Infleqtion Reports $9.5 Million Revenue with 14% Growth and $30.3 Million Net Loss for Q1 2026

Infleqtion, Inc., formerly known as Churchill Capital Corp X, reported a total revenue of $9.5 million for the three months ended March 31, 2026, marking a 14% increase from $8.3 million in the same period last year. This growth was primarily driven by a significant rise in service revenue, which surged to $6.3 million from $1.9 million, largely due to increased project activity under contracts with NASA. However, product revenue declined by 51% to $3.2 million, down from $6.4 million, reflecting reduced activity in certain projects, including a notable decrease in revenue from the U.S. Army's Rack Mount Optical Clocks project.

The company's financial performance also revealed a substantial increase in operating expenses, with a net loss of $30.3 million for the first quarter of 2026, compared to a loss of $6.0 million in the prior year. This increase in losses was attributed to a 355% rise in selling, general, and administrative expenses, which reached $26.3 million, driven by non-recurring costs associated with the recent business combination and increased stock-based compensation. Research and development expenses also rose by 93% to $10.0 million, reflecting the company's ongoing investment in its quantum technology initiatives.

Infleqtion's balance sheet showed significant changes following its merger with ColdQuanta, Inc. The company reported total assets of $612.6 million as of March 31, 2026, a substantial increase from $115.3 million at the end of 2025. This growth was primarily fueled by cash and cash equivalents, which rose to $84.7 million from $11.7 million, and available-for-sale securities, which increased to $483.9 million from $51.5 million. The company’s stockholders’ equity also improved significantly, reaching $585.3 million, compared to a deficit of $208.2 million at the end of the previous fiscal year.

Operationally, Infleqtion has been expanding its customer base, with government contracts accounting for 85% of total revenue in the first quarter of 2026, compared to 84% in the same period of 2025. The company has secured several significant contracts, including a $2.0 million award from DARPA and a $1.0 million contract from the U.S. Navy, which are expected to enhance its technological capabilities and market position. As of March 31, 2026, Infleqtion had 216.5 million shares of common stock outstanding, reflecting the completion of its business combination and subsequent capital raises.

Looking ahead, Infleqtion anticipates continued investment in research and development to advance its quantum technology products and services. The company expects to leverage its enhanced liquidity position following the merger to support its growth strategy and capitalize on emerging market opportunities. However, it also acknowledges the risks associated with rapid technological advancements and the need for ongoing funding to sustain its operations and development efforts.