A maker of quantum technology built on neutral atoms, Infleqtion designs room-temperature quantum computers, atomic clocks, and sensors used by defense agencies, NASA, and research labs. Born in 2007 as ColdQuanta from University of Colorado Boulder physics labs, it renamed itself Infleqtion in 2022 to mark an "inflection point" as it moved from research to real products. Its Tiqker optical atomic clock was the first of its kind deployed aboard an underwater autonomous vehicle, tested with the Royal Navy.
Infleqtion's first full quarter after the ColdQuanta merger shows revenue up 157% to $13.5M, while net loss widened to $24.7M on post-merger costs.
Infleqtion's first full quarter as a combined company brought its highest yet, but the loss widened as merger costs hit the income statement. Revenue rose 157% to $13.5 million, driven by the NASA QGG contract, while net loss widened 169% to $24.7 million as and public-company costs rose across R&D and SG&A. The company holds $59.3 million in cash and $522.5 million in , giving it at least 12 months of runway.
Key takeaways
rose 157% to $13.5 million, driven by a $6.7 million increase in NASA QGG contract services plus gains from U.S. Army Sapient and DOE ARPA-E ENCODE work.
rose 220% to $2.2 million, but cost of rose 147% to $11.4 million on higher subcontractor expense and .
R&D expense rose 139% to $12.7 million and SG&A rose 217% to $19.8 million, both driven mainly by higher and public-company costs after the February 2026 Business Combination.
What changed
The NASA QGG contract growth flagged last quarter continued, rising $6.7 million, and was joined by new gains from U.S. Army Sapient and DOE ARPA-E ENCODE work.
fell to 16% from 21% in Q1 FY2026, as cost of rose 147% on higher subcontractor expense and tied to the QGG contract.
Cash and equivalents plus totaled $581.8 million at quarter-end, up from $568.9 million in Q1 FY2026, as interest income on the securities portfolio rose 598% to $5.0 million.
What to watch
Whether recovers from the 16% level this quarter as subcontractor and costs tied to the QGG contract normalize.
Whether the U.S. Army Sapient and DOE ARPA-E ENCODE work continues to grow and offsets any decline in the NASA QGG contract.
The rate of cash consumption from operations, measured against the $59.3 million cash and $522.5 million balance.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 157% to $13.5M, but net loss widened 169% to $24.7M on post-merger costs.
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Total rose 157% to $13.5M in Q2 FY2026, driven by a $6.7M increase in NASA QGG contract services plus gains from U.S. Army Sapient and DOE ARPA-E ENCODE work.
Interest income rose 598% to $5.0 million on higher money-market and balances funded by Business Combination proceeds.
For the six months ended June 30, 2026, rose 74% to $23.4 million while net loss widened 263% to $54.4 million, including $11.5 million of non-recurring Business Combination expenses.
The company holds no hedging instruments and states interest rate and foreign currency risks are not material.
The non-recurring Business Combination expenses that drove Q1's operating loss did not repeat in Q2, but and public-company costs continued to pressure R&D and SG&A.
Remediation progress on the material weaknesses in internal control over financial reporting, which management previously said could extend into 2027.
rose 220% to $2.2M, but total cost of rose 147% to $11.4M on higher subcontractor expense and .
R&D expense rose 139% to $12.7M and SG&A rose 217% to $19.8M, both driven mainly by higher and public-company costs after the February 2026 Business Combination.
Interest income rose 598% to $5.0M on higher money-market and balances funded by Business Combination proceeds.
Liquidity remained strong with $59.3M cash, $1.1M restricted cash, and $522.5M as of June 30, 2026; management expects at least 12 months of runway.
For the six months ended June 30, 2026, rose 74% to $23.4M while net loss widened 263% to $54.4M, including $11.5M of non-recurring Business Combination expenses.
Quantitative and Qualitative Disclosures About Market Risk
Company sees no material interest-rate or currency risk and holds no FX hedges, with $522.5M in available-for-sale securities.
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Cash and cash equivalents were $59.3 million as of June 30, 2026, held in cash deposits and money market funds for .
totaled $522.5 million as of June 30, 2026, consisting of investment-grade commercial paper, corporate bonds, federal agency bonds, government bonds, and U.S.-dollar bonds issued by foreign entities.
The company believes short-term maturities mean it has no material exposure to fair-value changes from interest-rate movements.
Foreign exchange risk arises mainly from transactions in Great Britain Pounds and Japanese Yen, with customers primarily in the U.S., U.K., and Japan.
The company has not entered into any for currency risk and says it will periodically reassess its approach.
Foreign currency risk did not have a material effect on business, financial condition, or results of operations during the periods presented.
From time to time, we may become involved in legal proceedings relating to claims arising from the ordinary course of business. Our management believes that there are currently no claims or actions pending against us, the ultimate disposition of which could have a material adver…
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From time to time, we may become involved in legal proceedings relating to claims arising from the ordinary course of business. Our management believes that there are currently no claims or actions pending against us, the ultimate disposition of which could have a material adverse effect on our results of operations, financial condition or cash flows.
There have been no material changes to the risk factors disclosed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.
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There have been no material changes to the risk factors disclosed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.