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Sep 4, 2026, 4:30 PM ETTechnology

Corvex, Inc. — Six Months Ended June 30, 2026 Earnings Summary

MOVECORVEX INC
Source

Financial Performance

  • For the six months ended June 30, 2026, pro forma combined revenue was $4,312,000, compared to $4,277,000 from Corvex Legacy Holdings and $35,000 from Corvex, Inc.
  • Pro forma combined net loss for the six months ended June 30, 2026, was $26,155,000, resulting in a net loss per share of $0.94.
  • For the year ended December 31, 2025, pro forma combined revenue was $7,535,000, compared to $7,102,000 from Corvex Legacy Holdings and $433,000 from Corvex, Inc.
  • Pro forma combined net loss for the year ended December 31, 2025, was $67,546,000, resulting in a net loss per share of $2.62.
  • Total costs and expenses for the six months ended June 30, 2026, were $32,703,000, driven by $22,128,000 in general and administrative expenses and $3,292,000 in cost of revenue.
  • Total costs and expenses for the year ended December 31, 2025, were $73,045,000, driven by $43,681,000 in general and administrative expenses and $11,366,000 in technology and infrastructure.
  • The merger consideration totaled $581,955,000, recorded as $519,318,000 in goodwill, $5,190,000 in customer relationships, and $10,210,000 in trade names.
  • A gain of $2,501,000 on the disposal of assets was recognized in the six months ended June 30, 2026, related to the transfer of legacy Movano Connected devices and services.
  • For the year ended December 31, 2025, pro forma adjustments eliminated a $9,575,000 loss on the change in warrant liability fair value and a $9,856,000 loss on the change in SAFE liability fair value.

Other Key Points

  • On March 19, 2026, Corvex, Inc. (formerly Movano Inc.) acquired Corvex Legacy Holdings, Inc., with the combined entity renamed Corvex, Inc. effective March 23, 2026.
  • The merger consideration included the issuance of 240.562 shares of Series B Preferred Stock (converted to Common Stock on March 31, 2026), 23,551.5195 shares of Series C Preferred Stock (converted on July 7, 2026), and 30,227.0524 shares of Series D Preferred Stock (convertible at holder's option).
  • A stock dividend of 0.358 shares of Common Stock per share was declared and distributed on April 6, 2026, accounted for as a 1.358-for-1 stock split.
  • The Exchange Ratio was set at 2.225, converting each share of Corvex OpCo Common Stock into 2.225 shares of Combined Company Common Stock.
  • The Company assumed 6,108,470 RSUs and options to purchase 8,755,418 shares of Common Stock issued by Corvex OpCo.
  • On June 30, 2026, the Company disposed of legacy Movano Connected devices and services assets to satisfy outstanding indebtedness; results remain in continuing operations.
  • The pro forma financial information assumes the merger occurred on January 1, 2025, and does not include projected operating synergies or cost savings.
  • Valuations for the purchase price allocation, including intangible assets and liabilities, are preliminary and subject to change within a 12-month measurement period.