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  4. [8-K/A] Infleqtion, Inc. Amends Material Event Report

Infleqtion (INFQ) Q2 revenue surges 157% as it reworks contract accounting

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K/A

Rhea-AI Filing Summary

Infleqtion, Inc. updated its previously released second-quarter 2026 results and 2026 revenue outlook after identifying accounting adjustments related to revenue recognition on two government contracts and expected-loss provisions. The changes shift revenue timing between periods but have no impact on cash or underlying business fundamentals.

For Q2 2026, total revenue was $13,538 thousand, an increase of 157% year over year, all from quantum-related business. GAAP operating loss widened to $29,858 thousand from $10,412 thousand, reflecting higher operating expenses and stock-based compensation; non-GAAP operating loss was $16,201 thousand versus $7,643 thousand. Net loss was $24,695 thousand compared with $9,186 thousand a year earlier.

The company raised its full-year 2026 revenue outlook to approximately $45,100 thousand, up from $43,000 thousand, to include non-cash, accounting-based adjustments. As of June 30, 2026, cash and cash equivalents were $59,285 thousand, with additional current and non-current available-for-sale securities of $417,673 thousand and $104,780 thousand. Net cash used in operating activities for the first half of 2026 was $5,974 thousand. Infleqtion also completed a Business Combination, generating $528,166 thousand of net proceeds in the first half.

Positive

  • Q2 2026 revenue grew 157% year over year to $13,538 thousand, with growth described as 100% organic and entirely from quantum.
  • Full-year 2026 revenue outlook increased from $43,000 thousand to approximately $45,100 thousand based on non-cash accounting adjustments.
  • Cash and cash equivalents of $59,285 thousand plus available-for-sale securities totaling $522,453 thousand provide a substantial liquidity base.
  • Business Combination proceeds of $528,166 thousand in the first half of 2026 significantly strengthened the balance sheet.

Negative

  • GAAP operating loss widened to $29,858 thousand in Q2 2026 from $10,412 thousand in Q2 2025, reflecting substantially higher expenses.
  • Net loss increased to $24,695 thousand for Q2 2026 from $9,186 thousand a year earlier.
  • Non-GAAP loss from operations was still sizeable at $16,201 thousand in Q2 2026, compared with $7,643 thousand in Q2 2025.

Filing Explained

The amendment says the revenue-recognition adjustment was also reflected in Infleqtion’s previously issued 2024 and 2025 financial statements, revising reported revenue timing across periods without changing cash.

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, and exhibit attachments filed with this report.
Q2 2026 Revenue $13,538 thousand Total revenue for the three months ended June 30, 2026
Q2 2026 Revenue Growth 157% Year-over-year increase in revenue for Q2 2026
Q2 2026 GAAP Operating Loss $29,858 thousand Loss from operations for the three months ended June 30, 2026
Q2 2026 Non-GAAP Operating Loss $16,201 thousand Non-GAAP loss from operations for the three months ended June 30, 2026
Q2 2026 Net Loss $24,695 thousand Net loss for the three months ended June 30, 2026
2026 Revenue Outlook $45,100 thousand Approximate full-year 2026 revenue outlook after update
Cash and Cash Equivalents $59,285 thousand Balance as of June 30, 2026
Business Combination Proceeds $528,166 thousand Net cash provided by Business Combination in first half 2026
Non-GAAP Loss from operations financial
"“Non-GAAP Loss from operations” is defined as loss from operations adjusted"
available-for-sale securities financial
"Available-for-sale securities, current | 417,673"
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.
Form 12b-25 regulatory
"announced that it has filed a Form 12b-25, Notification of Late Filing"
Form 12b-25 is a notice a publicly traded company files with the U.S. Securities and Exchange Commission when it cannot deliver a required periodic report (like a quarterly or annual financial report) on time. It explains the reason for the delay and gives the company a short, temporary window to finish the report without being marked as delinquent; investors watch it because late filings can signal accounting, operational, or control issues that may affect a company’s reliability and stock risk, much like a missed homework deadline can raise concerns about a student’s preparedness.
Business Combination financial
"Proceeds from Business Combination, net of redemptions | 528,166"
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.
contract liabilities financial
"Contract liabilities | 2,588"
Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.
Revenue (Q2 2026) $13,538 thousand 157% year-over-year increase
GAAP Operating Loss (Q2 2026) $29,858 thousand Higher than $10,412 thousand in Q2 2025
Non-GAAP Operating Loss (Q2 2026) $16,201 thousand Higher than $7,643 thousand in Q2 2025
2026 Revenue Outlook $45,100 thousand Raised from $43,000 thousand
Guidance

Updated 2026 revenue outlook to approximately $45,100 thousand, reflecting non-cash, accounting-based revenue adjustments with no change to underlying 2026 business performance assumptions.

FAQ

How did Infleqtion (INFQ) update its Q2 2026 revenue and guidance?
Infleqtion updated Q2 2026 revenue to $13,538 thousand, up 157% year over year, and raised its 2026 revenue outlook to approximately $45,100 thousand from $43,000 thousand, reflecting non-cash accounting-based revenue adjustments tied to government contracts.

What were Infleqtion (INFQ)’s Q2 2026 losses on a GAAP and non-GAAP basis?
Infleqtion reported a Q2 2026 GAAP operating loss of $29,858 thousand and a net loss of $24,695 thousand. Non-GAAP loss from operations was $16,201 thousand, compared with $7,643 thousand in Q2 2025, mainly due to higher operating expenses and stock-based compensation.

Did Infleqtion (INFQ)’s accounting adjustment affect cash or business fundamentals?
The company stated the accounting adjustment shifted revenue timing between periods with no impact on cash or underlying business fundamentals. It relates to revenue recognition on two government contracts and expected-loss provisions for certain projects.

What is Infleqtion (INFQ)’s liquidity position as of June 30, 2026?
As of June 30, 2026, Infleqtion had $59,285 thousand in cash and cash equivalents, plus available-for-sale securities of $417,673 thousand current and $104,780 thousand non-current, providing a large pool of financial assets to support operations and growth initiatives.

How much cash did Infleqtion (INFQ) use in operations in the first half of 2026?
Net cash used in operating activities for the six months ended June 30, 2026 was $5,974 thousand. This reflects the company’s operating losses partly offset by non-cash items and working capital changes, within the context of substantial overall liquidity from cash and securities.

What was the impact of Infleqtion (INFQ)’s Business Combination on its cash flows?
In the first half of 2026, Infleqtion received $528,166 thousand of net proceeds from its Business Combination, reported in financing cash flows. This significantly increased cash resources, alongside smaller proceeds from stock option and warrant exercises.

Why did Infleqtion (INFQ) file a Form 12b-25 for its Q2 2026 Form 10-Q?
Infleqtion filed Form 12b-25 because its second quarter Form 10-Q was filed one business day after the deadline. The company noted that the updated Q2 figures are consistent with the financial information presented in the Form 10-Q filed on that date.

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Understanding 8-K Material Events →
TRUE000200782500020078252026-08-122026-08-120002007825infq:CommonStockParValue0.0001PerShareMember2026-08-122026-08-120002007825infq:WarrantsEachWholeWarrantExercisableForOneShareOfCommonStockAtAnExercisePriceOf11.50PerShareMember2026-08-122026-08-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K/A
(Amendment No. 1)
___________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2026
___________________
INFLEQTION, INC.
(Exact name of registrant as specified in its charter)
___________________
Delaware001-4264686-1946291
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
1315 West Century Drive
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):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 classTrading
Symbol		Name of each exchange
on which registered
Common Stock, par value $0.0001 per shareINFQThe 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 WSThe 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 x
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. o


Explanatory Note

Infleqtion, Inc. (the “Company”) is filing this Current Report on Form 8-K/A (this “Amendment No. 1”) to amend the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 12, 2026 (the “Original Form 8-K”) under Items 2.02 and 9.01, which announced its preliminary financial results for the quarter ended June 30, 2026, as presented in a press release dated August 12, 2026, furnished as Exhibit 99.1 thereto (the “Earnings Release”). Since the issuance of the Earnings Release, the Company has identified certain adjustments to its preliminary results included in the Earnings Release related to its recognition of revenue and cost of revenue from certain contracts as well as an error related to revenue recognition and GAAP accounting methodology for the provision of expected losses for certain projects that required certain immaterial adjustments to the prior comparative periods. As a result, the Company is filing this Amendment No. 1 to adjust certain disclosures in the Earnings Release contained in the tables entitled “Condensed Consolidated Balance Sheets” as of June 30, 2026 and December 31, 2025, “Condensed Consolidated Statements of Operations and Comprehensive Loss” for the three and six months ended June 30, 2026 and 2025, and “Condensed Consolidated Statements of Cash Flows” for the six months ended June 30, 2026 and 2025, as well as the corresponding narrative sections in the Earnings Release and the Company’s 2026 revenue outlook. Other than the adjustments discussed in this Amendment No. 1, as described in Item 2.02 herein, all other information disclosed in the Original Form 8-K and Earnings Release remains unchanged. A corrected version of the Earnings Release is furnished herewith as Exhibit 99.1.

Item 2.02 Results of Operations and Financial Condition.

Exhibit 99.1 furnished hereto and incorporated herein by reference updates and supersedes the Earnings Release furnished on the Original Form 8-K with respect to the information presented therein.

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 August 17, 2026.
104Cover 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: August 17, 2026
By:/s/ Ilan Hart
Name:Ilan Hart
Title:Chief Financial Officer



Infleqtion Reports Updated Financial Results for Q2 2026 and FY26 Revenue Guidance

Q2 Revenue Increases from $12.6M to $13.5M and FY26 Revenue Guidance Increases from Approximately $43M to Approximately $45.1M to Reflect Shift in Timing of Revenue Recognition for Two Government Contracts

Increases Offset by Corresponding Reduction in Revenue Recognized in 2024 and 2025

No Impact to Cash or Underlying Business Fundamentals

Company Files Form 10-Q for Period Ended June 30, 2026

LOUISVILLE, Colo., August 17, 2026 - Infleqtion, Inc. (NYSE: INFQ) (“Infleqtion” or the “Company”), a global leader in quantum computing and quantum sensing powered by neutral-atom technology, today announced that it has filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission (“SEC”) reporting updated results for the second quarter of 2026, which increases the original results reported in the Company’s press release dated August 12, 2026. The updated results are consistent with the financial information presented in the Company’s Quarterly Report on Form 10-Q, which was filed today with the Securities and Exchange Commission (“SEC”).

Updated Second Quarter 2026 Financial Summary

•Revenue: $13.5 million, up 157% year over year. Revenue growth was 100% organic and entirely from quantum.

•Operating Loss: GAAP operating loss was $29.9 million, compared with $10.4 million in Q2 2025. The increase primarily reflects higher operating expenses as we invest in our strategy, along with higher stock-based compensation. Non-GAAP operating loss was $16.2 million, compared with $7.6 million in Q2 2025.

•2026 Outlook: Updated full-year revenue outlook to approximately $45.1 million, up from $43 million to include non-cash, accounting-based revenue adjustments. There are no changes to the previously provided assumptions underlying the Company’s expectations for its business performance for 2026.

Operating cash flow and cash on the balance sheet remain unchanged from the Company’s August 12 press release.

The Company is providing these updated financial results after identifying an immaterial adjustment related to two government contracts for which revenue was recorded in its prior period financial statements. The Company has also reflected this adjustment in its previously issued financial statements for fiscal years 2024 and 2025, which can be found in its second quarter Form 10-Q.

“We are providing updated Q2 financial results and full year outlook after an accounting adjustment related to two contracts that shifted the timing of revenue recognition between periods with no impact to cash,” said Matt Kinsella, Chief Executive Officer of Infleqtion. “I want to reinforce that Q2 was a record quarter for Infleqtion, we remain on track for 30 logical qubits this year, and the pace of quantum commercialization is accelerating. The quantum market is entering an execution phase, and Infleqtion has spent more than a decade preparing for it.”

As the Company is filing its second quarter Form 10-Q one business day beyond the filing deadline, the Company today also filed a Form 12b-25, Notification of Late Filing, with the SEC. Additional information is available in the Form 10-Q.



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,” “on track” 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, technology milestones, commercial opportunities, and market momentum are forward looking statements. 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 Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent 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 and, when considered together with the corresponding GAAP measures, assist investors in evaluating Infleqtion’s operating performance and comparing its results across reporting periods. 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 Cost of revenue” is defined as cost of revenue expense adjusted to add back, when applicable, stock-based compensation and acquisition and integration costs.

“Non-GAAP R&D” is defined as research and development expense adjusted to add back, when applicable, stock-based compensation and acquisition and integration costs.

“Non-GAAP SG&A” is defined as selling, general and administrative expense adjusted to add back, when applicable, stock-based compensation, acquisition and integration costs, go-public transaction expenses and former executive release payments.

“Non-GAAP Loss from operations” is defined as loss from operations adjusted to add back, when applicable, stock-based compensation, go-public transaction expenses, acquisition and integration costs, former executive release payment 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, former executive release payment 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. Management believes that Non-GAAP Cost of revenue, Non-GAAP R&D, Non-GAAP SG&A, Non-GAAP Loss from operations and Non-GAAP Net loss


provide useful information to investors because they facilitate an evaluation of Infleqtion’s underlying operating performance and period-to-period comparability by excluding certain items that management believes do not directly reflect the Company’s core operations or may not be indicative of recurring operating results. Management uses these non-GAAP measures, together with the corresponding GAAP measures, to assess the operating performance of the business.


About Infleqtion
Infleqtion, Inc. (NYSE: INFQ) is a global leader in quantum technology, delivering neutral-atom solutions for quantum computing, networking, sensing and security. Its product portfolio spans quantum computers, quantum optical clocks, RF receivers and inertial sensors, combining high-performance hardware with the Company’s proprietary Superstaq quantum computing software platform. Infleqtion’s systems are used by U.S. and international 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:
Emily O'Brien
media@infleqtion.com



Infleqtion, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited; in thousands, except share and per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total revenue$13,538 $5,277 $23,445 $13,472 
Total cost of revenue11,371 4,599 18,743 9,251 
Gross profit2,167 678 4,702 4,221 
Research and development12,675 5,311 22,626 10,478 
Selling, general and administrative19,818 6,250 46,138 12,034 
Grant income(468)(471)(1,173)(1,095)
Loss from operations(29,858)(10,412)(62,889)(17,196)
Other income (expense):
Interest income5,021 719 8,223 1,075 
Other, net142 507 252 1,116 
Total other income, net5,163 1,226 8,475 2,191 
Loss before income taxes(24,695)(9,186)(54,414)(15,005)
Income tax expense (benefit)— — — — 
Net loss$(24,695)$(9,186)$(54,414)$(15,005)
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities, net(195)— (1,077)— 
Foreign currency translation adjustment(141)(22)(240)394 
Total other comprehensive loss(336)(22)(1,317)394 
Comprehensive loss$(25,031)$(9,208)$(55,731)$(14,611)
Net loss per share attributable to common stockholders - basic and diluted$(0.11)$(0.59)$(0.32)$(0.99)
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted219,743,810 15,586,999 169,199,551 15,164,809 



Infleqtion, Inc.
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share and per share amounts)
As of
June 30, 2026
(Unaudited)		December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$59,285 $11,694 
Available-for-sale securities, current417,673 34,318 
Accounts receivable5,413 9,543 
Unbilled receivables3,478 2,637 
Inventories5,834 4,299 
Prepaid expenses and other current assets8,666 10,036 
Total current assets$500,349 $72,527 
Property and equipment, net8,684 8,674 
Operating lease right-of-use assets13,709 4,923 
Available-for-sale securities, non-current104,780 17,157 
Goodwill9,315 9,315 
Other assets4,617 620 
TOTAL ASSETS$641,454 $113,216 
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable3,650 $5,644 
Accrued liabilities46,306 8,923 
Contract liabilities2,588 6,871 
Current portion of operating lease liabilities1,002 1,076 
Deferred consideration payable, current— 471 
Total current liabilities$53,546 $22,985 
Operating lease liabilities, net of current portion13,525 4,074 
Deferred consideration payable— — 
TOTAL LIABILITIES$67,071 $27,059 
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 June 30, 2026 and December 31, 2025, respectively— — 
Common stock: $0.0001 par value per share; 1,400,000,000 shares authorized; 224,681,185 and 17,449,020 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively23 2 
Additional paid-in capital862,681 21,931 
Accumulated deficit(287,910)(233,496)
Accumulated other comprehensive income (loss)(411)906 
Total Stockholders' Equity (Deficit)$574,383 $(210,657)
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders’ Equity (Deficit)$641,454 $113,216 



Infleqtion, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands)
Six Months Ended June 30,
20262025
Cash flows from operating activities
Net loss$(54,414)$(15,005)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense1,928 1,555 
Stock-based compensation expense20,359 1,887 
Change in fair value of contingent obligation1,472 — 
Other non-cash operating adjustments(2,429)(807)
Changes in operating assets and liabilities:
Accounts receivable4,089 1,526 
Unbilled receivables(850)(522)
Inventories(1,535)(1,468)
Prepaid expenses and other current assets(3,845)671 
Other assets(75)(37)
Accounts payable(1,986)4,507 
Accrued liabilities35,234 (2,731)
Contract liabilities(4,283)994 
Operating lease right-of-use assets711 476 
Operating lease liabilities(350)(773)
Net cash used in operating activities(5,974)(9,727)
Cash flows from investing activities
Purchases of available-for-sale securities(529,743)— 
Maturities of available-for-sale securities60,200 — 
Purchase of non-marketable equity investment(3,000)— 
Purchases of property and equipment(1,702)(1,098)
Net cash used in investing activities(474,245)(1,098)
Cash flows from financing activities
Proceeds from issuance of Series C convertible redeemable preferred stock— 49,222 
Proceeds from stock options and warrant exercises4,729 784 
Payment of offering costs(3,306)— 
Proceeds from Business Combination, net of redemptions528,166 — 
Payment of deferred cash consideration(475)(713)
Net cash provided by financing activities529,114 49,293 
Foreign currency translation(370)1,187 
Net increase in cash and cash equivalents and restricted cash$48,525 $39,655 
Cash, cash equivalents and restricted cash at beginning of period$11,894 $48,142 
Cash, cash equivalents and restricted cash at end of period$60,419 $87,797 



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 and six ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$11,371 $4,599 $18,743 $9,251 
Adjustments:
Stock-based compensation1,821 109 2,838 201 
Acquisition and integration costs— — — — 
Non-GAAP Cost of revenue$9,550 $4,490 $15,905 $9,050 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development expense $12,675 $5,311 $22,626 $10,478 
Adjustments:
Stock-based compensation4,820 116 7,234 188 
Acquisition and integration costs— — — — 
Non-GAAP R&D$7,855 $5,195 $15,392 $10,290 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Selling, general and administrative expense $19,818 $6,250 $46,138 $12,034 
Adjustments:
Stock-based compensation5,425 544 10,287 1,498 
Acquisition and integration costs841 2,000 1,472 2,000 
Go-public transaction expenses— — 11,466 — 
Former executive release payment750 — 750 — 
Non-GAAP SG&A$12,802 $3,706 $22,163 $8,536 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Loss from operations$(29,858)$(10,412)$(62,889)$(17,196)
Adjustments:
Stock-based compensation12,066 769 20,359 1,887 
Acquisition and integration costs841 2,000 1,472 2,000 
Go-public transaction expenses— — 11,466 — 
Former executive release payment750 — 750 — 
Non-GAAP Loss from operations$(16,201)$(7,643)$(28,842)$(13,309)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net loss$(24,695)$(9,186)$(54,414)$(15,005)
Adjustments:
Stock-based compensation12,066 769 20,359 1,887 
Acquisition and integration costs841 2,000 1,472 2,000 
Go-public transaction expenses— — 11,466 — 
Former executive release payment750 — 750 — 
Non-GAAP Net loss$(11,038)$(6,417)$(20,367)$(11,118)


Source: View Original Filing on SEC EDGAR

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