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- Material Weakness (worsened) — Material weaknesses in control environment, IT general controls, and process-level controls persist unchanged from December 31, 2024 through December 31, 2025, indicating no remediation progress over the twelve-month period.
Corvex completes AI cloud pivot, posts $3.8M revenue as net loss widens 3590.3% on non-ops
Filed August 14, 2026 · Period ending June 30, 2026 · Compared to 10-Q Sep 24, 2025 · ~2 min read
Key Changes
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Net loss widened 298% to $12.8M while operating loss widened 367% to $15.2M — the net-income change did not come from operations. Net income exceeded operating income by $2.4M, indicating a below-the-line contribution the filing does not identify.
MD&A: Operating Results verify on EDGAR → -
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Corvex acquisition closed March 2026, transforming the company from healthcare wearables (Evie Ring) to AI cloud computing (GPU-accelerated infrastructure). Legacy healthcare assets transferred to lender June 2026 to settle $1.5M bridge loan, generating $2.5M gain on disposal.
MD&A: Business Transformation verify on EDGAR → -
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AI Platform revenue reached $3.8M in Q2 2026 (up 3590% from $103k in Q2 2025), driven by fixed-term contracts for reserved GPU compute and storage capacity. Six-month revenue totaled $4.3M versus $309k prior year.
MD&A: Revenue verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 17, 2026 · How we verify