Agility Robotics
Robots-as-a-Service (a monthly fee per robot plus a one-time deployment fee), with some outright robot sales and paid customer pilot programs of about $500,000 each
Sources — 29 figures with citations
- Business combination closed; renamed Agility Robotics, Inc.; domesticated to Delawarefiled2026-11-04Closing date November 4, 2026sec.gov — Form 8-K filed November 6, 2026, Item 2.01
- Nasdaq listingfiled2026-11-05Common stock AGLT and warrants AGLTW began trading November 5, 2026sec.gov — Closing press release, Exhibit 99.2 to the November 6 8-K
- Shares outstanding after closingfiled2026-11-04242,089,880 shares; 4,212,500 warrants exercisable at $11.50sec.gov — Also stated on the S-1 cover
- Merger considerationfiled2026-11-04$2,500,000,000 equity value paid in stock at ~$10.287364 per share; exchange ratio 9.202; ~191,792,080 shares to legacy holders; ~61,014,692 shares under assumed options and RSUssec.gov — Item 2.01
- PIPEfiled2026-11-0420,102,500 shares at $10.00 = $201,025,000, led by Foxconn; DCVC entities bought 1,000,000 sharessec.gov — Item 3.02; Foxconn named as lead in the October 30 and November 5 releases
- SAFE financingfiled2026-07-31$100,000,000 of SAFEs issued July 2026, converted into ~12,960,557 shares (~5.35%)sec.gov — Item 2.01
- Shareholder votefiled2026-11-02Business Combination Proposal: 21,069,042 for, 1,334,087 against, 2,623,822 abstained; quorum ~44.93%sec.gov — Extraordinary general meeting, record date September 14, 2026
- Redemptionsfiled2026-11-0225,451,804 Class A shares (~61.5%) redeemed at ~$10.287364, removing ~$261.8M; ~$164.1M of trust proceeds remainedsec.gov — Trust held $425.9M before redemptions per the pro forma exhibit
- Expected gross capital raisefiled2026-10-30~$465M before expenses: ~$164M trust, ~$201M PIPE, $100M equity already receivedsec.gov — Down from the ~$620M announced in June assuming no redemptions
- S-4 declared effectivefiled2026-10-13October 13, 2026; meeting set for November 2, 2026sec.gov — Press release filed as Exhibit 99.1 to a Form 425
- Pro forma cash after the transactionfiled2026-06-30$447.2M (June 30, 2026 basis): trust $159.0M after redemptions, PIPE $201.0M, SAFEs $100.0M, CCXI notes $2.3M, less $31.0M transaction costssec.gov — Unaudited pro forma condensed combined financial information, Exhibit 99.1
- Pro forma ownershipfiled2026-11-04Legacy Agility holders 79.1%, PIPE investors 8.3%, public shareholders 6.6%, sponsor 6.0%sec.gov — Total 242,367,776 shares in the pro forma table
- FY2025 resultsfiled2025-12-31Net sales $1,782K; cost of goods sold $4,473K; operating loss $140,176K; net loss $138,086K; cash used in operations $99,839Ksec.gov — Audited; FY2024 net sales $310K, net loss $70,552K, operating cash burn $70,657K
- Six months to June 30, 2026filed2026-06-30Net sales $174K (vs $625K); cost of goods sold $3,889K; operating loss $362,680K; net loss $361,893K; cash used in operations $86,162K (vs $46,244K)sec.gov — R&D up $155.8M and SG&A up $131.8M, mainly ~$252M higher stock-based compensation from revaluing liability-classified awards
- Cash before the transactionfiled2026-06-30$14.7M cash and equivalents plus $7.1M long-term restricted cashsec.gov — Management stated existing cash would not fund one year of operations; the Business Combination proceeds are expected to fund at least one year
- Committed Digit 5 ordersfiled2026-05-31~$300M for 1,000 robots under a three-year Robots-as-a-Service contract with one customer, subject to milestones, features and specifications; purchaser holds warrants vesting as robots deploysec.gov — Customer not named
- Unit economics assumptionsfiled2026-06-30~$500,000 cumulative revenue per RaaS deployment over five years (~$400,000 under ownership); Digit 5 customer breakeven ~1.1 years; Digit v4 bill of materials ~$125,000; long-term product gross margin above 70%; CAP fee ~$500,000sec.gov — Planning assumptions, not guidance
- Headcount and supply chainfiled2026-06-30393 full-time employees; ~66% of components from US supplierssec.gov — Salem, Pittsburgh and Fremont sites
- Principal holdersfiled2026-11-04DCVC entities 32,300,612 shares (13.34%); Amazon.com NV Investment Holdings 20,699,475 (8.55%); Churchill Sponsor XI 14,597,500 (6.03%); Jonathan Hurst 12,652,759 (5.22%)sec.gov — Beneficial ownership table; Amazon filed a Schedule 13G on November 12, 2026
- Lock-upfiled2026-11-10180 days from closing; early release if Nasdaq VWAP is at least $12.00 for 15 trading days within any 180-trading-day period; resale S-1 covers ~160.8M shares (~66%)agilityrobotics.com — Lock-up terms also in the closing 8-K, Item 1.01
- Operations and capacityfiled2026-11-0565,000+ operating hours; GXO Georgia 100,000+ totes; GXO adding two US sites in early 2027; AGCO pilot from 2027; 30+ prospective customers; RoboFab designed for up to 10,000 robots a year; Pittsburgh expansion 50,000 sq ftagilityrobotics.com — Company press release on the first trading day
- Digit 5 specificationsfiled2026-09-15Lifts up to 50 lb repeatedly with proprietary cycloidal actuators; nine-minute Nyobolt recharge; 20+ productive hours in 24; early access H1 2027, general availability end-2027agilityrobotics.com — Unveiled September 15, 2026; 1.81 m, 129 kg, 90-minute runtime, 2.2 m reach per the launch coverage
- Fremont facilityfiled2026-07-1660,000 sq ft software and physical-AI hub; nearly 200 planned hiresagilityrobotics.com — Company press release
- Share pricemarket2026-11-12$7.58 close on November 12, 2026 (open $8.50, low $7.35, volume 5.45M); first-day November 5: open $11.38, high $12.15, low $8.40, close $11.51stockanalysis.com — Nasdaq daily history
- Market capitalisationderived2026-11-12~$1.835B = 242,089,880 shares × $7.58stockanalysis.com — Stock Analysis shows $1.84B on the same inputs
- Revenue growthderived2026-06-30FY2025 +475% ($310K to $1,782K); H1 2026 −72% ($625K to $174K)sec.gov — Arithmetic on the S-1 figures
- Annualised cash burn and runwayderived2026-06-30~$172M a year (2 × $86.2M H1 2026); ~$447M pro forma cash covers roughly 2.5 years at that pace before the Digit 5 production rampsec.gov — Estimate; burn will rise with Digit 5 production and the actual post-close cash is lower than the June 30 pro forma
- Illustrative service pricingfiled2026-10-13About $8,500 per month per robot plus a ~$25,000 deployment fee; direct sale about $200,000 plus $20,000 deployment and ~$36,000 a year software and maintenance; launch bill of materials ~$150,000 falling below $50,000 at 10,000 units a yeartherobotreport.com — The S-4/proxy's illustrative figures as read by The Robot Report (September 7, 2026), Dynamo (September 10, 2026) and IEEE Spectrum (September 15, 2026); the filing itself is listed in the sources ledger.
- Illustrative deployment schedulefiled2026-10-13About 800 Digit 5 robots in 2027, about 7,000 by 2030, up to about 25,000 by 2035therobotreport.com — The S-4/proxy's illustrative figures as read by The Robot Report (September 7, 2026), Dynamo (September 10, 2026) and IEEE Spectrum (September 15, 2026); the filing itself is listed in the sources ledger. Not guidance.
The thesis on this name
State of Physical AI
The first US-listed pure-play humanoid manufacturer: the Churchill Capital XI merger closed Nov 4 2026 and the shares have traded on Nasdaq as AGLT since Nov 5 ($2.5B pre-money; Foxconn-led $201M PIPE at $10; 61.5% of public shares redeemed, about $465M of gross capital). Digit v5 has >$300M multi-year orders and live commercial deployments — the most de-risked order book of any standalone humanoid maker reaching the public tape. The scarce listed way to own a humanoid OEM directly. Checked Nov 13 2026: the ~$300M order book is one conditional three-year contract for 1,000 Digit 5 robots with one unnamed customer (S-1, Nov 10 2026); FY2025 net sales were $1.78M and H1 2026 $0.17M; the stock closed Nov 12 at $7.58 (first-day close $11.51), ~$1.84B against the $2.5B merger value.
State of Physical AI
The scarce direct listed humanoid OEM (post-SPAC) with the most de-risked order book — but SPAC mechanics + pre-scale economics make it a small, event-gated lotto.
State of Physical AI
Soon the first US-listed pure-play humanoid maker (Churchill Capital XI SPAC, $2.5B pre-money, ticker AGLT, Foxconn-led $200M PIPE at $10, close by YE2026). Digit v5 has >$300M multi-year orders and live deployments. SPAC mechanics + cash-burn make this a small, high-variance ride on the public-market humanoid narrative — start as a watch, scale only post-close on real deployment data.
Earnings, margins, COGS & capex
Agility is pre-scale. FY2025 net sales were $1.78M (robot sales $1.55M, services $0.21M, about two-thirds from related parties including $1.04M from one investor, per the S-4 as reported); cost of goods sold ran 2.5 times sales, so gross margin was negative. The operating loss was $140.2M on $137.5M of operating expenses, and cash used in operations was $99.8M. The first half of 2026 shows net sales of only $0.17M, a $362.7M operating loss inflated by about $252M of stock-based compensation tied to the revaluation of liability-classified awards, and $86.2M of operating cash burn (up from $46.2M a year earlier). Legacy Agility had $14.7M of cash plus $7.1M restricted at June 30, 2026 and warned that this would not fund a year of operations; the July 2026 SAFEs ($100M), the trust proceeds (~$164M after 61.5% redemptions) and the Foxconn-led PIPE ($201M) bring pro forma cash to about $447M. Management's planning assumptions in the filings: about $500,000 of cumulative revenue per Robots-as-a-Service deployment over an assumed five-year life, customer breakeven on Digit 5 in about 1.1 years, a Digit v4 bill of materials of about $125,000, and a long-term product gross margin above 70%.
Income statement — where each revenue dollar goes
% of revenueOf every $1 of revenue, ~96¢ is cost of goods and ~0¢ operating expense, leaving ~4¢ of operating profit.
Revenue trend
Margins
negative while robots are built in small volumes at a bill of materials near $125,000
widening; the cash component is the better guide
rising as Digit 5 development and headcount grow
COGS structure
Cost of goods sold was $4.47M in FY2025 (2.5× net sales) and $3.89M in the first half of 2026. The S-1 puts the Digit v4 bill of materials at about $125,000 per robot; the S-4's illustrative path, as reported by IEEE Spectrum and Dynamo, is a Digit 5 launch bill of materials of roughly $150,000, falling toward $75,000 at 1,000 units a year and below $50,000 at 10,000 units a year. Robots placed under Robots-as-a-Service move from inventory into property and equipment, so the service model defers revenue while the parts cost is incurred up front; inventory absorbed $11.4M of operating cash in 2025 (S-4 as reported).
Capex
Purchases of property and equipment were $2.5M in FY2025 and $3.9M in FY2024, with about $8M projected across 2026–2028 (S-4 as reported by Dynamo). The main plant, RoboFab in Salem, Oregon (70,000 sq ft), was built out in 2023–2024 and is designed for up to 10,000 robots a year; a 60,000 sq ft Fremont, California software and physical-AI hub opened in July 2026 with plans to hire nearly 200 people, and a 50,000 sq ft Pittsburgh expansion was announced in November 2026. Under the service model the robots themselves become the main capital outlay once Digit 5 ships.
Latest earnings
Not applicable: no public-company quarter reported and no analyst consensus yet
No formal financial guidance. The filings carry an illustrative deployment schedule of about 800 Digit 5 robots in 2027, about 7,000 by 2030 and up to about 25,000 by 2035 (S-4 as reported by The Robot Report and Dynamo), and operating targets of about 25 customer facilities and about 100 customers by the end of 2027.
- Real-world operating hours (Digit v4, cumulative)
- 65,000+ (as of May 2026)
- Customer facilities deployed or committed
- 9 (target 25 by end-2027)
- Committed Digit 5 orders
- ~$300M, 1,000 robots, three-year RaaS, milestone-dependent
- Prospective customers in pipeline
- 30+ (target ~100 customers by end-2027)
- Full-time employees
- 393 (June 30, 2026)
- Pro forma cash (June 30, 2026 basis)
- ~$447M
- Cash used in operations, H1 2026
- $86.2M
- Shares outstanding after closing
- 242,089,880 plus 4,212,500 warrants at $11.50
Growth drivers
- Digit 5 shipments — early customer access in the first half of 2027 and general availability targeted for the end of 2027, with EU and UK CE-marked sales planned after North America
- The committed order of about $300M for 1,000 Digit 5 robots under a three-year Robots-as-a-Service contract, recognised as robots deploy and milestones are met
- Site expansion at existing customers — GXO adds Statesville, North Carolina and Lebanon, Tennessee in early 2027 on top of its Georgia site (100,000+ totes moved); AGCO pilot at Hesston, Kansas from 2027; Toyota Motor Manufacturing Canada moved from pilot to a service agreement
- Pipeline conversion — more than 30 prospective customers, four new paid Customer Acceleration Program entrants by May 2026 at about $500,000 each, and targets of 25 customer facilities and about 100 customers by the end of 2027
- Unit-cost reduction as RoboFab volume rises (bill of materials target below $50,000 at 10,000 units a year) and the move to NVIDIA IGX Thor compute with a design-for-manufacture rebuild of nearly every part
Bull & bear
Agility is the only US-listed humanoid maker with paying customers, a factory and a safety record, and the shares now trade below the $10 that Foxconn and insiders paid. If Digit 5 ships on schedule in 2027 and the 1,000-robot contract converts, revenue goes from under $2M to a run-rate approaching $100M, and the parts-cost curve turns gross margin positive. With about $447M of pro forma cash the company does not need to raise before Digit 5 is in the field.
- Proven work, not demos: 65,000+ operating hours, 100,000+ totes at GXO, and OSHA-standards field evaluation passed; GXO, Toyota and Schaeffler have all expanded or converted from pilots
- A visible revenue ramp: about $300M of committed Digit 5 orders (1,000 robots over three years) plus two new GXO sites and an AGCO pilot starting in 2027
- Unit economics the company has put in writing: about $500,000 of revenue per robot over five years, customer breakeven in about 1.1 years, a bill of materials heading toward $50,000 at scale, and a long-run product gross margin above 70%
- Capital in hand: ~$447M pro forma cash against $86.2M of half-year operating burn, and a capital-light plant already built for 10,000 robots a year
- Strategic backing that doubles as distribution: Amazon (8.55% holder and customer), Schaeffler (investor and customer), NVIDIA (compute, Halos safety partner), Foxconn (PIPE lead)
- Safety and standards leadership (ANSI/A3 R15.108, ISO 25785-1, Digit 5's isolated safety controller) is a regulatory moat competitors must replicate before working beside people
- Valuation reset: at ~$1.84B the market cap is below the $2.5B merger mark and far below private marks for Figure ($39B) and Apptronik, despite Agility having the most commercial deployments
This is a company with $1.78M of 2025 revenue, a negative gross margin, roughly $170M of annualised cash burn and a $1.84B market value. The order book is one conditional contract with one unnamed customer, Digit 5 is at least six months from first shipment, and most of the share count becomes saleable in the first half of 2027. The humanoid field is crowded with rivals that have raised ten to twenty times as much.
- Revenue went backwards into the product transition: $0.17M in the first half of 2026 versus $0.63M a year earlier, with two-thirds of 2025 sales to related parties
- The $300M order is not revenue: it is milestone- and specification-dependent, comes from a single customer, and that customer's warrants reduce net sales as they vest
- Burn is accelerating ($46M in H1 2025 to $86M in H1 2026) before the Digit 5 production ramp, and each service-model robot ties up roughly $125,000–$150,000 of parts before earning a dollar
- Supply overhang: 61.5% of SPAC holders redeemed, about 160 million shares (66%) are registered for resale, and the lock-up ends around May 3, 2027
- Competitive scale gap: Tesla is tooling a Fremont line sized for a million Optimus units a year with external deliveries planned from about end-2027, Figure has a $39B valuation and BMW production use, Apptronik has raised about $1B, and Unitree sells at a fraction of Western prices
- Disclosed material weaknesses in internal controls and a going-concern history (cash of $14.7M at June 30, 2026 before the merger) raise the odds of accounting or financing surprises
- The $8,500-a-month service price is labelled purely illustrative in the filings; actual pricing, utilisation and servicing cost at scale are unproven, as the S-4 itself states
What it is worth
Market capitalisation against the merger terms and cash, with a forward look anchored on the committed order book and the filing's own unit economics; conventional multiples are not meaningful on $1.78M of revenue.
$3–5 a share (~$0.7–1.2B)
Digit 5 slips or the single launch customer renegotiates, 2027 revenue stays under $50M, the lock-up expiry and resale registration add supply, and the shares trade at one to two times cash while burn forces a dilutive raise (estimate).
$8–12 a share (~$1.9–2.9B)
the merger and PIPE reference zone; Digit 5 reaches general availability late in 2027, a few hundred robots deploy in 2027–2028, burn stays near $170–200M a year and one more financing is likely before breakeven (estimate).
$18–25 a share (~$4.4–6.1B)
Digit 5 ships on time, the launch contract and GXO/AGCO sites convert, deployments track the filing's schedule toward thousands of robots by 2028, and a few hundred million dollars of service revenue earns 15–20 times sales as gross margin turns positive (estimate).
The June 2026 merger set a $2.5B pre-money equity value (about $10.29 per share, exchange ratio 9.202) and Foxconn and other PIPE investors paid $10.00; at $7.58 on November 12, 2026 the company is worth about $1.84B, of which roughly $447M is pro forma cash on a June 30 basis (lower after the July–November burn), so the enterprise value is near $1.4B (estimate). That is about 14 times the ~$100M a year the 1,000-robot contract would generate if fully deployed over its three-year term, and about 800 times 2025 sales. Management's planning case of about $500,000 of revenue per robot over five years and roughly 800 robots deployed in 2027 implies a 2027 revenue run-rate in the tens of millions, so the stock discounts 2028 and beyond.
SWOT
Strengths
- Nearly three years of paid commercial deployment and 65,000+ operating hours, including a GXO site that has moved more than 100,000 totes at about 98% on-task accuracy; few humanoid makers have comparable field data
- Safety-first design — Digit was the first humanoid to pass an independent OSHA-standards field evaluation on a customer production line, and Agility leads the ANSI/A3 R15.108 work and contributes to ISO 25785-1; Digit 5 adds an isolated safety computer and sits down rather than falls
- A purpose-built plant (RoboFab, up to 10,000 robots a year) and a US-weighted supply chain (about 66% of components from US suppliers at June 30, 2026)
- About $447M of pro forma cash, a Foxconn-led $201M PIPE, and strategic holders including Amazon (8.55%), DCVC (13.34%), Schaeffler and NVIDIA (first launch partner for NVIDIA Halos)
- An experienced operating team — CEO Peggy Johnson (ex-Microsoft, ex-Magic Leap), co-founder Jonathan Hurst, and a CFO and COO hired in July 2026 ahead of listing
Weaknesses
- Revenue is tiny and shrinking into the Digit 5 transition — $1.78M in FY2025, $0.17M in the first half of 2026, with about two-thirds of 2025 sales to related parties
- Negative gross margin — parts cost about $125,000 per Digit v4 and cost of goods sold ran 2.5 times sales in 2025
- The order book rests on one customer and one contract that is conditional on milestones and product specifications, and that customer holds warrants which reduce recognised revenue as they vest
- Four material weaknesses in internal control over financial reporting disclosed in the S-1 (process policies, IT general controls, journal entries, technical accounting)
- Digit 5 is not yet shipping — early access is a first-half-2027 event and general availability an end-2027 target, so 2026–2027 revenue stays small while burn rises
Opportunities
- A single-digit share of US warehouse and factory material-handling labour (management cites more than a million unfilled jobs) would absorb thousands of robots at roughly $100,000 a year each
- Expansion from totes to parts sequencing and machine tending at Schaeffler, Toyota and AGCO, and early-stage defence subcontracting talks
- EU and UK sales after CE marking, planned as the first markets outside North America
- Service economics — management assumes about $500,000 of revenue per robot over five years against a falling bill of materials, which would turn today's negative gross margin sharply positive at volume
- Potential manufacturing leverage from Foxconn, the PIPE lead, if a supply or contract-manufacturing arrangement is agreed (none is disclosed)
Threats
- Far better-funded rivals — Figure ($39B valuation, 100,000-robot shipment ambition), Tesla Optimus (early production on a Fremont line sized for a million units a year, external deliveries from about end-2027), Apptronik (about $1B raised) and Hyundai's Boston Dynamics (25,000 Atlas units planned for its own plants, a 30,000-a-year US robot plant)
- Chinese humanoids at lower price points (Unitree listed in Shanghai in 2026) compressing hardware pricing
- Execution risk on Digit 5 — a late or under-spec launch would delay milestone payments on the $300M order and push out site expansions
- Equity overhang — about 66% of shares are being registered for resale, the 180-day lock-up ends in early May 2027 (earlier if the stock holds $12 for 15 of 180 trading days), and 61.5% of SPAC holders already redeemed
- A serious safety incident anywhere in the humanoid sector could bring regulatory limits on robots working beside people, Agility's core selling point
Moats, dependencies & bottlenecks
Moats
First humanoid to pass an OSHA-standards field evaluation; project leader on ANSI/A3 R15.108 and contributor to ISO 25785-1; Digit 5 runs safety on an isolated computer with safety-rated sensors. Rivals can replicate, but certification takes time and field evidence.
65,000+ real operating hours and nearly three years of continuous commercial deployment across nine facilities; management describes it as possibly the largest real-world operating dataset for humanoids. Valuable for reliability, less so against rivals with larger fleets by 2028.
A purpose-built 70,000 sq ft plant designed for 10,000 robots a year with design-for-manufacture changes to nearly every Digit 5 part; Tesla and Figure are building far larger lines.
Cloud fleet software that connects to warehouse and factory systems (WMS, WES, MES) and tracks uptime, throughput and incidents; switching costs grow with each integrated site.
Amazon (8.55%) and Schaeffler are both investors and customers, and NVIDIA is a partner; helpful for early deployments, but these holders can also back rivals.
A decade of Cassie/Digit legged-locomotion work from Oregon State University; some IP stems from government-funded research (including DARPA) and carries Bayh-Dole rights.
Dependencies
1,000 robots, unnamed) Substantially all committed orders; payments depend on contractual milestones, product features and specifications, and the customer holds warrants that vest as robots deploy.
Longest-running site (Georgia, since June 2024, 100,000+ totes); two more US sites start in early 2027 on Digit 4 then Digit 5.
Customer and 8.55% shareholder (20,699,475 shares at the November 4, 2026 close); Amazon also develops its own warehouse robotics.
Investor and customer introducing Digit into automotive component manufacturing.
Digit 5 moves to NVIDIA IGX Thor compute and the Halos safety framework; Agility is the first Halos for Robotics launch partner and uses NVIDIA's inspection lab on its certification path.
Digit 5's nine-minute recharge and 20+ productive hours a day rely on Nyobolt fast-charge cells; a sole-source battery is a ramp risk.
Led the $201M PIPE at $10 a share and is listed as a strategic investor; no manufacturing, supply or services agreement with Foxconn is disclosed in the closing 8-K or the S-1.
About 66% of Digit components were sourced from US suppliers at June 30, 2026, with substantially all assembly in Salem, Oregon.
ANSI/A3, ISO, EU CE) The business case rests on robots working without cages beside people; standards are still being written and a CE mark is needed for the planned EU and UK launch.
Pre-revenue scale with ~$170M annualised burn; the resale S-1 covers about 66% of shares and the lock-up ends in early May 2027, so future funding terms depend on the share price.
Advantages
- First US-listed pure-play humanoid company, with public-market capital and currency for hiring and acquisitions
- Safety record and standards leadership that lets Digit work beside people without cages
- Three years of paid deployments and the field data that come with them
- A factory already built and tooled for 10,000 robots a year
- Strategic holders who are also customers or suppliers: Amazon, Schaeffler, NVIDIA, Foxconn
- A focused product definition (industrial material handling, totes first) rather than general-purpose or home ambitions
Weaknesses
- Revenue under $2M a year with a negative gross margin
- One conditional contract makes up substantially all committed orders
- Operating cash burn of $86.2M in the first half of 2026 and rising
- Material weaknesses in financial controls
- Heavy future share supply — 66% of shares registered for resale, lock-up expiry around May 2027, 4.2 million warrants at $11.50
- No disclosed contract-manufacturing partner despite Foxconn's investment
Bottlenecks
- Digit 5 is not yet in customers' hands — early access in the first half of 2027, general availability targeted for end-2027
- Parts cost: about $125,000 per Digit v4 and roughly $150,000 at Digit 5 launch versus a target below $50,000 at 10,000 units a year; gross margin stays negative until volume arrives
- Order conversion — the ~$300M contract pays as milestones, features and specifications are met, so slippage in Digit 5 directly delays cash
- Task breadth — about 99% reliability is claimed for clear-cut tote and bin tasks; parts sequencing and machine tending are earlier-stage
- Battery and charging — a 90-minute runtime with a nine-minute recharge requires on-site charging infrastructure and a sole-source cell supplier
- Working capital under the service model — each deployed robot sits on Agility's balance sheet for years before its revenue is earned
- Internal controls: four disclosed material weaknesses must be remediated as a newly listed company
- Hiring: nearly 200 planned Fremont hires plus Pittsburgh expansion compete with Tesla, Figure and Apptronik for the same engineers
Top signals & trends
Top signals
The single most important date; the $300M order and GXO's new sites both depend on it.
Watch for the customer being named and for the first robots deployed; warrants vesting reduce reported net sales.
Pro forma cash was ~$447M on a June 30 basis; the actual post-close figure and the quarterly burn set the runway.
About 160 million shares (66%) are registered for resale; the stock is at $7.58 versus the $12 trigger.
Multi-site expansion by an existing customer is the cleanest evidence that the economics work.
Management's stated operating targets.
Foxconn led the PIPE but no manufacturing role is disclosed; a contract-manufacturing deal would address the scale gap versus Tesla and Figure.
Planned as the first markets outside North America for Digit 5.
Closed at $7.58 on November 12, 2026 after $11.51 on the first day.
Each rival shipping at volume narrows Agility's deployment lead.
Unsigned as of November 2026; would open a second vertical.
Trends
Figure at $39B, Apptronik past ~$1B raised, Unitree listed in Shanghai, Tesla building a million-unit line, Hyundai planning 25,000 Atlas units: validates the category but funds Agility's rivals far more generously.
Management cites more than a million unfilled US jobs in the target roles; the illustrative service price is pitched against a $30-an-hour fully loaded worker.
Agility helps write them and has already passed an OSHA-standards field evaluation.
Unitree reported over 1 billion yuan of 2025 revenue with the highest profit among its peers and listed in Shanghai in 2026; its humanoids sell at a fraction of Western prices.
Lowers Agility's compute and certification cost but equally equips competitors.
61.5% redemptions and a slide from $11.51 to $7.58 in the first week show limited public-market patience for pre-revenue stories.
Lowers customer adoption friction but shifts capital and useful-life risk onto Agility's balance sheet, as the S-4 itself warns.
Ecosystem & competitor graph
Suppliers feed the company; customers pull from it. Line thickness shows the strength of each tie (supply-chain dependency, customer earnings contribution). Hover to isolate a tie.
IGX Thor compute and Halos safety framework for Digit 5; investor via NVentures
Fast-charge battery enabling a nine-minute recharge
PIPE lead and strategic investor; no manufacturing agreement disclosed
About 66% of Digit components from US suppliers; assembly in Salem, Oregon
Georgia site since June 2024 (100,000+ totes); Statesville, NC and Lebanon, TN from early 2027
Customer and 8.55% shareholder
Investor and customer; Digit in automotive component manufacturing
Service agreement after a successful pilot
Named customer
Pilot at Hesston, Kansas from 2027
Early production of Optimus Gen 3 on a Fremont line planned for one million units a year (Q3 2026 call); first external customers expected around end-2027, industrial first.
$39B post-money Series C (September 2025, led by Parkway, with NVIDIA, Brookfield, Intel Capital); Figure 03 deployed at BMW Spartanburg for parts sequencing after an 11-month Figure 02 pilot; plans 100,000 robots over four years.
$520M Series A extension in February 2026 took the round past $935M and total funding near $1B; partners include Mercedes-Benz, GXO, Jabil and Google DeepMind; new Apollo due in 2026.
Hyundai-owned; opened the Robotics Metaplant Application Center at Hyundai's Metaplant America (Savannah, Georgia) on September 21, 2026 to train Atlas for parts sequencing; Hyundai plans 25,000 Atlas units at Hyundai and Kia plants over the next few years and a US plant able to build 30,000 robots a year.
Listed on Shanghai's STAR Market in 2026 after planning to raise about 4.2 billion yuan; over 1 billion yuan of 2025 revenue and the highest profit among its peers; prices far below Western humanoids.
$20,000 home humanoid shipping to US households through 2026, partly teleoperated at first; home-focused, so indirect overlap today.
Industrial humanoid being tested by BMW at Leipzig; named as a competitor in Agility's filing.
German humanoid and cognitive-robotics maker named as a competitor in Agility's filing.
Canadian general-purpose robot developer named as a competitor in Agility's filing.