Infleqtion (INFQ) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $9.5 million, a 14% year-over-year increase, driven by quantum solutions, NASA QGG, Quantum Spectrum contracts, and organic growth in quantum products and software.

• Completed a business combination with Churchill Capital Corp X, resulting in a public listing and a $528.2 million capital infusion, including a $126.5 million PIPE investment.

• Approximately 70% of Q1 revenue originated from U.S. customers, with a global customer base and strategic partnerships in defense, AI, and infrastructure.

• Expanded customer activity in national security, space, and hybrid quantum-AI applications supported performance.

• Continued investment in headcount, projects, and public company costs, reflecting strategic growth initiatives.

Financial highlights

• Q1 2026 revenue: $9.5 million, up from $8.3 million in Q1 2025.

• GAAP operating loss was $33.6 million; non-GAAP operating loss was $13.2 million, both up year-over-year due to stock-based compensation, go-public costs, and higher operating expenses.

• Net loss for Q1 2026 was $30.3 million, or $(0.26) per share, compared to $6.0 million, or $(0.41) per share, in Q1 2025.

• Gross profit for Q1 2026 was $1.99 million on $9.46 million in revenue, with cost of revenue at $7.47 million.

• Cash, cash equivalents, and available-for-sale securities totaled $569 million as of March 31, 2026, with no debt.

Outlook and guidance

• 2026 revenue guidance raised to at least $40 million, reflecting broad-based demand and accelerating growth across commercial and government contracts.

• Targeting 30 logical qubits in 2026 and 100 logical qubits by 2028.

• Capex is projected to increase throughout 2026 as commercial deployments scale.

• Management expects continued operating losses and higher expenses as investments in R&D and commercialization continue.