Infleqtion Reports Record Q2 Revenue, Raises 2026 Outlook as Quantum Commercialization Accelerates

Rising government investment and customer demand are accelerating Infleqtion’s commercial progress across quantum computing and sensing Record Revenue and Raised OutlookQ2 revenue of $12.6 million, up 116% year over year, 100% organic and entirely from quantum; 2026 revenue outlook raised to approximately $43 million Strong Balance Sheet to Fund GrowthEnded Q2 with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt. Results included a $27.4 million temporary working-capital benefit from payroll taxes collected but not remitted on stock-option exercises. We expect to remit the $27.4 million in Q3.

Government Selection Validates Infleqtion’s Commercialization PathCommerce LOI provides for up to $100 million in proposed funding to advance commercialization following review of Infleqtion’s technology and roadmap Advancing Toward Utility-Scale Quantum ComputingOn track for 30 logical qubits in 2026; Illinois quantum computer planned for 2027 with a new architecture designed to scale through modular upgrades to more than 50 logical qubits Building the Quantum Computing Platform for EnergyEaton is using private-cloud access to Sqale for energy applications, while three DOE Genesis Mission projects span AI, nuclear applications and quantum sensing. LOUISVILLE, Colo.—(BUSINESS WIRE)–August 12, 2026—Infleqtion, Inc. (NYSE: INFQ) (“Infleqtion” or the “Company”), a global leader in quantum computing and quantum sensing powered by neutral-atom technology, today reported record second-quarter 2026 revenue of $12.6 million, up 116% year over year, and raised its full-year 2026 revenue outlook to approximately $43 million. “Q2 was a record quarter for Infleqtion, and the pace of quantum commercialization is accelerating,” said Matt Kinsella, Chief Executive Officer of Infleqtion. “Governments are putting dates and dollars behind quantum, and we are building applications with customers now as they prepare for the next generation of quantum systems. We delivered 116% revenue growth, all organic, raised our revenue outlook, and remain on track for 30 logical qubits this year. The quantum market is entering an execution phase, and Infleqtion has spent more than a decade preparing for it.” During and following the second quarter, Infleqtion advanced major programs across quantum computing and sensing, including proposed funding from the U.S. Department of Commerce, selection for three Department of Energy Genesis Mission projects, a contracted fault-tolerant quantum computing system for Illinois, and expanded application work with commercial customers. Second Quarter 2026 Financial Summary Revenue: $12.6 million, up 116% year over year. Revenue growth was 100% organic and entirely from quantum Operating Loss: GAAP operating loss was $30.6 million, compared with $10.1 million in Q2 2025. The increase primarily reflects higher operating expenses as we invest in our strategy, along with higher stock-based compensation. Non-GAAP operating loss was $17.0 million, compared with $7.3 million in Q2 2025.

Operating Cash Flow: Cash generated from operations was $13.2 million in Q2 2026. Results included a $27.4 million temporary working-capital benefit from payroll taxes collected but not remitted until after June 30, 2026, on stock-option exercises. Excluding this timing benefit, operating cash burn was approximately $14 million Balance Sheet: Ended the quarter with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt. Results included a $27.4 million temporary working-capital benefit from payroll taxes collected but not remitted on stock-option exercises. We expect to remit the $27.4 million in Q3. 2026 Outlook: Raised full-year revenue outlook to approximately $43 million and reiterated the target of 30 logical qubits in 2026 Second Quarter and Recent Business Highlights U.S. Government Investment: The U.S. Department of Commerce selected Infleqtion for a Letter of Intent providing for up to $100 million in proposed funding to advance commercialization following a technical review of the Company’s technology and roadmap. The LOI also contemplates the U.S. Department of Commerce receiving Infleqtion common stock. The proposed funding remains subject to definitive agreements and government approvals. 30 Logical Qubits: Infleqtion remains on track to reach 30 logical qubits in 2026 and has defined logical qubit circuits for customer workloads in finance, energy, and precision medicine.

Illinois Quantum Computer: Infleqtion is under contract to deploy a neutral-atom quantum computer at the Illinois Quantum & Microelectronics Park in 2027, with a new architecture designed to scale through modular upgrades to more than 50 logical qubits on the path to the system’s 100-logical-qubit goal. Quantum Computing for Energy: Eaton is using private-cloud access to Sqale to explore quantum computing applications for complex energy problems. Infleqtion was also selected for three Department of Energy Genesis Mission projects spanning nuclear applications, quantum sensing, and fusion research. Quantum Sensing: Execution on NASA’s Quantum Gravity Gradiometer program was a major driver of year-over-year revenue growth in Q2. Infleqtion is also selling its third-generation Tiqker optical atomic clock systems, supported by a global co-selling partnership with Safran.

Conference Call Details The Company will host a conference call at 4:30 PM Eastern Time on August 12, 2026, to discuss financial results. The call will be webcast live on the Company’s Investor Relations website at https://ir.infleqtion.com/ in the News & Events section. An archived replay will be available shortly after the call. Live CallDomestic Dial-In: 1-877-869-3847 International Dial-In: 1-201-689-8261 ReplayDomestic Dial-In: 1-877-660-6853 International Dial-In: 1-201-612-7415 Access ID: 13762062 WebcastEvent URL: https://event.webcasts.com/starthere.jsp?ei=1771468&tp_key=da7569203b The replay will be available approximately three hours after the conclusion of the conference call through August 26, 2026.

Forward Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “anticipates,” “believes,” “plans,” “seeks,” “will,” “on track” and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation statements regarding the Company’s expected 2026 revenue, business outlook, customer demand, technology milestones, commercial opportunities, and market momentum are forward looking statements. These statements are based on Infleqtion’s current expectations, assumptions and projections as of the date of this release and are subject to risks and uncertainties that could cause actual results to differ materially and adversely. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, without limitation, those related to Infleqtion’s ability to recognize anticipated benefits of its business combination with Churchill Capital Corp X; the implementation, market acceptance, and success of Infleqtion’s business model, growth strategy, and opportunities, and its ability to commercialize its quantum computing technology; the expected benefits of and ability to maintain and enter into new contracts, awards, and other relationships, partnerships, or collaborations with governments or government entities; the potential for quantum computing technology to achieve quantum advantages; the ability of Infleqtion’s products to meet government counterparties’ and customers’ technical requirements and compliance and regulatory needs; Infleqtion’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks and uncertainties described in Infleqtion’s Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update these forward-looking statements except as required by law. Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures. Infleqtion believes these measures provide investors with additional insight into the underlying performance of the business and, when considered together with the corresponding GAAP measures, assist investors in evaluating Infleqtion’s operating performance and comparing its results across reporting periods. These non-GAAP financial measures should not be considered in isolation or as substitutes for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. “Non-GAAP Cost of revenue” is defined as cost of revenue expense adjusted to add back, when applicable, stock-based compensation and acquisition and integration costs. “Non-GAAP R&D” is defined as research and development expense adjusted to add back, when applicable, stock-based compensation and acquisition and integration costs. “Non-GAAP SG&A” is defined as selling, general and administrative expense adjusted to add back, when applicable, stock-based compensation, acquisition and integration costs, go-public transaction expenses and former executive release payments. “Non-GAAP Loss from operations” is defined as loss from operations adjusted to add back, when applicable, stock-based compensation, go-public transaction expenses, acquisition and integration costs, former executive release payment and impairment of assets and goodwill. “Non-GAAP Net loss” is defined as net loss adjusted to add back, when applicable, stock-based compensation, go-public transaction expenses, acquisition and integration costs, change in fair value of contingent consideration, change in fair value of SAFE liabilities, former executive release payment and impairment of assets and goodwill. See “Reconciliation of Non-GAAP Financial Measures” in this press release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. Management believes that Non-GAAP Cost of revenue, Non-GAAP R&D, Non-GAAP SG&A, Non-GAAP Loss from operations and Non-GAAP Net loss provide useful information to investors because they facilitate an evaluation of Infleqtion’s underlying operating performance and period-to-period comparability by excluding certain items that management believes do not directly reflect the Company’s core operations or may not be indicative of recurring operating results. Management uses these non-GAAP measures, together with the corresponding GAAP measures, to assess the operating performance of the business. About InfleqtionInfleqtion, Inc. (NYSE: INFQ) is a global leader in quantum technology, delivering neutral-atom solutions for quantum computing, networking, sensing, and security. With a product portfolio spanning quantum computers, quantum optical clocks, RF receivers, and inertial sensors, Infleqtion’s full-stack approach combines high-performance hardware with the company’s proprietary Superstaq quantum computing software platform. Infleqtion’s systems are already in use by the U.S. Department of War, NASA, the U.K. government, and in multiple collaborations with NVIDIA. Infleqtion, in collaboration with NVIDIA, published the world’s first demonstration of a materials science application using logical qubits. With operations in the U.S., Europe, and Asia, Infleqtion meets the demands of government and commercial customers across the space, defense, energy, finance and telecommunications sectors. For more information, visit Infleqtion.com or follow Infleqtion on LinkedIn, YouTube, and X. Infleqtion, Inc.Condensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited; in thousands, except share and per share amounts) Infleqtion, Inc.Condensed Consolidated Balance Sheets(Unaudited; in thousands, except share and per share amounts) Infleqtion, Inc.Condensed Consolidated Statements of Cash Flows(Unaudited; in thousands) Infleqtion, Inc.Reconciliation of Non-GAAP Financial Measures(in thousands) The following is a reconciliation of non-GAAP measures of Infleqtion, Inc. for the three and six ended June 30, 2026 and 2025: