Query all users not activated

// WP_User_Query arguments
$args = array(
	'role'           => 'Subscriber',
	'order'          => 'ASC',
	'orderby'        => 'user_email',
	'meta_query'     => array(
		'relation' => 'AND',
		array(
			'key'     => 'wp_capabilities',
			'value'   => 'participant',
			'compare' => '!=',
		),
		array(
			'key'     => 'wp_capabilities',
			'value'   => 'administrator',
			'compare' => '!=',
		),
		array(
			'key'     => 'wp_capabilities',
			'value'   => 'editor',
			'compare' => '!=',
		),
	),
	'count_total'    => true,
);

// The User Query
$user_query = new WP_User_Query( $args );

// The User Loop
if ( ! empty( $user_query->results ) ) {
	foreach ( $user_query->results as $user ) {
		// do something
	}
} else {
	// no users found
}