Agility Robotics reports $1.8M revenue ahead of humanoid SPAC

Agility Robotics said it has deployed its Digit humanoid at 9 customer sites as it gears up to go public via a proposed SPAC merger with Churchill Capital Corp. XI. Now we’re getting a first look at Agility’s financials thanks to a new S-4 filing with the SEC.

According to the S-4, Agility generated $1.8 million in net sales in 2025, against a $140 million operating loss. The company spent $111 million on operations, up from $71 million in 2024. Agility burned about $100 million in cash in 2025.

The SPAC deal values Agility at $2.5 billion and is expected to generate more than $620 million in gross proceeds. That includes about $420 million from Churchill’s trust and $200 million from a PIPE led by Foxconn.

Compared with 2025 revenue of $1.8 million, Agility’s valuation equals roughly 1,400 times annual revenue. A SPAC lets a private company go public based heavily on future expectations and projections, rather than having to demonstrate a long history of public-company financial performance.

The gap between revenue and valuation is not unique to Agility. Other U.S.-based humanoid makers, including Figure, Apptronik, 1X and others, have also raised large funding rounds at high valuations. But because they’re not public (yet), these companies haven’t opened their books.

Chinese robot maker Unitree went public on Shanghai’s STAR Market in mid-August. It closed its first day of trading 460% higher. The company raised 6.1 billion yuan, around $905 million U.S., with its initial public offering. Unitree said it is the first major legged robotics company to go pubic.

Agility said Digit humanoids have logged more than 65,000 operating hours across 9 customer sites. The company also said it has more than $300 million in multi-year Digit v5 orders from one customer that it expects to fulfill over the coming years. Those deployments and orders have not yet turned into revenue that comes close to supporting today’s valuation.

The Robot Report named Digit its inaugural Robot of the Year in 2024. 

Two ways to monetize Digit

According to the S-4, Agility has two business models for Digit v5: Robots-as-a-Service (RaaS) and outright robot sales. The graphic below explains the two approaches.

Under RaaS, Agility retains ownership of the robot and charges customers about $8,500 per month, roughly $102,000 annually, for access to the robot, software and maintenance, plus a $25,000 deployment fee. Based on the company’s assumptions, that works out to about $535,000 in revenue per robot over its five-year lifespan.

Under direct ownership, customers pay about $200,000 upfront, plus a $20,000 deployment fee and roughly $36,000 a year for software and maintenance. Over five years, Agility estimates that would produce about $400,000 in revenue per robot.

Long-term growth needed

Agility’s S-4 lays out an ambitious deployment trajectory of around 800 Digit v5 units in 2027, 7,000 by 2030 and up to 25,000 by 2035. At the $8,500 monthly RaaS rate, 25,000 robots would translate to roughly $2.55 billion in annual subscription revenue.

Agility sees RaaS as central to its long-term growth story. At its illustrative rate of $8,500 per month, 1,000 deployed robots would generate about $102 million in annual subscription revenue. At 5,000 robots, that would rise to roughly $510 million; at 10,000, to about $1 billion.

Agility cautions that the unit economics depend on many assumptions. Actual contracts, deployment timing, pricing and utilization could all differ. Agility would need to grow annual revenue roughly 57-fold just to match the revenue from 1,000 RaaS robots. The 25,000-robot scenario would be more than 1,400 times larger than the company’s 2025 revenue.

Getting there means moving from today’s small commercial footprint to thousands of revenue-generating robots in the field, all while driving down Digit’s manufacturing costs and proving that customers will use humanoids at scale.

Editor’s Note: Agility’s Jonathan Hurst and Pras Velagapudi will be speaking at RoboBusiness, which is produced by The Robot Report, on Oct. 20-21 in Santa Clara.