INFQ

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

Infleqtion Reports Record Q1 Revenue as Customer Demand Accelerates

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

the Company’s quantum portfolio

LOUISVILLE, Colo.—(BUSINESS WIRE)--May 14, 2026— Infleqtion (NYSE: INFQ), (the “Company”) a global leader in quantum computing and quantum sensing powered by neutral-atom technology, today reported Q1 2026 revenue of $9.5 million, up 14% year over year. Q1 performance reflected continued execution across the Company’s quantum computing, sensing, and software portfolio, supported by expanding customer activity in national security, space, and hybrid quantum-AI applications.

First Quarter 2026 Financial Highlights

•

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

•

GAAP loss from operations of $33.6 million

•

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

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

•

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

•

Cash, cash equivalents and available-for-sale securities of $569 million as of March 31, 2026

Updated 2026 Guidance

•

Increased revenue guidance for 2026 to at least $40 million supported by expanding customer activity across the Company’s quantum portfolio

Recent Milestones and Commercial Progress

•

Announced Infleqtion’s role as a collaborator on NASA JPL’s Quantum Gravity Gradiometer Pathfinder mission, supported by $20 million in contracts to date

•

Delivered upgraded quantum hardware for NASA’s Cold Atom Lab aboard the International Space Station building on Infleqtion’s quantum technology operating aboard the ISS since 2018

•

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

•

Announced the acceleration of Quantum Spectrum, the Company’s atom-based RF sensing platform, in response to growing customer interest. Quantum Spectrum was the second-largest contributor to sensing revenue, with multiple new customer programs addressing demand for trusted signals and resilient communication in contested environments

•

Expanded Infleqtion’s quantum software programs across defense, energy, and research customers, including a milestone win with the DARPA HARQ program. New engagements span compiler development, energy-grid optimization, and computational chemistry

•

Contracted with the U.S. Navy to advance Infleqtion’s Contextual Machine Learning software for RF signal processing, with development underway toward an integrated prototype

•

Selected for two U.S. Department of Energy programs to advance quantum computing applications in chemistry, materials science, and energy grid optimization, addressing markets representing trillions of dollars in global economic value

•

Advanced Infleqtion’s collaboration with NVIDIA through adoption of NVIDIA Ising AI models for quantum processor calibration and error-correction decoding on the Company’s Sqale neutral-atom quantum computer

•

Began trading on the NYSE under the symbol “INFQ” as the first publicly traded neutral-atom quantum computing company, marking a new chapter in the commercialization of quantum technology

“Q1 reinforced our confidence that quantum is gaining momentum as the market shifts toward deployable systems, real applications, and measurable customer value,” said Matt Kinsella, CEO of Infleqtion. “Across computing, sensing, and software, we are seeing expanding customer activity especially in national security, space, and hybrid quantum-AI applications. These trends support our updated full-year outlook and strengthen our confidence in the year ahead.”

“First quarter revenue of $9.5 million, up 14% year over year, is all organic and generated entirely from quantum products and software” said Ilan Hart, Chief Financial Officer of Infleqtion. “Our strong cash position gives us flexibility to invest in R&D and go-to-market capability ahead of market momentum while maintaining disciplined operating controls.”

Conference Call and Webcast Information

The Company will host a conference call at 4:30 PM Eastern Time May 14, 2026, to discuss financial results. The call will be webcast live on the Company’s Investor Relations website at https://ir.infleqtion.com/ in the News & Events section. An archived replay will be available shortly after the call.

Conference Call Details

Live Call

Domestic Dial-In:

1-877-869-3847

International Dial-In: 1-201-689-8261

Replay

Domestic Dial-In: 1-877-660-6853

International Dial-In:

1-201-612-7415

Conference ID: 13760305

Webcast Event URL: https://event.w

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EX-99.1

EX-99.1

Exhibit 99.1

Infleqtion Announces 2026 Revenue Guidance of $40 Million

Outlook reflects growing customer demand for quantum sensing and computing solutions

LOUISVILLE, Colo.—(BUSINESS WIRE)—Infleqtion (NYSE: INFQ) (the “Company”) a global leader in quantum computing and quantum sensing powered by neutral-atom technology, today announced 2026 revenue guidance of $40 million in conjunction with its previously announced business update call. The Company’s outlook reflects growing customer demand for quantum sensing and computing solutions.

2025 Financial Highlights For Full Year Ending December 31, 20251:

•

Revenue of $32.5 million.

•

Loss from operations of $35.3 million.

•

Non-GAAP operating loss of $28.1 million, which excludes stock-based

compensation of $3.1 million and acquisition and integration costs of $4.1 million from GAAP operating loss.

Select Business Highlights

•

On April 1, 2026, Infleqtion announced the availability of its first quantum-enabled precision timing solution delivered with Safran Electronics & Defense. The solution builds on the December 2025 announcement of a strategic partnership and includes Infleqtion’s Tiqker optical atomic clock integrated and validated with Safran’s White Rabbit and SecureSync systems. The solution is available to customers across the defense, telecommunications, and critical infrastructure sectors.

•

In March 2026, Infleqtion announced the delivery of the UK’s only operational 100-physical qubit quantum computing system at the National Quantum Computing Centre, meeting a major UK national quantum mission goal and advancing the country’s ability to develop and operate large-scale quantum systems.

•

Following its earlier $6.2 million ARPA-E ENCODE award, Infleqtion won an additional ARPA-E award in March 2026, receiving $3.9 million through the QC3 program to advance chemistry and materials science applications.

•

In February 2026, Infleqtion announced its role as a collaborator on NASA’s Quantum Gravity Gradiometer Pathfinder mission, securing more than $20 million in contracted funding to date.

“2025 was a pivotal year for Infleqtion as we strengthened the business materially, advanced both our quantum sensing and quantum computing platforms, and expanded customer and partner relationships,” said Matthew Kinsella, Chief Executive Officer of Infleqtion. “We are seeing growing demand for deployable quantum technologies in mission-critical applications, from precision timing and resilient navigation to large-scale quantum computing systems. Our 2026 guidance reflects that momentum and our confidence in continued execution across the business.”

Conference Call and Webcast Information

Infleqtion will host a conference call at 4:30 p.m. Eastern Time on Wednesday, April 8, 2026. The call will be webcast live on the Company’s Investor Relations website in the News & Events section. A telephone replay will be available shortly after the call and will remain available through April 8, 2027. An archive of the webcast will also be available after the call and will remain available for one year.

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: 13759662

Webcast

Event URL: https://event.webcasts.com/starthere.jsp?ei=1757937&tp_key=f0d5a76be2

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.

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 limitatio

EX-99.1

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EX-99.1

EX-99.1

Exhibit 99.1

ColdQuanta, Inc. dba Infleqtion

Consolidated Financial Statements

For the Years Ended December 31, 2025 and 2024

Table of Contents

Page(s)

Report of Independent Registered Public Accounting Firm

2

Consolidated Balance Sheets

3

Consolidated Statements of Operations and Comprehensive Loss

4

Consolidated Statements of Changes in Convertible Redeemable Preferred Stock and Stockholders’ Deficit

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

7-32

1

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

ColdQuanta, Inc. dba Infleqtion:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of ColdQuanta, Inc. dba Infleqtion and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, changes in convertible redeemable preferred stock and stockholders’ deficit, and cash flows for the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company’s auditor since 2022.

Denver, Colorado

March 31, 2026

2

ColdQuanta, Inc. dba Infleqtion

Consolidated Balance Sheets

(in thousands, except share amounts)

As of December 31,

2025

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 11,694

$ 47,942

Available-for-sale

securities, current

34,318

—

Accounts receivable

9,543

4,033

Unbilled receivables

4,734

3,558

Inventories

4,299

2,223

Prepaid expenses and other current assets

10,036

3,195

Total current assets

74,624

60,951

Property and equipment, net

8,674

10,015

Operating lease right-of-use assets

4,923

5,400

Available-for-sale

securities, non-current

17,157

—

Goodwill

9,315

9,315

Other assets

620

637

TOTAL ASSETS

$ 115,313

$ 86,318

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’

DEFICIT

CURRENT LIABILITIES:

Accounts payable

$ 5,644

$ 1,361

Accrued liabilities

8,610

9,278

Contract liabilities

6,871

3,402

Current portion of operating lease right-of-use liabilities

1,076

1,324

Deferred consideration payable, current

471

1,362

Total current liabilities

22,672

16,727

Operating lease liabilities, net of current portion

4,074

4,774

Deferred consideration payable

—

408

TOTAL LIABILITIES

26,746

21,909

Convertible Redeemable Preferred Stock:

Series Seed convertible redeemable preferred stock, $0.0001 par value per share

6,526

6,526

Series Seed II convertible redeemable preferred stock; $0.0001 par value per share

10,411

10,411

Series A convertible redeemable preferred stock, $0.0001 par value per share

36,658

36,658

Series B convertible redeemable preferred stock; $0.0001 par value per share

112,145

112,145

Series B-1 convertible redeemable preferred stock; $0.0001

par value per share

32,990

32,990

Series C convertible redeemable preferred stock ; $0.0001 par value per share

71,733

22,503

Series C-1 convertible redeemable preferred stock ;

$0.0001 par value per share

26,351

26,351

Total Convertible Redeemable Pre