Corvex, Inc. (MOVE)
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On March 19, 2026 a tiny company called Movano Inc. — a maker of wellness rings for women that booked $433,000 of revenue in all of 2025 — bought a private AI data center business for $581.9 million, paid entirely in its own convertible preferred stock. Four days later it renamed itself Corvex. Equity of negative $3.5 million became positive $576.0 million; 1.9 million shares became 27.6 million by July 8, 2026, with another 28.9 million still waiting inside the preferred. The quarterly report filed with the U.S. securities regulator, the SEC, shows what actually sits on that balance sheet: $518.3 million of the $604.5 million in total assets is goodwill, pro forma 2025 revenue of the combined company was $7.5 million, and a single customer delivered roughly 52 percent of first quarter revenue. This time the most interesting number is not in the income statement — it sits on the line marked goodwill.
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Sells AICorvex, Inc. (bis 23.03.2026 Movano Inc.) verkauft seit der Übernahme von Corvex OpCo am 19.03.2026 GPU-beschleunigte Rechenleistung für KI-Trainings- und Inferenz-Arbeitslasten als Hauptgeschäft; die Einstufung stützt sich auf die jüngsten Belege — Quartalsbericht 10-Q zum 31.03.2026 und Prospekt 424B7 vom 22.07.2026 —, nicht auf die alten Movano-Filings des Gesundheitsring-Geschäfts.
View the full file — quotes, sources, reviewed filings
„Following the closing of the Merger, the Company has an Artificial Intelligence (“AI”) cloud computing business that specializes in Graphic Processing Unit-accelerated (“GPU”) infrastructure for AI workloads and a healthcare business that consists of our wellness ring (formerly referred to as the Evie Ring) (the “Wellness Ring”), a wearable designed specifically for women that was launched in November 2023."
Nach dem Abschluss der Fusion verfügt das Unternehmen über ein Cloud-Computing-Geschäft für künstliche Intelligenz („KI“), das auf Grafikprozessor-beschleunigte („GPU“) Infrastruktur für KI-Arbeitslasten spezialisiert ist, sowie über ein Gesundheitsgeschäft, das aus unserem Wellness-Ring (früher als Evie Ring bezeichnet) besteht, einem speziell für Frauen entwickelten Wearable, das im November 2023 eingeführt wurde.
„Corvex, Inc. (formerly known as Movano Inc., dba Movano Health), a Delaware corporation, is an AI cloud computing business specializing in GPU-accelerated infrastructure for AI workloads."
Corvex, Inc. (vormals Movano Inc., Handelsname Movano Health), eine Gesellschaft nach dem Recht von Delaware, ist ein KI-Cloud-Computing-Unternehmen, das auf GPU-beschleunigte Infrastruktur für KI-Arbeitslasten spezialisiert ist.
„Our patent-pending Corvex Secure Model Weights product enables AI model builders and security-conscious enterprises to safely deploy inference workloads on third-party GPU infrastructure without exposing their model weights via the integration of Trusted Execution Environments, post-quantum key exchange, and remote attestation."
Unser zum Patent angemeldetes Produkt Corvex Secure Model Weights ermöglicht es Entwicklern von KI-Modellen und sicherheitsbewussten Unternehmen, Inferenz-Arbeitslasten sicher auf GPU-Infrastruktur Dritter zu betreiben, ohne ihre Modellgewichte offenzulegen — durch die Verbindung von Trusted Execution Environments, post-quantensicherem Schlüsselaustausch und Fernattestierung.
Filings Reviewed: 424B7 2026-07-22 · S-1 2026-07-10 · 8-K 2026-07-07 · 10-Q 2026-05-19 · 10-K 2026-03-31 · 8-K 2026-03-19
Rated on July 30, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -9.00 | 51.70 | 0 | – | – | -8 | -8 |
| 2024: Q3 | -10.60 | 45.70 | 0 | – | -14,402.00 | -6 | -6 |
| 2024: Q4 | -6.10 | 50.60 | 0 | – | -4,158.60 | -5 | -5 |
| 2025: Q1 | -6.10 | -6,000.00 | 0 | -87.00 | -4,158.60 | -5 | -5 |
| 2025: Q2 | -7.30 | 18.90 | 0 | – | -3,131.10 | -3 | -3 |
| 2025: Q3 | -4.73 | 55.40 | 0 | 60.00 | -5,036.30 | -2 | -2 |
| 2025: Q4 | -4.77 | 21.90 | 0 | -60.40 | -13,302.30 | -2 | -3 |
| 2026: Q1 | -3.13 | 48.70 | 1 | 359.50 | -981.40 | -4 | -11 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Of the $604.483 million in total assets as of March 31, 2026, $518.263 million is goodwill — 85.7 percent. Everything else combined comes to $86.2 million (property and equipment $29.074m, cash $29.330m, intangibles $15.359m, other items $12.457m). The purchase price allocation is expressly preliminary, the goodwill is not deductible for tax purposes, and no impairment had been recorded as of the balance sheet date. Buy substance here and 86 percent of what you get is an expectation.
1,921,809 common shares (March 31, 2026) became 27,635,745 (July 8, 2026); after conversion of the Series D preferred still outstanding, 56,565,333. On top of that sit roughly 20.57 million shares from options, restricted stock units, warrants and plan reserves. The prospectus of July 22, 2026 registers 53,390,008 shares for resale and names the order of magnitude itself: roughly 94 percent of all common stock. The former owners’ lock-up ends 180 days after March 19, 2026.
Equity swung from negative $3.474 million (December 31, 2025) to positive $576.003 million and cash from $2.827 million to $29.330 million; there is no going-concern qualification, and the company considers its funds sufficient for at least twelve months. Against that stand $4.288 million of operating cash outflow and $6.238 million of server purchases in the first quarter of 2026 alone, plus a $4.5 million bridge loan whose outcome after its June 30, 2026 maturity is not reported in any filing through July 22, 2026.
In the first quarter of 2026 the AI segment was close to break-even on adjusted earnings before interest, taxes, depreciation and amortization at negative $98,000, pro forma revenue rose from $1.351 million (Q1 2025) to $3.633 million (Q1 2026), and $4.379 million of deferred revenue represents business already paid for. At the same time a single customer accounted for roughly 52 percent of quarterly revenue, and the figures cover only twelve days of the new business.
Of the $148.5 million fair value of the assumed options and restricted stock units, $143.6 million has to be recognized as compensation expense through 2030 — nineteen times the pro forma 2025 revenue of $7.535 million. The first quarter of 2026 already carried $2.178 million, after $299,000 in the prior-year quarter. The charge is not a cash expense, but it will weigh on reported earnings for years.
As of July 29, 2026 the metrics databases still carry the old name “Movano Inc”, a market capitalization of $307.6 million (a third below 27,635,745 shares × the $16.50 closing price of July 8, 2026 taken from the prospectus) and revenue of $7.406 million that appears in no filing. The share-count series are unusable as well, because they carry weighted averages. The only reliable figure is the current share count of 27,635,745, which appears verbatim in the Form 8-K of July 7, 2026.
Corvex is the name-on-the-door trap in its purest form — except that this time there really is something behind the new sign. The all-but-failed Movano Inc., which in 2025 carried $433,000 of revenue and negative $3.5 million of equity while facing a Nasdaq delisting, turned on March 19, 2026 into an AI data center provider with $604.5 million of total assets, $29.3 million of cash and a segment already close to break-even on adjusted earnings — by buying one for $581.9 million. All of it was paid in its own shares: $518.3 million of the purchase price sits on the balance sheet as goodwill, 85.7 percent of total assets, and the share count went from 1.9 million to 27.6 million in four months and heads to 56.6 million once the preferred converts. Behind that wait $143.6 million of stock compensation through 2030 and a resale registration covering 94 percent of the capital, whose lock-up expires in mid-September 2026. The question is not whether the business is real — it is real, but twelve days old on this balance sheet and 52 percent dependent on one customer. The question is whether it will ever produce enough revenue for the goodwill to be allowed to stay. Not investment advice.
- MOVE reached our research list through the mention counts of U.S. small caps in retail investor forums (as of July 30, 2026) and through the unusually dense chain of SEC filings between June 16 and July 22, 2026 — 22 filings: three Forms 8-K, ten insider filings (Form 4), three initial insider filings (Form 3), two ownership filings (SC 13D), two registration statements (S-8 and S-1) and a prospectus (424B7) with its notice of effectiveness (EFFECT). Forum lists say nothing about the merit of a business, only about where a lot of people are looking.
- Timeliness gate: the most recent periodic report is the quarterly report 10-Q as of March 31, 2026 (filed May 19, 2026). Two additional Forms 8-K carrying Item 2.02 were filed the same day and both were reviewed: the first quarter 2026 earnings release with its pro forma exhibit, and the pro forma presentation for the first quarter of 2026 and for 2025 plus non-GAAP information. No Form 8-K was filed on the day of the annual report (March 31, 2026). All 28 filings from May 19, 2026 onward were reviewed individually: the three Forms 8-K of June 16 (chief financial officer Chance Moreland effective June 29), June 26 (annual meeting adjourned to July 1) and July 7, 2026 (conversions, second chief executive, voting results, auditor), ten insider filings (Form 4) and three initial filings (Form 3), the annual meeting materials (PRER14A of May 27, DEF 14A and annual report to shareholders of June 5), the S-8 registration statement of July 1 covering a total of 13,678,629 shares under the equity plans (8,755,418 under the assumed 2024 plan, 3,500,000 under the new 2026 plan, 900,000 for the employee stock purchase plan and 523,211 as the chief financial officer's inducement award) — those claims sit inside the roughly 20.57 million shares this analysis names as further dilution, the two ownership filings (SC 13D) of July 8, the S-1 registration statement of July 10 and the prospectus 424B7 with its notice of effectiveness of July 22, 2026. The share count used in the article comes from the most recent document that states one.
- Market-cap cross-check: FAILED — which is why the market capitalization from the fundamental data is not used, and neither is any metric derived from it. The arithmetic: $307,585,824 equals 27,635,745 shares times $11.13. The last price documented in a mandatory filing is $16.50 on July 8, 2026 (prospectus 424B7), which gives $456.0 million — a gap of 32.5 percent and therefore more than one fifth. The share count, by contrast, passed: 27,635,745 appears verbatim in the Form 8-K of July 7, 2026 and in the prospectus of July 22, 2026. Also unusable are the feed revenue figure of $7.406 million, which appears in no filing, and the feed share-count series, which carry weighted averages (Q1 2026: 162.9 million against 1,921,809 shares actually outstanding).
- Do not mix revenue bases: this analysis names the basis of every revenue figure. Reported (consolidated under U.S. GAAP, with Movano as the accounting acquirer): $433K for 2025 and $510K for the first quarter of 2026. Acquired business alone for 2025: $7.102 million. Pro forma combined: $7.535 million for 2025 (pro forma exhibits to both Forms 8-K of May 19, 2026, merger assumed as of January 1, 2025 — the figure does not appear in the 424B7 prospectus) and $3.633 million for the first quarter of 2026 against $1.351 million in the prior-year quarter (10-Q, Note 3, merger likewise assumed as of January 1, 2025). For the first quarter of 2026 both Forms 8-K of May 19, 2026 show $3.653 million instead ($510K of Movano plus $3.143 million of the acquired business, merger assumed there as of January 1, 2026). Why the two quarterly figures differ by $20K the filings do not say; this analysis uses the quarterly report figure throughout. The annual report 10-K for 2025 is presented without the stock dividend (904,486 common shares as of December 31, 2025) and the quarterly report with it (1,228,272 as of the same date) — every share count in this analysis is stated on the basis that gives effect to the stock dividend.
- Not to be confused: the ticker MOVE belongs to Corvex, Inc. (CIK 0001734750) — not to Movano Health as a standalone company, and not to the private Corvex, Inc. that existed before the merger, which is today named Corvex Legacy Holdings, Inc. and is a subsidiary. There is no reliable analyst consensus: as of July 29, 2026 the fundamental data carry exactly one estimate, with a price target of $300, more than eighteen times the price last documented in a filing. It is not used as a valuation anchor in this analysis.
About the Company
Corvex, Inc., an AI cloud computing company, provides GPU-accelerated infrastructure for AI workloads to customers worldwide. The company provides graphics processing unit accelerated compute, confidential computing, token factory, and inference services purpose-built to protect and perform. It also offers an artificial intelligence cloud computing services specializing in graphics processing unit accelerated infrastructure for AI workloads. The company is based in Arlington, Virginia.
| IPO Year | 1999 |
|---|
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Interactive price chart (TradingView).
Data as of: July 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.