Corvex, Inc.

On a reported basis, first-quarter 2026 revenue was $510,000 and operating loss was $4.8 million. Management said reported results only included Corvex’s AI platform for 12 days after the March 19 merger, while legacy healthcare operations were included for the full quarter. On a pro forma basis assuming the acquisition closed on January 1, 2025, Q1 2026 revenue was $3.65 million, nearly all from Corvex’s AI platform, and adjusted pro forma EBITDA was a loss of $933,000. At March 31, 2026, total assets were $604 million, including more than $29 million in cash.

CEO Jay Crystal said Corvex is being built to capture what he called a once-in-a-generation shift in AI computing infrastructure, with demand rising for secure, scalable AI workloads. He laid out a three-layer strategy: AI infrastructure through AI factories, AI inference through token factory, and confidential computing to secure sensitive workloads. His tone was optimistic and positioning-oriented, emphasizing differentiation from commodity compute providers and saying the company is early but believes its strategic foundation is strong.

CFO Jeremy Cogan focused on the accounting and transaction context of the quarter, noting the March 19 merger with Corvex OpCo, the company rename effective March 23, 2026, and the stock dividend distributed on April 6, 2026. He emphasized that reported Q1 numbers were not fully comparable because the acquired AI platform was in the results for only 12 days, and he highlighted the company’s pro forma disclosure as a clearer view of the combined business. Financially, he cited $510,000 of reported revenue, a $4.8 million operating loss, $3.65 million of pro forma revenue, negative $933,000 of adjusted pro forma EBITDA, and more than $29 million in cash within $604 million of total assets.

There was no analyst Q&A on the call. Management explicitly said it would not take questions because the reported results reflected only a limited operating period during the first quarter. As a result, there were no direct follow-up questions on revenue mix, margins, cash burn, or near-term guidance.