Infleqtion (INFQ) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $12.6 million, up 116% year-over-year, driven by organic growth in quantum computing and sensing, with major contributions from NASA QGG and strong U.S. government demand.

• Raised full-year 2026 revenue outlook to approximately $43 million, reflecting expanding commercial and government momentum and increased bookings.

• Secured a $100 million proposed funding LOI from the U.S. Department of Commerce and selection for three DOE Genesis Mission projects, validating technology and commercialization path.

• Expanded headcount by over 25% YTD, focusing on technical talent and leadership, and opened new innovation facilities.

• Completed a business combination in February 2026, raising $528.2 million in gross proceeds and listing on the NYSE.

Financial highlights

• Q2 2026 revenue reached $12.6 million, up 116% year-over-year, with 92% from the U.S.; total revenue for the first half of 2026 was $23.4 million, up 74% year-over-year.

• GAAP operating loss for Q2 2026 was $30.6 million (vs. $10.1 million YoY); non-GAAP operating loss was $17 million (vs. $7.3 million YoY).

• Net loss for Q2 2026 was $24.7 million; non-GAAP net loss was $11.8 million.

• Cash generated from operations was $13.2 million, including a $27 million temporary payroll tax benefit; ended Q2 with $582 million in cash and equivalents, no debt.

• Gross profit for Q2 2026 was $1.4 million, with a gross margin of ~11%.

Outlook and guidance

• Raised 2026 revenue outlook to approximately $43 million, citing broad-based strength and increased bookings.

• Confident in reaching 30 logical qubits milestone in 2026 and progressing toward scalable quantum systems by 2027.

• Management expects continued operating losses as investments in R&D and commercialization persist.

• Current liquidity projected to cover at least 12 months of anticipated working capital and capital expenditures.

• No significant seasonality expected in H2; revenue mix between sensing and compute to remain stable.