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Get filing alertsCorvex reports $3.8M Q2 revenue, $22M contracted annualized recurring revenue in AI compute
Filed August 14, 2026 · Period ending August 14, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue of $3.8M and net loss of $12.8M ($5.12/share); first full quarter including AI cloud computing business following March 2026 merger. Adjusted EBITDA loss of $3.2M.
Exhibit 99.1 view on EDGAR → -
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Contracted annualized recurring revenue on live AI compute capacity reached ~$22M as of Aug 14, 2026, representing fixed contractual fees on delivered, revenue-generating capacity.
Exhibit 99.1 view on EDGAR → -
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Deferred revenue grew to $3.7M at June 30, 2026 from $12K at Dec 31, 2025, reflecting contracted AI compute capacity not yet recognized as revenue.
Exhibit 99.1 view on EDGAR → -
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Completed exit from legacy healthcare business on June 30, 2026 by transferring assets to lender in full satisfaction of Bridge Loan, recognizing $2.5M non-cash gain.
Exhibit 99.1 view on EDGAR → -
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Post-quarter capital structure simplified via stockholder-approved conversions: Series A and C Preferred fully converted to common; ~56.6M common shares outstanding on as-converted basis as of July 8, 2026.
Exhibit 99.1 view on EDGAR →
Summary
Corvex reported its first full quarter as an AI cloud computing provider following the March 2026 merger, posting Q2 revenue of $3.8 million and a net loss of $12.8 million. The company disclosed contracted annualized recurring revenue of approximately $22 million on live compute capacity as of mid-August, representing fixed contractual commitments on delivered infrastructure.
Deferred revenue jumped to $3.7 million from near zero at year-end, indicating future revenue visibility from existing customer contracts. All AI platform revenue comes from fixed-term contracts rather than spot pricing. The quarter also marked Corvex's complete exit from its legacy healthcare business, transferring those assets to a lender in full satisfaction of debt and recognizing a $2.5 million non-cash gain.
Post-quarter, stockholders approved a material capital structure simplification, converting Series A and C Preferred Stock fully to common and partially converting Series D Preferred, leaving approximately 56.6 million common shares outstanding on an as-converted basis. The combination of contracted recurring revenue, growing deferred revenue, and simplified equity structure positions the company as a pure-play AI infrastructure provider, though profitability remains a future milestone given the $3.2 million adjusted EBITDA loss.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Corvex announced Q2 2026 financial results via press release; detailed figures not disclosed in the 8-K body.
Added in current filing · verify on EDGAR →
On August 14, 2026, Corvex, Inc. announced its financial results for the quarter ended June 30, 2026.
Corvex disclosed financial results for the quarter ended June 30, 2026. The 8-K body does not provide specific revenue, earnings, or other quantitative metrics; those details are contained in the press release furnished as Exhibit 99.1, which is not included in the provided text.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Contracted annualized revenue on live compute was approximately $22 million as of August 14, 2026. Corvex defines this operating metric as the annualized value of fixed contractual fees on capacity that has been delivered, accepted by the customer and is generating revenue as of the stated date.
The company disclosed that contracted annualized recurring revenue on live compute reached approximately $22 million as of August 14, 2026. This metric represents the annualized value of fixed contractual fees on capacity already delivered and generating revenue, excluding capacity not yet live. All AI Platform revenue is generated under fixed-term contracts rather than spot pricing.
Added in current filing · view on EDGAR →
On June 30, the Company also completed the transfer of its legacy healthcare assets to the lender in full satisfaction of the related Bridge Loan, extinguishing that obligation and recognizing a $2.5 million non-recurring, non-cash gain on disposal.
On June 30, 2026, Corvex transferred its legacy healthcare assets to a lender in full satisfaction of the related Bridge Loan, extinguishing the debt obligation. The company recognized a $2.5 million non-recurring, non-cash gain on this disposal, completing the exit from its pre-merger healthcare business.
Added in current filing · view on EDGAR →
On July 1, 2026, stockholders approved proposals resulting in the full conversion of Series A Preferred Stock and Series C Preferred Stock to Common Stock and the partial conversion of Series D Preferred Stock to Common Stock. As of July 8, 2026, the Company had approximately 27.6 million shares of Common Stock outstanding and 28,930 shares of Series D Preferred Stock outstanding, convertible into approximately 28.9 million shares of Common Stock.
Following quarter end, Corvex materially simplified its capital structure through stockholder-approved conversions. Series A and Series C Preferred Stock fully converted to Common Stock, while Series D Preferred Stock partially converted. As of July 8, 2026, the company had approximately 27.6 million common shares outstanding and 28,930 Series D Preferred shares convertible into approximately 28.9 million common shares, representing approximately 56.6 million common shares on an as-converted basis.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 17, 2026 · How we verify