Infleqtion Raises 2026 Outlook After Record Quantum Quarter
Second-quarter revenue reached a record $12.6 million, up 116% from a year earlier, and the company lifted its full-year target to about $43 million.
Infleqtion, Inc. (INFQ), a neutral-atom quantum computing and sensing company, reported record second-quarter revenue of $12.6 million, up 116% from a year earlier, and raised its full-year 2026 revenue outlook to approximately $43 million.
The year-over-year growth rate accelerated sharply from the first quarter, when revenue was $9.5 million, up 14% from a year earlier. The company said second-quarter growth was 100% organic and entirely from quantum.
Chief Executive Officer Matt Kinsella said governments were putting dates and dollars behind quantum and that Infleqtion was building applications with customers as they prepare for the next generation of quantum systems.
Execution on NASA’s Quantum Gravity Gradiometer program was a major driver of year-over-year revenue growth in the quarter. The company is also selling third-generation Tiqker optical atomic clock systems, supported by a global co-selling partnership with Safran.
Gross profit was $1.39 million in the three months ended June 30, 2026, versus $1.02 million a year earlier. Total revenue was $12.63 million.
GAAP operating loss widened to $30.6 million from $10.1 million a year earlier. The company said the increase primarily reflected higher operating expenses as it invested in its strategy, along with higher stock-based compensation. Non-GAAP operating loss was $17.0 million, compared with $7.3 million a year earlier.
Research and development expense was $12.68 million and selling, general and administrative expense was $19.82 million in the three months ended June 30, 2026, versus $5.31 million and $6.25 million a year earlier.
Net loss was $25.47 million, or $0.12 a share, in the three months ended June 30, 2026, versus $8.85 million, or $0.57 a share, a year earlier.
Cash generated from operations was $13.2 million in the quarter. 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 that timing item, operating cash burn was approximately $14 million. The company said it expects to remit the $27.4 million in the third quarter.
Infleqtion ended June 30, 2026, with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt.
During and following the second quarter, 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 Commerce receiving Infleqtion common stock. The proposed funding remains subject to definitive agreements and government approvals.
The company was also selected for three Department of Energy Genesis Mission projects spanning nuclear applications, quantum sensing, and fusion research. Eaton began using private-cloud access to Sqale to explore quantum computing applications for complex energy problems.
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. It 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 a 100-logical-qubit goal.
The company reiterated the target of 30 logical qubits in 2026 alongside the raised revenue outlook.