Corvex, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Company Context: Corvex, Inc. (formerly Movano Inc.) completed its acquisition of Corvex Legacy Holdings, Inc. (Corvex OpCo) on March 19, 2026, and was renamed effective March 23, 2026. The merger involved issuing Series B, C, and D preferred stock (with automatic conversions to common stock). A stock dividend of 0.358 shares was distributed on April 6, 2026. This is the company's first earnings call as a public AI infrastructure entity.

Financial Highlights (Reported Q1 2026)

  • Revenue: $510,000 (includes legacy healthcare business for full quarter; AI platform only for 12 days post-merger).
  • Operating loss: $4.8 million.
  • No prior-period comparisons available due to post-merger reporting and limited operating period.

Pro Forma Financial Highlights (Q1 2026, assuming acquisition closed Jan 1, 2025)

  • Revenue: $3.65 million (nearly all from Corvex AI platform).
  • Adjusted EBITDA loss: $933,000 (excludes depreciation, stock compensation, interest, taxes, and one-time merger costs).
  • Balance sheet (as of March 31, 2026): Total assets $604 million, including over $29 million in cash.
  • Pro forma results for fiscal year 2025 were referenced in the 8-K but not detailed on the call.

Strategic Overview

Professional feature The full AI summary covers key highlights, financial performance and analyst Q&A.
Operator: Hello, everyone. Thank you for joining us, and welcome to Corvex's First Quarter 2026 Earnings Call. I will now hand the call over to J Cogan, CFO. Please go ahead, sir. Jeremy Cogan: Thanks, Kara. Good afternoon, everyone, and welcome to Corvex's First Quarter 2026 Earnings Conference Call. Joining me today are Corvex's CEO, J Crystal; and Co-Founder and Director, Seth Demsey. A press release detailing our results was issued this afternoon and is available in the Investor Relations section of our website. A replay and transcript will be posted following the call. During today's call, we will make forward-looking statements based on current expectations. Our actual results may differ materially from such statements. Descriptions of the risks and uncertainties associated with Corvex are included in our SEC filings, which can be accessed through our website. Today's discussion also includes references to non-GAAP financial measures. Reconciliation to the most directly comparable GAAP measure is included in our press release and on our IR website. On March 19, 2026, Corvex, Inc., formerly known as Movano Inc., acquired Corvex Legacy Holdings, Inc., also known as Corvex OpCo. The company was renamed Corvex Inc. effective March 23, 2026. Pursuant to the merger agreement, at closing, we issued to the prior security holders of Corvex OpCo 240,562 shares of Series B convertible preferred stock, representing no more than 19.9% of our outstanding common stock immediately prio
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