Infleqtion reports inaugural public-company Q1 2026 earnings: $9.5M USD revenue (+14% YoY, 100% organic, 100% quantum), $569M USD cash, full-year 2026 revenue guidance raised to ≥$40M USD
On 2026-05-14 Infleqtion, Inc. (NYSE: INFQ) filed an 8-K (accession 0001193125-26-224350) with Items 2.02 (Results of Operations) and 9.01 (Financial Statements and Exhibits) and issued its inaugural public-company quarterly earnings release for Q1 2026 (quarter ended 2026-03-31). Revenue was $9.5M USD, up 14% year-over-year, fully organic and 100% generated by quantum products and software (no non-quantum legacy revenue). GAAP loss from operations was $33.6M USD; non-GAAP loss from operations was $13.2M USD (excluding stock-based compensation, acquisition and integration costs, and go-public transaction expenses). Net cash used in operations was $19.2M USD with capital expenditures of $0.3M USD. Cash, cash equivalents, and available-for-sale securities stood at $569M USD as of 2026-03-31, the strongest balance sheet of any publicly-listed pure-play neutral-atom quantum computing company. Infleqtion increased its 2026 full-year revenue guidance to at least $40M USD (versus the prior implied trajectory pre-IPO). The release also recapped Q1 commercial milestones: NASA JPL Quantum Gravity Gradiometer Pathfinder collaboration supported by $20M USD in contracts to date; Cold Atom Lab hardware upgrade aboard the International Space Station; Safran Electronics & Defense partnership integrating Infleqtion's Tiqker quantum optical clock with Safran's White Rabbit / SecureSync timing systems for GNSS-challenged environments; the previously-announced 2026-05-14 Quantum Spectrum atom-based RF sensing platform acceleration (already logged as event 2026-05-14-infleqtion-quantum-spectrum-launch, score 6); DARPA HARQ program win; U.S. Navy Contextual Machine Learning RF signal processing contract; two US DOE quantum-applications program selections in chemistry, materials science, and energy-grid optimization; NVIDIA Ising AI model integration for Sqale neutral-atom QPU calibration and error-correction decoding.
Score 6 — anchor §8.2 row 6 'Quarterly revenue beat or miss by a meaningful margin for a tracked public name' applied: this is the inaugural Q1 print as a public company for Infleqtion (NYSE: INFQ listed 2026-02-17 via Churchill Capital Corp X de-SPAC). The $9.5M USD revenue +14% YoY is modest absolute growth — but the print establishes the public-company baseline cohort (first publicly-listed pure-play neutral-atom quantum computing company), and the increased 2026 full-year revenue guidance to ≥$40M USD (versus implied IPO-time trajectory) is a positive-direction guidance revision. Held at 6 rather than 7 because: (a) the +14% YoY growth is at the lower edge of what would qualify as a 'meaningful margin' beat at score 7 (comparable peer prints: IonQ Q1 2026 +755% YoY = score 7, Rigetti Q1 2026 +199% YoY = score 6, QUBT Q1 2026 +9,000% YoY = score 6 acquisition-driven, D-Wave Q1 2026 -81% YoY = score 7 on dual-rail strategic pivot, Xanadu Q1 2026 +4x YoY = score 6 first public print); (b) the named milestones (Safran Tiqker, NASA JPL QGGP, DARPA HARQ, Navy CML, DOE selections, NVIDIA Ising AI) are individually known or previously-disclosed items rather than a new strategic-pivot disclosure; (c) the post-print share-price reaction was not characterized in the available source set at run time. Held above 5 because: (a) first public-company quarterly print for a tracked pure-play quantum name is itself a material event for portfolio comparability — establishes the Infleqtion-baseline in the listed-quantum cohort table; (b) the FY26 revenue-guidance increase to ≥$40M USD is a forward-looking commitment from management to investors and is investor-material; (c) the $569M USD cash position is the strongest among listed neutral-atom-modality pure-plays globally and provides extended operating runway. Comparable precedent: Xanadu Q1 2026 first public quarter earnings (2026-05-14, score 6) — Infleqtion at 6 matches that precedent and is consistent with the 'close calls round down' principle for first-public-quarter prints absent strategic-pivot content. Source confidence high (SEC 8-K accession 0001193125-26-224350 filed 2026-05-14, Infleqtion Exhibit 99.1 press release dated 2026-05-14 distributed via BusinessWire); interpretation confidence high.
Resets the listed-quantum Q1 2026 cohort comparison: IonQ Q1 $64.7M / +755% YoY (2026-05-06, score 7), Rigetti Q1 $4.4M / +199% YoY (2026-05-11, score 6), QUBT Q1 $3.69M / +94x YoY Luminar-driven (2026-05-11, score 6), D-Wave Q1 $2.9M / -81% YoY with Bookings $33.4M / +1,994% YoY (2026-05-12, score 7), Xanadu Q1 $2.8M / +4x YoY (2026-05-14, score 6), and Infleqtion Q1 $9.5M / +14% YoY (today, score 6). Combined Q1 2026 listed-quantum pure-play revenue updates from $75.4M (prior cohort) to $84.9M (cohort now including Infleqtion). Cohort cash position updates: IonQ + Rigetti + D-Wave + QUBT + Xanadu + Infleqtion now exceeds $3.4B USD aggregate. Infleqtion's $569M cash position equals Rigetti's $569M, tying for the second-strongest balance sheet in the cohort after QUBT's $1.4B (acquisition-driven). The +14% YoY revenue growth is the weakest YoY-growth print in the Q1 2026 listed-quantum cohort, reflecting Infleqtion's already-mature commercial base (relative to recently-IPO'd or recently-pivoted peers) — Infleqtion's Q1 2025 baseline was $8.3M, the second-highest pre-2026 pure-play quantum-revenue base after Quantinuum's $19.1M Q1 2025 baseline per the 2026-05-08 S-1. Watch for: (a) Q2 2026 print whether the FY26 ≥$40M guidance trajectory holds (implies $30.5M aggregate across Q2-Q4 vs. $9.5M Q1, or ~$10.2M average per remaining quarter — flat-to-slightly-up sequential growth required); (b) the Quantum Spectrum (RF sensing) commercial-revenue contribution split from the computing-and-software revenue split — Q1 disclosed that Quantum Spectrum was 'the second-largest contributor to sensing revenue' but no dollar split was given; (c) DARPA HARQ program progress against the QBI Stage-B utility-scale evaluation timeline (Infleqtion is a QBI participant); (d) any disclosed commercial-scale Sqale neutral-atom QPU pilot or customer commitment beyond the existing DARPA / NASA / DOE / Navy government-customer cohort; (e) follow-on Form 4 insider activity around the Q1 print at INFQ (none observed in EODHD insider stream above cursor 2026-04-28 through TODAY). Strengthens the open thread 'Public-quantum Q1 2026 earnings cohort' (closes at six-name cohort with this print) and opens a new sub-thread 'Infleqtion FY26 ≥$40M revenue trajectory' for monitoring through Q2 / Q3 prints.