Infleqtion, Inc. (and its predecessor operations, ColdQuanta, Inc. (d/b/a Infleqtion) (“Legacy Infleqtion”), collectively referred to as the “Company”) develops and commercializes quantum technology products as part of a full-stack platform, which includes offerings such as quantum sensing, quantum computing and software. The Company is headquartered in Colorado, with operations in Illinois; Wisconsin; Melbourne, Australia; and Oxford, United Kingdom (“U.K.”).

The Company was originally incorporated in the Cayman Islands on January 4, 2024 as a special purpose acquisition company under the name Churchill Capital Corp X (“CCX”) for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving CCX and one or more businesses. On February 12, 2026, the Company changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware through a domestication.

On February 13, 2026, CCX consummated its business combination with Legacy Infleqtion pursuant to the definitive agreement and plan of merger and reorganization (the “Merger Agreement”), dated September 8, 2025 (the “Business Combination”), whereby AH Merger Sub I, Inc., a direct, wholly owned subsidiary of CCX, merged with and into Legacy Infleqtion, with Legacy Infleqtion continuing as the surviving corporation, and immediately thereafter, such surviving corporation merged with and into AH Merger Sub II, LLC (“Merger Sub II”), another direct, wholly owned subsidiary of CCX, with Merger Sub II (renamed as “Infleqtion Quantum, LLC”) continuing as the surviving entity and as a wholly owned subsidiary of CCX. In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from CCX to Infleqtion, Inc. Refer to Note 3 - Business Combination for further discussion of the Business Combination.

The accompanying unaudited condensed consolidated financial statements include the financial results of the Company and its wholly owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, these condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature necessary for a fair presentation of the results of operations, financial condition and cash flows for the interim periods presented. These condensed consolidated financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported net income, total assets, or shareholders’ equity. These interim financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the Current Report on Form 8-K/A that the Company filed with the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2026.

The Business Combination was accounted for as a reverse recapitalization, with Legacy Infleqtion determined to be the accounting acquirer and CCX treated as the acquired company for financial reporting purposes. Accordingly, the transaction was treated as the equivalent of Legacy Infleqtion issuing stock for the net assets of CCX, accompanied by a recapitalization. The net assets of CCX were recorded at their historical cost, and no goodwill or other intangible assets were recorded. The Company’s consolidated financial statements following the Business Combination reflect the historical operations of Legacy Infleqtion. Reported shares and earnings per share prior to the Business Combination have been retroactively restated to reflect a defined exchange ratio of approximately 0.34740312 (the “Exchange Ratio”) established at the Business Combination.

The Company is an Emerging Growth Company (“EGC”) as defined under the Securities Act, as modified by the Jumpstart Our Business Startups Act (“JOBS Act”), and may take advantage of certain exemptions from reporting and disclosure requirements that apply to other public companies that are not EGCs.

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until such standards are applicable to private companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard, until such time the Company is no longer considered to be an emerging growth company. At times, the Company may elect to early adopt a new or amended standard.

Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to, the selection of the method to measure progress in the satisfaction of performance obligations in revenue arrangements recognized over time and the related estimate of total expected costs for the revenue arrangement, the useful lives of long-lived assets, the fair value of stock-based awards, the fair value of assets and liabilities acquired in business combinations, the fair value of contingent obligations, the fair value of assets and reporting units associated with impairment losses and the incremental borrowing rates used to determine the present value of lease liabilities. Management bases its estimates and assumptions on current facts, historical experience, expectations, forecasts, trends and various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results could differ materially from such estimates and assumptions.

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, available-for-sale securities and accounts receivable. The Company’s cash and cash equivalents are deposited at high-credit-quality financial institutions. The Company’s deposit balances at these institutions routinely exceed federally insured limits. The Company has not experienced any credit losses relating to its cash and cash equivalents and does not believe there is exposure to any significant credit risk on such accounts. See the section below for further information on available-for-sale securities.

The majority of the Company’s accounts receivable is derived from governmental institutions and commercial customers primarily located in the U.S., U.K., Australia and Japan. At June 30, 2026, one customer represented 40% of total accounts receivable. At December 31, 2025, the same customer represented 78% of total accounts receivable. There have been no credit losses since the Company’s inception.

A significant portion of the Company’s resources are engaged in supplying services and technological equipment to the U.S. and U.K. governments and can be subject to certain business risks unique to being a government contractor. Sales to government entities may be affected by changes in procurement policies, turnover of key personnel, budget considerations,

The Company is also subject to the risks inherent in any technological business model, including the development of competing products and technologies and the related risk of obsolescence. The Company’s current focus is on research and development of quantum technology. However, the quantum technology industry is still in its early stage and the Company may not be successful in all of its research and development.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. This ASU requires additional disclosure of the nature of expenses included in the income statement. This ASU is effective for the Company for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with the option to apply the ASU retrospectively. Early adoption is permitted. The Company is currently evaluating the extent of the impact of this ASU on the disclosures in the Company’s consolidated financial statements.

In November 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which modernizes accounting for internal-use software development costs, aligning with evolving technology practices. This ASU is effective for the Company for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued (or made available for issuance). If an entity early adopts in an interim reporting period, it must adopt as of the beginning of the annual reporting period that includes that interim reporting period. The Company is currently evaluating the extent of the impact of this ASU on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, (“ASU 2025-10”) which establishes guidance on the recognition, measurement and presentation of a government grant received by a business entity. GAAP did not provide such guidance, and many business entities have been analogizing to International Accounting Standard (“IAS”) 20 or other guidance when accounting for government grants. The ASU incorporates elements of IAS 20 into GAAP, modifying certain aspects of that standard’s scope, recognition threshold and other implementation guidance. This ASU is effective for the Company for annual periods beginning after December 15, 2029, and interim periods within those annual periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued (or made available for issuance). If an entity early adopts in an interim reporting period, it must adopt as of the beginning of the annual reporting period that includes that interim reporting period. The Company is currently evaluating the extent of the impact of this ASU on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which improves the guidance in Topic 270 by clarifying when the interim reporting guidance is applicable. The ASU establishes a disclosure principle that requires entities to disclose events and changes occurring since the end of the most recent annual reporting period that have a material impact on the entity. The amendments are intended to clarify existing interim reporting requirements and do not change the fundamental nature of interim reporting. This ASU is effective for the Company for interim reporting periods within fiscal years beginning after December 15, 2028. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued (or made available for issuance). The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”), which provides targeted technical corrections and clarifications to the Accounting Standard Codification. The ASU addresses narrow-scope issues across multiple accounting topics. Among other items, the amendments clarify certain aspects of diluted earnings per share calculations when a loss from continuing operations exists. The ASU is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued (or made available for issuance). If an entity early adopts in an interim reporting period, it must adopt as of the beginning of the annual reporting period that includes that interim reporting period. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

At June 30, 2026 and December 31, 2025, the Company’s restricted cash totaled $1.1 million and $0.2 million, respectively, related to cash deposits for an office building lease. The restricted cash is classified as other long-term assets on the Company’s condensed consolidated balance sheets; however, it is included in the reconciliation of cash, cash equivalents and restricted cash for purposes of the consolidated statements of cash flows.

The Company accounts for equity investments in privately held companies over which it does not have control or significant influence as equity securities without readily determinable fair values. The Company elected the measurement alternative and measures such investments at cost, less impairment, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments are recognized in other income (expense), net.

The Company primarily generates revenue from customers under governmental contracts and commercial contracts. Governmental revenue includes revenue recognized primarily from contracts with the U.S., U.K. and Australian governments. Commercial revenue includes revenue recognized primarily from contracts with research institutes and private companies located predominantly in the U.S. and U.K. Refer to Note 2 – Revenue Recognition for the Company’s total revenue, as presented on the consolidated statement of operations and comprehensive loss, disaggregated by the geographic locations of the Company’s customers and the percentage of total revenue derived from governmental customers.

The Company’s government contracts are primarily related to research and development projects or the development of a product to agreed-upon specifications. Government contracts are typically either report-based research in which various activities are significantly integrated into the final report that is provided, or contracts are prototype- or product-based development in which the Company provides a significant service of integrating development activities throughout the term of the contract into the final prototype or product.

In certain instances, government contracts may contain multiple performance obligations where the Company delivers multiple final reports or multiple products across one or more phases in which the customer can benefit from the standalone good or service and each good or service is separately identifiable from other goods and services provided by the Company. Generally, the Company recognizes revenue over time as control of the goods or services is transferred to the customer. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided.

The Company generally uses an input method to measure progress toward completion for performance obligations satisfied over time, based on costs incurred relative to total estimated costs (cost-to-cost), as this method best depicts the transfer of control to the customer. The costs incurred are predominantly related to labor and materials, incurrence of which is indicative of progress and transfer of value to the customer. Under this method, revenue is recognized based on the proportion of costs incurred to date relative to total estimated costs, which includes an estimate of the total expected margin for fixed-price arrangements, where the transaction price is fixed. For contracts subject to the applicable loss provisions under U.S. GAAP, if the estimated total costs exceed the consideration the Company expects to receive, the Company recognizes the entire estimated loss in the period in which the loss becomes evident. Accounting for long-term contracts requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments to estimated contract revenue or costs are required, changes from prior estimates are recognized on a cumulative catch-up basis in the period of change.

The Company’s government contracts may include fixed and/or variable consideration. The resulting consideration is contracted either as a firm fixed price (which typically includes variable consideration contingent upon customer acceptance) or a cost-plus fixed fee arrangement (which includes fixed and variable consideration). Under a cost-plus fixed fee arrangement, the amount of variable consideration consists of direct and indirect costs plus a fixed fee.

The Company exercises judgment when estimating variable consideration to determine whether the most likely amount or expected value method should be used. Estimation of costs is based on historical knowledge and engineering expertise of tasks and components required to complete the project. A provisional rate, which is used as an initial estimate of indirect costs, is established through agreement with the government for all government contracts. Variable consideration is

Contracts with commercial customers generally contain separate performance obligations, as each individual product can be transferred independently of each other to the customer. Revenues under commercial contracts are generally recognized at a point in time when the Company satisfies its performance obligations and control of the goods or services transfers to the customer. Control typically transfers to the customer when the goods are shipped but can also transfer when the customer receives and accepts the goods, based on the terms of the contract. The transaction price for revenues under commercial contracts is fixed and stated in the contract with the customer. There are no forms of variable consideration or discounts offered for early payment in commercial contracts. The Company’s commercial contracts typically include a standard one-year warranty period. These assurance-type warranties do not represent separate performance obligations because the warranties are only for the products to comply with agreed-upon specifications, and they do not provide the Company’s customers with any additional distinct services. The Company has elected the practical expedient, enabling it to recognize shipping and handling costs performed after a customer obtains control of the good as fulfillment of the original performance obligation, rather than as a separate performance obligation, and includes such costs as a component of the transaction price.

The Company also has commercial service contracts that are primarily related to quantum software research and development projects. These contracts typically have a single performance obligation. The Company recognizes revenue over time as control of the goods or services is transferred to the customer. In these instances, the contracts have provisions that are deemed to transfer control to the customer over time. Similar to government service contracts, the Company generally uses an input measure of progress for its contracts based on costs incurred.

The Company’s contracts may be subsequently modified to include changes in specifications, requirements or price, which may create new or change existing enforceable rights and obligations. Depending on the nature of the modification, the Company considers whether to account for the modification as an adjustment to the existing contract or as a separate contract. Generally, modifications to the Company’s contracts are either separate contracts or are not distinct from the existing contract due to the significant integration and interrelated tasks provided in the context of the contract. Modifications to add non-distinct services are accounted for as if they were part of the existing contract and recognized as a cumulative adjustment to revenue.

The Company performs an allocation of the transaction price when there is more than one performance obligation included in the same contract and the performance obligations are satisfied at different times. Allocation of the total transaction price is determined based on the stand-alone selling price of each item relative to the total contract value. When stand-alone selling prices are not directly observable, the Company estimates stand-alone selling price using an expected cost-plus margin approach. The Company considers market conditions and historical data to estimate its costs plus a specified margin, which may be adjusted for differences in product, customers or other factors.

The timing of revenue recognition, billings and cash collection may result in contract assets, unbilled receivables or contract liabilities. Contract assets arise when revenue recognized exceeds the amount billed to customers and represent the Company’s right to consideration that is subject to conditions other than the passage of time. Unbilled receivables arise when revenue recognized exceeds the amount billed to customers and represent the Company’s unconditional right to consideration, for which only the passage of time is required. Contract liabilities arise when the Company receives consideration from customers in advance of providing goods or services and represent the Company’s obligations to satisfy performance obligations. Contract liabilities are recognized as revenue when (or as) the performance obligations are satisfied. Contract assets and unbilled receivables are generally classified as current assets, and contract liabilities are generally classified as current liabilities, in the consolidated balance sheets. Contract assets are presented within prepaid and other current assets in the consolidated balance sheets.

The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation. The Company’s stock-based compensation awards are all equity-classified and consist of stock options, restricted stock awards (“RSA”), and restricted stock units ("RSU"). The Company has sufficient authorized but unissued common shares to satisfy all of the outstanding warrants and stock-based compensation awards. At

the Closing, all shares of convertible redeemable preferred stock were automatically surrendered and exchanged for the right to receive shares of Common Stock; comparative periods reflect the historical capitalization structure. Stock-based compensation cost is measured based on the fair value of the awards as determined on the grant date. The Company recognizes stock-based compensation expense using the graded attribution method in which expense is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the stock option, RSA, or RSU as if the award was, in substance, multiple awards. The Company accounts for forfeitures as they occur.

The fair value of each stock option is determined on the date of grant using the Black-Scholes option-pricing model, which requires the use of accounting judgment and financial estimates, including estimates of the fair value of the underlying Legacy Infleqtion common stock and the fair value of the Company’s Common Stock (as further described below), the expected term, estimated volatility, risk-free interest rate and expected dividend yield. The fair value of RSAs and RSUs is determined based on the fair market value of the Company’s Common Stock on the grant date.

Prior to the Closing, Legacy Infleqtion’s common stock was not publicly traded and therefore quoted market prices were not available. Accordingly, fair market value was determined by the Company’s Board of Directors (the “Board”), through an independent third-party valuation using a probability weighted expected return method. The valuation considers several factors requiring extensive use of judgment, including recently completed equity transactions, historical and forecasted financial performance, selection of peer companies, the estimated value and probability of future equity transactions, including the likelihood of the consummation of the Business Combination, and other relevant qualitative and quantitative inputs. After the Closing, the quoted market price of the Company’s publicly traded common stock is used as the fair value of the Common Stock.

The carrying value of certain financial instruments held by the Company are measured at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. As a basis for considering such assumptions, the following hierarchy lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market:

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and consideration of factors specific to the asset or liability.


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents

Money market funds	$	18,775	$	—	$	—	$	18,775
Available-for-sale securities
U.S. Treasury securities	$	132,821	$	—	$	—	$	132,821
Corporate debt securities	$	—	$	389,632	$	—	$	389,632
Total financial assets	$	151,596	$	389,632	$	—	$	541,228
Financial Liabilities:
Contingent obligation	$	3,288	$	—	$	—	$	3,288
Total financial liabilities	$	3,288	$	—	$	—	$	3,288


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents
Money market funds	$	6,157	$	—	$	—	$	6,157
Available-for-sale securities
U.S. Treasury securities	$	12,076	$	—	$	—	$	12,076
Corporate debt securities	$	39,399	$	—	$	—	$	39,399
Total financial assets	$	57,632	$	—	$	—	$	57,632
Financial Liabilities:
Contingent obligation	$	—	$	—	$	1,828	$	1,828
Total financial liabilities	$	—	$	—	$	1,828	$	1,828

Prior to the Closing, the Company’s contingent obligation was classified within Level 3 of the fair value hierarchy and remeasured at fair value at each reporting date during 2025. The fair value measurement relied primarily on the estimated fair value of the Company’s stock, which was not publicly traded. Estimating the fair value of the Company’s Common Stock required management to assess the probability-weighted outcomes associated with remaining a private company and completing a Business Combination at each measurement date.

Subsequent to the Closing, the contingent obligation is classified within Level 1 of the fair value hierarchy based on the quoted market price of the Company’s Common Stock. Refer to Note 9 - Commitments and Contingencies for information regarding the nature and accounting of the contingent obligation.

The Company’s money market funds, presented within cash and cash equivalents on the condensed consolidated balance sheets, are classified within Level 1 of the fair value hierarchy as the fair value is based on quoted prices in active markets. The Company’s available-for-sale securities are classified within Level 1 and Level 2 of the fair value hierarchy. Level 1 fair values are based on quoted prices in active markets for identical assets, and Level 2 fair values are based on observable market inputs.

The Company’s financial assets and liabilities that are not measured at fair value on a recurring basis consist of cash and cash equivalents (excluding the short-term investments and money markets funds in the table above), accounts receivable, accounts payable, accrued liabilities and deferred consideration payable. The carrying amounts of these financial assets and liabilities approximate their fair value due to the short-term nature of these instruments.

The Company’s non-financial assets, which primarily consist of property and equipment, goodwill and intangible assets, are not required to be measured at fair value on a recurring basis and instead are reported at their cost basis. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying amount may not be fully recoverable, non-financial assets are assessed for impairment. The fair value measurements, in such instances, are based on market participant assumptions which would fall within Level 3 of the fair value hierarchy.

Subsequent to the original issuance of the Company's condensed and/or consolidated financial statements for the periods presented below, the Company identified a errors related to revenue recognition and GAAP accounting methodology for the provision of expected losses for a certain contracts. Management evaluated the error and the impact to previously issued financial statements based upon ASC 250, Accounting Changes and Error Corrections. Based on this evaluation, management has concluded that the adjustments and impact of these errors are not material to any previously issued financial statements.

To correct the immaterial errors, the Company elected to revise the condensed and/or consolidated financial statements for the periods presented below which are expected to be included in subsequent filings. Included below is a summary of the previously reported amounts, the impact of these adjustments and the as-adjusted amounts for each of the impacted periods.


Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months Ended March 31, 2026
	As Reported		Adjustments		As Adjusted
Revenue
Product revenue	$	3,150	$	446	$	3,596
Total revenue	$	9,461	$	446	$	9,907
Cost of revenue:
Cost of products	$	2,830	$	(98)	$	2,732
Total cost of revenue	$	7,470	$	(98)	$	7,372
Gross profit	$	1,991	$	544	$	2,535
Loss from operations	$	(33,575)	$	544	$	(33,031)
Loss before income taxes	$	(30,263)	$	544	$	(29,719)
Net loss	$	(30,263)	$	544	$	(29,719)
Comprehensive loss	$	(31,244)	$	544	$	(30,700)
Net loss per share attributable to common stockholders - basic and diluted	$	(0.26)	$	0.01	$	(0.25)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted	$	118,162,332	$	118,162,332	$	118,162,332


Condensed Consolidated Statements of Cash Flows

	Three Months Ended March 31, 2026
	As Reported		Adjustments		As Adjusted
Cash flows from operating activities
Net loss	$	(30,263)	$	544	$	(29,719)
Changes in operating assets and liabilities:
Unbilled receivables	$	(255)	$	(446)	$	(701)
Accrued liabilities	$	(216)	$	(98)	$	(314)
Net cash used in operating activities	$	(19,159)	$	—	$	(19,159)


Condensed Consolidated Statements of Operations and Comprehensive Loss

	Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Adjusted
Revenue
Product revenue	$	15,987	$	(891)	$	15,096
Total revenue	$	21,674	$	(891)	$	20,783
Cost of revenue:
Cost of products	$	10,651	$	(728)	$	9,923
Total cost of revenue	$	13,590	$	(728)	$	12,862
Gross profit	$	8,084	$	(163)	$	7,921
Loss from operations	$	(23,732)	$	(163)	$	(23,895)
Loss before income taxes	$	(21,035)	$	(163)	$	(21,198)
Net loss	$	(21,035)	$	(163)	$	(21,198)
Comprehensive loss	$	(20,740)	$	(163)	$	(20,903)
Net loss per share attributable to common stockholders - basic and diluted	$	(0.46)	$	(0.01)	$	(0.47)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted	45,456,929		45,456,929		45,456,929


Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Adjusted
Cash flows from operating activities
Net loss	$	(21,035)	$	(163)	$	(21,198)
Adjustments to reconcile net loss to net cash used in operating activities:
Unbilled receivables	$	(231)	$	891	$	660
Accrued liabilities	$	324	$	(728)	$	(404)
Net cash used in operating activities	$	(15,945)	$	—	$	(15,945)


Consolidated Balance Sheets

	As of December 31, 2025
	As Reported		Adjustments		As Adjusted
ASSETS
CURRENT ASSETS:
Unbilled receivables	$	4,734	$	(2,097)	$	2,637
Total current assets	$	74,624	$	(2,097)	$	72,527
TOTAL ASSETS	$	115,313	$	(2,097)	$	113,216
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accrued liabilities	$	8,610	$	313	$	8,923
Total current liabilities	$	22,672	$	313	$	22,985
TOTAL LIABILITIES	$	26,746	$	313	$	27,059
Stockholders’ Equity (Deficit):
Accumulated deficit	$	(231,086)	$	(2,410)	$	(233,496)
Total Stockholders' Equity (Deficit)	$	(208,247)	$	(2,410)	$	(210,657)
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders’ Equity (Deficit)	$	115,313	$	(2,097)	$	113,216


Consolidated Statements of Operations and Comprehensive Loss

	For the period ended December 31, 2025
	As Reported		Adjustments		As Adjusted
Revenue
Product revenue	$	19,614	$	(1,356)	$	18,258
Total revenue	$	32,464	$	(1,356)	$	31,108
Cost of revenue:
Cost of products	$	13,558	$	(923)	$	12,635
Total cost of revenue	$	20,651	$	(923)	$	19,728
Gross profit	$	11,813	$	(433)	$	11,380
Loss from operations	$	(35,286)	$	(433)	$	(35,719)
Loss before income taxes	$	(31,795)	$	(433)	$	(32,228)
Net loss	$	(31,795)	$	(433)	$	(32,228)
Comprehensive loss	$	(31,249)	$	(433)	$	(31,682)
Net loss per share attributable to common stockholders - basic and diluted	$	—	$	—	$	—
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted	$	46,186	$	46,186	$	46,186


Consolidated Statements of Cash Flows

	Year Ended December 31, 2025
	As Reported		Adjustments		As Adjusted
Cash flows from operating activities
Net loss	$	(31,795)	$	(433)	$	(32,228)
Adjustments to reconcile net loss to net cash used in operating activities:
Unbilled receivables	$	(1,176)	$	1,356	$	180
Accrued liabilities	$	(493)	$	(923)	$	(1,416)
Net cash used in operating activities	$	(24,145)	$	—	$	(24,145)


Consolidated Statements of Operations and Comprehensive Loss

	For the period ended December 31, 2024
	As Reported		Adjustments		As Adjusted
Revenue
Product revenue	$	22,325	$	(742)	$	21,583
Total revenue	$	28,836	$	(742)	$	28,094
Cost of revenue:
Cost of products	$	17,571	$	1,236	$	18,807
Total cost of revenue	$	19,772	$	1,236	$	21,008
Gross profit	$	9,064	$	(1,978)	$	7,086
Loss from operations	$	(53,008)	$	(1,978)	$	(54,986)
Loss before income taxes	$	(53,766)	$	(1,978)	$	(55,744)
Net loss	$	(53,764)	$	(1,978)	$	(55,742)
Comprehensive loss	$	(53,290)	$	(1,978)	$	(55,268)
Net loss per share attributable to common stockholders - basic and diluted	$	(1.35)	$	(0.05)	$	(1.40)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted	$	39,808,027	$	39,808,027	$	39,808,027


Consolidated Statements of Cash Flows

	Year Ended December 31, 2024
	As Reported		Adjustments		As Adjusted
Cash flows from operating activities
Net loss	$	(53,764)	$	(1,978)	$	(55,742)
Adjustments to reconcile net loss to net cash used in operating activities:
Unbilled receivables	$	(2,254)	$	742	$	(1,512)
Accrued liabilities	$	3,563	$	1,236	$	4,799
Net cash used in operating activities	$	(32)	$	—	$	(32)