Detailed financial statements for Corvex, Inc. (MOVE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Corvex, Inc., an AI cloud computing company, provides GPU-accelerated infrastructure for AI workloads to customers worldwide. The company provides graphics processing unit accelerated compute, confidential computing, token factory, and inference services purpose-built to protect and perform. It also offers an artificial intelligence cloud computing services specializing in graphics processing unit accelerated infrastructure for AI workloads.
Analysis Summary
Trailing-twelve-month margins: gross margin -424.9%, operating margin -35.8%, net margin -42.2%.
At the current price of $10.92, MOVE has negative trailing earnings (P/E not meaningful) and an ROE of 5.26%. Market capitalisation stands at $8M.
Balance sheet quality for MOVE: current ratio of 0.6, net debt of $2.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $1.0M | $433000 |
| Cost of Revenue | $3000 | $11000 | 0 | 0 | $134000 | $158000 | $3.0M | $2.3M |
| Gross Profit | -$3000 | -$11000 | 0 | 0 | -$134000 | -$158000 | -$2.0M | -$1.8M |
| Research & Development | $2.9M | $6.5M | $8.4M | $13.4M | $19.0M | $16.7M | $11.2M | $5.7M |
| Selling, General & Admin | $604000 | $2.0M | $2.7M | $6.5M | $11.5M | $12.8M | $11.0M | $7.9M |
| Operating Expenses | $3.5M | $8.5M | $11.1M | $19.8M | $30.3M | $29.5M | $22.2M | $13.7M |
| Operating Income | -$3.5M | -$8.5M | -$11.1M | -$19.8M | -$30.5M | -$29.7M | -$24.2M | -$15.5M |
| EBITDA | -$3.5M | -$8.4M | -$12.0M | -$20.8M | -$30.2M | -$29.1M | -$23.6M | -$15.2M |
| Interest Expense | 0 | 0 | $1.0M | $883000 | $133000 | 0 | 0 | $3.0M |
| Pre-tax Income | -$3.5M | -$8.4M | -$13.0M | -$21.8M | -$30.3M | -$29.3M | -$23.7M | -$18.3M |
| Income Tax | 0 | 0 | 0 | $809000 | -$133000 | 0 | 0 | 0 |
| Net Income | -$3.5M | -$8.4M | -$14.0M | -$22.6M | -$30.2M | -$29.3M | -$23.7M | -$18.3M |
| EPS | $-0.11 | $-0.26 | $-0.44 | $-0.69 | $-0.91 | $-0.63 | $-0.39 | $-0.27 |
| EPS (Diluted) | $-0.11 | $-0.26 | $-0.44 | $-0.69 | $-0.91 | $-0.63 | $-0.39 | $-0.27 |
| Shares Outstanding (Diluted) | $32.1M | $32.1M | $32.1M | $32.8M | $33.0M | $46.2M | $60.2M | $84.1M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.2M | $4.3M | $5.7M | $17.7M | $10.8M | $6.1M | $7.9M | $2.8M |
| Short-term Investments | 0 | 0 | 0 | $15.9M | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $500000 | $166000 | 0 | $450000 | $52000 | $107000 |
| Inventory | 0 | 0 | 0 | -$166000 | 0 | $1.1M | $2.0M | $1.8M |
| Total Current Assets | $3.2M | $4.5M | $6.9M | $35.1M | $11.6M | $8.5M | $10.4M | $5.0M |
| Property, Plant & Equipment | $49000 | $51000 | $38000 | $529000 | $443000 | $589000 | $213000 | $516000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $3.4M | $4.9M | $7.1M | $36.3M | $13.2M | $9.4M | $11.3M | $5.6M |
| Accounts Payable | $7000 | $15000 | $246000 | $311000 | $557000 | $3.1M | $2.0M | $3.5M |
| Short-term Debt | 0 | 0 | $248000 | 0 | 0 | 0 | 0 | $4.4M |
| Total Current Liabilities | $370000 | $858000 | $1.2M | $3.2M | $5.0M | $5.9M | $3.4M | $8.8M |
| Long-term Debt | 0 | 0 | $11.4M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $391000 | $890000 | $15.1M | $3.5M | $5.3M | $6.0M | $4.0M | $9.1M |
| Retained Earnings | -$5.6M | -$19.9M | -$40.9M | -$64.8M | -$95.1M | -$124.4M | -$148.1M | -$166.4M |
| Total Equity | $3.0M | $4.0M | -$8.1M | $32.7M | $7.9M | $3.4M | $7.4M | -$3.5M |
| Total Debt | 0 | 0 | $11.7M | 0 | $426000 | $217000 | $186000 | $4.9M |
| Net Debt | -$3.2M | -$4.3M | $6.0M | -$33.6M | -$10.3M | -$5.9M | -$7.7M | $2.1M |
| Working Capital | $2.8M | $3.7M | $5.7M | $31.8M | $6.7M | $2.6M | $6.9M | -$3.8M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$3.5M | -$8.4M | -$13.0M | -$21.8M | -$30.3M | -$29.3M | -$23.7M | -$18.3M |
| Depreciation & Amortization | $3000 | $11000 | $13000 | $74000 | $147000 | $158000 | $166000 | $149000 |
| Stock-based Compensation | $25091 | $90000 | $713000 | $1.9M | $3.1M | $3.0M | $3.2M | $2.9M |
| Change in Working Capital | $189000 | $124000 | -$725000 | $1.3M | $2.0M | -$269000 | -$2.5M | $207000 |
| Operating Cash Flow | -$3.3M | -$8.2M | -$10.7M | -$16.2M | -$24.9M | -$26.2M | -$22.5M | -$11.3M |
| Capital Expenditure | -$52000 | -$13000 | 0 | -$565000 | -$105000 | -$64000 | -$8000 | 0 |
| Acquisitions | 0 | 0 | 0 | $16134 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.3M | -$8.2M | -$10.7M | -$16.7M | -$25.0M | -$26.2M | -$22.5M | -$11.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -57.3% | |||||||
| Net Income Growth (YoY) | -142.0% | -66.3% | -60.9% | -33.7% | +3.0% | +19.0% | +22.9% | |
| EPS Growth (YoY) | -136.4% | -69.2% | -56.8% | -31.9% | +30.8% | +38.1% | +30.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +2.0% | +0.8% | +39.9% | +30.4% | +39.6% | |
| FCF Growth (YoY) | -147.6% | -29.4% | -57.0% | -49.3% | -4.9% | +14.1% | +50.0% | |
| Gross Margin | -196.8% | -424.9% | ||||||
| Operating Margin | -2391.1% | -3580.4% | ||||||
| EBITDA Margin | -2325.9% | -3503.7% | ||||||
| Net Margin | -2342.3% | -4222.9% | ||||||
| FCF Margin | -2225.2% | -2602.3% | ||||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -3.7% | 0.4% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.10 | $-0.26 | $-0.33 | $-0.51 | $-0.76 | $-0.57 | $-0.37 | $-0.13 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $32.1M | $32.1M | $32.1M | $32.8M | $33.0M | $46.2M | $60.2M | $84.1M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 526.34% |
| Return on Invested Capital | -1085.64% |
| Return on Assets | -326.52% |
| Gross Margin | -424.94% |
| Operating Margin | -3580.37% |
| Net Margin | -4222.86% |
Financial Health
| Debt / Equity | -1.41 |
| Current Ratio | 0.57 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -9000.00 | -3807.69 | -2250.00 | -826.09 | -214.29 | -186.03 | -138.46 | -30.78 |
| P/B | 10551.81 | 7956.76 | -3944.82 | 570.73 | 813.65 | 1569.76 | 442.23 | -201.10 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3210.86 | 1613.48 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -196.8% | -424.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -2391.1% | -3580.4% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -2342.3% | -4222.9% |
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Explore sector: Technology · Software - Infrastructure
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