EX-99.1

2 infq-20260630xex9918x17x20.htm

EX-99.1

Document

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

EX-99.1

2 infq-20260630xex991.htm

EX-99.1

Document

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 tha

EX-99.1

2 d89415dex991.htm

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

EX-99.1

2 d56454dex991.htm

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

2 d104197dex991.htm

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