Corvex — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for the second quarter ended June 30, 2026, was $3.8 million, compared to $103,000 in the same period in 2025; revenue for the six months ended June 30, 2026, was $4.3 million versus $309,000 in 2025.
• Net loss attributable to common stockholders was $(12.8) million, or $(5.12) per share, for the second quarter, and $(17.8) million, or $(8.59) per share, for the six months ended June 30, 2026.
• Adjusted EBITDA was $(3.2) million for the second quarter and $(4.8) million for the six months ended June 30, 2026.
• Deferred revenue increased to $3.7 million at June 30, 2026, from $12,000 at December 31, 2025.
• Cash and cash equivalents were $21.7 million at June 30, 2026, up from $2.8 million at December 31, 2025.
• Cash used in operating activities for the three months ended June 30, 2026, was $5.3 million.
• Total stock-based compensation expense was $9.4 million in the second quarter, including $7.6 million in general and administrative expenses.
• The Company recognized a $2.5 million non-recurring, non-cash gain on disposal of assets upon extinguishing its Bridge Loan obligation.

Business Segments and Product Lines

• The second quarter was the first full reporting period including the AI cloud computing business following the March 19, 2026 merger; prior-year periods reflect only the legacy healthcare business.
• All AI Platform and services revenue is generated under fixed-term contracts where customers reserve capacity and pay contracted fees regardless of utilization.
• Corvex Token Factory version 1 is now live in closed alpha, with version 2 planning completed and execution underway to improve automation, reliability, and scalability.
• Additional Corvex Token Factory releases are planned for the third and fourth quarters of 2026.
• Following the quarter end, the Company completed delivery of a multi-year agreement to provide clusters of GPUs to a leading AI company.

Other Key Points

• Contracted annualized recurring revenue on live compute was approximately $22 million as of August 14, 2026.
• On June 30, the Company transferred legacy healthcare assets to the lender in full satisfaction of the related Bridge Loan.
• Following quarter end, stockholders approved proposals resulting in the full conversion of Series A and Series C Preferred Stock to Common Stock and partial conversion of Series D Preferred Stock.
• As of July 8, 2026, there were approximately 27.6 million shares of Common Stock outstanding and 28,930 shares of Series D Preferred Stock outstanding, representing approximately 56.6 million common shares on an as-converted basis.
• On July 10, 2026, Corvex filed a resale registration statement covering up to 53,390,008 shares held or issuable to existing holders; this is not a primary offering and the Company will not receive proceeds.
• The Company appointed Chance Moreland as Chief Financial Officer in June and Michael Craig as Vice President of Architecture and Site Operations in July.
• Nicholas Donofrio and Patrick Fleury were added to the Board of Directors.
• The expansion of the GPU agreement was funded through debt financing, customer prepayment, and cash on hand.