Infleqtion Inc (NYSE:INFQ) shares are bouncing around in Thursday’s after-hours session after the company posted results for the first quarter.
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Infleqtion Q1 Highlights
Infleqtion reported first-quarter revenue of $9.5 million, up 14% year-over-year. The neutral-atom quantum computing and sensing company used $19.2 million of cash in operations, and reported an adjusted operating loss of $13.2 million.
Infleqtion said its first-quarter performance reflects execution across the company’s quantum computing, sensing and software portfolio. Results were supported by “expanding customer activity” in national security, space and hybrid quantum-AI applications.
Infleqtion exited the period with $569 million of total cash, cash equivalents and available-for-sale securities.
“Q1 reinforced our confidence that quantum is gaining momentum as the market shifts toward deployable systems, real applications and measurable customer value,” said Matt Kinsella, CEO of Infleqtion.
Infleqtion raised its full-year revenue guidance to “at least $40 million,” citing stronger customer activity across the company’s quantum portfolio.
Infleqtion executives are currently discussing the quarter on a conference call that started at 4:30 p.m. ET.
INFQ Shares Bounce Around After Hours
INFQ Price Action: Infleqtion shares initially traded down when the report was released, but have since recovered. The stock was up 0.93% in after-hours, trading at $14.08 at the time of publication, according to Benzinga Pro.
Image: courtesy of Infleqtion.
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