Corvex (NASDAQ:MOVE) Posts Quarterly Earnings Results, Misses Expectations By $0.51 EPS

Corvex (NASDAQ:MOVE) released its quarterly earnings data on Thursday. The AI infrastructure company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.51), FiscalAI reports. The company had revenue of $4.98 million for the quarter, compared to the consensus estimate 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 Down 17.4%

MOVE traded down $0.99 on Thursday, hitting $4.71. The company had a trading volume of 170,311 shares, compared to its average volume of 142,701. The stock has a fifty day moving average price of $9.45 and a 200-day moving average price of $13.72. Corvex has a 12-month low of $4.34 and a 12-month high of $26.72. The company has a debt-to-equity ratio of 4.28, a quick ratio of 1.80 and a current ratio of 1.80. The stock has a market capitalization of $148.60 million, a price-to-earnings ratio of -0.25 and a beta of 0.92.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MOVE shares. Chardan Capital set a $18.75 price target on shares of Corvex and gave the company a “buy” rating in a report on Wednesday, September 16th. Weiss Ratings cut shares of Corvex from a “sell (d)” rating to a “sell (e)” rating in a research report on Thursday, October 8th. Finally, Zacks Research upgraded shares of Corvex to a “hold” rating in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Corvex has an average rating of “Hold” and an average price target 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.