INFQ

The financials provided are not the financials of an operating company — they are the wind-down accounts of a Cayman blank-check SPAC (CCX). The MD&A is explicit: 'we were a blank check company... We neither engaged in any operations nor generated any revenues prior to the consummation of the Business Combination,' and the only activities through 2025 were the IPO and hunting for a merger target. The $66.9M FY2025 net loss is almost entirely a non-cash 'change in fair value of subscription agreement liability of $69,585,366' plus a $6.0M subscription expense, partly offset by $10.7M of trust-account interest — true operating cash burn was just $2.27M. So none of revenue (—), net income, total assets ($425M, essentially the $423.7M trust), or equity describe the quantum-computing company investors are actually buying.

The ColdQuanta (d/b/a Infleqtion) merger only closed on February 13, 2026 — after the FY2025 period end. That means we have zero grounded fundamentals for the real business: no revenue, no margins, no segment data, no post-merger balance sheet, no operating cash flow for Infleqtion itself. The $702K of corporate cash and -$77.6M stockholders' equity shown here are pre-combination shell figures (the trust was largely earmarked for redemptions/the deal), not the post-close capital structure. Underwriting a quantum-hardware company on a SPAC shell's closing entries is not analysis — it's guessing.