Revenue grew 35.9% sequentially to $3.8M in Q2 2026, but this growth masks a structural profitability crisis, as a -26.1% gross margin and SG&A of $12.9M (339% of revenue) demonstrate severe negative operating leverage and an unproven path to sustainable profitability.
Corvex, Inc. (MOVE) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 4.43M | 433K | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 843.62% | -57.26% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 7.4M | 2.27M | 3.01M | 158K | 134K | 0 | 0 | 11K | 3K |
| COGS % of Revenue | - | 524.94% | 296.84% | - | - | - | - | - | - |
| Gross Profit | -2.96M | -1.84M | -1.99M | -158K | -134K | 0 | 0 | -11K | -3K |
| Gross Margin % | -66.79% | -424.94% | -196.84% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 7.72% | -1162.03% | -17.91% | - | - | 100% | -266.67% | - |
| Operating Expenses | 24.11M | 13.66M | 22.23M | 29.53M | 30.33M | 19.8M | 11.11M | 8.5M | 3.49M |
| OpEx % of Revenue | - | 3155.43% | 2194.27% | - | - | - | - | - | - |
| Selling, General & Admin | 22.66M | 7.92M | 11.03M | 12.8M | 11.47M | 6.53M | 2.73M | 1.99M | 604K |
| SG&A % of Revenue | - | 1829.79% | 1089.14% | - | - | - | - | - | - |
| Research & Development | 4.14M | 5.74M | 11.2M | 16.73M | 18.99M | 13.43M | 8.37M | 6.51M | 2.89M |
| R&D % of Revenue | - | 1325.64% | 1105.13% | - | - | - | - | - | - |
| Other Operating Expenses | -1.5M | 0 | 0 | 0 | 0 | -154K | 0 | 0 | 0 |
| Operating Income | -27.07M | -15.5M | -24.22M | -29.69M | -30.46M | -19.8M | -11.11M | -8.51M | -3.5M |
| Operating Margin % | -610.33% | -3580.37% | -2391.12% | - | - | - | - | - | - |
| Operating Income Growth % | - | 36% | 18.42% | 2.53% | -53.83% | -78.29% | -30.49% | -143.48% | - |
| EBITDA | -23.16M | -15.35M | -24.06M | -29.53M | -30.32M | -19.73M | -11.09M | -8.5M | -3.49M |
| EBITDA Margin % | -522.25% | -3545.96% | -2374.73% | - | - | - | - | - | - |
| EBITDA Growth % | -13.5% | 36.17% | 18.54% | 2.58% | -53.66% | -77.83% | -30.5% | -143.37% | - |
| D&A (Non-Cash Add-back) | 3.91M | 149K | 166K | 158K | 147K | 74K | 13K | 11K | 3K |
| EBIT | -26.96M | -15.32M | -23.73M | -29.28M | -30.33M | -20.89M | -12.03M | -8.44M | -3.49M |
| Net Interest Income | -3.22M | -2.78M | 495K | 407K | 0 | -861K | -977K | 59 | 0 |
| Interest Income | 85K | 183K | 495K | 407K | 133K | 22K | 27K | 59 | 0 |
| Interest Expense | 3.31M | 2.96M | 0 | 0 | 133K | 883K | 1M | 0 | 0 |
| Other Income/Expense | -564K | -2.78M | 495K | 407K | 133K | -1.97M | -1.92M | 72K | 8K |
| Pretax Income | -27.63M | -18.29M | -23.73M | -29.28M | -30.33M | -21.77M | -13.03M | -8.44M | -3.49M |
| Pretax Margin % | -623.04% | -4222.86% | -2342.25% | - | - | - | - | - | - |
| Income Tax | 20K | 0 | 0 | 0 | -133K | 809K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.07% | 0% | 0% | 0% | 0.44% | -3.72% | 0% | 0% | 0% |
| Net Income | -27.65M | -18.29M | -23.73M | -29.28M | -30.2M | -22.58M | -14.04M | -8.44M | -3.49M |
| Net Margin % | -623.49% | -4222.86% | -2342.25% | - | - | - | - | - | - |
| Net Income Growth % | -36.76% | 22.94% | 18.97% | 3.02% | -33.72% | -60.9% | -66.29% | -141.97% | - |
| Net Income (Continuing) | -27.65M | -18.29M | -23.73M | -29.28M | -30.2M | -22.58M | -13.03M | -8.44M | -3.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.03 | -0.27 | -0.39 | -0.63 | -0.91 | -0.69 | -0.44 | -0.26 | -0.11 |
| EPS Growth % | -822.79% | 30.77% | 38.1% | 30.77% | -31.88% | -56.82% | -69.23% | -136.36% | - |
| EPS (Basic) | - | -0.27 | -0.39 | -0.63 | -0.91 | -0.69 | -0.44 | -0.26 | -0.11 |
| Diluted Shares Outstanding | 2.51M | 84.07M | 60.23M | 46.2M | 33.03M | 32.77M | 32.12M | 32.12M | 32.12M |
| Basic Shares Outstanding | 2.51M | 84.07M | 60.23M | 46.2M | 33.03M | 32.77M | 32.12M | 32.12M | 32.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MOVE stock.
For fiscal year 2025, Corvex, Inc. (MOVE) reported total revenue of $0.4M.
Corvex, Inc. (MOVE) reported a net loss of $18.3M for the fiscal year ending 2025.
Corvex, Inc. (MOVE) reported an operating income of $-15.5M, resulting in an operating profit margin of -3580.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Corvex, Inc. (MOVE) generated $-1.8M in gross profit for the year, representing a gross profit margin of -424.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity crisis.
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Nascent Pivot
Revenue growth is highly erratic, swinging from a 147.6% sequential surge in Q1 2026 to a 35.9% rise in Q2 2026, indicating a volatile and unproven commercial model despite the recent quarter's $3.8M revenue.
The revenue trajectory shows no stable trend, with wild swings driven by the erratic launch of hardware and the nascent AI infrastructure segment. The sequential 147.6% growth from Q1 to Q2 2026 appears significant but follows a quarter with minimal revenue, making it an unreliable indicator of durable growth. This pattern suggests the company lacks a predictable sales pipeline and remains in a highly experimental phase of monetization.
Structural Margin Crisis Undermines Viability
Gross margins remain severely negative, with a -26.1% reading in Q2 2026 according to the income statement data, indicating that the company is selling its core offerings at a significant loss before accounting for substantial operating overhead.
The consistently negative gross margin, which worsened dramatically in Q1 2026 to -161.6% before improving slightly, is the most alarming structural issue. This implies that unit economics are deeply unprofitable, likely due to a combination of low manufacturing scale, high initial production costs, and possibly product returns. Without a path to positive gross margins, the business model appears unsustainable regardless of top-line growth.
Operating Leverage Runs in Reverse
As reported in the financial statements, operating losses have expanded dramatically, with the Q2 2026 operating loss of $15.2M vastly exceeding the $993K gross loss, demonstrating severe negative operating leverage as SG&A costs balloon.
The company exhibits punishing negative operating leverage. While the gross loss improved sequentially, SG&A expenses spiked to $12.9M in Q2 2026, consuming almost all revenue and dwarfing R&D spending. This suggests a rapid, expensive scaling of corporate and sales infrastructure that is not yet generating commensurate returns, creating a larger cash burn hole with each incremental dollar of revenue.
SG&A Surge Dwarfs Revenue Generation
SG&A expense surged to $12.9 million in Q2 2026, representing over 339% of that quarter's revenue, indicating that overhead and commercialization costs are growing at a pace entirely disconnected from the company's top-line scale.
The cost structure is currently dominated by SG&A, which jumped from $3.7M in Q1 to $12.9M in Q2, a quarter-over-quarter increase of 248%. This explosion in overhead, concurrent with only moderate revenue growth, suggests either major investments in market entry or potentially unsustainable operational spending. The ratio of SG&A to revenue highlights a critical misalignment between cost outlays and income generation.
Massive SBC Distorts Net Income
Stock-based compensation of $9.4 million in Q2 2026, as reported in the income statement, significantly inflates reported losses and indicates heavy shareholder dilution to fund operations, reducing the economic value for existing investors.
The quality of net income is severely degraded by non-cash charges, with SBC representing a large portion of the overall loss in Q2 2026. This signals that the company is relying heavily on equity-based pay to compensate employees, which, while preserving cash, directly dilutes shareholders. The trend of rising SBC alongside rising losses suggests this is a core, not incidental, part of the funding strategy.
Bull Case Hinges on Unproven Revenue Recognition
The most significant analytical challenge is whether the Q2 2026 revenue recognition is sustainable, as the $3.8M recognized versus ~$22M in contracted ARR suggests potential timing lags that could mask future volatility.
The short-seller's primary focus would be the discrepancy between recognized revenue and contracted annualized recurring revenue. If the company is recognizing revenue upfront before full customer acceptance or service delivery, the reported growth may not be durable. This warrants close monitoring for potential revenue reversals or clawbacks, which would further exacerbate the company's precarious financial position and liquidity risk.