Infleqtion Reports Record Q1 Revenue as Customer Demand Accelerates

Infleqtion Reports Record Q1 Revenue as Customer Demand Accelerates LOUISVILLE, Colo.--( BUSINESS WIRE)--Infleqtion (NYSE: INFQ), (the “Company”) a global leader in quantum computing and quantum sensing powered by neutral-atom technology, today reported Q1 2026 revenue of $9.5 million, up 14% year over year. Q1 performance reflected continued execution across the Company’s quantum computing, sensing, and software portfolio, supported by expanding customer activity in national security, space, and hybrid quantum-AI applications.

First Quarter 2026 Financial Highlights

Updated 2026 Guidance

Recent Milestones and Commercial Progress

“Q1 reinforced our confidence that quantum is gaining momentum as the market shifts toward deployable systems, real applications, and measurable customer value,” said Matt Kinsella, CEO of Infleqtion. “Across computing, sensing, and software, we are seeing expanding customer activity especially in national security, space, and hybrid quantum-AI applications. These trends support our updated full-year outlook and strengthen our confidence in the year ahead.”

“First quarter revenue of $9.5 million, up 14% year over year, is all organic and generated entirely from quantum products and software,” said Ilan Hart, Chief Financial Officer of Infleqtion. "Our strong cash position gives us flexibility to invest in R&D and go-to-market capability ahead of market momentum while maintaining disciplined operating controls.”

Conference Call and Webcast Information

The Company will host a conference call at 4:30 PM Eastern Time May 14, 2026, to discuss financial results. The call will be webcast live on the Company’s Investor Relations website at https://ir.infleqtion.com/ in the News & Events section. An archived replay will be available shortly after the call.

Conference Call Details

Live Call

Domestic Dial-In: 1-877-869-3847

International Dial-In: 1-201-689-8261

Replay

Domestic Dial-In: 1-877-660-6853

International Dial-In: 1-201-612-7415

Conference ID: 13760305

Webcast

Event URL: https://event.webcasts.com/starthere.jsp?ei=1761121&tp_key=0124651085

The replay will be available approximately three hours after the conclusion of the conference call through May 28, 2026.

Upcoming Speaking and Event Participation

Infleqtion, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited; in thousands, except share and per share amounts)

Three months ended March 31,

2026

2025

Total revenue

9,461

8,303

Total cost of revenue

7,470

4,926

Gross profit

1,991

3,377

Research and development

9,951

5,167

Selling, general and administrative

26,320

5,784

Grant income

(705)

(624)

Loss from operations

(33,575)

(6,950)

Other income (expense):

Interest income

3,202

356

Other, net

110

609

Total other income, net

3,312

965

Loss before income taxes

(30,263)

(5,985)

Income tax expense (benefit)

Net loss

(30,263)

(5,985)

Other comprehensive income (loss):

Unrealized loss on available-for-sale securities

(882)

Foreign currency translation adjustment

(99)

416

Total other comprehensive (loss) income

(981)

416

Comprehensive loss

(31,244)

(5,569)

Net loss per share attributable to common stockholders - basic and diluted

(0.26)

(0.41)

Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted

118,162,332

14,737,927

The accompanying notes are an integral part of these condensed consolidated financial statements

Infleqtion, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in thousands, except share and per share amounts)

As of

March 31, 2026 (Unaudited)

December 31, 2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

84,674

11,694

Available-for-sale securities, current

358,866

34,318

Accounts receivable

6,858

9,543

Unbilled receivables

4,979

4,734

Inventories

4,869

4,299

Prepaid expenses and other current assets

4,630

10,036

Total current assets

464,876

74,624

Property and equipment, net

8,045

8,674

Operating lease right-of-use assets

4,680

4,923

Available-for-sale securities, non-current

125,117

17,157

Goodwill

9,315

Other assets

578

620

TOTAL ASSETS

612,611

115,313

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES:

Accounts payable

3,718

5,644

Accrued liabilities

9,803

8,610

Contract liabilities

8,942

6,871

Current portion of operating lease right-of-use liabilities

1,088

1,076

Deferred consideration payable, current

471

Total current liabilities

23,551

22,672

Operating lease liabilities, net of current portion

3,805

4,074

TOTAL LIABILITIES

27,356

26,746

Convertible Redeemable Preferred Stock:

Series Seed convertible redeemable preferred stock, $0.0001 par value per share

6,526

Series Seed II convertible redeemable preferred stock; $0.0001 par value per share

10,411

Series A convertible redeemable preferred stock, $0.0001 par value per share

36,658

Series B convertible redeemable preferred stock; $0.0001 par value per share

112,145

Series B-1 convertible redeemable preferred stock; $0.0001 par value per share

32,990

Series C convertible redeemable preferred stock; $0.0001 par value per share

71,733

Series C-1 convertible redeemable preferred stock; $0.0001 par value per share

26,351

Total Convertible Redeemable Preferred Stock

296,814

Commitments and contingencies (refer to note 9)

Stockholders' Equity (Deficit):

Preferred stock: $0.0001 par value per share; 100,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Common stock: $0.0001 par value per share; 1,400,000,000 shares authorized; 216,471,927 and 17,449,020 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

846,657

21,931

Accumulated deficit

(261,349)

(231,086)

Accumulated other comprehensive (loss) income

(75)

906

Total Stockholders' Equity (Deficit)

585,255

(208,247)

Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit)

612,611

115,313

The accompanying notes are an integral part of these condensed consolidated financial statements

Infleqtion, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Three months ended March 31,

2026

2025

Cash flows from operating activities

Net loss

(30,263)

(5,985)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization expense

948

701

Stock-based compensation expense

8,293

1,118

Change in fair value of contingent obligation

631

Other non-cash operating adjustments

(742)

(328)

Changes in operating assets and liabilities:

Accounts receivable

2,658

1,931

Unbilled receivables

(255)

(2,699)

Inventories

(570)

(1,112)

Prepaid expenses and other current assets

181

675

Other assets

(13)

Accounts payable

(1,915)

2,507

Accrued liabilities

(216)

(2,492)

Contract liabilities

2,071

(1,070)

Operating lease right-of-use assets

189

127

Operating lease right-of-use liabilities

(204)

(332)

Net cash used in operating activities

(19,159)

(6,972)

Cash flows from investing activities

Purchases of available-for-sale securities

(444,153)

Maturities of available-for-sale securities

11,400

Purchases of property and equipment

(312)

(408)

Net cash used in investing activities

(433,065)

(408)

Cash flows from financing activities

Proceeds from stock options exercised

771

371

Payment of offering costs

(3,306)

Proceeds from recapitalization, net of redemptions

528,166

Payment of cash consideration

(475)

(713)

Net cash provided by (used in) financing activities

525,156

(342)

Foreign currency translation

763

Net increase (decrease) in cash and cash equivalents and restricted cash

72,980

(6,959)

Cash, cash equivalents and restricted cash at beginning of period

11,894

48,142

Cash, cash equivalents and restricted cash at end of period

84,874

41,183

Supplemental non-cash disclosure of cash flow information

Conversion of preferred stock to common stock

(296,814)

Reclassification of deferred offering costs in connection with business combination

(9,298)

Unpaid offering costs

786

Unrealized gains or losses on available-for-sale securities

(882)

The accompanying notes are an integral part of these condensed consolidated financial statements

Infleqtion, Inc.

Reconciliation of Non-GAAP Financial Measures

(in thousands)

The following is a reconciliation of non-GAAP measures of Infleqtion, Inc. for the three months ended March 31, 2026 and 2025:

Three Months ended March 31,

2026

2025

Cost of Revenue

7,470

4,926

Adjustments:

Stock-based compensation

1,017

Acquisition and integration costs

Non-GAAP Cost of Revenue

6,453

4,834

Three Months ended March 31,

2026

2025

R&D

9,951

5,167

Adjustments:

Stock-based compensation

2,414

Acquisition and integration costs

Non-GAAP R&D

7,537

5,095

Three Months ended March 31,

2026

2025

SG&A

26,320

5,784

Adjustments:

Stock-based compensation

4,862

954

Acquisition and integration costs

631

Go-public transaction expenses

11,466

Non-GAAP SG&A

9,361

4,830

Three Months ended March 31,

2026

2025

Loss from operations

(33,575)

(6,950)

Adjustments:

Stock-based compensation

8,293

1,118

Acquisition and integration costs

631

Go-public transaction expenses

11,466

Non-GAAP operating loss

(13,185)

(5,832)

Three Months ended March 31,

2026

2025

Net loss

(30,263)

(5,985)

Adjustments:

Stock-based compensation

8,293

1,118

Acquisition and integration costs

631

Go-public transaction expenses

11,466

Non-GAAP Net loss

(9,873)

(4,867)

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipates," "believes," "plans," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation statements regarding the Company’s expected 2026 revenue, business outlook, customer demand, commercial opportunities, and market momentum. These statements are based on Infleqtion’s current expectations, assumptions and projections as of the date of this release and are subject to risks and uncertainties that could cause actual results to differ materially and adversely. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, without limitation, those related to Infleqtion’s ability to recognize anticipated benefits of its business combination with Churchill Capital Corp X; the implementation, market acceptance, and success of Infleqtion’s business model, growth strategy, and opportunities, and its ability to commercialize its quantum computing technology; the expected benefits of and ability to maintain and enter into new contracts, awards, and other relationships, partnerships, or collaborations with governments or government entities; the potential for quantum computing technology to achieve quantum advantages; the ability of Infleqtion’s products to meet government counterparties’ and customers’ technical requirements and compliance and regulatory needs; Infleqtion’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others, and other risks and uncertainties described in Infleqtion’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update these forward-looking statements except as required by law.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. Infleqtion believes these measures provide investors with additional insight into the underlying performance of the business. These non-GAAP financial measures should not be considered in isolation or as substitutes for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies.

“Non-GAAP operating loss” is defined as loss from operations adjusted to add back, when applicable, stock-based compensation, go-public transaction expenses, acquisition and integration costs, and impairment of assets and goodwill.

“Non-GAAP net loss” is defined as net loss adjusted to add back, when applicable, stock-based compensation, go-public transaction expenses, acquisition and integration costs, change in fair value of contingent consideration, change in fair value of SAFE liabilities, and impairment of assets and goodwill.

See “Reconciliation of Non-GAAP Financial Measures” in this press release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

About Infleqtion

Infleqtion, Inc. (NYSE: INFQ) is a global leader in quantum technology, delivering neutral-atom solutions for quantum computing, networking, sensing, and security. With a product portfolio spanning quantum computers, quantum optical clocks, RF receivers, and inertial sensors, Infleqtion’s full-stack approach combines high-performance hardware with the company’s proprietary Superstaq quantum computing software platform. Infleqtion’s systems are already in use by the U.S. Department of War, NASA, the U.K. government, and in multiple collaborations with NVIDIA. Infleqtion, in collaboration with NVIDIA, published the world’s first demonstration of a materials science application using logical qubits. With operations in the U.S., Europe, and Asia, Infleqtion meets the demands of government and commercial customers across the space, defense, energy, finance and telecommunications sectors. For more information, visit Infleqtion.com or follow Infleqtion on LinkedIn, YouTube, and X.