Corvex Reports 31% Sequential Revenue Growth in Q3 2026 Amid AI Infrastructure Expansion
Corvex (MOVE) reported third-quarter revenue of $5 million, marking a 31% sequential increase from the previous quarter. This growth was driven by newly online capacity as the company transitions into a pure-play AI cloud computing provider. The company's contracted Annual Recurring Revenue (ARR) on live compute reached $21.7 million as of November 12. Despite revenue gains, Corvex reported a net loss of $17.5 million ($0.60 per share) and an adjusted EBITDA of negative $3.2 million. The company strengthened its liquidity position with $42 million in cash following a $31 million private placement. Looking ahead, management expects 6.2 megawatts of new capacity to be ready in the fourth quarter of 2026, potentially pushing total capacity beyond 20 megawatts by 2027.
Coverage
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