Corvex Shares Down After Reporting 1H Loss

Dow Jones
09/05
 

Shares of Corvex declined after the company reported a loss for the first half of the year.

The stock was off by 7.5% to $13.63 in after-hours trading on Friday. The shares closed 2.9% higher at $14.74 in the regular trading session, and are up 141% this year.

The AI cloud-computing company filed historical financial data with the Securities and Exchange Commission following the merger between Corvex Legacy Holdings and Movano.

That filing showed the combined company had a loss of $26.3 million, or 94 cents a share, in the first six months of the year. Revenue was $4.3 million during the same period.

In May, Corvex posted a first-quarter loss of $5 million on $510,000 of revenue in its inaugural earnings report following the merger.

 
 

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