Corvex — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the third quarter ended September 30, 2026, was $5.0 million, representing a 31% increase from $3.8 million in the second quarter of 2026.
• Revenue for the nine months ended September 30, 2026, totaled $9.3 million, compared to $389,000 for the same period in 2025.
• Net loss attributable to common stockholders for the third quarter was $17.5 million ($0.60 per share), compared to a loss of $4.0 million ($3.49 per share) in the third quarter of 2025.
• Net loss attributable to common stockholders for the nine months ended September 30, 2026, was $35.4 million ($3.22 per share), compared to $12.4 million ($11.71 per share) in the prior year period.
• Adjusted EBITDA for the third quarter was $(3.2) million, compared to $(1.9) million in the third quarter of 2025.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $(8.0) million, compared to $(9.3) million in the prior year period.
• Deferred revenue was $3.2 million at September 30, 2026, up from $12,000 at December 31, 2025.
• Total stock-based compensation expense was $11.3 million in the third quarter, including $9.3 million in general and administrative expenses.
• Cash and cash equivalents were $42.0 million at September 30, 2026, compared to $2.8 million at December 31, 2025.
• Cash used in operating activities for the three months ended September 30, 2026, was $7.0 million.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $16.6 million.

Business Segments and Product Lines:

• The company operates an AI Platform and services segment, which generated $4.982 million in revenue for the third quarter of 2026, compared to $0 in the prior year period.
• The legacy Connected devices and services segment generated $0 in revenue for the third quarter of 2026, compared to $80,000 in the prior year period.
• All AI Platform and services revenue is generated under take-or-pay contracts where customers reserve capacity and pay a contracted fee regardless of utilization.
• Corvex launched the Corvex Token Factory publicly on September 30, 2026, moving the serverless inference platform out of closed alpha.
• The company received notices of allowance for two patents, bringing the portfolio to two allowed patents and 10 pending applications.
• Contracted annualized revenue on live compute was approximately $21.7 million as of November 12, 2026.

Market and Competitive Landscape:

• The company has secured approximately 8 MW of critical IT capacity in its plan, with 1.5 MW currently live supporting approximately $22 million of contracted ARR.
• Customer demand meets the company's underwriting criteria, with work underway to complete offtake for a 1.6 MW NVIDIA Blackwell cluster at Mid-Atlantic 1 and 4.5 MW at Midwest-1.
• Corvex holds a right of first refusal on an additional 12.5 MW at Midwest-1 in 2027, which could bring total capacity above 20 MW.

Risks and Challenges:

• The company faces risks related to its limited operating history and ability to execute business strategies and manage growth.
• Potential risks include delays in arranging financing, procuring or installing equipment, or making facilities ready for deployment.
• There is a risk of inability to enter into customer offtake agreements or to achieve anticipated duration, pricing, or take-or-pay terms.
• Market risks include changes in prevailing market pricing for GPU-as-a-Service capacity and global geopolitical conflicts, inflation, tariffs, and interest rates.
• The company relies on third-party providers, including suppliers and data center partners, and faces risks related to disruptions in these relationships.

Management Commentary and Tone:

• Jay Crystal, Co-Founder and Co-CEO, stated the company is building the AI Factory business one underwritten project at a time and that the third quarter moved the business forward.
• Crystal noted that remaining capacity at Mid-Atlantic 1 and Midwest-1 is on track to be ready for service in the fourth quarter of 2026.
• Seth Demsey, Co-Founder and Co-CEO, emphasized the company is an engineering firm focused on getting more useful work out of every GPU and watt on trusted infrastructure.
• The company appointed Garrett Brams to lead data center sourcing and development and Michael Craig as Vice President of Architecture and Site Operations.

Other Key Points:

• On August 31, 2026, Corvex announced plans to grow critical IT capacity from approximately 1.5 MW to 8 MW by the end of 2026, doubling capacity at Mid-Atlantic 1 and establishing operations at Midwest-1.
• In early September 2026, Corvex closed a private placement of approximately 4.26 million shares at $7.75 per share for gross proceeds of approximately $33 million.
• In August 2026, a Corvex subsidiary entered into a secured equipment financing facility with USD.AI, borrowing $7.5 million to fund GPU servers for the Blackwell expansion at Mid-Atlantic 1. The loan is non-recourse to Corvex, Inc.
• As of November 10, 2026, the company had approximately 39.1 million shares of Common Stock outstanding and approximately 21.8 million shares of Common Stock on an as-converted basis including Series D Preferred Stock.
• The third quarter was the first full reporting period following the June 30, 2026 transfer of legacy healthcare assets; prior-year periods reflect only the legacy healthcare business.
• The company acquired Corvex Legacy Holdings, Inc. (Corvex OpCo) in a merger effective March 23, 2026, following which the company was renamed Corvex, Inc.