Movano (MOVE) Financials

Movano’s latest quarter shows a company still burning cash and posting significant losses, but with a much stronger balance sheet than a year ago after a large acquisition and financing-related changes.

For Q1 2026, Movano reported $510,000 in revenue, down sharply from the prior-year period’s much higher reported revenue base, while operating expenses remained far above sales. The result was a net loss of $5.0 million and negative operating cash flow of $4.3 million. Even so, the company ended the quarter with $29.3 million in cash, which gives it more runway than it had in earlier periods.

One of the most notable changes in the recent reporting period is the balance sheet expansion tied to acquisitions. Total assets jumped to $604.5 million, driven by a very large $518.3 million goodwill balance and $15.4 million in intangibles. That suggests Movano has made a major strategic acquisition, but it also means a large portion of assets is now tied to acquired value rather than cash or working capital.

Key positives

• Cash increased materially in Q1 2026, with cash and equivalents rising to $29.3 million from $2.0 million in Q3 2025.
• Investing cash flow was strongly positive in Q1 2026, reflecting $36.7 million from acquisitions-related activity.
• Current assets improved to $37.9 million, giving Movano more liquidity than in prior quarters.
• Revenue rebounded sequentially from $44,000 in Q4 2025 to $510,000 in Q1 2026.
• Operating cash burn improved versus the worst recent quarters, with operating cash flow at -$4.3 million compared with deeper outflows in 2024 and 2025.

Neutral items

• Adjusted non-cash items helped offset losses, with $2.2 million in non-cash adjustments in Q1 2026.
• Depreciation and amortization are meaningful but manageable relative to the size of the quarterly loss.
• Share count remained unchanged sequentially in Q1 2026 at 1.63 million weighted average basic and diluted shares.
• Interest expense is still present, but at only $178,000 in Q1 2026 it was not the main driver of losses.

Key negatives

• Movano is still not profitable, posting a $5.0 million net loss in Q1 2026.
• Revenue remains very small compared with operating costs, creating a wide gap between sales and spending.
• Gross profit was slightly negative in Q1 2026 at -$2,000, meaning the business did not cover direct product costs.
• Operating expenses were far above revenue, at $4.85 million versus just $510,000 in sales.
• The business continues to burn cash from operations, which is a concern despite the larger cash balance.
• Balance sheet quality is mixed: a large share of assets now sits in goodwill and intangibles, which can be risky if the acquisition underperforms.
• Common equity remains very thin at only $1.5 million in Q1 2026, after being negative in some earlier quarters.

Looking at the broader trend across the last four years, Movano has shown persistent operating losses, recurring cash burn, and repeated reliance on financing. The business has not yet demonstrated a path to sustained profitability, and the latest quarter does not change that. The main improvement is liquidity: the company now has a far larger cash position than it did a year ago, which may help it execute on its strategy after the acquisition.

Bottom line: Movano currently looks like a high-risk, early-stage story. The stronger cash position is encouraging, but investors still need to see meaningful revenue growth and operating leverage before the fundamentals begin to support a more constructive long-term thesis.