INFQ · Churchill Capital Corp X

Infleqtion's Q1 2026 results marked a record revenue quarter at $9.5 million, up 14% year over year and entirely organic from quantum computing, sensing, and software products, driven by expanding customer activity in national security, space, and hybrid quantum-AI applications. Despite revenue growth, GAAP gross profit declined to $2.0 million from $3.4 million YoY due to higher cost of revenue at $7.5 million versus $4.9 million, reflecting scaling production and investments. Operating expenses surged with SG&A at $26.3 million, fueled by $11.5 million in go-public transaction expenses and $4.9 million stock-based compensation, alongside R&D at $10.0 million, leading to a GAAP operating loss of $33.6 million, wider than $7.0 million last year. Non-GAAP operating loss improved relatively to $13.2 million after adjustments. CEO Matt Kinsella highlighted momentum toward deployable quantum systems and customer value, while CFO Ilan Hart emphasized the $569 million cash position enabling R&D and go-to-market investments with operating discipline. The raised 2026 revenue outlook to at least $40 million is supported by milestones like NASA JPL contracts ($20M to date), Safran timing partnership, Quantum Spectrum acceleration, DARPA HARQ win, U.S. Navy software contract, DOE programs, and NVIDIA collaboration. Post-business combination with Churchill Capital Corp X, Infleqtion began NYSE trading as INFQ, the first neutral-atom quantum computing public company, bolstering its commercialization path amid strong liquidity.