Movano Inc. (MOVE): History, Ownership, Mission, How It Works & Makes Money

As a savvy decision-maker, are you tracking the high-stakes pivot of Movano Inc. (MOVE), the health technology firm whose Evie Ring aims to disrupt the women's health wearable market with medical-grade data? The company's financial reality in 2025 shows a tightrope walk: Q3 revenue was just $80,000, contributing to a net loss of $4.03 million, which puts immense pressure on their cash reserves of only $2 million as of September 30, 2025. This precarious position makes their recent merger agreement with Corvex, Inc. and the FDA 510(k) clearance for the EvieMED Ring's pulse oximetry feature the only real anchors for future growth, but what does this mean for its core mission and your investment thesis? Let's break down the history, ownership, and the critical path to monetization for a company betting its future on non-invasive monitoring.

Movano Inc. (MOVE) History

You need to understand the Movano Inc. (MOVE) story not as a linear progression, but as a series of high-stakes pivots. The company didn't just evolve; it fundamentally changed its mission, culminating in an all-stock reverse merger in November 2025. This deal effectively transforms the health tech firm into an AI infrastructure pure-play, a massive shift that redefines its entire trajectory.

Given Company's Founding Timeline

The company started with a focus on non-invasive medical-grade monitoring, a tough, capital-intensive niche. The founding team brought serious medical device and radiofrequency (RF) expertise, which set the initial, ambitious technical direction.

Year established

2018

Original location

Pleasanton, California, USA

Founding team members

• Michael Leabman: Founder, CTO, and a serial entrepreneur with over 200 patents in RF-based technologies.
• John Mastrototaro: CEO and Director, with over 30 years of experience in the medical device industry, including leadership roles at Medtronic.

Initial capital/funding

A major public capital infusion occurred with the Initial Public Offering (IPO) in 2021, raising approximately $48.9 million on NASDAQ. Earlier funding included a $10 million bridge round in July 2020.

Given Company's Evolution Milestones

The company's history is a clear map of its struggle to commercialize a medical-grade consumer device while maintaining compliance and liquidity. The path from the Evie Ring launch to the Corvex merger is one of rapid strategic adaptation.

Given Company's Transformative Moments

The company's journey is defined by two major strategic shifts: the initial focus on women's health and the recent, dramatic pivot to AI infrastructure.

The first transformative moment was the decision to focus the Evie Ring on women's health, moving away from a general wellness device. This was a clear attempt to carve out a defensible niche against giants like Apple and Oura, using their FDA-cleared pulse oximetry feature as the key differentiator. This strategy, however, proved difficult to scale, as evidenced by the Q3 2025 revenue of only $0.08 million, a significant miss against analyst expectations.

The second, and most profound, shift is the November 2025 reverse merger with Corvex, an AI cloud computing company. This move is a complete strategic overhaul, effectively ending the company's run as a pure-play health tech developer. Here's the quick math: Corvex shareholders will own approximately 96.2% of the combined entity, leaving pre-merger Movano shareholders with about 3.8%. The combined company will be renamed Corvex, Inc., and its new headquarters will be in Arlington, Virginia. This is not an acquisition of a new product line; it's a total business model replacement, using Movano's public listing (the NASDAQ ticker MOVE) as a vehicle for Corvex to go public.

• Strategic Pivot: Swapped a capital-intensive medical device focus for a high-growth AI infrastructure business.
• Liquidity Injection: The merger includes Corvex raising $37.1 million in a private placement, plus a $1 billion equity facility for the combined entity, providing much-needed capital.
• Asset Sale: Movano is permitted to market for sale its original operating assets, including the EvieMED Ring and the proprietary mmWave RF technology, which defintely signals the end of the original vision.

To fully understand the vision driving this new entity, you should review the new strategic direction: Mission Statement, Vision, & Core Values of Movano Inc. (MOVE).

Movano Inc. (MOVE) Ownership Structure

Movano Inc. (MOVE) operates as a publicly traded company on the Nasdaq Capital Market, but its ownership structure as of late 2025 is dominated by a mix of insiders and the public float, with a major corporate action pending that will fundamentally alter control.

The most critical near-term event is the proposed all-stock merger with Corvex, an AI cloud firm, announced in November 2025, which would result in Movano shareholders owning only 3.8% of the combined entity, effectively transferring control to Corvex shareholders, who would hold 96.2%. This deal, still subject to shareholder approval, is already drawing legal scrutiny regarding fair value for Movano investors.

Movano Inc.'s Current Status

Movano Inc. is a publicly listed company trading on the Nasdaq Capital Market under the ticker symbol MOVE. The company executed a 1-for-10 reverse stock split, effective October 10, 2025, which reduced the number of outstanding shares from approximately 8.3 million to about 0.8 million. This action was necessary to increase the bid price and regain compliance with Nasdaq's minimum listing requirements, a common move for small-cap companies facing financial headwinds. For a deeper look at the company's financial standing, see Breaking Down Movano Inc. (MOVE) Financial Health: Key Insights for Investors.

Movano Inc.'s Ownership Breakdown

As of late 2025, before the potential Corvex merger closes, the company's capital structure is heavily influenced by its founders, executives, and other insiders. Institutional ownership is relatively low, which often translates to higher stock price volatility. Here's the quick math based on October 2025 data, reflecting the post-split environment:

What this estimate hides is the concentration of power within the insider group, which holds significant voting influence over corporate decisions, including the proposed merger.

Movano Inc.'s Leadership

The company is steered by an experienced management team, with an average tenure for the management team of 4.3 years as of late 2025. This core group is responsible for navigating the company through its product launch-the Evie Ring-and the complex corporate action of the Corvex merger.

Key members of the senior leadership team include:

• John Mastrototaro, PhD: Chief Executive Officer (CEO) and Director. He has over 30 years of experience in the medical device industry, including a significant tenure at Medtronic.
• Michael Leabman: Founder, Chief Technology Officer (CTO), and Director. He is an MIT-educated, serial entrepreneur with over 200 patents issued in smart antenna array technology.
• J. Cogan, CFA: Chief Financial Officer (CFO). He brings 24 years of Wall Street experience, focusing on corporate strategy and capital raising.
• Tyla Bucher: Chief Marketing Officer (CMO). She has two decades of experience building global consumer marketing campaigns for top-tier brands.

The Board of Directors is chaired by Emily Wang Fairbairn. This leadership is defintely under pressure to demonstrate maximum shareholder value in the face of the proposed merger.

Movano Inc. (MOVE) Mission and Values

Movano Inc.'s mission is centered on shifting healthcare from reactive treatment to proactive wellness by providing individuals with continuous, medical-grade health insights through non-invasive wearable technology. This core purpose, however, is being fundamentally redefined by the company's strategic all-stock merger with Corvex Inc., announced in November 2025, which pivots the combined entity toward the high-growth AI infrastructure market.

Given Company's Core Purpose

The company's cultural DNA was built on the principle of accessible, data-driven health empowerment, focusing on underserved areas like women's health with products like the Evie Ring. Here's the quick math: Movano Inc. reported a net loss of $4.03 million in Q3 2025 on just $0.08 million in revenue, a clear signal that the cost of pursuing this ambitious health-tech mission was unsustainable on its own, leading to the strategic pivot.

What this estimate hides is the significant investment in the original vision. Research and development (R&D) expenses were still $1.4 million in Q2 2025, even as the company was cutting costs and exploring strategic alternatives. That's a defintely high burn rate for a company with such minimal commercial sales.

Official Mission Statement

The formal mission of Movano Inc., before the Corvex merger, was dedicated to enhancing the quality of life through innovative, non-invasive health monitoring solutions, empowering individuals with actionable insights into their health. The key components were:

• Enhance life quality via non-invasive technology.
• Empower individuals with actionable health data.
• Shift focus from reactive treatment to preventative care.

This mission drove the development of the Evie Ring, which secured FDA clearance for its pulse oximetry feature, validating the company's commitment to medical-grade data. You can read more about this original focus here: Mission Statement, Vision, & Core Values of Movano Inc. (MOVE).

Vision Statement

Movano Inc. envisioned a future where advanced technology seamlessly integrates into everyday life, providing continuous, sophisticated health insights. The vision was to be at the forefront of this transformation, setting new standards for personalized care. The reality is that the new vision, following the November 2025 merger, is now focused on creating a pure-play platform for secure AI infrastructure and high-performance inference, a colossal shift from consumer health.

This new vision is backed by significant capital: the merged entity has secured a $1 billion equity facility with Chardan Capital Markets LLC, plus $3 million in bridge financing from Movano Inc. and $37.1 million from Corvex's private placement. That's a massive war chest for an AI play.

Given Company slogan/tagline

The company's original consumer-facing tagline, which encapsulated its health-focused mission, was simple and direct.

• We elevate your health and wellbeing.

To be fair, the new, merged entity, which will be renamed Corvex Inc., will need a new tagline to reflect its focus on GPU-accelerated infrastructure, given that pre-merger Movano stockholders will only own approximately 3.8% of the combined company.

Movano Inc. (MOVE) How It Works

Movano Inc., operating as Movano Health, develops and sells wearable health technology, primarily the Evie Ring, to provide medical-grade biometric data to consumers and healthcare enterprises, though its current operational revenue remains minimal at a trailing twelve months (TTM) figure of just $0.47 Million USD as of November 2025. The company's value creation hinges on translating continuous, noninvasive sensor data into personalized, actionable health insights via a companion mobile app.

Movano Inc.'s Product/Service Portfolio

Movano's product strategy targets both the consumer wellness market and the more regulated medical-device space, offering two distinct paths to monetization from essentially the same core technology. The flagship product is the ring, but the regulatory distinction creates two market offerings. Mission Statement, Vision, & Core Values of Movano Inc. (MOVE).

Movano Inc.'s Operational Framework

The company's operational model is a lean, technology-focused approach that prioritizes proprietary sensor development and data analytics over large-scale manufacturing and distribution, especially given its limited cash reserves of $2.1 million as of June 30, 2025. They are defintely burning through cash quickly.

• Hardware Sourcing and Design: Movano focuses on designing the noninvasive sensor suite and modern form factor (the ring), outsourcing the complex manufacturing and supply chain logistics to third parties.
• Data-to-Insight Pipeline: The core value chain is the flow from raw biometric data captured by the ring to the cloud-based analytics engine, which processes the data using proprietary algorithms to generate personalized, actionable health insights for the user.
• Monetization Model: Revenue is primarily generated through direct-to-consumer sales of the Evie Ring, which contributed Q3 2025 revenue of just $0.08 Million. A secondary, higher-margin revenue stream is the licensing and B2B sales of the EvieMED Ring and its data platform to clinical partners and healthcare systems.
• Strategic Pivot: The Board of Directors initiated a process in May 2025 to explore strategic alternatives, including a sale or merger, which now includes a potential all-stock merger with Corvex to create an AI infrastructure platform, fundamentally shifting the operational focus from a pure-play health wearable.

Movano Inc.'s Strategic Advantages

Movano's competitive position rests on a few key differentiators in the crowded wearable health market, but these advantages are currently overshadowed by significant financial and compliance risks, including a recent 1-for-10 reverse stock split in October 2025 to maintain its Nasdaq listing.

• Medical-Grade Data and FDA Clearance: The EvieMED Ring's November 2024 FDA 510(k) clearance for specific metrics gives it a crucial advantage over many consumer-only smart rings, positioning it for credibility in clinical and remote patient monitoring settings.
• Proprietary Sensor Technology: The company holds proprietary technologies for its sensor suite, which it aims to expand to broaden its health-monitoring solutions for chronic disease management.
• Women's Health Focus: Designing the Evie Ring with women's health needs in mind, including menstrual cycle tracking, carves out a specific, underserved market niche where data accuracy is paramount.
• Strategic Flexibility (or Risk): The ongoing exploration of a sale or merger, and the very recent Corvex announcement, indicates a willingness to pivot rapidly, which could either unlock significant shareholder value or dilute the original health-tech mission.

Movano Inc. (MOVE) How It Makes Money

Movano Inc. primarily generates revenue through the direct-to-consumer (D2C) sale of its flagship wearable, the Evie Ring, which offers medical-grade health insights without a recurring subscription fee. As of late 2025, the company is in a transitional phase, with its financial model pivoting toward potential business-to-business (B2B) licensing of its technology and, more recently, a strategic shift toward AI infrastructure following a November 2025 merger announcement.

Given Company's Revenue Breakdown

Honestly, the revenue base is tiny and highly concentrated, which is typical for a company in the early commercialization and pre-profitability stage. For the nine months ended September 30, 2025, total sales were only $0.389 million, which is a decrease from the prior year, but the most recent quarter showed a slight uptick. The vast majority of this revenue comes from selling the Evie Ring directly to consumers.

Here's the quick math on the revenue streams based on the latest available data, reflecting a single-segment focus on product sales.

Business Economics

Movano's economic model is built on a high-value, no-subscription hardware sale, which is a key differentiator in the competitive smart ring market. The Evie Ring is priced at $269 with no ongoing subscription fees, aiming to lower the total cost of ownership for the consumer.

• Pricing Strategy: The one-time price of $269 is meant to capture market share quickly by eliminating the monthly friction of a subscription, but this puts immense pressure on the initial product margin.
• Gross Margin Challenge: The company is currently operating with a deeply negative gross margin, reported at -196.8% as of August 2025, which means the cost of manufacturing and delivering the Evie Ring significantly exceeds the sale price.
• Future B2B Model: The long-term plan involves the EvieMED Ring, a medical-grade version, which is intended for business-to-business (B2B) sales to healthcare partners and payers. This model would likely involve a recurring software licensing or data fee, which is a much more sustainable, high-margin revenue stream.
• The AI Pivot: A major shift occurred in November 2025 with the announced all-stock merger with Corvex, an AI infrastructure company. This reverse merger fundamentally changes the business economics, moving the focus from low-margin hardware to high-margin AI inference systems and data computation, a huge pivot for the company.

Given Company's Financial Performance

The financial performance as of the end of the third quarter of 2025 reflects a company burning cash in pursuit of market validation and regulatory clearance. The numbers are clear: this is a developmental-stage company, not a profitable one. You can dive deeper into the shareholder base by Exploring Movano Inc. (MOVE) Investor Profile: Who's Buying and Why?

• Revenue vs. Loss: For the nine months ended September 30, 2025, the company reported a net loss of $12.43 million against sales of only $0.389 million. That's a massive gap.
• Cash Position: Liquidity is a defintely near-term risk. Cash and cash equivalents stood at a precarious $2.1 million as of June 30, 2025, down sharply from $16.86 million a year earlier.
• Cash Burn: The company's cash used in operating activities, or cash burn, was approximately $3.09 million in the second quarter of 2025. What this estimate hides is the need for continuous capital raises to sustain operations, especially given the low cash balance.
• Corporate Actions: To maintain its Nasdaq listing, Movano implemented a 1-for-10 reverse stock split in October 2025. This action, while necessary, signals significant financial stress and share price volatility.

Movano Inc. (MOVE) Market Position & Future Outlook

Movano Inc.'s future is defined by a dramatic strategic pivot, shifting from a niche health wearable company to a public vehicle for a secure AI infrastructure platform following its definitive reverse merger agreement with Corvex Inc.. As of November 2025, the company's core asset, the Evie Ring, holds a tiny fraction of the rapidly growing smart ring market, with Q3 2025 revenue at only $0.08 million, but the new trajectory is entirely focused on the high-growth AI sector.

The immediate outlook is complex: the legacy health business is pre-profitability, evidenced by a Q3 2025 net loss of $4.03 million, while the new combined entity is banking on capturing demand for secure, high-performance inference in the AI space. This merger, valued at approximately $220 million, is essentially a high-stakes bet on a new industry, using the existing public listing to accelerate the AI firm's market entry.

Competitive Landscape

In the smart ring market, Movano Inc. is a challenger brand, carving out a specific niche while the market is overwhelmingly dominated by established players. The global smart ring market size is estimated at approximately $416.9 million in 2025, growing fast, but Movano's market penetration remains minimal.

Opportunities & Challenges

The company's future is bifurcated, with opportunities and risks tied to both the AI merger and the legacy health tech business. This creates a unique, dual-track investment profile.

Industry Position

Movano Inc.'s standing in the smart ring market is that of a specialized, early-stage contender, but its corporate identity is rapidly changing. You need to view the company as two distinct entities for now. The health tech arm is a small player in a segment where the market leader, Oura, holds a 74% share, and new giants like Samsung are aggressively entering. The Evie Ring's core value proposition is its focus on women's health and its pursuit of medical-grade data, which is a strong differentiator in a wellness-focused field.

• The primary growth driver is now the Corvex Inc. merger, which positions the combined entity as an AI infrastructure play, not a wearable pure-play.
• The company's financial health remains precarious, with a need for the reverse stock split in October 2025 to maintain its Nasdaq listing, underscoring the urgency of the strategic shift.
• Success hinges on the FDA clearance for the EvieMED Ring, which would validate the device as a medical tool, opening up lucrative B2B channels like remote patient monitoring (RPM) and clinical trials, a high-growth segment (CAGR of 25.84% for healthcare providers/clinics).

Honestly, the future value is less about the ring and more about the successful integration and scaling of the AI business. For a deeper dive into the legacy business's financial health, you should read Breaking Down Movano Inc. (MOVE) Financial Health: Key Insights for Investors.