Infleqtion (INFQ) Q3 2025 earnings summary

Executive summary

• Completed IPO on May 15, 2025, raising $414M through 41.4M units and $3M from private placement units; proceeds placed in a trust account for a future business combination.

• Entered into a definitive merger agreement with ColdQuanta, Inc. on September 8, 2025, with a PIPE investment of $126.5M committed by institutional investors.

• No operating revenues to date; activities focused on formation, IPO, and business combination preparation.

Financial highlights

• Net loss for Q3 2025 was $33.4M, driven by a $30.5M change in fair value of subscription agreement liability and $1.2M in G&A costs, partially offset by $4.4M in trust account interest income.

• Net loss for the nine months ended September 30, 2025, was $31.4M, with $6.6M in trust account interest income.

• As of September 30, 2025, $419.6M held in trust account, $1.1M in cash, and a working capital deficit of $35.2M.

Outlook and guidance

• Sufficient funds for working capital needs for at least one year from the reporting date; additional financing may be needed if business combination costs exceed estimates or significant redemptions occur.

• Business combination with ColdQuanta subject to customary closing conditions and regulatory approvals; no assurance of completion.