Infleqtion (INFQ) Q4 2025 earnings summary

Executive summary

• Achieved $32.5 million in 2025 revenue, all organic and quantum-driven, with strong growth in national security and government contracts.

• Transitioned to a public company, raising $516 million in net proceeds and ending 2025 with $63 million in cash and no debt.

• Platform leverages neutral atom quantum technology for computing and sensing, with a single scalable core and software layer.

• Expanded partnerships with NASA, Safran, NVIDIA, and others, and delivered quantum computers to the UK and Japan, including the UK's first operational 100-qubit system.

• Major product launches and strategic partnerships announced, including precision timing solutions and expanded customer relationships.

Financial highlights

• 2025 revenue reached $32.5 million, up from prior year, driven by new program awards and customer demand.

• GAAP operating loss narrowed to $35.3 million in 2025 from $53 million in 2024.

• Non-GAAP operating loss improved to $28.1 million, excluding stock-based compensation and one-time items.

• Net cash used in operating activities improved to $24.1 million from $32.5 million year-over-year.

• Non-GAAP net loss for 2025 was $24.6 million, after adjustments for stock-based compensation and acquisition/integration costs.

Outlook and guidance

• 2026 revenue guidance is $40 million, reflecting continued business momentum and growing customer demand.

• On track to deliver 30 logical qubits in 2026 and 100 by 2028, unlocking transformative applications.

• Modest increase in cash burn expected in 2026 to support R&D and go-to-market investments.

• Revenue mix expected to remain around two-thirds sensing, one-third computing in near term.

• Management expresses confidence in continued execution and momentum across the business.