Churchill Capital Corp X

Infleqtion reported 2025 revenue of $32.5 million, up from 2024 but the transcript did not state the prior-year revenue figure. Revenue was 100% organic and entirely from Quantum; approximately 70% came from the U.S., 30% from the U.K., 11% from APAC and 4% from the rest of the world, as stated on the call. GAAP loss from operations narrowed to $35.3 million in 2025 versus $53 million in 2024, and non-GAAP operating loss improved to $28.1 million versus $35.7 million in 2024. Cash burn was approximately $36 million in 2025, net cash used in operating activity was $24.1 million versus $32.5 million in 2024, and the company ended 2025 with $63 million of cash and cash equivalents and no debt. Management guided 2026 revenue to approximately $40 million and said cash burn would increase modestly in 2026 as it invests selectively in R&D and go-to-market; it also reiterated the target of 30 logical qubits in 2026.

Matt Kinsella framed Infleqtion as a differentiated neutral-atom quantum platform company, repeatedly stressing that one core technology supports computing, sensing and timing across multiple end markets. He highlighted the commercialization strategy: monetize nearer-term sensing and timing applications while building toward fault-tolerant quantum computing, which he described as the long-term crown jewel. His tone was confident and expansive, but also disciplined, emphasizing capital efficiency, ROI-driven investment, and use of the public-company balance sheet to support execution.

Ilan Hart focused on the operating leverage story and cash discipline. He said the company’s GAAP operating loss improved to $35.3 million, non-GAAP operating loss to $28.1 million, cash burn was about $36 million, and net cash used in operating activities improved by $8.4 million year over year to $24.1 million. He also noted modest capital expenditures, no R&D capitalization, $63 million of cash and no debt at year-end, and a pro forma cash balance above $550 million after the February 2026 financing. For 2026, he said cash burn should rise modestly as the company invests more in R&D and go-to-market, while remaining disciplined with clear return thresholds.

Analysts pressed on the 2026 revenue mix, gross margin, seasonality, and how to think about sensing versus compute contribution. Management said short-term gross margins should be thought of in the ballpark of historical margins, while long term the business model should look like best-in-class semiconductor gross margins; they also said the business is not seasonal in the way a traditional semiconductor company is, though quarterly timing can vary with contract wins. On the pipeline and revenue mix, management said revenue is still expected to be roughly two-thirds sensing and one-third compute in the near term, with compute becoming a larger share only as the company moves closer to 100 logical qubits in 2028.