Churchill Capital Corp X

Legacy Infleqtion's 2025 financial results show a company in transition, with improved operational metrics but continued significant losses. The 12.6% revenue growth to $32.5 million was driven primarily by service revenue, which more than doubled from $6.5 million to $12.9 million, while product revenue declined from $22.3 million to $19.6 million. This shift in revenue mix contributed to gross margin expansion from 31.4% to 36.4% as cost of revenue grew only 4.4% despite the 12.6% revenue increase. The company's net loss narrowed substantially from $53.8 million to $31.8 million, with the improvement driven by both higher gross profit and the absence of the $13.5 million impairment charge recorded in 2024 related to strategic changes following the Morton and SiNoptiq acquisitions. Operating expenses remained elevated at $49.4 million in 2025, though down from $62.9 million in 2024 when including the impairment. The balance sheet shows $11.7 million in cash at year-end 2025, down from $47.9 million a year earlier, reflecting significant cash burn from operations and investments in available-for-sale securities. The company completed a $100 million Series C convertible redeemable preferred stock offering in May 2025, which provided critical funding for scaling operations. The business combination with Churchill Capital Corp X closed on February 13, 2026, with Infleqtion as the accounting acquirer in a reverse recapitalization that delivered approximately $551.4 million in gross transaction proceeds. The company continues to invest heavily in research and development ($24.1 million in 2025) as it develops quantum technology products across sensing, computing, and software applications.