Corvex (NASDAQ:MOVE) Announces Earnings Results, Misses Estimates By $0.51 EPS

Key Points

• Corvex reported a quarterly loss of $0.60 per share, missing analyst estimates by $0.51, while revenue of $4.98 million also fell short of the $5.54 million consensus.
• The company said all 7.7 MW of planned critical IT capacity is contracted; 1.5 MW is live, and the remaining 6.2 MW is expected to be ready in Q4. Contracted ARR on live compute was $21.7 million as of the earnings call, but adjusted EBITDA remained negative at $3.2 million.
• Corvex ended the quarter with $42 million in cash, but its material weakness in internal controls remains unresolved. Shares fell to $5.19 during Thursday trading, and analysts’ consensus rating was Hold.

Corvex (NASDAQ:MOVE - Get Free Report) posted its quarterly earnings results on Thursday. The AI infrastructure company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.51), FiscalAI reports. The company had revenue of $4.98 million during the quarter, compared to analyst estimates of $5.54 million.

Here are the key takeaways from Corvex's conference call:

• Corvex said all 7.7 MW of planned critical IT capacity is under contract; 1.5 MW is live, and the remaining 6.2 MW is on track to be ready for service in the fourth quarter. The company is in final discussions with an AI-native customer for more than 1,000 Blackwell GPUs at Mid-Atlantic 1, though the offtake agreements have not yet been completed.
• Contracted ARR on live compute was $21.6 million at quarter-end and $21.7 million as of the call, while quarterly revenue rose sequentially to $5 million from $3.8 million. Adjusted EBITDA remained negative at $3.2 million, and management cautioned that live ARR is a point-in-time metric, not a revenue forecast.
• Corvex launched Token Factory on September 30, offering pay-per-token inference using open-weight models and zero data retention by default; management sees potential for higher revenue per GPU hour when demand is sufficient. The product is still in its early weeks, and the company expects a meaningful revenue contribution to begin in 2027.
• The material weakness in internal controls remains unremediated; Corvex is designing and documenting controls and expects to begin testing them in the first half of 2027. Management said remediation will take longer, until the controls have operated for a sufficient period and been tested.
• Corvex ended the quarter with $42 million in cash, helped by a September private placement, and said it has not used its new at-the-market facility. Shares outstanding on an as-converted basis rose to about 60.9 million from 56.6 million in July; management said it aims to prioritize customer prepayments and project-level debt before equity.

Corvex Stock Performance

Shares of NASDAQ MOVE traded down $0.51 during mid-day trading on Thursday, reaching $5.19. 84,049 shares of the company were exchanged, compared to its average volume of 524,070. The company's 50-day simple moving average is $9.65 and its 200-day simple moving average is $13.79. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 4.28. The stock has a market capitalization of $163.84 million, a P/E ratio of -0.27 and a beta of 0.92. Corvex has a twelve month low of $4.34 and a twelve month high of $26.72.

Analysts Set New Price Targets

MOVE has been the topic of several research analyst reports. Zacks Research upgraded Corvex to a "hold" rating in a research note on Friday, September 18th. Weiss Ratings downgraded Corvex from a "sell (d)" rating to a "sell (e)" rating in a research note on Thursday, October 8th. Finally, Chardan Capital set a $18.75 target price on Corvex and gave the stock a "buy" rating in a report on Wednesday, September 16th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $18.75.

About Corvex

Movano Inc. engages in developing a platform to deliver healthcare solutions at the intersection of medical and consumer devices. The company is involved in the development of Evie Ring, which is a wearable designed specifically for women that combines health and wellness metrics comprises resting heart rate, heart rate variability (HRV), blood oxygen saturation (SpO2), respiration rate, skin temperature variability, period and ovulation tracking, and menstrual symptom tracking, as well as activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking.

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