Atomic Ambitions — INFQ Is Ready to Tiqk Higher: Initiating OUTPERFORM $20 PT

Research evidence excerpt

Atomic Ambitions — INFQ Is Ready to Tiqk Higher: Initiating OUTPERFORM $20 PT

2.2E

Year* 32,464.0A 42,632.3E 56,619.9E ● Mislabeled as sensing-only: With roughly two-thirds of revenue from sensing,

the market may perceive INFQ as a sensing company, giving little credit for its Gross Margin in $

FYE Dec 2025A 2026E 2027E compute advancements (including demonstration of logical qubits) or its full-

Q1 Mar 40.7%A 21.0%A 37.0%E stack platform.

Q2 Jun (3.0)%A 31.0%E 37.0%E ● Early and under-followed: The company has only been public for a few months,

Q3 Sep (0.1)%A 35.0%E 40.0%E remains thinly covered by the sell-side, and trades less actively than peers, Q4 Dec 61.4%A 36.0%E 44.0%E

Year* 36.4%A 31.3%E 39.7%E which can weigh on valuation independent of fundamentals.

Pricing data provided by Thomson Reuters. As the modality matures, the compute story gains recognition, and liquidity builds,

*Numbers may not add up due to rounding. we expect INFQ's discount to the group to moderate.

What we like:

● World-class partnerships provide third-party validation: The roster is anchored

by a deep NVDA relationship (NVQLink, CUDA-Q, both Ising models) and

extends to Safran, NASA, Voyager, and DARPA. We expect additional marquee

logos, with each acting as a potential catalyst.

● Policy and demand tailwinds: A proposed $100M Department of Commerce

CHIPS letter of intent (which contemplates a US government equity stake) and

Section 5 of the June 22, 2026 executive order, which directs the fielding of at

least three quantum sensor projects by September 30, 2028, point to a clear

federal demand pull for exactly what INFQ sells.

Valuation: Our $20 price target is based on our 10-year DCF analysis, using a

WACC of 20.5% and a terminal growth rate of 5%. Our price target is comprised of