Agility Robotics Opens Its Books Ahead of Planned Public Listing

Agility Robotics has disclosed its financials for the first time as it moves towards a public listing through its proposed merger with Churchill Capital Corp XI.

The S-4 filed on 4 September shows $1.78 million in net sales for 2025, against an operating loss of roughly $140.2 million and a net loss of $138.1 million. Research and development spending alone reached approximately $91.6 million, while Agility ended the year with around $103 million in cash.

The filing gives one of the first audited financial snapshots of a major pure-play humanoid robotics company approaching public markets.

Agility’s current revenue base remains very small relative to the commercial scale implied by its order book. The company previously disclosed more than $300 million of contracted Digit v5 orders, but its investor materials clarify that this relates to 1,000 robots under a three-year Robots-as-a-Service contract, subject to contractual milestones, and is not a measure of current-period revenue. Digit v5 is expected to become commercially available around the end of 2026.

The company’s 2025 accounts largely reflect an earlier commercialisation phase. Agility says Digit v4 has accumulated more than 65,000 operating hours across nine customer facilities, while customers move through proof-of-concept, pilot and eventual deployment stages before larger RaaS revenue begins to accrue.

The accounts also show the cost of reaching that stage. Cost of sales exceeded 2025 revenue, meaning the business remained gross-loss-making before its much larger R&D and operating expenses were included. Agility’s investor materials put the current Digit bill of materials at around $125,000, with substantial cost reductions targeted as v5 production scales.

Agility’s filing warns that, without the proposed business combination and additional financing, there is substantial doubt about its ability to continue as a going concern. The transaction is expected to provide more than $620 million in gross proceeds, including approximately $420 million held in Churchill XI’s trust assuming no redemptions and roughly $200 million through a committed PIPE.

The merger values Agility at a $2.5 billion pre-money equity value. Agility says the proceeds will be used to fulfil existing customer orders, expand commercial deployments, scale Digit v5 production and continue investment across robotics, Physical AI, software and manufacturing infrastructure.

The disclosure offers a more nuanced benchmark for commercial humanoids than the headline revenue figure alone: very limited current revenue and heavy losses today, set against a large contracted order book that depends on successful v5 production and deployment over the next several years.

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