000 shares of common stock as part of the merger agreement. We also declared a stock dividend of 0.358 shares of common stock for every share outstanding at the close of …
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