Key Highlights

  • Third-quarter 2026 Revenue was USD 4.98 million, according to the Earnings table.
  • Contracted annualized revenue on live compute was USD 21.6 million at September 30.
  • All 7.7 megawatts of critical IT capacity in the August plan are now under contract.
  • Cash and cash equivalents were USD 42 million at the end of the quarter.

Corvex (NASDAQ:MOVE) reported third-quarter 2026 revenue of USD 4.98 million, against an estimate of USD 5.54 million. Loss per share was USD 0.60, against an estimate of USD 0.09. The company provides AI cloud compute infrastructure and completed a Merger with Corvex OpCo on March 19, 2026.

On the call, management said it had asked investors in August to measure it on three items: contracted power, contracted annualized Recurring Revenue on live compute, and capacity brought into service.

Contracted Power and Capacity

Management said all 7.7 megawatts of critical IT capacity in the plan laid out in August is now under contract. Of that, 1.5 megawatts is live, and the remaining 6.2 megawatts across Midwest-1 and the Mid-Atlantic-1 expansion are targeted for service in the fourth quarter of 2026. During the quarter, 128 NVIDIA Blackwell GPUs went live at the company's Mid-Atlantic data center.

Contracted annualized recurring revenue on live compute was USD 21.6 million as of September 30 and USD 21.7 million as of the call, in line with the approximately USD 22 million shared on the August 14 call. Management defined the measure as the annualized value of fixed contractual fees on capacity that has been delivered, accepted by the customer and is generating revenue, excluding contracted capacity that is not yet live. It described the measure as a point-in-time operating metric. Management said third-quarter revenue was below one quarter of the USD 22 million figure because part of the capacity was live for only part of the period.

Management also discussed Corvex Token Factory, which it described as a way to buy intelligence by the token instead of by the GPU. It said capacity sold by the token can earn more per GPU hour than the same GPU under other arrangements, and that it has reserved a portion of its H200 and existing GPU fleet to seed Token Factory.

Financial Results

Sales and Marketing expenses were USD 0.8 million, against USD 0.7 million, and general and administrative expenses were USD 14.8 million, against USD 12.1 million. The company ended the quarter with USD 42 million of cash and cash equivalents, against USD 21.7 million at June 30, plus USD 0.7 million of restricted cash.

Management said the increase reflects approximately USD 31 million of net proceeds from a private Placement that closed in early September and USD 6.9 million of net proceeds from equipment financing. These were offset by USD 9.8 million of capital expenditures and USD 7 million of operating cash use. Deferred revenue was USD 3.2 million, of which USD 1.9 million is current and USD 1.3 million is noncurrent, against USD 3.7 million at June 30.

Filing Details

The filing states that the merger was completed on March 19, 2026 under an amended and restated merger agreement with Thor Merger Sub Inc. and Corvex OpCo. The financial statements present only the historical operations of the registrant through March 19, 2026, and combined results from March 19, 2026 through September 30, 2026. The company declared a Stock Dividend of 0.358 shares for every share outstanding at the close of Business on March 30, 2026.

The acquired business contributed revenue of USD 9.3 million and a net loss of USD 32.4 million for the period from March 19 to September 30, 2026. The legacy business represented USD 27 thousand of revenue for the nine months. Two customers accounted for revenue: Customer A for 72% and 69%, and Customer B for 23% and 25%, for the three and nine months ended September 30, 2026, respectively. Deferred revenue was USD 3.2 million at September 30, 2026, against USD 12 thousand at December 31, 2025.

As of November 10, 2026, the company had approximately 39.1 million shares of common stock outstanding and approximately 21,800 shares of Series B preferred stock outstanding, convertible into approximately 21.8 million common shares, or approximately 60.9 million shares on an as-converted basis.