UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 001-40254

CORVEX, INC.

(Exact name of registrant as specified in its charter)

Delaware		82-4233771
(State of incorporation)		(I.R.S. Employer Identification No.)

3401 North Fairfax Drive, Suite 3230, Arlington, Virginia 22226

(Address of principal executive office) (Zip code)

(866) GET-GPUS ((866) 438-4787)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		MOVE		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 11, 2026, there were (i) 27,647,305 shares of the registrant’s common stock outstanding, and (ii) 28,929.5943 shares of the registrant’s Series D Non-Voting Convertible Preferred Stock outstanding.

CORVEX, INC.

FORM 10-Q

FOR THE THREE MONTHS ENDED JUNE 30, 2026

INDEX

		PAGE
PART I - FINANCIAL INFORMATION		1

Item 1. Financial Statements		1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		2

Item 3. Quantitative and Qualitative Disclosure About Market Risk		20

Item 4. Controls and Procedures		20

PART II - OTHER INFORMATION		21

Item 1. Legal Proceedings		21

Item 1A. Risk Factors		21

Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities		21

Item 3. Defaults Upon Senior Securities		21

Item 4. Mine Safety Disclosures		21

Item 5. Other Information		21

Item 6. Exhibits		22

SIGNATURES		24

EXHIBIT INDEX

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Financial Statements of

Corvex, Inc.

(unaudited)

June 30, 2026

Index to Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	F-1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)	F-2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED)	F-3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)	F-5
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	F-6

Corvex, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

	June 30, 2026			December 31, 2025
ASSETS
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

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
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

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-1

Corvex, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
REVENUE:
Revenue - AI Platform and services	$	3,801		$	—		$	4,277		$	—
Revenue - Connected devices and services		—			103			35			309
Total revenue		3,801			103			4,312			309

OPERATING EXPENSES:
Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)⁽¹⁾		2,108			—			2,356			—
Cost of revenue - Connected devices and services (exclusive of depreciation and amortization)⁽²⁾		10			362			275			1,004
Depreciation and amortization		2,676			—			3,003			—
Technology and infrastructure⁽³⁾		1,366			1,401			2,188			3,784
Sales and marketing⁽⁴⁾		740			—			1,041			—
General and administrative⁽⁵⁾		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 and diluted	$	(5.12	)	$	(3.05	)	$	(8.59	)	$	(8.29	)

Weighted average shares used in computing net loss per share, basic and diluted		2,506,295			1,058,412			2,087,639			1,013,122

Amounts include stock-based compensation expense, as follows:
⁽¹⁾Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)	$	702	$	—	$	795	$	—
⁽²⁾Cost of revenue - Connected devices and services (exclusive of depreciation and amortization)		—		—		1		1
⁽³⁾Technology and infrastructure		783		286		1,263		381
⁽⁴⁾Sales and marketing		302		—		342		—
⁽⁵⁾General and administrative		7,601		494		9,165		697

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

Corvex, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands, except share and per share data)

(Unaudited)

									Additional					Total
	Preferred Stock				Common Stock				Paid-In		Accumulated			Stockholders’
Three Months Ended June 30, 2025	Shares		Amount		Shares		Amount		Capital		Deficit			Equity
Balance at March 31, 2025		–	$	–		955,552	$	10	$	156,509	$	(153,285	)	$	3,234
Stock-based compensation		–		–		–		–		780		–			780
Issuance of common stock		–		–		171,750		–		848		–			848
Net loss		–		–		–		–		–		(3,225	)		(3,225	)
Balance at June 30, 2025		–	$	–		1,127,302	$	10	$	158,137	$	(156,510	)	$	1,637

Additional

Total

Preferred Stock

Common Stock

Paid-In

Accumulated

Stockholders’

Six Months Ended June 30, 2025

Amount

Capital

Deficit

Equity

Balance at December 31, 2024

–

928,911

155,452

(148,107

)

7,355

Stock-based compensation

–

1,079

–

1,079

Issuance of common stock

–

198,391

–

1,606

–

1,606

Net loss

–