Agility Went Public on $1.78 Million of Revenue and $300 Million of Conditional Orders

Agility Robotics became the first pure-play legged humanoid company on a public exchange on November 5, 2026, and the number that matters is not the $465 million it raised but the $1.78 million of revenue it reported for 2025. The ratio of the two is the argument.

The Robot Report reported the listing on the morning trading began. The stock, ticker AGLT, opened at $11.26 against the $10 deal price, and was at $10.30 when that article was written. The merger with Churchill Capital Corp XI closed on November 4, two days after shareholders approved it with more than 84% of votes cast in favour.

Where the $465 million came from

The gross proceeds of about $465 million are before expenses, and they are a blend of three pools. The Robot Report lists about $164 million from Churchill XI's trust account after redemptions, $201 million from a PIPE led by Foxconn, and a $100 million round that closed after the SPAC was announced. Agility had earlier projected more than $620 million if no shareholder redeemed, so the trust shrank well below plan.

Source of proceeds	Amount
Churchill XI trust, after redemptions	$164 million
PIPE led by Foxconn	$201 million
Round closed after the SPAC announcement	$100 million

The first-day price depends on which outlet you read

Reports of the first session disagree. iTechPost gives an open of $11.38, a high of $12.15, a low of $8.40 and a close of $11.51 on about 5.65 million shares. Let's Data Science, citing Business Insider, says shares closed Friday, November 6, at $9.90, down nearly 14% from Thursday's close. The two fit together only if the stock fell about 14% on the second day.

What the revenue line says

The Robot Report gives 2025 revenue of $1.78 million, up from $310,000 in 2024, against a 2025 net loss of $138.1 million. About 64% of 2025 revenue came from related parties. Year-end cash was $103 million.

iTechPost, which is the only source I found for first-half 2026 figures, reports revenue down 72% year over year to about $174,000, an operating loss of $362.7 million and cash of about $14.7 million on June 30, 2026. I could not confirm those against a filing, so treat them as single-source. If they hold, the $100 million round and the PIPE were needed to keep the company funded, not to expand it.

Digit 5 and the conditional backlog

The company says it holds more than $300 million in committed multi-year orders for Digit 5, subject to contractual milestones and product specifications. Business Insider, via Let's Data Science, reports the order is for 1,000 robots from a single customer with financial ties to Agility. Neither source says which customer. Divide $300 million by 1,000 and the implied price is $300,000 per robot over the contract term, though that is my arithmetic, not a disclosed price.

Digit has logged more than 65,000 hours across nine customer facilities, per The Robot Report, moving totes in warehouses. Named customers are AGCO, GXO Logistics, Schaeffler, Mercado Libre and Toyota Motor Manufacturing Canada. iTechPost adds that Digit 5, introduced in September 2026, gets early customer access in the first half of 2027 with general availability targeted for the end of 2027, and that the RoboFab in Salem, Oregon is designed for up to 10,000 machines a year.

Set 65,000 hours beside that capacity. Nine facilities for 65,000 hours is a pilot-scale fleet; a factory sized for 10,000 machines a year assumes demand several orders of magnitude larger than the 1,000-robot order.

What would change this read

Agility's own CEO, Peggy Johnson, is quoted by The Robot Report saying the company wants to become "the backbone of the humanoid industry", and co-founder and chief robot officer Jonathan Hurst said wheeled robots are on the exploratory roadmap. Both statements describe a larger business than the one in the 2025 filing.

Compare it with the rest of the sector. Serve Robotics has the same denominator problem on the sidewalk, and Runway's open-weights robotics model lowers the software barrier that Agility says it can license around. What would change my read is conversion: the first filing showing recognised revenue from the Digit 5 backlog, which cannot arrive before early-access deliveries begin in the first half of 2027. The 180-day lock-up on existing Agility holders and the Churchill sponsor, which The Robot Report says can end early on price performance, is the next date on which supply of shares changes.