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MOVE, Corvex Inc.
Our platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources.
The descriptions of the two business divisions, their corresponding products, and business models are detailed below.
Our infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance and efficiency at scale.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~49 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Retention and the cost of growth. What decides it: whether customers expand rather than churn, how much of revenue is spent winning the next one, and whether software's gross margin holds as it scales. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Revenue up 3590.3% year over year
figures computed from the filing's XBRL
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned a $24M loss into ($23M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | |
|---|---|
| Reported net income | ($24M) |
| Depreciation & amortizationnon-cash charge added back | +$166K |
| Stock-based compensationreal costnon-cash, but a real cost | +$3M |
| Working capital & othertiming of cash in and out, other non-cash items | −$2M |
| Cash from operations | ($23M) |
| Capital expenditurecash put back in to keep running and to grow | −$8K |
| Owner earnings | ($23M) |
| Owner-earnings marginowner earnings ÷ revenue | -2225% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $3M), owner earnings is nearer ($26M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
“We have identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- Net debt against an operating lossCash $3M − debt $11M
What this means
Netting $3M of cash and short-term investments against $11M of debt leaves $9M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below averageNOPAT ($12M) ÷ invested capital $5M (debt + equity − cash)Industry peers: median -79%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Not enough dataIndustry peers: median 7%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? ($11M)Loss, and burning cashNet income ($18M) · cash from operations ($11M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 672.7%The count is risingStock compensation $3M (fiscal 2025), 672.7% of revenue · no repurchases · diluted shares +39.6% since 2024
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 0 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $433K
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.57×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $11M vs ($4M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.76/share (latest year $-0.66), the averaged base the calculator's gate runs on, and book value is $-0.13/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$22M
- Receivables$2M
- Inventory$2M
- Other current assets$3M
- Accounts payable$4M
- Other current liabilities$12M
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership23.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$3M
The slice of the business handed to employees in shares in fiscal 2025, 672.7% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes, Inventory, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, IT Services & Consulting
The same industry, side by side on owner economics and what the growth costs. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record | Stock paylatest FY |
|---|---|---|---|---|---|---|
| MFImF International Limited | $4M | 50% | 20.9% | 44% | 35% | — |
| DGNXDiginex Limited | $4M | — | -447.5% | -453%1y | — | — |
| PHUNPhunware Inc. | $3M | 51% | -166.6% | -124% | -110% | — |
| SHAZSharonAI Holdings Inc. | $2M | -29%2y | -880.0%1y | -12%1y | -299%1y | 112.5% |
| MOVECorvex Inc. | $433K | — | — | -243%1y | — | 672.7% |
| SVREWSaverOne 2014 Ltd. | $341K | 30% | — | -1364% | — | — |
| PAGSPagSeguro Digital Ltd. Class A | as filed: R$18.8B | 48% | 32.0% | — | 7% | — |
| SJSCIENJOY HOLDING CORPORATION | as filed: CN¥1.2B | 18% | 3.0% | 3% | 7% | — |
| Group median | — | — | — | -124% | — | — |
The price
What a price has to assume.
What the price implies
reverse-DCFThe owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← MOV its page in the Manual MP →
Industry order: ← MGRT the IT Services & Consulting chapter MWC →