Infleqtion (INFQ) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $9.5 million, a 14% year-over-year increase, driven by quantum solutions, NASA QGG, and Quantum Spectrum contracts.

• Approximately 70% of Q1 revenue originated from U.S. customers.

• Expanded customer activity in national security, space, and hybrid quantum-AI applications supported performance.

• Began trading on NYSE as the first publicly traded neutral-atom quantum computing company.

• Continued investment in headcount, projects, and public company costs, reflecting strategic growth initiatives.

Financial highlights

• Q1 2026 revenue reached $9.5 million, 100% organic and quantum-driven.

• GAAP operating loss was $33.6 million, up from $6.9 million in Q1 2025, mainly due to stock-based compensation and go-public expenses.

• Non-GAAP operating loss was $13.2 million, compared to $5.8 million in Q1 2025.

• Cash, cash equivalents, and available-for-sale securities totaled $569 million as of March 31, 2026.

• Net cash used in operations was $19.2 million, with $11 million attributed to go-public transaction expenses.

Outlook and guidance

• 2026 revenue guidance raised to at least $40 million, reflecting broad-based demand and accelerating growth.

• Capex is projected to increase throughout 2026 as commercial deployments scale.

• Targeting 30 logical qubits in 2026 and 100 by 2028, with roadmap execution ahead of plan.

• Expecting modest increase in cash burn for 2026, with continued strategic capital deployment.