INFQInfleqtion, Inc.

Services-Computer Processing & Data Preparation

Revenue: $31M; 11% YoY
Operating margin: -114.8%; 41% YoY
EBITDA: −$36M; 35% YoY
Market cap: $2.0B
Employees: 205; $152K revenue each
Net debt / EBITDA: —
AI in 10-K: 4.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$152K · 8th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.4 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$446M net
Net sales over $10M in 12 months

Financials

Metric	FY2024	FY2025	YoY	Trend
Revenue	$28M	$31M	11%
Operating income	−$55M	−$36M	35%
Net income	−$56M	−$32M	42%
Operating cash flow	−$32K	−$24M	75353%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 26, 2026	MAVERICK CAPITAL LTD	SCHEDULE 13D/A	3.6%	Passive
Feb 18, 2026	MAVERICK CAPITAL LTD	SCHEDULE 13D	20.6%	Passive
Feb 17, 2026	Churchill Sponsor X LLC	SCHEDULE 13D/A	4.9%	Passive
Sep 11, 2025	Klein Michael Stuart	SCHEDULE 13D/A	20.4%	Active
May 21, 2025	Klein Michael Stuart	SCHEDULE 13D	20.4%	Passive

Insider trading

Open-market buys, 12 mo: $647K · 1
Open-market sells, 12 mo: $446M · 59
Net: −$446M

Pay vs performance

No pay-versus-performance disclosure yet.