$INFQ

Infleqtion, Inc.

CIK:0002007825|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 13,538	$ 5,277	$ 23,445	$ 13,472
Cost of revenue
Total cost of revenue	11,371	4,599	18,743	9,251
Gross profit	2,167	678	4,702	4,221
Research and development	12,675	5,311	22,626	10,478
Selling, general and administrative	19,818	6,250	46,138	12,034
Grant income	(468)	(471)	(1,173)	(1,095)
Loss from operations	(29,858)	(10,412)	(62,889)	(17,196)
Other income (expense):
Interest income	5,021	719	8,223	1,075
Other, net	142	507	252	1,116
Total other income, net	5,163	1,226	8,475	2,191
Loss before income taxes	(24,695)	(9,186)	(54,414)	(15,005)
Income tax expense (benefit)	0	0	0	0
Net loss	(24,695)	(9,186)	(54,414)	(15,005)
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities, net	(195)	0	(1,077)	0
Foreign currency translation adjustment	(141)	(22)	(240)	394
Total other comprehensive loss	(336)	(22)	(1,317)	394
Comprehensive loss	$ (25,031)	$ (9,208)	$ (55,731)	$ (14,611)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.11)	$ (0.59)	$ (0.32)	$ (0.99)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.11)	$ (0.59)	$ (0.32)	$ (0.99)
Weighted average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	219,743,810	15,586,999	169,199,551	15,164,809
Weighted average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	219,743,810	15,586,999	169,199,551	15,164,809
Product
Revenue
Total revenue	$ 3,173	$ 3,561	$ 6,769	$ 9,853
Cost of revenue
Total cost of revenue	2,956	3,826	5,688	7,753
Service
Revenue
Total revenue	10,365	1,716	16,676	3,619
Cost of revenue
Total cost of revenue	$ 8,415	$ 773	$ 13,055	$ 1,498

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (24,695)	$ (29,719)	$ (9,186)	$ (54,414)	$ (15,005)	$ (21,198)	$ (32,228)	$ (55,742)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,000		900	1,928	1,555
Stock-based compensation expense				20,359	1,887
Change in fair value of contingent obligation				1,472	0
Other non-cash operating adjustments				(2,429)	(807)
Changes in operating assets and liabilities:
Accounts receivable				4,089	1,526
Unbilled receivables		(701)		(850)	(522)	660	180	(1,512)
Inventories				(1,535)	(1,468)
Prepaid expenses and other current assets				(3,845)	671
Other assets				(75)	(37)
Accounts payable				(1,986)	4,507
Accrued liabilities		(314)		35,234	(2,731)	(404)	(1,416)	4,799
Contract liabilities				(4,283)	994
Operating lease right-of-use assets				711	476
Operating lease liabilities				(350)	(773)
Net cash used in operating activities		(19,159)		(5,974)	(9,727)	(15,945)	(24,145)	(32)
Cash flows from investing activities
Purchases of available-for-sale securities				(529,743)	0
Maturities of available-for-sale securities				60,200	0
Purchase of non-marketable equity investment				(3,000)	0
Purchases of property and equipment				(1,702)	(1,098)
Net cash used in investing activities				(474,245)	(1,098)
Cash flows from financing activities
Proceeds from issuance of Series C convertible redeemable preferred stock				0	49,222
Proceeds from stock options and warrant exercises				4,729	784
Payment of offering costs				(3,306)	0
Proceeds from Business Combination, net of redemptions				528,166	0
Payment of deferred cash consideration				(475)	(713)
Net cash provided by financing activities				529,114	49,293
Foreign currency translation				(370)	1,187
Net increase in cash and cash equivalents and restricted cash				48,525	39,655
Cash, cash equivalents and restricted cash at beginning of period		$ 11,894		11,894	48,142	$ 48,142	48,142
Cash, cash equivalents and restricted cash at end of period	$ 60,419		$ 87,797	60,419	87,797		$ 11,894	$ 48,142
Supplemental non-cash disclosure of cash flow information
Conversion of preferred stock to common stock				(253,630)	0
Reclassification of deferred offering costs in connection with business combination				(9,298)	0
Unpaid offering costs				786	0
Unrealized gains or losses on available-for-sale securities				$ (1,077)	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 59,285	$ 11,694
Available-for-sale securities, current	417,673	34,318
Accounts receivable	5,413	9,543
Unbilled receivables	3,478	2,637
Inventories	5,834	4,299
Prepaid expenses and other current assets	8,666	10,036
Total current assets	500,349	72,527
Property and equipment, net	8,684	8,674
Operating lease right-of-use assets	13,709	4,923
Available-for-sale securities, non-current	104,780	17,157
Goodwill	9,315	9,315
Other assets	4,617	620
TOTAL ASSETS	641,454	113,216
CURRENT LIABILITIES:
Accounts payable	3,650	5,644
Accrued liabilities	46,306	8,923
Contract liabilities	2,588	6,871
Current portion of operating lease liabilities	1,002	1,076
Deferred consideration payable, current	0	471
Total current liabilities	53,546	22,985
Operating lease liabilities, net of current portion	13,525	4,074
TOTAL LIABILITIES	67,071	27,059
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	296,814
Commitments and contingencies (refer to note 9)
Stockholders’ Equity (Deficit):
Preferred stock: $0.0001 par value per share; 100,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock: $0.0001 par value per share; 1,400,000,000 shares authorized; 224,681,185 and 17,449,020 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	23	2
Additional paid-in capital	862,681	21,931
Accumulated deficit	(287,910)	(233,496)
Accumulated other comprehensive income (loss)	(411)	906
Total Stockholders' Equity (Deficit)	574,383	(210,657)
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders’ Equity (Deficit)	641,454	113,216
Series Seed convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	6,526
Series Seed II convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	10,411
Series A convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	36,658
Series B convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	112,145
Series B-1 convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	32,990
Series C convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	0	71,733
Series C-1 convertible redeemable preferred stock
Convertible Redeemable Preferred Stock:
Total Convertible Redeemable Preferred Stock	$ 0	$ 26,351