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Infleqtion (NYSE: INFQ) doubles Q2 revenue, lifts 2026 forecast on quantum demand

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Infleqtion, Inc. reported record second-quarter 2026 revenue of $12.6 million, up 116% year over year, all organically generated and entirely from quantum-related activities. The company raised its full-year 2026 revenue outlook to approximately $43 million, citing accelerating demand in quantum computing and sensing.

GAAP operating loss widened to $30.6 million in Q2 2026, with non-GAAP operating loss at $17.0 million, reflecting higher operating expenses and stock-based compensation. Infleqtion ended the quarter with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt, including a temporary $27.4 million payroll-tax working-capital benefit expected to reverse in Q3.

The U.S. Department of Commerce issued a Letter of Intent providing for up to $100 million in proposed funding, subject to definitive agreements and approvals, and potentially includes Infleqtion common stock. Infleqtion remains on track to reach 30 logical qubits in 2026, plans a contracted Illinois quantum computer in 2027 designed to scale beyond 50 logical qubits, and highlighted government and commercial engagements across energy, space and defense applications.

Positive

  • Revenue surged 116% year over year in Q2 2026 to $12.6 million, all organic and entirely from quantum-related activities, indicating rapid top-line expansion in the company’s core market.
  • The company raised its full-year 2026 revenue outlook to approximately $43 million, signaling higher expected demand and visibility into its quantum computing and sensing pipeline.
  • Infleqtion ended Q2 with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt, providing substantial liquidity to fund ongoing losses and growth investments.
  • A U.S. Department of Commerce Letter of Intent provides for up to $100 million in proposed funding for commercialization efforts, subject to definitive agreements and approvals, adding a potential non-dilutive capital source and validation.
  • The company remains on track for 30 logical qubits in 2026 and a contracted Illinois quantum computer in 2027 designed to scale beyond 50 logical qubits, supporting its long-term technology roadmap.

Negative

  • GAAP operating loss rose to $30.6 million in Q2 2026 from $10.1 million in Q2 2025, reflecting a sharp increase in operating expenses relative to revenue growth.
  • Non-GAAP operating loss widened to $17.0 million from $7.3 million a year earlier, showing that underlying losses expanded even after excluding stock-based compensation and other adjustments.
  • Q2 operating cash flow of $13.2 million included a temporary $27.4 million payroll-tax timing benefit; excluding this, operating cash burn was about $14 million, underscoring continued heavy cash use.
  • Q2 2026 stock-based compensation of $12.1 million (versus $0.8 million in Q2 2025) materially increased reported expenses and dilution-related costs for shareholders.

Insights

Analyzing...

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 $12.6 million Total revenue for the quarter ended June 30, 2026; up 116% year over year
Full-Year 2026 Revenue Outlook $43 million Raised full-year 2026 revenue outlook to approximately this amount
Q2 2026 GAAP Operating Loss $30.6 million Loss from operations for the quarter ended June 30, 2026
Q2 2026 Non-GAAP Operating Loss $17.0 million Non-GAAP loss from operations for the quarter ended June 30, 2026
Cash and Investments $582 million Cash, cash equivalents, restricted cash and available-for-sale securities at June 30, 2026; no debt
Working-Capital Tax Benefit $27.4 million Temporary Q2 benefit from payroll taxes on stock-option exercises, expected to remit in Q3
Commerce LOI Funding Potential $100 million Proposed U.S. Department of Commerce funding under a Letter of Intent, subject to agreements
Logical Qubits Target 2026 30 logical qubits Company target for 2026 quantum computing milestone
logical qubits technical
"On track for 30 logical qubits in 2026; Illinois quantum computer planned"
Logical qubits are reliable information units inside a quantum computer that are built by combining many fragile physical qubits and protective techniques so the data stays correct over time. Think of them like a dependable backup system made from many weak parts: they cost more to create but let the machine run longer and solve real problems. Investors watch logical-qubit counts because they indicate how close a device is to performing useful, error-resistant quantum calculations and therefore to commercial value.
Letter of Intent regulatory
"Department of Commerce selected Infleqtion for a Letter of Intent providing for up to"
A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.
available-for-sale securities financial
"Ended Q2 with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities"
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.
Non-GAAP Net loss financial
"“Non-GAAP Net loss” is defined as net loss adjusted to add back, when applicable"
Non-GAAP net loss is a company’s reported loss that has been adjusted by removing certain costs or one-time items that the company believes hide its core operating performance. Think of it like looking at a household budget but excluding an unusual repair or sale; it can show a clearer view of everyday results, which helps investors judge ongoing profitability, but it can also omit real expenses so it should be compared with the standard GAAP loss.
working-capital benefit financial
"Results included a $27.4 million temporary working-capital benefit from payroll taxes collected"
neutral-atom quantum computer technical
"Infleqtion is under contract to deploy a neutral-atom quantum computer at the Illinois"
A neutral-atom quantum computer uses individually trapped atoms as the basic units of information and manipulates them with lasers to perform calculations that exploit quantum physics. Think of it as an array of tiny, light-controlled beads that can hold and process many possibilities at once rather than just ones and zeros, which offers the potential to solve certain problems much faster than conventional machines. For investors, progress in accuracy, the number of controllable atoms, and commercialization pathway determine whether this technology becomes a valuable, high-risk long-term opportunity.
Revenue $12.6 million in Q2 2026 up 116% year over year from $5.8 million
GAAP Operating Loss $30.6 million in Q2 2026 worse than $10.1 million in Q2 2025
Non-GAAP Operating Loss $17.0 million in Q2 2026 worse than $7.3 million in Q2 2025
Net Loss $25.5 million in Q2 2026 worse than $8.8 million in Q2 2025
Cash and Investments $582 million at June 30, 2026 significantly higher than $63.2 million of cash and securities at December 31, 2025
Guidance

Full-year 2026 revenue outlook raised to approximately $43 million; company reiterated its target of 30 logical qubits in 2026.

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FAQ

How did Infleqtion (INFQ) perform financially in Q2 2026?
Infleqtion reported Q2 2026 revenue of $12.6 million, up 116% year over year, all organic and from quantum. GAAP operating loss was $30.6 million, and non-GAAP operating loss was $17.0 million, reflecting higher R&D and SG&A investments.

What is Infleqtion’s updated 2026 revenue outlook (INFQ)?
Infleqtion raised its full-year 2026 revenue outlook to approximately $43 million. Management cited accelerating quantum commercialization, strong government engagement, and growing commercial use cases across energy, space, and other sectors as key drivers supporting this higher expectation.

What is Infleqtion’s cash position and debt level after Q2 2026?
Infleqtion ended Q2 2026 with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt. This total includes a $27.4 million temporary working-capital benefit from payroll taxes that the company expects to remit in Q3.

What U.S. government funding opportunity did Infleqtion (INFQ) disclose?
The U.S. Department of Commerce issued Infleqtion a Letter of Intent providing for up to $100 million in proposed funding to advance commercialization. The LOI also contemplates Commerce receiving Infleqtion common stock and remains subject to definitive agreements and approvals.

How fast are Infleqtion’s operating losses and costs growing?
GAAP operating loss increased to $30.6 million in Q2 2026 from $10.1 million a year earlier. Non-GAAP operating loss widened to $17.0 million, while stock-based compensation rose to $12.1 million, highlighting significantly higher operating and compensation costs.

What technology milestones is Infleqtion (INFQ) targeting?
Infleqtion remains on track to reach 30 logical qubits in 2026 and is contracted to deploy a neutral-atom quantum computer in Illinois in 2027. The system is designed to scale via modular upgrades beyond 50 logical qubits toward a 100-logical-qubit goal.

Did Infleqtion generate or burn cash from operations in Q2 2026?
Infleqtion reported $13.2 million of cash generated from operations in Q2 2026. However, this included a $27.4 million temporary payroll-tax timing benefit; excluding that, operating cash burn was approximately $14 million for the quarter.
FALSE000200782500020078252026-08-122026-08-120002007825infq: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
___________________
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


Item 2.02 Results of Operations and Financial Condition.
On August 12, 2026, Infleqtion, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 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 August 12, 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 12, 2026
By:/s/ Ilan Hart
Name:Ilan Hart
Title:Chief Financial Officer


Exhibit 99.1

Infleqtion Reports Record Q2 Revenue, Raises 2026 Outlook as Quantum Commercialization Accelerates

Rising government investment and customer demand are accelerating Infleqtion’s commercial progress across quantum computing and sensing

•    Record Revenue and Raised Outlook
Q2 revenue of $12.6 million, up 116% year over year, 100% organic and entirely from quantum; 2026 revenue outlook raised to approximately $43 million

•    Strong Balance Sheet to Fund Growth
Ended Q2 with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt. Results included a $27.4 million temporary working-capital benefit from payroll taxes collected but not remitted on stock-option exercises. We expect to remit the $27.4 million in Q3.

•    Government Selection Validates Infleqtion’s Commercialization Path
Commerce LOI provides for up to $100 million in proposed funding to advance commercialization following review of Infleqtion’s technology and roadmap

•    Advancing Toward Utility-Scale Quantum Computing
On track for 30 logical qubits in 2026; Illinois quantum computer planned for 2027 with a new architecture designed to scale through modular upgrades to more than 50 logical qubits

•    Building the Quantum Computing Platform for Energy
Eaton is using private-cloud access to Sqale for energy applications, while three DOE Genesis Mission projects span AI, nuclear applications and quantum sensing.


LOUISVILLE, Colo.—(BUSINESS WIRE)--August 12, 2026—Infleqtion, Inc. (NYSE: INFQ) ("Infleqtion" or the "Company"), a global leader in quantum computing and quantum sensing powered by neutral-atom technology, today reported record second-quarter 2026 revenue of $12.6 million, up 116% year over year, and raised its full-year 2026 revenue outlook to approximately $43 million.

“Q2 was a record quarter for Infleqtion, and the pace of quantum commercialization is accelerating,” said Matt Kinsella, Chief Executive Officer of Infleqtion. “Governments are putting dates and dollars behind quantum, and we are building applications with customers now as they prepare for the next generation of quantum systems. We delivered 116% revenue growth, all organic, raised our revenue outlook, and remain on track for 30 logical qubits this year. The quantum market is entering an execution phase, and Infleqtion has spent more than a decade preparing for it.”

During and following the second quarter, Infleqtion advanced major programs across quantum computing and sensing, including proposed funding from the U.S. Department of Commerce, selection for three Department of Energy Genesis Mission projects, a contracted fault-tolerant quantum computing system for Illinois, and expanded application work with commercial customers.



Second Quarter 2026 Financial Summary
•Revenue: $12.6 million, up 116% year over year. Revenue growth was 100% organic and entirely from quantum

•Operating Loss: GAAP operating loss was $30.6 million, compared with $10.1 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 $17.0 million, compared with $7.3 million in Q2 2025.

•Operating Cash Flow: Cash generated from operations was $13.2 million in Q2 2026. Results included a $27.4 million temporary working-capital benefit from payroll taxes collected but not remitted until after June 30, 2026, on stock-option exercises. Excluding this timing benefit, operating cash burn was approximately $14 million

•Balance Sheet: Ended the quarter with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt. Results included a $27.4 million temporary working-capital benefit from payroll taxes collected but not remitted on stock-option exercises. We expect to remit the $27.4 million in Q3.

•2026 Outlook: Raised full-year revenue outlook to approximately $43 million and reiterated the target of 30 logical qubits in 2026


Second Quarter and Recent Business Highlights

•U.S. Government Investment: The U.S. Department of Commerce selected Infleqtion for a Letter of Intent providing for up to $100 million in proposed funding to advance commercialization following a technical review of the Company’s technology and roadmap. The LOI also contemplates the U.S. Department of Commerce receiving Infleqtion common stock. The proposed funding remains subject to definitive agreements and government approvals.

•30 Logical Qubits: Infleqtion remains on track to reach 30 logical qubits in 2026 and has defined logical qubit circuits for customer workloads in finance, energy, and precision medicine.

•Illinois Quantum Computer: Infleqtion is under contract to deploy a neutral-atom quantum computer at the Illinois Quantum & Microelectronics Park in 2027, with a new architecture designed to scale through modular upgrades to more than 50 logical qubits on the path to the system’s 100-logical-qubit goal.

•Quantum Computing for Energy: Eaton is using private-cloud access to Sqale to explore quantum computing applications for complex energy problems. Infleqtion was also selected for three Department of Energy Genesis Mission projects spanning nuclear applications, quantum sensing, and fusion research.

•Quantum Sensing: Execution on NASA’s Quantum Gravity Gradiometer program was a major driver of year-over-year revenue growth in Q2. Infleqtion is also selling its third-generation Tiqker optical atomic clock systems, supported by a global co-selling partnership with Safran.




Conference Call Details

The Company will host a conference call at 4:30 PM Eastern Time on August 12, 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.

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
Access ID: 13762062

Webcast
Event URL: https://event.webcasts.com/starthere.jsp?ei=1771468&tp_key=da7569203b

The replay will be available approximately three hours after the conclusion of the conference call through August 26, 2026.


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. 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



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$12,633 $5,837 $22,094 $14,140 
Total cost of revenue11,244 4,820 18,714 9,746 
Gross profit1,389 1,017 3,380 4,394 
Research and development12,675 5,311 22,626 10,478 
Selling, general and administrative19,818 6,250 46,138 12,034 
Grant income(468)(471)(1,173)(1,095)
Loss from operations(30,636)(10,073)(64,211)(17,023)
Other income (expense):
Interest income5,021 719 8,223 1,075 
Other, net142 507 252 1,116 
Total other income, net5,163 1,226 8,475 2,191 
Loss before income taxes(25,473)(8,847)(55,736)(14,832)
Income tax expense (benefit)— — — — 
Net loss$(25,473)$(8,847)$(55,736)$(14,832)
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities, net(195)— (1,077)— 
Foreign currency translation adjustment(141)(22)(240)394 
Total other comprehensive loss(336)(22)(1,317)394 
Comprehensive loss$(25,809)$(8,869)$(57,053)$(14,438)
Net loss per share attributable to common stockholders - basic and diluted$(0.12)$(0.57)$(0.33)$(0.98)
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 receivables4,147 4,734 
Inventories5,834 4,299 
Prepaid expenses and other current assets8,666 10,036 
Total current assets$501,018 $74,624 
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$642,123 $115,313 
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable3,650 $5,644 
Accrued liabilities45,964 8,610 
Contract liabilities2,511 6,871 
Current portion of operating lease liabilities1,002 1,076 
Deferred consideration payable, current— 471 
Total current liabilities$53,127 $22,672 
Operating lease liabilities, net of current portion13,525 4,074 
TOTAL LIABILITIES$66,652 $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 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(286,822)(231,086)
Accumulated other comprehensive income (loss)(411)906 
Total Stockholders' Equity (Deficit)$575,471 $(208,247)
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders’ Equity (Deficit)$642,123 $115,313 



Infleqtion, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands)
Six Months Ended June 30,
20262025
Cash flows from operating activities
Net loss$(55,736)$(14,832)
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 receivables578 (1,189)
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 liabilities35,205 (2,237)
Contract liabilities(4,360)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$11,244 $4,820 $18,714 $9,746 
Adjustments:
Stock-based compensation1,821 109 2,838 201 
Acquisition and integration costs— — — — 
Non-GAAP Cost of revenue$9,423 $4,711 $15,876 $9,545 
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 $8,536 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Loss from operations$(30,636)$(10,073)$(64,211)$(17,023)
Adjustments:
Stock-based compensation12,066 769 20,359 1,887 
Acquisition and integration costs841 2,000 1,472 2,000 
Go-public transaction expenses— — 11,466 — 
Former executive release payment750 — 750 — 
Non-GAAP Loss from operations$(16,979)$(7,304)$(30,164)$(13,136)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net loss$(25,473)$(8,847)$(55,736)$(14,832)
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$(11,816)$(6,078)$(21,689)$(10,945)


Source: View Original Filing on SEC EDGAR

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