Movano, Inc. Q1 FY2026 earnings call

• Recent Corporate Update • Corvex (formerly Movano, Inc.) completed the acquisition of Corvex Legacy Holdings, Inc. (Corvex Opco) on March 19, 2026, and was officially renamed Corvex, Inc. on March 23, 2026. • Per the merger agreement, prior security holders of Corvex Opco received 240.562 shares of Series B convertible preferred stock, 23,551.5195 shares of Series C preferred stock, and 30,227.0524 shares of Series D preferred stock. Series B shares automatically converted to common stock on March 31, 2026, and Series C/D conversions are pending stockholder approval at the upcoming annual meeting. • A 0.35 common share per outstanding share stock dividend was distributed on April 6, 2026.

• Strategic Positioning • Management frames AI as driving a once-in-a-generation transformation of global computing infrastructure, with accelerating demand for secure, scalable, high-performance AI infrastructure as models grow larger and become more deeply integrated into enterprise and government workflows. • Corvex positions itself as one of the few publicly traded companies offering direct exposure to the emerging neocloud and AI inference markets, with a vertically integrated, three-layer platform that differentiates it from commodity computing providers.

• Three-Layer Business Strategy • 1. AI Factory (Infrastructure Layer): Focused on serving AI model labs, hyperscalers, government-backed AI initiatives, and enterprises, with capabilities to support clusters ranging from 2,000 GPUs to over 100,000 GPUs. Differentiated via strategic partnerships that speed up access to power and computing capacity, plus software orchestration support for flexible environments including Kubernetes and Slurm. • 2. Token Factory (AI Inference Layer): An upcoming platform offering scalable API access to premium open source and customer-provided AI models across both Corvex-owned and third-party infrastructure. The software-centric layer is expected to drive more recurring, asset-light revenue over time, and can expand into additional platform revenue from existing customers. • 3. Confidential Computing (Security Layer): Layered security architecture combining hardware-based security and software to protect sensitive AI assets including model weights, training data, and inference requests. The technology can be licensed to third-party infrastructure, which management expects to act as a lead generation channel for future AI factory deployments, and will also be embedded directly into the token factory to serve security-focused regulated customers.

On a reported GAAP basis, which includes the full legacy healthcare business and only 12 days of the acquired Corvex AI platform, Q1 2026 total revenue was $510,000 with an operating loss of $4.8 million. On a pro forma basis assuming the acquisition closed on January 1, 2025, Q1 2026 total pro forma revenue was $3.65 million, with nearly 100% of this revenue contributed by the Corvex AI platform. Adjusted pro forma EBITDA, which excludes one-time merger costs, depreciation, stock compensation, interest, and taxes, resulted in a loss of $933,000. The legacy healthcare business was the only other segment contributing to revenue in reported results, but it made up less than 1% of pro forma total revenue. As of March 31, 2026, the company held total assets of $604 million, including $29 million in cash.

No formal quantitative or qualitative forward-looking guidance was provided during this first earnings call as a combined public company. Management only noted that the company is early in its public development, and that it will provide updates on execution and progress in future quarterly calls.

Management noted that all forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from expectations, and referenced full risk disclosures included in the company's SEC filings available via the Corvex investor relations website. No additional specific operational or financial risks were discussed during the call.

Management announced that they would not be taking any questions during this first call, as reported results only reflect a limited operating period post-acquisition. No Q&A exchanges occurred on the call.