Agility Robotics stock: AGLT debuts with $465M and $1.8M revenue
Agility Robotics began trading on the Nasdaq this morning as AGLT, the first pure-play humanoid company on a US exchange. The merger paperwork that got it there is also the first public income statement the humanoid business has ever had to publish.
Agility booked $1.8 million in net sales in 2025 against a $140 million operating loss, and $174,000 in revenue in the first six months of 2026 against a $362 million loss, according to the S-4 and the company's pre-listing disclosures. The 2025 figure comes from the filing Agility lodged with the SEC in September, as The Robot Report reported; the interim numbers come from TechCrunch's interview with CEO Peggy Johnson ahead of the debut. Nine customer sites, roughly $19,000 of revenue per site for half a year. That is not a rounding error in a market that has spent three years pricing humanoids on video clips. It is the whole argument.
The company is not a start-up that arrived at Wall Street by accident, and it is not a shell. Agility was spun out of Oregon State University in 2015 by researchers working on the unglamorous problem of making a two-legged machine walk without falling over, and its Digit robots have been moving plastic totes in real warehouses since 2019. Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre are on the customer list. At a GXO logistics site, Digits have moved more than 100,000 totes. That is the asset the listing is built on: not a demo, a fleet with hours on it.
The deal that closed on November 4 raised materially less than the one announced in June, and the gap is the market's first real verdict on the sector. Agility and Churchill Capital Corp XI told investors on October 30 to expect about $465 million in gross proceeds, down from the $620 million projected at announcement: roughly $164 million from Churchill's trust account, $201 million from a PIPE priced at $10 a share and led by Foxconn, and $100 million of equity Agility had already received after the deal was signed, per The Robot Report. The shortfall is redemptions — SPAC holders who chose their $10 back instead of a stake in the robot company.
More than 84% of votes cast at the November 2 shareholder meeting approved the combination, and Churchill's stock rose nearly 14% that day, The Robot Report noted. Read those two facts together and you get the shape of the trade: the people who had to decide did decide, and the people who could leave did leave. Existing Agility shareholders rolled their equity in rather than cashing out, and all of them are locked up for 180 days — early May 2027, which is roughly when the first real supply of stock arrives.
What the $465 million buys is time and a factory. Agility's RoboFab plant in Salem, Oregon, is built for up to 10,000 robots a year, and the company says the money funds commercial expansion, customer deployments and manufacturing capacity. Its pitch to customers is arithmetic a warehouse manager can check: under a robot-as-a-service contract, Agility claims one Digit saves about $100,000 a year, and more if the customer buys the machine outright. Digit can lift a 50-pound object repeatedly, which is the informal threshold many workplaces use to keep humans out of the job.
The order book is where the bull case lives, and it is also where the accounting gets slippery. Agility says it holds more than $300 million in committed multi-year orders for Digit 5 from 30 customers — a figure it has repeated since unveiling the robot in September, and one that is not comparable to revenue. Those contracts are gated on milestones: throughput, uptime, placement accuracy. Johnson told TechCrunch the company cannot yet name the customers or say whether any of them are also investors. Prospective buyers spend $500,000 on an on-site proof of concept before a deployment scales, and as of May 2026 four customers had signed up for one.
Digit 5 is the product the orders depend on, and nobody outside the company has seen it work. The robot has not been publicly demonstrated; Johnson says prototypes will be shown at CES 2027, with early-access deliveries in the first half of that year and general availability at the end of 2027. What has been disclosed is a redesign: new legs, new batteries, and — the part that matters commercially — the ability to operate safely around people rather than inside a fenced work cell, which is how most humanoids, including Agility's previous Digit, are deployed. Nyobolt is supplying charging technology the company says enables more than 20 hours of work a day on short charges.
That uncaged operation is the actual product change, and it is a harder engineering problem than a faster walk. A robot in a cage can be wrong safely. A robot on a warehouse floor beside people cannot, and the safety architecture is what the certification and the insurance and the customer's risk officer all hang on. It is also why the $300 million in orders is milestone-contingent rather than booked: buyers have agreed to buy a robot that does not yet exist in production form. We covered the hardware when it was announced — Agility's Digit 5 drops the cage around the humanoid at work — and the gap between that announcement and this listing is the gap between a specification and a delivery.
The honest bear case is not that the robots do not work. It is that the raise is smaller than the burn. A $362 million loss in six months is roughly $724 million annualised, against $465 million of new capital. Even allowing that a large part of that loss is almost certainly non-cash — SPAC-bound companies routinely book warrant and derivative revaluations, and Agility has not broken out cash burn — the direction is unambiguous: this listing does not fund the company to self-sufficiency, and Johnson has said as much, declining to project that the proceeds would get Agility there.
The counter-argument is equally specific, and it is why the stock is not obviously mispriced either way. Agility is the only humanoid maker whose robots are doing paid work at industrial scale today, and 65,000 hours of operational data from real customer facilities is an asset that cannot be bought — it is the training set everyone else is trying to simulate. Placement accuracy is around 98% for heavy loads, which is good enough for totes and not good enough for the picking and kitting work that would multiply the addressable market. The company's own chief technology officer has described the roadmap as bins first, then picking, then cardboard and trailer loading — a sequence measured in years.
The comparison investors will reach for is Unitree, which listed in mainland China in August and opened 629% above its IPO price, briefly valuing a company with a fraction of Agility's industrial deployments at close to $50 billion. That is a different market with a different retail base and a different set of rules. It does mean, though, that AGLT now sets the reference price for every private humanoid in the West: Figure, Tesla's Optimus programme, 1X, Boston Dynamics. A year ago, Figure's CEO publicly predicted Agility would be bankrupt within twelve months. Agility is instead the one with a ticker.
What to watch: the first print — where AGLT actually trades once the SPAC arbitrageurs are out, since a $10 PIPE price is a floor the market has not yet tested; the first quarterly report, which will show whether $174,000 of half-year revenue is a pipeline finally converting or a pilot programme that never scaled; whether the CES 2027 Digit 5 demo shows uncaged work at a customer site rather than a stage; and the lock-up expiry in early May, when the people who built this company can finally sell it.
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