Infleqtion posts Q1 2026 revenue of $9.5M

Infleqtion, Inc. reported first-quarter 2026 revenue of $9.5 million, up 14% year over year, driven by quantum computing, sensing, and software demand in national security, space, and hybrid quantum‑AI applications.

Rhea-AI Filing Summary

Infleqtion, Inc. reported first-quarter 2026 revenue of $9.5 million, up 14% year over year, driven by quantum computing, sensing, and software demand in national security, space, and hybrid quantum‑AI applications. The company raised its 2026 revenue outlook to at least $40 million.

Despite higher revenue, Infleqtion recorded a GAAP net loss of $30.3 million versus a $6.0 million loss a year earlier, as research and development reached $10.0 million and selling, general and administrative expenses rose to $26.3 million, including $11.5 million of go‑public transaction expenses. Non‑GAAP net loss was $9.9 million.

Liquidity strengthened significantly, with cash and cash equivalents of $84.7 million, current available-for-sale securities of $358.9 million, and non-current available-for-sale securities of $125.1 million as of March 31, 2026, supported by $528.2 million of cash from recapitalization and conversion of $296.8 million of preferred stock into common equity.

Insights

Equity research analyst

Infleqtion shows strong Q1 growth and liquidity, but losses remain sizable.

Infleqtion delivered Q1 2026 revenue of $9.5M, up 14% year over year, entirely from quantum products and software. Management also raised full-year 2026 revenue guidance to at least $40M, tying the outlook to expanding customer activity across national security, space, and hybrid quantum‑AI workloads.

At the same time, operating costs scaled sharply. Research and development reached $10.0M and SG&A rose to $26.3M, including $11.5M in go‑public transaction expenses, driving a GAAP net loss of $30.3M. On a non‑GAAP basis, which excludes stock‑based compensation and transaction costs, net loss was $9.9M.

The balance sheet is a key differentiator: cash and cash equivalents of $84.7M plus available‑for‑sale securities of $484.0M support continued investment. These figures reflect $528.2M of cash from recapitalization and conversion of $296.8M of preferred stock into common equity disclosed for the quarter.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q1 2026 revenue: $9.5M 2026 revenue outlook: At least $40M Q1 2026 GAAP net loss: $30.263M +5 more

8 metrics

Q1 2026 revenue $9.5M Three months ended March 31, 2026; up 14% YoY

2026 revenue outlook At least $40M Updated full-year 2026 guidance

Q1 2026 GAAP net loss $30.263M Three months ended March 31, 2026

Q1 2026 non-GAAP net loss $9.873M Adjusted for stock-based compensation and transaction costs

Cash and cash equivalents $84.674M As of March 31, 2026

Available-for-sale securities, current $358.866M As of March 31, 2026

Total assets $612.611M As of March 31, 2026

Net loss per share $(0.26) Q1 2026, basic and diluted, 118,162,332 shares

Key Terms

Non-GAAP operating loss, go-public transaction expenses, available-for-sale securities, operating lease right-of-use assets, +2 more

6 terms

Non-GAAP operating loss financial

"“Non-GAAP operating loss” is defined as loss from operations adjusted to add back..."

Non-GAAP operating loss is a company's reported operating loss after management removes certain items they consider unusual, one-time, or not part of regular business (for example, restructuring charges, stock-based compensation, or asset write-downs). Investors care because it reflects management’s view of the business’s ongoing operating performance—like looking at a car’s speed after smoothing out bumps—but it can be shaped differently by each company and so is less standardized than GAAP figures.

go-public transaction expenses financial

"Go-public transaction expenses | | | 11,466 | | | | — |"

Costs a company incurs when becoming publicly traded, including fees for investment banks, lawyers, accountants, stock exchange filings, and marketing to potential investors. These are one-time transaction expenses that reduce the cash a company receives from a stock sale and can temporarily lower reported profits, so investors watch them to understand how much money the company actually gained from going public and how those upfront costs affect near-term financial health—like paying realtor and legal fees when selling a house.

available-for-sale securities financial

"Available-for-sale securities, current | | | 358,866 |"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

operating lease right-of-use assets financial

"Operating lease right-of-use assets | | | 4,680 |"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

business combination financial

"benefits of its business combination with Churchill Capital Corp X;"

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

quantum computing technical

"a global leader in quantum computing and quantum sensing powered by neutral-atom technology"

Quantum computing is a type of advanced technology that uses the principles of quantum physics to perform calculations much faster than traditional computers. It can process vast amounts of information simultaneously, potentially solving complex problems that are currently impossible or take too long with regular computers. For investors, this technology could lead to breakthroughs in areas like cryptography, data analysis, and optimization, impacting financial markets and security systems.

Earnings Snapshot

Revenue: $9.5M · Guidance included

Three months ended March 31, 2026

Revenue $9.5M +14% year over year

GAAP net loss $30.3M wider than $6.0M prior-year loss

Non-GAAP net loss $9.9M vs. $4.9M prior-year non-GAAP net loss

Guidance

Updated 2026 revenue outlook to at least $40 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Infleqtion (INFQ) Q1 2026 revenues and growth?

Infleqtion reported Q1 2026 revenue of $9.5 million, an increase of 14% year over year. Management highlighted that this revenue is entirely organic and generated from quantum products and software serving national security, space, and hybrid quantum‑AI customer applications.

What 2026 revenue outlook did Infleqtion (INFQ) provide in this update?

Infleqtion updated its 2026 revenue outlook to at least $40 million. The company tied this higher target to expanding customer activity across its quantum computing, sensing, and software portfolio, emphasizing demand from government and commercial sectors such as defense, space, and advanced AI workloads.

How profitable was Infleqtion (INFQ) in Q1 2026 on a GAAP basis?

Infleqtion posted a Q1 2026 GAAP net loss of $30.3 million, compared with a $6.0 million loss a year earlier. Higher research and development of $10.0 million and SG&A of $26.3 million, including $11.5 million in go‑public expenses, drove the larger loss.

What were Infleqtion (INFQ) non-GAAP results for Q1 2026?

On a non-GAAP basis, Infleqtion reported Q1 2026 operating loss of $13.2 million and non-GAAP net loss of $9.9 million. These measures exclude stock-based compensation, acquisition and integration costs, and go‑public transaction expenses, providing an adjusted view of underlying operating performance.

What is Infleqtion (INFQ) cash and investment position as of March 31, 2026?

As of March 31, 2026, Infleqtion held $84.7 million in cash and cash equivalents, $358.9 million in current available-for-sale securities, and $125.1 million in non-current available-for-sale securities, reflecting strong liquidity following recapitalization proceeds disclosed in the quarter’s cash flow statement.

How did Infleqtion’s (INFQ) capital structure change during Q1 2026?

During Q1 2026, Infleqtion received $528.2 million of cash from recapitalization and converted $296.8 million of preferred stock into common stock. Common shares issued and outstanding increased to 216,471,927 as of March 31, 2026, with total stockholders’ equity of $585.3 million.

When is Infleqtion (INFQ) hosting its Q1 2026 earnings call?

Infleqtion scheduled its Q1 2026 conference call for 4:30 PM Eastern Time on May 14, 2026. The live webcast and an archived replay are available through the company’s Investor Relations website and a specified webcast link provided in the earnings announcement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0002007825 0002007825 2026-05-14 2026-05-14 0002007825 infq:CommonStockParValue0.0001PerShare2Member 2026-05-14 2026-05-14 0002007825 infq:WarrantsEachWholeWarrantExercisableForOneShareOfCommonStockAtAnExercisePriceOf11.50PerShare1Member 2026-05-14 2026-05-14

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

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

Filing Exhibits & Attachments

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