Corvex Inc【MOVE】株式ニュース

Corvex Reports Q1 2026 Financial Results and Provides Business UpdateMay 19, 2026 4:06 PM
PR Newswire (US) Conference Call at 4:30 PM ET / 1:30 PM PTARLINGTON, Va., May 19, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, reported first quarter 2026 results and provided a business update. Reported Q1'26 Highlights:Completed acquisition of Corvex OpCo on March 19, 2026, transitioning the Company's primary business to AI cloud computing and renaming Movano Inc. to Corvex, Inc., effective March 23, 2026.Including 12 days of Corvex OpCo operations in the period, Q1'26 total revenue was $510 thousand, compared to $206 thousand in Q1'25, including $475 thousand in AI Platform and services revenue contributed during the post-close stub period.Deferred revenue, including current and non-current portions, grew to $4.4 million at March 31, 2026, from $12 thousand at December 31, 2025, reflecting contracted AI compute capacity not yet recognized.Net loss of $(5.1) million, or $(3.13) per share, compared to a net loss of $(5.2) million, or $(5.35) per share, in Q1'25.Adjusted EBITDA1 loss of $(1.6) million, improved by $3.3 million, or 67%, compared to $(4.9) million in Q1'25, reflecting disciplined execution as the Company concentrates resources on its AI platform opportunity.The Company provided supplemental information, including pro forma consolidated financial data for the first quarter of 2026, including pro forma revenue of $3.7 million, pro forma net loss of $(15.9) million and pro forma adjusted EBITDA loss of $(0.9) million.Cash and cash equivalents of $29.3 million at March 31, 2026."The first quarter marked a defining moment for Corvex as we transitioned into the public markets. With our AI platform now operating as a public company, we believe Corvex is well-positioned to help define the next era of AI infrastructure. AI is reshaping the global computing landscape, and by combining scalable AI infrastructure, inference software, and confidential computing into a unified platform, we believe we are well-positioned to help AI-native organizations, enterprises, and government deploy and secure AI at an industrial scale," said Jay Crystal, Chief Executive Officer of Corvex.

1 See "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.First Quarter 2026 Financial Highlights
Three Months Ended March 31,
2026
2025Revenue$ 510
$ 206Operating expenses5,357
5,444Loss from operations(4,847)
(5,238)Other income (expense), net(158)
60Net loss$ (5,005)
$ (5,178)

Cumulative dividends on Series A preferred stock(96)
—Net loss attributable to common stockholders$ (5,101)
$ (5,178)

Net loss per share, basic and diluted$ (3.13)
$ (5.35)

Weighted average shares used in computing net loss per share, basic and
diluted1,628,515
967,331Conference CallManagement will host a conference call and live audio webcast to discuss these results and provide a business update today at 4:30pm ET / 1:30pm PT. The live webcast of the earnings conference call can be accessed at the Corvex Investor Relations website at investors.corvex.ai. A replay of the webcast will be available at the same website.About CorvexCorvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance, and efficiency at scale. As previously announced on March 19, 2026, Corvex, Inc. (formerly known as Movano Inc.) acquired Corvex Legacy Holdings, Inc. (Corvex OpCo, formerly known as Corvex, Inc.) (such acquisition the "Merger"). Following the Merger, the Company was renamed Corvex, Inc., effective March 23, 2026.Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our projections for future active power; demand for our platform; other estimated amounts included in our revenue backlog figure; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, copies of which may be obtained by visiting our Investor Relations website at investors.corvex.ai or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended March 31, 2026 are not necessarily indicative of our operating results for any future periods.Non-GAAP Financial MeasuresTo supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA to help us evaluate our business. We use this non-GAAP financial measure to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that this non-GAAP financial measure may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. This non-GAAP financial measure is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.Adjusted EBITDA is defined as net loss, excluding (i) depreciation and amortization, (ii) stock-based compensation, (iii) transaction costs related to the Merger, (iv) Other expense (income), and (v) benefit from income taxes.A reconciliation is provided below to reconcile adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP. Corvex encourages investors to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to their most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate Corvex's business.Summary Historical and Pro Forma Consolidated Financial DataTo supplement our consolidated financial statements, we have also prepared the unaudited pro forma condensed combined financial information that is included below. This information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses." In the unaudited pro forma condensed combined financial information, the Merger has been accounted for as a business combination, using the acquisition method of accounting under U.S. GAAP, where the Company is considered to be the accounting acquirer and Corvex OpCo is the accounting acquiree. For more information on the unaudited pro forma condensed combined financial information, including the notes thereto, see Exhibit 99.1 to the Company's Current Report on Form 8-K, filed with the SEC on May 19, 2026.This unaudited pro forma condensed combined financial information is for informational purposes only and does not purport to indicate the financial conditions or results that would have been obtained had the Merger actually been completed on the assumed date or for the periods presented, nor what may be realized or expected in the future. The unaudited pro forma adjustments represent management's estimates based on information available as of the date of these unaudited pro forma condensed combined statements of operations and are subject to change as additional information becomes available and analyses are performed. The unaudited pro forma condensed combined statements of operations do not include any management adjustments related to the realization of any costs (or cost savings) from operating efficiencies or synergies. The unaudited condensed combined pro forma statements of operations are subject to certain risks and uncertainties that could cause actual results to differ materially from those illustrated.Media ContactChris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.comCORVEX, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data) (unaudited)

Three Months Ended
March 31,

2026

2025
REVENUE:

Revenue - AI Platform and services
$475

$–
Revenue - Connected devices and services

35

206
Total revenue

510

206

OPERATING EXPENSES:

Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)

247

–
Cost of revenue - Connected devices and services (exclusive of depreciation and
amortization)

265

642
Depreciation and amortization

326

38
Technology and infrastructure

822

2,364
Sales and marketing

304

763
General and administrative

3,393

1,637
Total operating expenses

5,357

5,444

Loss from operations

(4,847)

(5,238)

Other (expense) income, net:

Interest expense (related party)

(178)

–
Interest and other income, net

20

60
Other (expense) income, net

(158)

60

Loss before provision for income taxes

(5,005)

(5,178)
Income tax provision

–

–
Net loss
$(5,005)

(5,178)

Cumulative dividends on Series A preferred stock
$(96)

$–
Net loss attributable to common stockholders
$(5,101)

(5,178)

Net loss per share, basic and diluted
$(3.13)

$(5.35)

Weighted average shares used in computing net loss per share, basic and diluted

1,628,515

967,331
CORVEX, INC.CONSOLIDATED BALANCE SHEETS(in thousands) (unaudited)

March 31,
2026

December 31,
2025
ASSETS

Current assets

Cash and cash equivalents
$29,330

$2,827
Accounts receivable, net

1,504

–
Inventory

1,776

1,766
Prepaid expenses and other current assets

5,293

394
Total current assets

37,903

4,987
Property and equipment, net

29,074

101
Operating lease right-of-use assets, net

3,792

415
Intangible assets, net

15,359

–
Goodwill

518,263

–
Other assets

92

97
Total assets

604,483

5,600

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities

Accounts payable

3,668

3,477
Accrued liabilities

1,535

683
Deferred revenue, current

2,226

12
Bridge loan (related party)

4,500

4,382
Operating lease liabilities, current

1,893

253
Finance lease liabilities, current

3,856

–
Total current liabilities

17,678

8,807
Operating lease liabilities, non-current

2,090

267
Finance lease liabilities, non-current

6,559

–
Deferred revenue, non-current

2,153

–
Total non-current liabilities

10,802

267
Total liabilities

28,480

9,074

Commitments and contingencies (Note 13)

Stockholders' equity (deficit)

Preferred stock, $0.0001 par value, 5,000,000 shares authorized at March 31, 2026;
56,639 and 3,000 shares issued and outstanding at March 31, 2026 and December 31,
2025, respectively.

574,469

–
Common stock, $0.0001 par value, 500,000,000 shares authorized at March 31, 2026 and
December 31, 2025; 1,921,809 and 1,228,272 shares issued and outstanding at March
31, 2026 and December 31, 2025, respectively

–

10
Additional paid-in capital

172,931

162,908
Accumulated deficit

(171,397)

(166,392)
Total stockholders' equity (deficit)

576,003

(3,474)
Total liabilities and stockholders' equity
$604,483

$5,600
CORVEX, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) (unaudited)

For the three months
ended
March 31,

2026

2025
CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss
$(5,005)

$(5,178)
Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

326

38
Stock-based compensation

2,178

299
Noncash lease expense

–

8
Write down of inventory to net realizable value

32

–
Amortization of debt discount (related party)

118

–
Changes in operating assets and liabilities, net of acquisition:

Accounts receivable

(162)

–
Inventory

(42)

(212)
Prepaid expenses and other current assets

(747)

142
Other assets

48

(4)
Accounts payable

(1,362)

509
Deferred revenue

27

(18)
Operating lease liabilities, net

50

–
Accrued liabilities

251

113
Net cash used in operating activities

(4,288)

(4,303)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment

(6,238)

–
Cash acquired in business combination

36,679

Net cash provided by investing activities

30,441

–

CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on finance lease liabilities

(32)

–
Issuance of common stock, net of issuance costs

–

758
Issuance of common stock upon exercise of stock options

382

–
Net cash provided by financing activities

350

758

Net increase (decrease) in cash and cash equivalents

26,503

(3,545)
Cash and cash equivalents at beginning of period

2,827

7,902
Cash and cash equivalents at end of period
$29,330

$4,357

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest
$1

$–
Cash paid for taxes
$–

$–

NONCASH INVESTING AND FINANCING ACTIVITIES:

Issuance of common stock upon exercise of stock options in exchange for receivable
$11

$–
Business acquired by issuance of equity instruments
$581,911

$–
Broker receivable recorded in prepaid and other current assets for payroll withholding taxes
$97

$–
Reconciliation of GAAP to Non-GAAP ResultsReconciliation of Net Loss to Adjusted EBITDA(in thousands, except percentages)

Three Months Ended
March 31,

Change

2026

2025

$

%

Net loss

AI Platform and services
$(1,625)

$–

$(1,625)

(100)%
Connected devices and services

(3,380)

(5,178)

1,798

35%
Total net loss

(5,005)

(5,178)

173

3%

Adjusted EBITDA(1)

AI Platform and services

(98)

–

(98)

(100)%
Connected devices and services

(1,506)

(4,901)

3,395

69%
Total adjusted EBITDA
$(1,604)

$(4,901)

$3,297

67%

(1)See the "Non-GAAP Financial Measures" section included above for a reconciliation to the most directly comparable GAAP measure.

Three Months Ended
March 31,
AI Platform and services
2026

2025
Net loss
$(1,625)

$–
Depreciation and amortization

295

–
Stock-based compensation(1)

1,232

–
Transaction costs(2)

–

–
Income tax

–

–
Other expense (income), net

–

–
Adjusted EBITDA
$(98)

$–

Three Months Ended
March 31,
Connected devices and services
2026

2025
Net loss
$(3,380)

$(5,178)
Depreciation and amortization

31

38
Stock-based compensation(1)

946

299
Transaction costs(2)

719

–
Income tax

–

–
Other expense(income), net

178

(60)
Adjusted EBITDA
$(1,506)

$(4,901)

(1)Stock-based compensation: related to 2024 Equity Incentive Plan for employees, contractors, or other entities.(2)Related to the transaction costs associated with the merger. UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONSFOR THE THREE MONTHS ENDED MARCH 31, 2026(in thousands, except share and per share data)

Historical
Total Pro Forma Adjustments

Corvex, Inc.

Corvex Legacy
Holdings, Inc.

Transaction Accounting
Adjustments: MergerNote 1
Pro Forma
Combined

Revenue$510
$3,143
$-
$3,653

COSTS AND EXPENSES:

Cost of revenue (exclusive of depreciation and amortization)
512

1,089

592(b), (c)
2,193Depreciation and amortization
326

1,671

272(a)
2,269Technology and infrastructure
822

274

946(c), (d)
2,042Sales and marketing
304

278

263(c)
845General and administrative
3,393

1,965

6,316(b), (c),
(d)
11,674Total costs and expenses
5,357

5,277

8,389

19,023

Loss from operations
(4,847)

(2,134)

(8,389)

(15,370)

Other income (expense), net:

Interest expense (related party)
(178)

-

-

(178)Interest and other income, net
20

(462)

57(b)
(385)Other income (expense), net
(158)

(462)

57

(563)

Net loss and total comprehensive loss$(5,005)
$(2,596)
$(8,332)
$(15,933)

Net loss per share, basic and diluted$(3.13)

$(4.08)
$(7.81)

Weighted average shares used in computing net loss per
share, basic and diluted
1,628,515

2,039,726

2,039,726 UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONSFOR THE YEAR ENDED DECEMBER 31, 2025(in thousands, except share data)

Historical
Total Pro Forma Adjustments

Corvex,
Inc.

Corvex
Legacy
Holdings,
Inc.

Reclassification
AdjustmentsNote 2
Transaction
Accounting
Adjustments:
MergerNote 2
Total Pro
Forma
Adjustments

Pro Forma
Combined

Revenue$433
$7,102
$-
$-
$-
$7,535

COSTS AND EXPENSES:

Cost of revenue (exclusive
of depreciation and
amortization)
2,273

2,851

-

2,744(e), (i)
2,744

7,868Depreciation and
amortization
-

4,392

149(a)
1,061(b)
1,210

5,602Technology and
infrastructure
-

1,342

5,667(a)
4,357(e), (f)
10,024

11,366Research and development
5,740

-

(5,740)(a)
-

(5,740)

-Sales and marketing
-

1,186

1,410(a)
1,213(e)
2,623

3,809General and administrative
-

7,099

6,437(a)
30,864(e), (f),
(g), (h),
(i)
37,301

44,400Sales, general and
administrative
7,923

-

(7,923)(a)
-

(7,923)

-Total costs and
expenses
15,936

16,870

-

40,239

40,239

73,045

Loss from operations (1)
(15,503)

(9,768)

-

(40,239)

(40,239)

(65,510)

Other income (expense), net:

Interest expense (related
party)
(2,965)

-

-

-

-

(2,965)Loss (Gain) change in
warrant liability fair value
-

(9,575)

-

9,575(c)
9,575

-Loss (Gain) in fair value of
SAFE liability
-

9,856

-

(9,856)(d)
(9,856)

-Interest and other income,
net
183

30

-

(77)(i)
(77)

136Other income
(expense), net
(2,782)

311

-

(358)

(358)

(2,829)

Income tax benefits
(expense)
-

(60)

-

-

-

(60)

Net loss and total
comprehensive loss$(18,285)
$(9,517)
$-
$(40,597)
$(40,597)
$(68,399)

Net loss per share, basic and
diluted$(21.79)

$(19.90)
$(19.90)
$(33.53)

Weighted average shares
used in computing net loss
per share, basic and diluted
840,720

2,039,726

2,039,726

2,039,726Note 1 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for three months ended March 31, 2026 (a)Reflects the estimated incremental amortization expense of $272 resulting from the Merger.

Amortization expense related to the acquired finite-lived intangible assets has been calculated based on preliminary estimated fair values and estimated useful lives of 7 years for customer relationships and 20 years for trade names.

The amount of amortization expense will ultimately be based on the periods in which the associated economic benefits are expected to be derived and the pattern of benefit for each intangible asset, and therefore, the preliminary amount reported may differ significantly between periods based upon the final values assigned to amortization methodology used for each asset.

A 10% increase or decrease in the estimated fair value of the intangible assets would cause an increase or decrease of $27 to the amortization expense amounts as presented in the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2026.

(b)Reflects decrease of lease expense in cost of revenue of $39, sales, general and administrative of $10 and interest expense of $57.

(c)Reflects stock options post-combination expense of $631 to cost of revenue, $769 to technology and infrastructure, $263 to sales and marketing, and $2,955 to general and administrative.

(d)Reflects restricted stock units post-combination expense of $177 in technology and infrastructure and $3,371 in general and administrative.Note 2 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the year ended December 31, 2025 (a)Represents the reclassification of sales, general and administrative expenses into sales and marketing and general and administrative expenses; the reclassification of research and development into technology and infrastructure; and the reclassification of historical Movano depreciation expense from research and development and sales, general and administrative expenses into depreciation expense.

(b)Reflects the estimated incremental amortization expense of $1,061 resulting from the Merger.

A 10% increase or decrease in the estimated fair value of the intangible assets would cause an increase or decrease of $106 to the amortization expense amounts as presented in the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2025.

(c)Elimination of change in fair value of warrant liability as the Corvex Preferred Stock Warrants converted into shares of Corvex common stock and subsequently into Payment Shares, at the Exchange Ratio on the merger date.

(d)Elimination of change in fair value of SAFE liability as the SAFEs automatically converted into shares of Corvex common stock and subsequently into Payment Shares, at the Exchange Ratio on the merger date.

(e)Reflects stock options post-combination expense of $2,823 to cost of revenue, $3,540 to technology and infrastructure, $1,213 to sales and marketing, and $13,559 to general and administrative.

(f)Reflects restricted stock units post-combination expense of $817 in technology and infrastructure and $15,526 in general and administrative.

(g)Reflects estimated incremental transaction-related costs of approximately $719 incurred by the Company after December 31, 2025.

(h)Reflects the accrual of severance payments pursuant to pre-existing employment agreements of $1,125.

(i)Reflects decrease of lease expense in cost of revenue of $79, sales, general and administrative of $65 and interest expense of $77. Reconciliation of Unaudited Pro Forma GAAP to Non-GAAP ResultsReconciliation of Net Loss to Adjusted EBITDA(in thousands, except percentages)

Historical
Pro Forma (i)

Three Months Ended
March 31,
Year Ended
December 31,
Three Months Ended
March 31,
Year Ended
December 31,Other financial
information
2026
2025
2026
2025(in thousands of USD)

Net loss

$(5,005)$(18,322)$(15,933)$(68,399)Depreciation and
amortization
326
149
2,269
5,602Stock-based compensation
2,178
2,913
10,344
42,031Transaction costs (ii)

719
1,093
1,824
4,209Income tax

-
-
-
60Interest expense

178
2,782
563
2,829Adjusted EBITDA
$(1,604)$(11,385)$(933)$(13,668)

(i)Pro forma combined non-GAAP financial information is derived from the unaudited pro forma condensed combined statements of operations included within the unaudited pro forma condensed combined financial information contained elsewhere in this filing, which has been prepared in accordance with Article 11 of Regulation S-X.

(ii)Transaction costs in the unaudited pro forma condensed combined statements of operations include transaction-related expenses arising from the Merger, as reflected in the transaction accounting adjustments within the unaudited pro forma condensed combined financial information. These amounts include both historical transaction expenses incurred prior to the closing of the Merger and additional expenses recognized in connection with the transaction. View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-reports-q1-2026-financial-results-and-provides-business-update-302776777.htmlSOURCE Corvex Original: Corvex Reports Q1 2026 Financial Results and Provides Business Update

Corvex Launches Secure Model Weights, Delivering Hardware-Enforced Protection for AI Inference on Third-Party InfrastructureMarch 12, 2026 5:53 PM
PR Newswire (US)

Patent-pending solution gives AI model builders and security-conscious enterprises cryptographic, owner-controlled key custody, protecting model weights from even the infrastructure providerARLINGTON, Va., March 12, 2026 /PRNewswire/ -- Corvex, Inc., an engineering-led AI infrastructure platform, today announced the early availability of Corvex Secure Model Weights, a patent-pending solution that enables AI model builders and enterprises to deploy inference workloads on third-party GPU infrastructure without exposing their model weights, which can be their most valuable intellectual property.

The Problem with the Current Trust Model Frontier AI models often represent years of research and hundreds of millions of dollars in compute investment. The risk extends well beyond frontier labs. Any organization fine-tuning models on proprietary data – patient records, financial datasets, defense workloads, trade secrets – is embedding sensitive IP directly into model weights. Traditional cloud security models focus on data at rest and in transit, which leaves data at runtime exposed, creating a critical vulnerability.Corvex Secure Model Weights addresses this risk. In standard virtualized environments, model weights are decrypted in CPUs and transferred as plaintext into VRAM, leaving them exposed to hypervisor-level introspection or DMA-based attacks by the host. Our architecture closes this gap by leveraging Hardware-based Trusted Execution Environments (TEEs). By utilizing NVIDIA's Confidential Computing instructions, Corvex ensures that model weights remain cryptographically isolated and are only decrypted within the GPU's secure silicon boundary, which renders them invisible even to the infrastructure provider."Deploying AI should never require a trade-off between compute power and IP sovereignty," said Seth Demsey, co-founder and co-CEO of Corvex. "The industry has long tolerated a 'cleartext gap' where weights are exposed during inference, leaving the host with a structural window into your trade secrets. We are closing that window. By enforcing end-to-end encryption that terminates only inside the GPU's trusted execution environment, we ensure that the host is never in possession of the keys to the kingdom. Protection is no longer a policy choice; it's a certainty."Three Layers of Hardware-Rooted SecurityCorvex Secure Model Weights combines three integrated technologies to enforce protection at the silicon level:Trusted Execution Environments. NVIDIA Hopper and Blackwell GPUs running in Confidential Computing mode provide hardware-encrypted GPU memory that the host cannot access at runtime. Intel Trust Domain Extensions (Intel TDX) provide CPU-level isolation on each node.Remote Attestation. Before any decryption key is released, the model builder cryptographically verifies that the host hardware and software stack match expected configurations. A compromised or misconfigured host fails attestation and never receives keys.Post-Quantum Key Exchange. Corvex uses ML-KEM (Kyber-768), a post-quantum key encapsulation mechanism, to protect the key handoff between the model builder's infrastructure and the trusted execution environment. The keys for the handoff are ephemeral, and the private key never exists outside the GPU's protected VRAM. Model weights that take years to develop and may remain valuable for decades are protected against future cryptographic threats.The result: model weights exist in cleartext only inside hardware-protected GPU memory during active inference. They are never present in system RAM and never accessible to the host kernel or hypervisor.Open Source Foundation, Auditable by DesignUnlike closed-source commercial alternatives, Corvex Secure Model Weights is built on and contributes to the open source community. The solution uses the Confidential Containers (CoCo) project under the Cloud Native Computing Foundation as its orchestration layer, providing vendor-neutral, community-audited security that customers can independently verify."Model builders and security-conscious enterprises are now able to choose infrastructure partners based on verifiable security, not just price and availability," said Jay Crystal, Co-CEO and Co-Founder of Corvex. "An open source foundation and owner-controlled key custody are what make that security auditable and trustworthy. We built Secure Model Weights so that the model builder never has to take our word for it. The math and the hardware speak for themselves."Who It ServesFrontier AI model builders can now deploy at production scale on third-party infrastructure without operator trust assumptions, eliminating the risk of model weight exfiltration while maintaining sovereign key control.Regulated enterprises, federal customers, and model builders who focus on these customer segments – including those working with healthcare data, financial datasets, defense workloads, and trade-secret-embedded fine-tuned models – can deploy on external infrastructure that previously often required on-premises isolation. Secure Model Weights provides the hardware-enforced, cryptographically verifiable protection required for these sensitive datasets.Availability Corvex Secure Model Weights enters early availability on March 12, 2026. To learn more or request early access, visit www.corvex.ai/confidential-computing.About CorvexCorvex is an engineering-led AI infrastructure platform specializing in GPU-accelerated infrastructure for AI workloads and purpose-built for secure, high-performance compute. The company designs environments where security and speed are embedded at the core of the product, not layered on top. Corvex engineers provide end-to-end infrastructure architecture, diagnosing misconfigurations, hardening systems against threat exposure, and optimizing GPU utilization at scale. For more information, visit corvex.ai.
As previously announced, on November 10, 2025, Corvex announced a definitive agreement with Movano Inc. (Nasdaq: MOVE) ("Movano") to combine the companies in an all-stock transaction (the "Merger").Cautionary Statements Regarding Forward-Looking StatementsThis press release contains forward-looking statements. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, projected growth, product capabilities and customer deployment, business strategy and plans and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those contained in any forward-looking statements we may make. Nothing in this press release should be regarded as a representation by any person that these results will be achieved, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.comNo Offer or SolicitationThis press release and the information contained herein is not intended to and does not constitute a solicitation of a proxy, consent or approval with respect to any securities or in respect of the proposed transactions, including the Merger, between Movano and Corvex (the "Proposed Transactions") or an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities pursuant to the Proposed Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law, or an exemption therefrom. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.Additional Information and Where to Find ItThis press release relates to the Proposed Transactions involving Movano and Corvex and may be deemed to be solicitation material in respect of the Proposed Transactions. In connection with the Proposed Transactions, Movano and Corvex have filed relevant materials with the SEC, including a registration statement on Form S-4 (File No. 333-292321) (the "Form S-4") that contains a proxy statement (the "Proxy Statement") and prospectus. This press release is not a substitute for the Form S-4, the Proxy Statement or for any other document that Movano has filed or may file with the SEC and/or send to Movano's stockholders in connection with the Proposed Transactions. MOVANO URGES, BEFORE MAKING ANYVOTING DECISION, INVESTORS AND STOCKHOLDERS TO READ THE FORM S-4, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, ASWELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAINIMPORTANT INFORMATION ABOUT MOVANO, CORVEX, THE PROPOSED TRANSACTIONS ANDRELATED MATTERS.Investors and stockholders will be able to obtain free copies of the Form S-4, the Proxy Statement and other documents filed by Movano with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Movano's Internet website address is www.movanohealth.com. Movano's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form8-K, including exhibits, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge through the investor relations page of its Internet website as soon as reasonably practicable after it electronically files such material with, or furnish it to, the SEC. Movano's Internet website and the information contained therein or connected thereto are not intended to be incorporated into this report.Participants in the SolicitationMovano, Corvex, and their respective directors and certain of their executive officers and other members of management may be deemed to be participants in the solicitation of proxies from Movano's stockholders in connection with the Proposed Transactions under the rules of the SEC. Information about Movano's directors and executive officers, including a description of their interests in Movano, is included in Movano's most recent Annual Report on Form 10-K for the year ended December 31, 2024. Additional information regarding the persons who may be deemed participants in the proxy solicitations, including the directors and executive officers of Corvex, and a description of their direct and indirect interests, by security holdings or otherwise, are also included in the Form S-4, the Proxy Statement and other relevant materials to be filed with the SEC when they become available. These documents can be obtained free of charge from the sources indicated above.

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Original: Corvex Launches Secure Model Weights, Delivering Hardware-Enforced Protection for AI Inference on Third-Party Infrastructure