Agility Robotics Reports $1.8M Revenue Ahead of $2.5B SPAC Merger

Agility Robotics has disclosed its financial results in an SEC S-4 filing, reporting $1.8 million in net sales for 2025 against a $140 million operating loss as it prepares to go public via a SPAC merger with Churchill Capital Corp. XI.

The Salem, Oregon-based humanoid developer spent $111 million on operations in 2025, up from $71 million in 2024, with annual cash burn reaching approximately $100 million. The SPAC deal values Agility at $2.5 billion, representing 1,400 times its 2025 revenue, and is expected to generate $620 million in gross proceeds.

Funding includes $420 million from Churchill's trust and a $200 million PIPE led by Foxconn. Comparatively, Chinese competitor Unitree went public on Shanghai's STAR Market in mid-August, raising $905 million in its market debut.

Agility reported that Digit humanoids have logged over 65,000 operating hours across 9 customer sites. The company holds over $300 million in multi-year Digit V5 orders from a single customer that have not yet fully materialized into recognized revenue.

To monetize Digit V5, Agility offers two commercial options: Robots-as-a-Service (RaaS) and direct ownership. Under RaaS, customers pay $8,500 monthly alongside a $25,000 deployment fee, yielding roughly $535,000 per robot over a five-year lifecycle. Direct sales require $200,000 upfront plus $36,000 annually for software and maintenance.

The S-4 filing targets 800 deployed Digit units in 2027, scaling to 7,000 by 2030 and 25,000 by 2035. At 25,000 deployed units, annual RaaS subscription revenues would reach $2.55 billion.

Achieving these targets requires Agility to expand its small commercial footprint, lower manufacturing costs, and scale deployment significantly beyond its current baseline.