Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

INFQ

Infleqtion, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-15 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 52.5%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
464,876,000USD
Total Liabilities
27,356,000USD
NCAV
437,520,000USD
Cash
84,674,000USD
NCAV per share
25.07USD/share
Evidence
1 annual | 10 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
2
Unavailable
8
Requires inspection Negative OCF -19,159,000
Latest
-19,159,0002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-227206

Supporting observation Current Ratio > 1.5 19.74
Latest
19.742026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-227206

8 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
High NCAV Burn since the previous filing NCAV burn since previous filing >= 10%; previous NCAV must be positive
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis

Known Unknowns

Only 10 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
Revenue n/a
Operating Income -8,035,205
Net Income -66,931,068
Cash From Operations -2,272,729
Capex n/a
Free Cash Flow n/a
Cash And Equivalents 11,694,000
Accounts Receivable 9,543,000
Inventory 4,299,000
Total Current Assets 1,069,583
Total Assets 424,866,229
Total Current Liabilities 75,795,575
Total Liabilities 78,795,575
Shareholders Equity -77,618,849
Shares Outstanding 17,449,020
Shares Outstanding Diluted n/a
Weighted Avg Shares Diluted n/a
Weighted Avg Shares Basic n/a
Net Share Count Change (Normalized) -36.8%
Ownership Claim Change (Normalized) 58.3%
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 10 quarterly periods available from Data Vault for this company.

Metric
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
Revenue 9,461,000 n/a n/a n/a n/a n/a n/a n/a n/a 8,303,000
Operating Income -33,575,000 -552,243 -552,243 -552,243 -552,243 -552,243 -552,243 -7,279,530 -185,232 -18,200
Net Income -30,263,000 -35,501,343 -35,501,343 -35,501,343 -35,501,343 -35,501,343 -35,501,343 -33,384,811 1,973,286 -18,200
Cash From Operations -19,159,000 -433,408 -433,408 -433,408 -433,408 -433,408 -433,408 -1,081,704 -757,617 0
Capex n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Free Cash Flow n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Cash And Equivalents 84,674,000 11,694,000 11,694,000 11,694,000 11,694,000 11,694,000 11,694,000 1,135,562 1,232,392 n/a
Total Current Assets 464,876,000 1,069,583 1,069,583 1,069,583 1,069,583 1,069,583 1,069,583 1,528,696 1,633,193 n/a
Total Liabilities 27,356,000 78,795,575 78,795,575 78,795,575 78,795,575 78,795,575 78,795,575 39,696,665 3,102,760 215,992
Shares Outstanding 17,449,020 17,449,020 17,449,020 17,449,020 17,449,020 17,449,020 17,449,020 n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 118,162,332 n/a n/a n/a n/a n/a n/a n/a n/a 9,000,000
Weighted Avg Shares Basic 118,162,332 n/a n/a n/a n/a n/a n/a n/a n/a 9,000,000
Net Share Count Change (Normalized) Insufficient evidence -36.8% -36.8% -36.8% -36.8% -36.8% -36.8% 97.8% 134.2% Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% -49.5% -57.3% Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 464,876,000USD us-gaap:AssetsCurrent 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Total Liabilities 27,356,000USD us-gaap:Liabilities 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Cash 84,674,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Shares Outstanding 17,449,020 us-gaap:CommonStockSharesOutstanding 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
NCAV 437,520,000USD derived 2026-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 25.07USD derived 2026-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 52.5% derived 2026-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0002007825
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0002007825/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
5
Imported At
2026-08-15T12:52:14+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001193125-26-227206
CIK
0002007825
Mary Filing Date
2026-05-15
Filing Currency
USD
Internal Discount
52.5%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-15; mary_accession=0001193125-26-227206; mary_cik=0002007825; gnni_supporting_filing_date=2026-05-15; internal_discount=0.52501; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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