Agility Robotics goes public with $1.8 million in revenue and $300 million in Digit orders

A SPAC vote puts Digit's numbers on the record

Fact On November 2, 2026, shareholders of Churchill Capital Corp XI approved its merger with Agility Robotics, with more than 84% of votes cast in favor, according to an SEC filing. The deal was expected to close on November 4, with shares trading on Nasdaq as AGLT from November 5. Gross proceeds came to about $465 million before expenses, below the more than $620 million the companies had projected in June assuming no redemptions.610

Fact The proceeds break down into about $164 million from the SPAC trust, about $201 million from a PIPE led by Foxconn at $10 a share, and $100 million of equity Agility received after the deal was announced. When the merger was announced on June 29, 2026, it valued Agility at $2.5 billion before the new money.610

Our read The listing matters to every humanoid seller because it produces the first audited income statement for a company that sells humanoids under commercial contracts. Until now the category's commercial claims lived in press releases. Agility's prospectus shows what a pilot-to-fleet motion looks like in revenue, cost and pricing, and it is the benchmark buyers will now use against everyone else.

One workflow, chosen before the robot was ready

Fact Agility, an Oregon State University spinout based in Salem, Oregon, aimed Digit at one job: moving plastic totes. Amazon said in October 2023 it would begin testing Digit, first on tote recycling, the repetitive task of picking up and moving empty totes after inventory is picked out of them.2

Fact GXO Logistics ran a proof of concept at a Spanx facility in late 2023. On June 27, 2024, GXO and Agility signed a multi-year agreement that both called the industry's first formal commercial deployment of humanoid robots and the first Robots-as-a-Service deployment of humanoids. Digit moves totes from collaborative robots onto conveyors, managed through Agility Arc, the company's cloud platform for mapping facilities and running fleets.4

Fact Agility hired Peggy Johnson, a former Microsoft executive and Magic Leap chief executive, as CEO in March 2024. The company said she would focus on sales, strategic industry partnerships, fundraising and delivering robots at scale.3

Our read Choosing tote moves gave Agility a task with a fixed object, a known cycle and a buyer who already measures it in units per hour. That is why the GXO pilot converted to a paid contract in roughly seven months. Humanoid vendors that start with a general-purpose demo spend that time arguing about which job to do first.

The 3PL is the channel

Fact On October 26, 2026, GXO said it would expand Digit to e-commerce fulfillment at its Statesville, North Carolina and Lebanon, Tennessee sites, with deployments expected to begin in early 2027 on Digit 4 and migrate to Digit 5 when it is commercially available. The release said Digit had moved more than 100,000 totes at Flowery Branch, Georgia. Neither company disclosed robot counts or the value of the expansion.9

Fact Agility's prospectus lists Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre as customers, and says Digit v4 is deployed or committed across nine customer facilities with more than 65,000 hours of operation. It names NVIDIA, Amazon, SoftBank, Schaeffler, ABICO Group and Foxconn among its strategic investors, and says NVIDIA chose Digit 5 in 2026 as the first humanoid launch partner for its Halos safety platform for robotics.7

Our read A third-party logistics provider runs many buildings for many brands, so one signature can travel across a network. GXO took three years to go from one site to three, which tells a robotics GTM team the pace of 3PL expansion: site by site, each gated on the previous site's throughput. The channel is real, and it is slow.

What the income statement shows

Fact Agility reported total net sales of $1.78 million for 2025, up from $310,000 in 2024. Of the 2025 figure, $1.13 million came from related parties, which the filing attributes mainly to Digit sales to one investor. Net sales fell to $174,000 in the first half of 2026 from $625,000 a year earlier, which the company put down to one-time robot sales in 2025. Two customers each accounted for 10% or more of 2025 revenue, together about $1.55 million.7

Fact The 2025 net loss was $138.1 million. In the first half of 2026 the loss reached $361.9 million, driven mostly by about $252 million of extra stock-based compensation tied to the higher valuation. Gross margin stayed negative. As of June 30, 2026, Agility had $14.7 million in cash and an accumulated deficit of $675 million.7

Our read Agility is the humanoid company with the most credible deployment record, and it still booked under $2 million in a year. Most of that was hardware sold to an investor, not recurring service fees. The RaaS motion is proven as a contract structure and unproven as a revenue line, which is the honest state of the whole category in late 2026. With revenue this small and this concentrated, one cancellation would show up immediately in the numbers.

The RaaS math in the filing

Fact The prospectus gives illustrative unit economics. Under RaaS, a robot earns a recurring monthly fee of $8,500 covering software and maintenance, plus a one-time deployment fee of about $25,000, over a five-year life. Under an ownership model, a customer pays about $200,000 upfront, about $20,000 to deploy and about $36,000 a year for Arc software and maintenance.7

Fact Agility puts the build cost of Digit 5 at about $150,000 at commercial launch, targeting about $75,000 at 1,000 robots a year and about $30,000 at 10,000. It says it has already cut Digit v4's bill of materials to about $125,000. The $300 million in Digit 5 orders, as of May 2026, relates to 1,000 robots on three-year RaaS terms, includes warrants to the buyer that vest as robots are deployed, and depends on contractual milestones and product specifications.7

Fact Since late 2025, prospects enter through a Customer Acceleration Program that charges a fee of about $500,000 and runs from proof of technology to an on-site proof of concept to a commercial RaaS deployment. As of May 2026, four new customers had joined and Agility was engaged with more than 30 prospects.7

Fact The filing also shows how Agility has used equity as a sales tool. In July 2021 it issued warrants to a potential customer for 358,000 shares, vesting at 358 shares per robot purchased and expiring at the end of 2028. As of December 31, 2025, that customer had bought no robots and no warrants had vested.7

Our read Our arithmetic: $300 million over 1,000 robots and 36 months is about $8,300 a robot a month, close to the list rate, before the warrant discount. At $8,500 a month against a $150,000 robot, Agility needs roughly two years of service to recover hardware cost, so the three-year term barely clears it at launch cost. The economics only work if the bill of materials falls on schedule, and the $500,000 program fee is a clever filter that makes pilots pay for themselves. The unvested 2021 warrants are the warning on the other side: equity incentives get a buyer to the table but do not make it order.

Factory, Digit 5 and the 2027 delivery test

Fact Agility announced RoboFab in Salem on September 18, 2023: a 70,000-square-foot plant expected to build hundreds of robots in its first year, with capacity for more than 10,000 a year at full scale. On September 15, 2026, it unveiled Digit 5, which lifts up to 50 pounds, runs 90 minutes on a battery that charges in nine minutes, and is designed to work near people without fencing. Early access is expected in the first half of 2027 and general availability by the end of 2027.18

Fact The capital behind the factory came in smaller pieces than reported. In April 2025, outlets citing The Information said Agility was closing a $400 million round led by WP Global. The filing shows Series C closings in 2025 brought net proceeds of about $162 million, followed by $5 million in 2026 and $100 million in SAFEs in July 2026, for about $401 million raised since inception through June 2026.57

Our read Nearly all of Agility's order book sits on a robot that ships in volume in 2027. If Digit 5 slips, the milestones attached to the $300 million slip with it, and the cash from the merger is the runway. GXO's plan to start the new sites on Digit 4 is a sensible hedge, and other buyers should ask for the same.