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INFQ, Infleqtion Inc.
A software business, earning high margins on code once it is written.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~45 days after · the wire records it on arrival
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Retention and the cost of growth. What decides it: whether customers expand rather than churn, how much of revenue is spent winning the next one, and whether software's gross margin holds as it scales.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $702K − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $702K, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 5%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median 17%
What this means
The filing data didn't include the inputs for this check.
- Loss, and burning cashNet income ($67M) · cash from operations ($2M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 0 of 1 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.01×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Earnings are $-0.30/share, and book value is $-0.34/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$59M
- Receivables$5M
- Inventory$6M
- Other current assets$430M
- Accounts payable$4M
- Other current liabilities$50M
From the company's latest filing.
Peers, IT Services & Consulting
The same industry, side by side on owner economics and what the growth costs. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record | Sales & marketinglatest FY | Stock paylatest FY |
|---|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing Inc. | $21.9B | 43% | 22.2% | 52% | 19% | — | 1.1% |
| DXCDXC Technology Company Common Stock | $12.6B | — | 8.0% | 12%3y | 8% | — | 0.7% |
| CLVTClarivate Plc | $2.5B | 66% | -10.8% | -2% | 12% | — | 2.6% |
| FAFirst Advantage Corporation | $1.6B | — | 9.8% | 4% | 17% | — | 1.6% |
| EVTCEvertec Inc. | $932M | — | 26.5% | 15% | 33% | — | 3.2% |
| CARSCars.com Inc. Common Stock | $723M | 90%3y | 8.1% | 5% | 21% | 33.1% | 4.3% |
| APLDApplied Digital Corporation | $611M | 10% | -59.4% | -41% | -23% | — | 36.0% |
| INFQInfleqtion Inc. | — | — | — | — | — | — | — |
The price
What a price has to assume.
What the price implies
reverse-DCFThe owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← INDV its page in the Manual INGM →
Industry order: ← IBM the IT Services & Consulting chapter INFY →