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Churchill Cap Corp X Financials

CCCX
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Churchill Cap Corp X (CCCX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CCCX FY2025

A balance-sheet-funded expansion defines FY2025, with external financing building assets while operations contributed almost no cash.

FY2025’s $66.9M net loss was far larger than FY2024’s $52K, yet return on assets improved from -32.9% to -15.8% because total assets expanded from $158K to $424.9M. That makes the key change a much larger financed balance sheet, reinforced by -$413.0M of investing cash flow being almost entirely offset by $416.0M of financing cash flow while operating cash flow was only -$2.3M.

The reported structure is liquidity-light: cash was just $702K against $75.8M of current liabilities, and the current ratio of 0.014x implies the entity was not positioned to meet near-term obligations from on-hand liquid resources alone. With liabilities exceeding assets by $77.6M, the balance sheet depends more on funding access and liability management than on accumulated equity.

The income statement overstates day-to-day cash burn as a picture of operations: net loss was $66.9M, but operating cash outflow was only $2.3M. Combined with an operating loss of $8.0M and SG&A of $2.0M, that gap suggests reported earnings were driven largely by non-cash or non-operating effects rather than by a large recurring cash cost base.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 11 / 100
Financial Profile 11/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Churchill Cap Corp X's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Liquidity
64

Churchill Cap Corp X's current ratio of 3.29 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Piotroski F-Score Weak
1/9

Churchill Cap Corp X passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality
0.03x

For every $1 of reported earnings, Churchill Cap Corp X generates $0.03 in operating cash flow (-$2.3M OCF vs -$66.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$66.9M
YoY-128836.8%

Churchill Cap Corp X reported -$66.9M in net income in fiscal year 2025. This represents a decrease of 128836.8% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$11.7M

Churchill Cap Corp X held $11.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
17M

Churchill Cap Corp X had 17M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

CCCX Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $9.5M N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue $7.5M N/A N/A N/A N/A N/A N/A N/A
Gross Profit $2.0M N/A N/A N/A N/A N/A N/A N/A
R&D Expenses $10.0M N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $26.3M N/A $1.2M+566.5% $185K+917.8% $18K N/A $69-99.0% $7K
Operating Income -$33.6M N/A -$7.3M-3830.0% -$185K-917.8% -$18K N/A -$69+99.0% -$7K
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $0 N/A N/A N/A $0 N/A N/A N/A
Net Income -$30.3M N/A -$33.4M-1791.8% $2.0M+10942.2% -$18K N/A -$69+99.0% -$7K
EPS (Diluted) $-0.26 N/A N/A N/A $-0.41 N/A N/A N/A

CCCX Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $612.6M+431.3% $115.3M-72.6% $421.3M+0.8% $418.1M+244548.1% $171K+8.2% $158K N/A N/A
Current Assets $464.9M+523.0% $74.6M+4781.5% $1.5M-6.4% $1.6M N/A $0 N/A N/A
Cash & Equivalents $84.7M+624.1% $11.7M+929.8% $1.1M-7.9% $1.2M $0 $0 $0 $0
Inventory $4.9M+13.3% $4.3M N/A N/A N/A N/A N/A N/A
Accounts Receivable $6.9M-28.1% $9.5M N/A N/A N/A N/A N/A N/A
Goodwill $9.3M0.0% $9.3M N/A N/A N/A N/A N/A N/A
Total Liabilities $27.4M-91.5% $323.6M-29.5% $459.2M+9.8% $418.3M+123.2% $187.4M+2.2% $183.3M N/A N/A
Current Liabilities $23.6M+3.9% $22.7M-38.2% $36.7M+35611.0% $103K-52.4% $216K+16.8% $185K N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $585.3M+381.0% -$208.2M-448.3% -$38.0M-18729.2% -$202K+99.9% -$187.3M-2.2% -$183.2M-680594.9% -$27K-0.3% -$27K
Retained Earnings -$261.3M-13.1% -$231.1M-508.4% -$38.0M-18630.8% -$203K-189.2% -$70K-35.1% -$52K N/A N/A

CCCX Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$19.2M-4320.5% -$433K+59.9% -$1.1M-117.4% $6.2M $0 $0 $0 $0
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow -$433.1M $0-100.0% $1.0M+100.2% -$413.6M-101270.6% -$408K $0 $0 N/A
Financing Cash Flow $525.2M $0+100.0% -$15K-100.0% $416.3M+121834.5% -$342K $0 $0 N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

CCCX Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 21.0% N/A N/A N/A N/A N/A N/A N/A
Operating Margin -354.9% N/A N/A N/A N/A N/A N/A N/A
Net Margin -319.9% N/A N/A N/A N/A N/A N/A N/A
Return on Equity -5.2% N/A N/A N/A N/A N/A N/A N/A
Return on Assets -4.9% N/A -7.9%-8.4pp 0.5%+11.1pp -10.7% N/A N/A N/A
Current Ratio 19.74+16.4 3.29+3.2 0.04-15.9 15.89 N/A 0.00 N/A N/A
Debt-to-Equity 0.05+1.6 -1.55+10.5 -12.09+2061.5 -2073.58-2072.6 -1.000.0 -1.00 N/A N/A
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Note: Shareholder equity is negative (-$208.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

No, Churchill Cap Corp X (CCCX) reported a net income of -$66.9M in fiscal year 2025.

Churchill Cap Corp X (CCCX) generated -$2.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Churchill Cap Corp X (CCCX) had $115.3M in total assets as of fiscal year 2025, including both current and long-term assets.

Churchill Cap Corp X (CCCX) had 17M shares outstanding as of fiscal year 2025.

Churchill Cap Corp X (CCCX) had a current ratio of 3.29 as of fiscal year 2025, which is generally considered healthy.

Churchill Cap Corp X (CCCX) had a debt-to-equity ratio of -1.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Churchill Cap Corp X (CCCX) had a return on assets of -58.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Churchill Cap Corp X (CCCX) had $11.7M in cash against an annual operating cash burn of $2.3M. This gives an estimated cash runway of approximately 62 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Churchill Cap Corp X (CCCX) has negative shareholder equity of -$208.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Churchill Cap Corp X (CCCX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Churchill Cap Corp X (CCCX) has an earnings quality ratio of 0.03x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Churchill Cap Corp X (CCCX) scores 11 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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