Breaking Down Movano Inc. (MOVE) Financial Health: Key Insights for Investors

If you're looking at Movano Inc. (MOVE), you need to see past the big health-tech vision and focus on the cash runway; the numbers from the third quarter of 2025 tell a clear, high-stakes story. The company reported a Q3 2025 net loss of $4.03 million, which, while an improvement from the prior year, still significantly outpaces the meager Q3 revenue of just $0.08 million, missing analyst revenue estimates by a wide margin. This disconnect is the core risk, so despite the massive opportunity from the EvieMED Ring's FDA 510(k) clearance-which opens a potential $40 billion business-to-business (B2B) market-the company's cash position is defintely the immediate concern. Specifically, cash and cash equivalents plummeted to only $2 million as of September 30, 2025, down from $7.9 million at the end of 2024, meaning management anticipates needing further financing to sustain operations past the first quarter of 2026. That's a very tight window.

Revenue Analysis

You need to look past the small absolute numbers at Movano Inc. (MOVE) and focus on the revenue trajectory and the strategic shift, because the near-term picture is mixed, but the underlying product shift is crucial. The company's trailing twelve months (TTM) revenue as of mid-2025 was only $470.00K, a significant year-over-year decline of -44.84% from the 2024 annual revenue of $1.01M.

Here's the quick math: the decline for the first nine months of 2025 is even starker, with sales dropping to $0.389 million from $0.902 million in the same period a year ago, representing a -56.9% decrease. That's a massive contraction. Still, the most recent quarter shows a positive sign, with Q3 2025 revenue increasing to $80,000 from $50,000 in Q3 2024, a 60% jump. The revenue is small, but the growth rate is encouraging.

The primary revenue stream for Movano Inc. currently comes from the consumer sales of its flagship product, the Evie Ring, a biometric monitoring device designed for women. The company's revenue streams are overwhelmingly product-based, with little segmentation currently reported, though the long-term strategy is shifting. This revenue is generated primarily in North America.

The significant change in the revenue stream isn't just the decline in the first half of 2025-attributed to reduced marketing and lower sales volume-but the strategic pivot toward enterprise opportunities. Movano Inc. is actively pursuing business-to-business (B2B) commercial agreements for the EvieMED Ring, which has secured FDA 510(k) clearance. This is a critical move to transition from a low-volume consumer product to a higher-margin, more predictable revenue source from healthcare payors and pharmaceutical companies, which is expected to commence in late 2024/early 2025 and develop further into calendar 2025.

• Q3 2025 Revenue: $80,000 (up 60% YoY)
• 9M 2025 Sales: $0.389 million (down -56.9% YoY)
• Primary Product: Evie Ring (Consumer)
• Growth Segment: EvieMED Ring (B2B/Enterprise Focus)

What this estimate hides is that while analysts are projecting an annual revenue growth rate that jumped from 288.1% to an incredibly optimistic 526.5% as of late October 2025, this future growth is entirely dependent on the successful execution of the B2B strategy and the EvieMED rollout. The current consumer sales alone simply won't sustain the business. You need to see concrete contract announcements to validate this massive projected growth.

For a deeper dive into the company's long-term goals, you should review their Mission Statement, Vision, & Core Values of Movano Inc. (MOVE).

Profitability Metrics

Movano Inc. (MOVE) is defintely not a profitable company right now; its margins are deeply negative as it remains in the pre-scale, development, and commercialization phase for its Evie Ring product. The direct takeaway is that all key profitability metrics show substantial losses, meaning the company is burning cash to fund operations and product development.

Looking at the Trailing Twelve Months (TTM) data ending September 30, 2025, the numbers paint a clear picture of a company still heavily investing in its future. Total TTM Revenue was only $0.5 million. Here's the quick math on the key margins:

• Gross Profit Margin: The TTM Gross Profit was a loss of -$1.35 million against $0.5 million in revenue, resulting in a margin of approximately -270%. This means the cost of revenue ($1.85 million) is significantly higher than the revenue generated.
• Operating Profit Margin: The TTM Operating Income was a loss of -$15.78 million, giving an Operating Profit Margin of roughly -3156%.
• Net Profit Margin: The TTM Net Income loss was -$17.05 million, leading to a Net Profit Margin of about -3410%.

These figures are stark, but they reflect a typical profile for a clinical-stage technology company with a new product like the Evie Ring, which received FDA 510(k) clearance for its pulse oximetry feature in November 2024.

Profitability Trends and Operational Efficiency

Despite the massive negative margins, there is a positive trend in the rate of loss. For the quarter ending June 30, 2025, the Net Income Loss was $3.22 million, which is a significant improvement from the $6.19 million loss reported in the same quarter of the previous year. Similarly, the Operational Loss for Q2 2025 narrowed to $3.26 million from $6.39 million in Q2 2024. This narrowing of losses suggests the company is managing its cost structure more effectively, which is a crucial step for any pre-revenue company.

However, operational efficiency remains a major challenge. The high Cost of Revenue, which drives the deeply negative Gross Margin, shows that the company is spending more than twice the revenue to produce its product. This is not sustainable. The operational loss of $3.26 million in Q2 2025 is still substantial, and the company reported a Net Loss of $4.03 million in Q3 2025. The high losses are a direct result of the company's aggressive spending on Research & Development and Selling, General & Administrative expenses, which totaled $14.43 million on a TTM basis.

Industry Context and Strategic Shift

When you compare Movano Inc.'s profitability ratios to established health technology companies-like Veeva Systems or Doximity-the difference is night and day. Those companies often boast strong positive margins, reflecting mature, scalable software and service models. Movano's deep negative margins are a red flag in isolation, but they are expected for a firm focused on hardware and clinical validation. The real risk here is not the current loss, but the cash burn rate and the path to a positive gross margin.

The biggest near-term action that changes the profitability outlook is the definitive agreement to merge with Corvex, Inc., an AI cloud computing company, announced in November 2025. This all-stock transaction essentially pivots the public entity away from the Movano Health business, which will be marketed for sale. The merger, expected to close in Q1 2026, positions the combined company in the AI infrastructure space, a completely different, and potentially more profitable, sector. If you want to understand the new investor base and what this means for the stock, you should be Exploring Movano Inc. (MOVE) Investor Profile: Who's Buying and Why?

The table below summarizes the key financial metrics from the most recent TTM period, which is the most relevant data for making a decision today.

Debt vs. Equity Structure

You're looking at Movano Inc. (MOVE)'s balance sheet to understand its risk profile, and the direct takeaway is clear: this company is financed almost entirely by equity, not debt, which is a common but high-risk strategy for a pre-revenue technology firm.

As of its recent financials, Movano Inc. (MOVE) holds a relatively small amount of debt, reporting approximately $613,000 in total debt. This low figure is reflected in the company's Debt-to-Equity (D/E) ratio, which stands at about 0.37, or 37%. To be fair, a D/E ratio this low means the company is not burdened by interest payments, but it also signals a heavy reliance on shareholder capital to fund its operations and substantial net losses, which were $4.03 million in Q3 2025 alone.

Here's the quick math on what that D/E ratio means: for every dollar of shareholder equity, Movano Inc. (MOVE) has only 37 cents of debt. For a mature company, a D/E ratio under 1.0 is defintely a sign of fiscal conservatism, but for a growth-stage medical device company, it shows they are prioritizing equity raises over taking on significant leverage. This approach is typical in the early-stage health-tech sector where cash flow is negative and collateral is primarily intellectual property, which lenders view skeptically.

• Low D/E ratio (0.37) minimizes interest expense.
• High equity reliance leads to substantial shareholder dilution.
• Negative free cash flow (-$17.63 million in the last 12 months) necessitates continuous capital raises.

The company's financing strategy is a delicate balancing act between debt and equity, driven by its immediate liquidity needs, especially with cash and cash equivalents dropping to $2 million by the end of September 2025. The recent activity shows a clear tilt toward equity to keep the lights on and fund development.

This is where the recent financing activity comes in. In November 2025, Movano Inc. (MOVE) raised $3.0 million via Series A Preferred Stock in connection with its merger agreement with Corvex, Inc.. Plus, they secured a massive, albeit conditional, $1.0 billion committed equity facility with Chardan, giving them a multi-year runway for capital access through stock sales. On the debt side, they did extend a loan's maturity to March 31, 2026, which is a short-term liquidity win, but it came with a potential $3.0 million premium repayment clause if legacy assets are sold. This shows they are using small, tactical debt to bridge gaps while relying on large-scale equity for transformation.

The core of their long-term value will come from executing on their product roadmap, which you can read more about in their Mission Statement, Vision, & Core Values of Movano Inc. (MOVE). The current capital structure is an aggressive bet on that future, leveraging shareholder faith for survival and growth, not bank loans.

Liquidity and Solvency

Movano Inc. (MOVE) is currently operating with a tight liquidity profile, which is typical for a pre-revenue or early-stage growth company, but it presents a clear near-term risk. The key takeaway is that while the company's current ratio suggests it can cover its short-term debts, the rapid cash burn from operations means it is defintely reliant on external financing to continue past the first quarter of 2026.

As of the most recent TTM (Trailing Twelve Months) data, Movano Inc.'s Current Ratio sits at 1.35, which technically means current assets of $4.89 million can cover current liabilities of $3.63 million. This is a decent buffer. But when you strip out inventory, the Quick Ratio drops sharply to 0.60. This is a critical distinction: the company is relying on selling its $2.48 million in inventory to meet its immediate, non-inventory-backed obligations.

Here's the quick math on working capital: at the end of Q2 2025, the working capital (Current Assets minus Current Liabilities) was approximately $1.26 million (4.89M - 3.63M). This positive number is a strength, but the trend is concerning. For investors, the long-term trend of working capital is more important than the single snapshot. This capital position is only a temporary shield against the company's significant operational cash burn, which we see clearly in the cash flow statement.

The cash flow statement overview for Movano Inc. (MOVE) tells a story of high investment and reliance on financing. For the TTM period ending Q3 2025, the Cash Flow from Operating Activities was a negative $17.63 million. This is the cash burn rate, and it shows the core business is not yet self-sustaining. Investing activities are minimal, which is common for a company focused on R&D rather than large-scale capital expenditures. The company's survival hinges on the Cash Flow from Financing Activities, which has included raising additional capital, such as a $1.5 million bridge loan recently.

The biggest liquidity concern is the dwindling cash balance. Cash and cash equivalents plummeted from $7.9 million at the end of 2024 to just $2 million by the end of September 2025. This rapid decline, combined with the negative operating cash flow, forces a stark reality check. Management itself has stated they will need to secure further financing to support operations beyond the first quarter of 2026. This highlights a significant 'going concern' risk, meaning the company's ability to operate as a continuous entity is directly tied to its success in raising more capital in the very near future. You need to watch for the next financing announcement like a hawk.

• Cash & Equivalents: Dropped to $2 million by Q3 2025.
• Operating Cash Flow: Negative $17.63 million TTM.
• Financing Need: Required beyond Q1 2026.

For a deeper dive into who is betting on this turnaround, you should read Exploring Movano Inc. (MOVE) Investor Profile: Who's Buying and Why?

Valuation Analysis

You're looking at Movano Inc. (MOVE) and asking the crucial question: Is this stock overvalued, undervalued, or simply un-valueable by traditional metrics? The direct takeaway is that standard valuation ratios are mostly irrelevant right now, so you must anchor your analysis to the company's strategic pivot and cash runway.

Movano Inc. is a pre-commercial stage company, which means traditional valuation tools like the Price-to-Earnings (P/E) ratio are useless. Here's the quick math: with a trailing 12-month Earnings Per Share (EPS) of a loss of -$40.69 and a projected 2025 net loss of approximately -$23.8 million, the P/E ratio is negative and effectively meaningless for comparison. You have to look at the Price-to-Book (P/B) ratio, which sits at 5.43 as of November 2025, indicating the market is valuing the company at more than five times its net asset value on the balance sheet. This suggests investors are betting on future technology success, not current assets.

The Enterprise Value-to-EBITDA (EV/EBITDA) ratio is also 'Not Applicable' (n/a) because of the operational losses. This is common for a growth-focused health technology company still in the research and development phase, but it definitely flags the high-risk nature of the stock. For the 2025 fiscal year, analysts forecast Movano Inc.'s revenue to be around $13.2 million, which is a massive jump from prior periods, but the market capitalization is only about $8.93 million.

• Stock Price (Nov 17, 2025): $10.145
• 52-Week High/Low: $69.70 / $4.67
• Dividend Yield: N/A (No dividends paid)

The stock price trend over the last 12 months shows extreme volatility, swinging between a 52-week low of $4.67 and a high of $69.70. The stock has lost 72.35% of its value over the last 52 weeks, but that doesn't tell the whole story. The most critical near-term data point is the announcement on November 10, 2025, of a merger with AI Cloud Firm Corvex, which valued Movano Inc. shares at $6.25 each. This transaction value is a concrete, recent anchor point that is significantly below the current trading price of $10.145, which is a classic disconnect you need to understand. The market is trading above the merger's implied value, so you need to ask why.

What this estimate hides is the potential for a higher valuation if the merger closes and the combined entity executes on its new strategy in the high-performance cloud and GPU infrastructure market. While some analysts have no formal rating, the most recent set of consensus ratings from early November 2025 leaned toward a positive outlook, with a majority of 'Buy' or 'Strong Buy' recommendations. Still, the wide range of opinions and the lack of a firm consensus price target from major brokers means you are largely on your own for valuation. You need to read the full details on the new direction here: Mission Statement, Vision, & Core Values of Movano Inc. (MOVE).

To be fair, the stock is currently trading above the merger valuation, so there's a near-term risk of a price correction. Your action item is to model the post-merger entity's potential revenue growth against its current Enterprise Value of $7.44 million to see if the $10.145 price is justified by the new business plan, not the old one.

Risk Factors

You're looking at Movano Inc. (MOVE) and seeing a company on the cusp of a major strategic shift, but honestly, the near-term risks are substantial and demand your immediate attention. The biggest issue isn't just about product competition; it's about financial viability and regulatory compliance. This is a classic high-risk, high-reward scenario in the health-tech space.

Financial and Operational Viability

The most pressing internal risk is the company's ability to continue as a going concern (a business that can meet its financial obligations). As of the end of the third quarter of 2025, Movano Inc. reported cash and cash equivalents of just $2 million, a sharp drop from the $7.9 million at the end of 2024. The company itself has stated that its current cash is not expected to fund projected operating requirements beyond the end of 2025, which creates substantial doubt about its ability to sustain operations.

While the Q3 2025 financial results showed an improved trajectory-a net loss of $(4.03) million, a 44% improvement year-over-year, on revenue of $0.08 million-the revenue is still minimal for a publicly traded company. The core problem is that cash burn is outpacing the modest revenue growth from the Evie Ring sales. They are defintely burning cash quickly.

• Cash Runway: Cash balance of only $2 million as of September 30, 2025.
• Debt Maturity: A $1.5 million bridge loan, bearing 12% interest, matures in November 2025.
• Liquidity Risk: They need to secure new financing to operate past the first quarter of 2026.

Nasdaq Compliance and Delisting Threat

The company has spent much of 2025 fighting to maintain its listing on the Nasdaq Stock Market, which is a critical external risk. They received multiple deficiency notices for two key violations of Nasdaq Listing Rules: failing to file their quarterly reports (Form 10-Q) on time for Q1 and Q2 2025, and failing to meet the $1.00 minimum bid price requirement.

A delisting would severely erode liquidity and investor confidence, making it much harder to raise future capital. The company has taken steps, but the risk is still very real.

Strategic and Regulatory Hurdles

While the Evie Ring is a promising product, the path to market for its medical-grade features is fraught with regulatory risk. The EvieMED Ring received FDA 510(k) clearance for its pulse oximetry feature in November 2024, which is a huge step. Still, the company is also pursuing additional FDA clearances for non-invasive blood pressure and continuous glucose monitoring, which are complex and expensive processes. Any delays in these clearances could significantly push back the timeline for generating meaningful, high-margin revenue.

The company is currently pursuing a merger with Corvex, Inc., an AI cloud computing firm, in an all-stock reverse merger valued at approximately $220 million. This is a huge strategic pivot. The risk here is execution-the deal could fall through, or the combined entity may not achieve the anticipated synergies, leaving investors with a highly diluted stake in a still-unprofitable venture. You should be reading Exploring Movano Inc. (MOVE) Investor Profile: Who's Buying and Why? to understand the new shareholder base this merger would bring.

Growth Opportunities

You are looking at Movano Inc. (MOVE) at a pivotal, binary moment. Forget the incremental growth story; the company's future is now entirely defined by two major, near-term events: a strategic merger into the high-growth Artificial Intelligence (AI) infrastructure space and the simultaneous sale of its core health-tech assets.

The direct takeaway is that your investment thesis has fundamentally shifted from a wearable medical device play to a pre-merger arbitrage opportunity tied to a new AI cloud firm. The old growth drivers, like the Evie Ring, are now assets on the auction block, not the future revenue engine.

The Corvex Merger: A New Growth Engine

The most significant event is the definitive agreement, announced on November 10, 2025, to merge with Corvex, Inc., an AI cloud computing company. This all-stock transaction is set to transform Movano Inc. from a health-tech pioneer into a pure-play platform for secure AI infrastructure. Honestly, it's a complete pivot.

The strategic move positions the combined entity to capitalize on the surge in demand for large-scale AI computing, specifically in the high-performance cloud and Graphics Processing Unit (GPU) infrastructure market. The merger exchange ratio values Movano shares at $6.25 each, and upon closing in the first quarter of 2026, current Movano shareholders are expected to own approximately 3.8% of the new Corvex-led company. Here's the quick math on the capital infusion: the merger is concurrent with $40.0 million in aggregate private placement financings.

Medical Device Assets: Sale and Valuation

The original growth drivers-product innovations and market expansions-are now being spun off. The merger agreement allows Movano Inc. to actively market and sell its medical device operations before the closing. This includes the flagship EvieMED Ring, which secured U.S. Food and Drug Administration (FDA) 510(k) clearance for its pulse oximetry feature, plus its proprietary mmWave radio frequency (RF) technology for cuffless blood pressure and noninvasive glucose monitoring.

The competitive advantage here is the focus on clinical-grade data, which sets the Evie Ring apart from competitors like Oura and Fitbit, making it a valuable acquisition target for a larger healthcare system or tech company. The Evie Ring retails for $269 with no subscription fees, a key differentiator in the consumer wearables market.

What this estimate hides is the uncertainty of the sale price. The growth prospects for the health-tech segment are now entirely dependent on the market's appetite for a medical-grade wearable platform. While one analyst, prior to the merger announcement, had a price target as high as $300.00 for the stock, the current reality is a merger value of $6.25 per share, meaning the sale of the assets will need to be substantial to justify a higher valuation for the combined entity.

For more on the shareholder makeup of the new entity, you should be Exploring Movano Inc. (MOVE) Investor Profile: Who's Buying and Why?

Near-Term Financial Reality and Projections

The company's recent financial results underscore the necessity of this dramatic strategic shift. The revenue for the first half of 2025 was $300,000, a drop from $900,000 in the first half of 2024, reflecting the challenges in a competitive marketplace. Their Q3 2025 actual revenue was only $80,000, significantly below analyst estimates of $3.88 million.

Still, the cost management shows some progress, with the Q3 2025 net loss narrowing to $4.03 million, an improvement from a $7.20 million loss in the same quarter last year. The most immediate risk is liquidity, as cash and cash equivalents stood at just $2 million at the end of September 2025, down from $7.9 million at the end of 2024. The company defintely needs the Corvex capital to survive.

• Q3 2025 Revenue: $80,000
• Q3 2025 Net Loss: $4.03 million
• Cash (Sept 2025): $2 million

The future revenue growth projection, based on pre-merger analyst sentiment, was an optimistic annual rate of 526.5%, but this is now superseded by the Corvex AI business model. The focus is no longer on the Evie Ring's sales volume, but on the new company's ability to execute on AI infrastructure contracts.