PR Newswire·Nov 12, 2026, 8:05 AM ET

Corvex Reports Third Quarter 2026 Results

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Corvex, Inc. reported third-quarter 2026 financial results ending September 30, 2026, marking its first full reporting period as an engineering-led AI computing platform following the June 30, 2026, transfer of legacy healthcare assets.
Third-quarter total revenue reached $5.0 million, a 31% increase from $3.8 million in the second quarter of 2026, while revenue for the nine months ended September 30, 2026, totaled $9.3 million.
Net loss attributable to common stockholders was $(17.5) million, or $(0.60) per share, for the quarter, compared to a loss of $(35.4) million, or $(3.22) per share, for the nine-month period.
Adjusted EBITDA for the third quarter was $(3.2) million, with the AI Platform & Services segment contributing $(3.2) million to the loss.
Deferred revenue grew to $3.2 million at September 30, 2026, from $12,000 at year-end 2025, reflecting advanced payments for contracted AI compute capacity.
Corvex secured approximately 8 MW of critical IT capacity, with 1.5 MW currently live supporting $22 million in contracted annual recurring revenue (ARR).
The remaining capacity at the Mid-Atlantic 1 expansion & Midwest-1 facilities is on track for service readiness in the fourth quarter of 2026.
Contracted annualized revenue on live compute stood at approximately $21.7 million as of November 12, 2026, generated entirely under take-or-pay contracts.
The company launched the Corvex Token Factory on September 30, 2026, moving the serverless inference platform out of closed alpha for public use.
Corvex received notices of allowance for two patents, bringing its portfolio to two allowed patents & 10 pending applications.
In early September 2026, the company closed a private placement of 4.26 million shares at $7.75 per share, raising approximately $33 million in gross proceeds.
An August 2026 secured equipment financing facility with USD.AI provided $7.5 million to fund GPU servers for the Blackwell expansion at Mid-Atlantic 1.
The company appointed Garrett Brams to lead data center sourcing & development & Michael Craig as Vice President of Architecture & Site Operations in 2026.
Cash & cash equivalents were $42.0 million at September 30, 2026, with $7.0 million used in operating activities during the quarter.
As of November 10, 2026, the company had approximately 39.1 million common shares outstanding & 21,800 shares of Series D Preferred Stock convertible into roughly 21.8 million common shares.
Total stock-based compensation expense was $11.3 million for the third quarter, including $9.3 million recorded in general & administrative expenses.

Company: Corvex
Keywords: Corvex