ROBBRIEF
Agility's SEC filing shows $1.8 million in 2025 sales against a $2.5 billion special purpose acquisition company (SPAC) merger valuation, with 65,000 operating hours and one unnamed buyer carrying the order book.
Agility Robotics filed an S-4 with the SEC that opens a rare window into U.S. humanoid economics: $1.8 million in 2025 net sales, a roughly $140 million operating loss, and about $100 million in cash burn, against a $2.5 billion blank-check merger valuation with Churchill Capital Corp. XI. Operating spend reached $111 million, up from $71 million the year before.
The Robot Report frames that as a roughly 1,400x revenue multiple, a forward-expectations price on a unit-economics story that has not yet shown up in the books. The variable is a single multi-year Digit v5 order book worth $300 million or more from a customer the filing does not name. Agility also disclosed subscription-style "Robots-as-a-Service" terms in a follow-on S-4 exhibit: about $8,500 per robot per month, roughly $102,000 per year, plus a $25,000 deployment fee. The closing is expected to deliver more than $620 million in gross proceeds, with a $200 million PIPE led by Foxconn.
Digit is running at 9 customer sites and has logged more than 65,000 cumulative operating hours, but a separate S-4 exhibit shows those hours have not yet converted to recognized revenue at scale. If the unnamed buyer walks, or the order book does not book, the 1,400x bet breaks.