---
title: "Churchill Capital Corp X - Unit | 10-Q: FY2025 Q3 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265592317.md"
datetime: "2025-11-12T21:50:57.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265592317.md)
  - [en](https://longbridge.com/en/news/265592317.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265592317.md)
---

# Churchill Capital Corp X - Unit | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.64.

EBIT: As of FY2025 Q3, the actual value is USD -11.67 M.

### Segment Revenue

-   **Public Units**: 41,400,000 units sold at $10.00 per unit, generating gross proceeds of $414,000,000.
-   **Private Placement Units**: 300,000 units sold at $10.00 per unit, generating gross proceeds of $3,000,000.

### Operational Metrics

-   **Net Loss**: For the three months ended September 30, 2025, net loss was - $33,384,811. For the nine months ended September 30, 2025, net loss was - $31,429,725.
-   **General and Administrative Costs**: For the three months ended September 30, 2025, general and administrative costs were $1,234,544. For the nine months ended September 30, 2025, general and administrative costs were $1,437,976.
-   **Subscription Agreement Expense**: $6,044,986 for both the three and nine months ended September 30, 2025.
-   **Change in Fair Value of Subscription Agreement Liability**: - $30,499,229 for both the three and nine months ended September 30, 2025.
-   **Income Earned on Cash and Marketable Securities Held in Trust Account**: $4,393,948 for the three months ended September 30, 2025, and $6,552,466 for the nine months ended September 30, 2025.

### Cash Flow

-   **Net Cash Used in Operating Activities**: For the nine months ended September 30, 2025, net cash used in operating activities was - $1,839,321.
-   **Net Cash Used in Investing Activities**: For the nine months ended September 30, 2025, net cash used in investing activities was - $413,000,000.
-   **Net Cash Provided by Financing Activities**: For the nine months ended September 30, 2025, net cash provided by financing activities was $415,974,883.

### Unique Metrics

-   **Cash and Marketable Securities Held in Trust Account**: $419,552,466 as of September 30, 2025.
-   **Cash**: $1,135,562 as of September 30, 2025.

### Future Outlook and Strategy

-   **Core Business Focus**: The company intends to effectuate its initial Business Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Units, shares, debt, or a combination of these. The company has until May 15, 2027 (or August 15, 2027, if certain conditions are met) to consummate the Business Combination.
-   **Non-Core Business**: The company has entered into agreements with Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as placement agents for a proposed PIPE offering of equity or equity-linked securities for ColdQuanta, with a placement fee set at 4.0% of the gross proceeds of securities sold, up to a maximum of $100 million. Additionally, the company has engaged Citi as a capital markets advisor with a cash fee of $7,000,000 payable upon consummation of the Transactions, and an incentive fee of up to $3,000,000.

### Priority

-   **Concrete Projections**: The company has entered into Subscription Agreements with PIPE Investors to issue and sell $126,547,600 of PIPE Shares, with the closing of the PIPE Investment conditioned on the satisfaction or waiver of conditions set forth in the Merger Agreement.

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