Infleqtion (INFQ) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $12.6 million, up 116% year-over-year, driven by quantum computing and sensing, with strong U.S. government and NASA demand.

• Raised full-year 2026 revenue outlook to approximately $43 million, reflecting expanding commercial and government momentum.

• Secured a $100 million proposed funding LOI from the U.S. Department of Commerce and selection for three DOE Genesis Mission projects.

• Expanded headcount by over 25% YTD, focusing on technical talent and leadership, and opened new innovation facilities.

• Continued global deployment of quantum systems, with operations in the U.S., U.K., Japan, and Australia.

Financial highlights

• Q2 2026 revenue reached $12.6 million, with 92% from the U.S.; all revenue from quantum.

• GAAP operating loss was $30.6 million (vs. $10.1 million YoY); non-GAAP operating loss was $17 million (vs. $7.3 million YoY).

• Cash generated from operations was $13.2 million, including a ~$27 million temporary payroll tax benefit; excluding this, operating cash burn was ~$14 million.

• Ended Q2 with $582 million in cash and equivalents, no debt, and 225 million shares outstanding.

• Gross profit for Q2 2026 was $1.4 million, with a gross margin of ~11%.

Outlook and guidance

• Raised 2026 revenue outlook to approximately $43 million, citing broad-based strength and increased bookings.

• Confident in reaching 30 logical qubits milestone in 2026 and progressing toward scalable quantum systems by 2027.

• Expect a measured increase in annual cash burn as investments continue ahead of 2027 growth.

• No significant seasonality expected in H2; revenue mix between sensing and compute to remain stable.

• Long-term model anticipates revenue scaling faster than operating costs, with increased operating leverage expected.