$MOVE

Corvex, Inc.

CIK:0001734750|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Total revenue	$ 3,801	$ 103	$ 4,312	$ 309
OPERATING EXPENSES:
Depreciation and amortization	2,676		3,003
Technology and infrastructure	1,366	1,401	2,188	3,784
Sales and marketing	740		1,041
General and administrative	12,117	1,600	15,512	4,019
Total operating expenses	19,017	3,363	24,375	8,807
Loss from operations	(15,216)	(3,260)	(20,063)	(8,498)
Other (expense) income, net:
Interest expense (related party)	(31)		(208)
Interest expense	(135)		(148)
Other income, net	136	35	168	95
Gain on disposal of assets	2,501		2,501
Other (expense) income, net	2,471	35	2,313	95
Loss before income tax expense	(12,745)	(3,225)	(17,750)	(8,403)
Income tax expense	(20)		(20)
Net loss	(12,765)	(3,225)	(17,770)	(8,403)
Cumulative dividends on Series A preferred stock	(59)		(155)
Net loss attributable to common stockholders	$ (12,824)	$ (3,225)	$ (17,925)	$ (8,403)
Net loss per share, basic (in Dollars per share)	$ (5.12)	$ (3.05)	$ (8.59)	$ (8.29)
Net loss per share, diluted (in Dollars per share)	$ (5.12)	$ (3.05)	$ (8.59)	$ (8.29)
Weighted average shares used in computing net loss per share, basic (in Shares)	2,506,295	1,058,412	2,087,639	1,013,122
Weighted average shares used in computing net loss per share, diluted (in Shares)	2,506,295	1,058,412	2,087,639	1,013,122
Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)
REVENUE:
Total revenue	$ 3,801		$ 4,277
OPERATING EXPENSES:
Cost of revenue	2,108		2,356
Cost of revenue - Connected devices and services (exclusive of depreciation and amortization)
REVENUE:
Total revenue		103	35	309
OPERATING EXPENSES:
Cost of revenue	10	362	275	1,004
Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)
Other (expense) income, net:
Stock-based compensation expense	702		795
Cost of revenue - Connected devices and services (exclusive of depreciation and amortization)
Other (expense) income, net:
Stock-based compensation expense			1	1
Technology and infrastructure
Other (expense) income, net:
Stock-based compensation expense	783	286	1,263	381
Sales and marketing
Other (expense) income, net:
Stock-based compensation expense	302		342
General and administrative
Other (expense) income, net:
Stock-based compensation expense	$ 7,601	$ 494	$ 9,165	$ 697

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,770)	$ (8,403)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	3,813	75
Stock-based compensation	11,566	1,079
Amortization of debt discount (related party)	118
Noncash lease expense	1,303	8
Gain on disposal of assets	(2,501)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(221)
Inventory	(42)	(433)
Prepaid expenses and other current assets	(4,012)	144
Other assets	46	(10)
Accounts payable	(953)	775
Deferred revenue	(611)	(31)
Other current and noncurrent liabilities		(603)
Operating lease liabilities, net	(1,449)
Accrued liabilities	1,151
Net cash used in operating activities	(9,562)	(7,399)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(6,481)
Capitalized internal use software	(409)
Cash acquired in business combination	36,678
Net cash provided by investing activities	29,788
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance lease liabilities	(1,836)
Issuance of common stock, net of issuance costs	478	1,606
Net cash (used in) provided by financing activities	(1,358)	1,606
Net increase (decrease) in cash and cash equivalents	18,868	(5,793)
Cash and cash equivalents at beginning of period	2,827	7,902
Cash and cash equivalents at end of period	21,695	2,109
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	1
Cash paid for taxes
NONCASH INVESTING AND FINANCING ACTIVITIES:
Transaction expense adjustments	207
Business acquired by issuance of equity instruments	581,955
Bridge Loan (Related Party) extinguishment (Note 9)	4,663
ROU assets obtained in exchange for lease liabilities	1,948
Common shares issued from conversion of Series B Preferred shares	2,576
Par value adjustment for stock splits and stock dividend	10
Change in accrued capital expenditure	133
Stock based compensation capitalized into internal use software	$ 303

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 21,695	$ 2,827
Accounts receivable, net	1,564
Inventory		1,766
Prepaid expenses and other current assets	5,003	394
Total current assets	28,262	4,987
Property and equipment, net	31,373	101
Operating lease right-of-use assets, net	5,286	415
Intangible assets, net	15,047
Goodwill	519,318
Other assets	37	97
Total assets	599,323	5,600
Current liabilities:
Accounts payable	3,870	3,477
Accrued liabilities	3,499	665
Deferred revenue, current	1,810	12
Bridge loan (related party)		4,382
Operating lease liabilities, current	2,591	253
Finance lease liabilities, current	3,910	18
Total current liabilities	15,680	8,807
Operating lease liabilities, non-current	2,900	267
Finance lease liabilities, non-current	5,561
Deferred revenue, non-current	1,931
Total non-current liabilities	10,392	267
Total liabilities	26,072	9,074
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value, 5,000,000 shares authorized at June 30, 2026; 56,583 and 3,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.	577,133	2,850
Common stock, $0.0001 par value, 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 2,060,185 and 1,228,272 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively		10
Additional paid-in capital	180,280	160,058
Accumulated deficit	(184,162)	(166,392)
Total stockholders’ equity (deficit)	573,251	(3,474)
Total liabilities and stockholders’ equity	$ 599,323	$ 5,600