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

Corvex (NASDAQ:MOVE) released its quarterly earnings results 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 firm had revenue of $4.98 million during 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 Trading Down 25.2%

MOVE stock traded down $1.19 during midday trading on Friday, hitting $3.52. The stock had a trading volume of 523,512 shares, compared to its average volume of 524,394. The firm has a market cap of $111.21 million, a PE ratio of -0.19 and a beta of 0.92. The company has a debt-to-equity ratio of 4.28, a current ratio of 1.80 and a quick ratio of 1.80. Corvex has a 12-month low of $3.14 and a 12-month high of $26.72. The company’s 50-day moving average price is $9.45 and its 200 day moving average price is $13.72.

Analysts Set New Price Targets

MOVE has been the subject of a number of recent research reports. Chardan Capital set a $18.75 price objective on Corvex and gave the stock a “buy” rating in a research report on Wednesday, September 16th. Weiss Ratings downgraded shares of Corvex from a “sell (d)” rating to a “sell (e)” rating in a research note on Thursday, October 8th. Finally, Zacks Research upgraded shares of Corvex to a “hold” rating in a report on Friday, September 18th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Corvex has a consensus rating of “Hold” and an average target price 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.