Corvex, Inc. reported financial results for the second quarter ended June 30, 2026, its first full reporting period following a March merger that shifted its focus to AI cloud computing. Total revenue reached $3.8 million, while deferred revenue surged to $3.7 million from $12,000 at year-end, reflecting contracted AI compute capacity. The company reported a net loss of $12.8 million, or $5.12 per share, driven by $9.4 million in stock-based compensation and operating expenses of $19 million. Cash and cash equivalents stood at $21.7 million. Contracted annualized recurring revenue on live compute was approximately $22 million as of August 14, 2026. The company also simplified its capital structure by converting preferred shares to common stock and appointed new leadership including CFO Chance Moreland. Corvex operates in the AI infrastructure industry, providing GPU-accelerated cloud computing platforms for artificial intelligence workloads.
