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Form 8-K

sec.gov

8-K — Infleqtion, Inc.

Accession: 0001193125-26-224350

Filed: 2026-05-14

Period: 2026-05-14

CIK: 0002007825

SIC: 7374 (SERVICES-COMPUTER PROCESSING & DATA PREPARATION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d89415d8k.htm (Primary)

EX-99.1 (d89415dex991.htm)

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8-K

8-K (Primary)

Filename: d89415d8k.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2026

INFLEQTION, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-42646

86-1946291

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1315 West Century Drive, Suite 150

Louisville, CO 80027

(Address of principal executive offices, including zip code)

(303) 440-1284

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share

INFQ

The New York Stock Exchange

Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share

INFQ WS

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 14, 2026, Infleqtion, Inc. (the “Company”) announced its financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.

The information in this Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No.

Description

99.1

Press Release, dated as of May 14, 2026.

104

Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INFLEQTION, INC.

Dated: May 14, 2026

By:

/s/ Ilan Hart

Name:

Ilan Hart

Title:

Chief Financial Officer

EX-99.1

EX-99.1

Filename: d89415dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Infleqtion Reports Record Q1 Revenue as Customer Demand Accelerates

Updating 2026 revenue outlook to at least $40 million supported by expanding customer activity across

the Company’s quantum portfolio

LOUISVILLE, Colo.—(BUSINESS WIRE)--May 14, 2026— 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

Record Q1 revenue of $9.5 million, up 14% year over year; 100% organic and 100% from quantum

GAAP loss from operations of $33.6 million

Non-GAAP loss from operations of $13.2 million, which excludes

stock-based compensation, acquisition and integration costs and go-public transaction expenses

Net cash used in operations of $19.2 million with capital expenditures of $0.3 million

Cash, cash equivalents and

available-for-sale securities of $569 million as of March 31, 2026

Updated 2026 Guidance

Increased revenue guidance for 2026 to at least $40 million supported by expanding

customer activity across the Company’s quantum portfolio

Recent Milestones and Commercial Progress

Announced Infleqtion’s role as a collaborator on NASA JPL’s Quantum Gravity Gradiometer Pathfinder

mission, supported by $20 million in contracts to date

Delivered upgraded quantum hardware for NASA’s Cold Atom Lab aboard the International Space Station

building on Infleqtion’s quantum technology operating aboard the ISS since 2018

Announced availability of a first-of-its-kind partnership for quantum-enabled precision timing solution with Safran Electronics & Defense, integrating Infleqtion’s Tiqker™ quantum optical clock with Safran’s White Rabbit and SecureSync® systems to deliver resilient timing for mission-critical systems

in GNSS-challenged environments

Announced the acceleration of Quantum Spectrum, the Company’s atom-based RF sensing platform, in response

to growing customer interest. Quantum Spectrum was the second-largest contributor to sensing revenue, with multiple new customer programs addressing demand for trusted signals and resilient communication in contested environments

Expanded Infleqtion’s quantum software programs across defense, energy, and research customers, including a

milestone win with the DARPA HARQ program. New engagements span compiler development, energy-grid optimization, and computational chemistry

Contracted with the U.S. Navy to advance Infleqtion’s Contextual Machine Learning software for RF signal

processing, with development underway toward an integrated prototype

Selected for two U.S. Department of Energy programs to advance quantum computing applications in chemistry,

materials science, and energy grid optimization, addressing markets representing trillions of dollars in global economic value

Advanced Infleqtion’s collaboration with NVIDIA through adoption of NVIDIA Ising AI models for quantum

processor calibration and error-correction decoding on the Company’s Sqale neutral-atom quantum computer

Began trading on the NYSE under the symbol “INFQ” as the first publicly traded neutral-atom quantum

computing company, marking a new chapter in the commercialization of quantum technology

“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

J.P. Morgan Global Technology Conference - Wednesday, May 20 in Boston, MA

Canaccord Virtual Quantum Symposium - May 21, 2026

American Physical Society DAMOP Annual Meeting - June 1-5 in Providence,

RI

Evercore Global TMT Conference - June 2 in San Francisco, CA

Quantum Fringe - June 10-12 in Edinburgh, Scotland

Economist Impact Commercializing Quantum Global 2026 - June 16-17 in

London, UK

Global Quantum Forum – July 21-23 in Chicago, IL

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

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

22

2

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

35

(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

48

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

92

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

72

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.

Investor Contact

Marcus Kupferschmidt

investors@infleqtion.com

Media Contact

Stephanie Knight

Solebury Strategic Communications

sknight@soleburystrat.com

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Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Name Exchange Act

-Number 240

-Section 12

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Name Exchange Act

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-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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-Publisher SEC

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Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Publisher SEC

-Name Securities Act

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