Infleqtion (INFQ) Q1 2025 earnings summary

Executive summary

• Incorporated in January 2024 as a blank check company to pursue a business combination; no operating revenues to date, only organizational and IPO-related activities through March 31, 2025.

• Net loss of $18,200 for Q1 2025, driven by general and administrative costs; cumulative net loss since inception is $44,611.

• IPO completed on May 15, 2025, after the reporting period, raising $414 million through the sale of 41.4 million units, including full exercise of the over-allotment option.

Financial highlights

• As of March 31, 2025, total assets were $170,882, with a working capital deficit of $215,992 and no cash on hand.

• No revenues generated; all expenses relate to formation and IPO preparation.

• Deferred offering costs totaled $170,882 as of March 31, 2025.

• Promissory note from Sponsor outstanding at $203,047 at quarter-end, repaid after IPO close.

Outlook and guidance

• Sufficient funds expected to finance working capital needs for at least one year post-IPO.

• No assurance of successful business combination; future revenues dependent on completion of such a transaction.