The merger proceeds include approximately $164 million remaining in Churchill XI's trust account after shareholder redemptions, $201 million from a private investment led by Foxconn, and an additional $100 million financing round completed after the merger announcement. The final amount falls below Agility's earlier projection of more than $620 million, which assumed no shareholder redemptions.
Existing Agility shareholders and Churchill XI's sponsor are generally restricted from selling their shares for 180 days following the merger, although certain stock-price conditions could permit an earlier release.
Agility, which emerged from Oregon State University in 2015, develops humanoid robots for physically demanding industrial tasks. Its flagship robot, Digit, is designed to transport containers and perform repetitive material-handling work in warehouses and manufacturing facilities. The company describes itself as the first publicly traded business dedicated exclusively to legged humanoid robotics.
According to Agility, Digit has accumulated more than 65,000 operating hours across nine customer facilities. Its customer roster includes GXO Logistics, AGCO, Schaeffler, Mercado Libre and Toyota Motor Manufacturing Canada, demonstrating how the company has moved beyond laboratory demonstrations into commercial industrial environments.
Despite those deployments, Agility remains in the early stages of generating revenue. The company reported $1.78 million in revenue for 2025, compared with $310,000 in 2024, while recording a net loss of $138.1 million. Approximately 64% of its 2025 revenue came from related parties, and it finished the year with $103 million in cash.
Those figures highlight the difference between Agility's growing deployment activity and its current financial performance. The public listing provides additional capital as the company works to expand production, fulfill customer commitments and develop its next generation of robots.
Agility says it has secured more than $300 million in multiyear commitments for Digit 5, its upcoming humanoid platform. Those orders remain conditional on contractual milestones and product requirements, with initial deliveries to early-access customers expected in 2027.
CEO Peggy Johnson described the Nasdaq debut as an opportunity to accelerate the company's commercial expansion.
"Digit is doing real work in customer operations today, taking on repetitive, physically demanding tasks," Johnson said. "Becoming a public company gives us access to more resources to help accelerate that progress, bring intelligent robots to more workplaces and help build a future where people and robots accomplish more together."
Beyond expanding Digit deployments, Agility is considering additional robot designs that could serve different operating environments. The company has been evaluating wheeled platforms and smaller bipedal systems, potentially extending its product portfolio beyond the two-legged machines for which it is currently known.
Johnson said Agility is assessing alternative configurations for applications involving more direct interaction with consumers. Co-founder and Chief Robot Officer Jonathan Hurst has separately indicated that Digit itself is unlikely to adopt wheels, although wheeled machines remain part of the company's longer-term development plans.
Agility is also examining whether its robotics technology could be licensed to other manufacturers. Such an arrangement would allow the company to commercialize its research and intellectual property beyond the sale and deployment of its own machines.
"We envision Agility becoming the backbone of the humanoid industry as the category begins to scale into new markets and use cases," Johnson said. "Humanoids of all types and builds could benefit from our extensive research and innovation."
These possibilities represent potential additions to Agility's business rather than established revenue streams. Its near-term commercial activity remains centered on Digit, existing industrial customers and the planned introduction of Digit 5.
The company's public debut also brings greater visibility to the financial requirements of developing and deploying humanoid robots. Unlike software products, commercial robotics systems require physical manufacturing, installation and ongoing operational support. Agility's reported revenue, losses and order commitments provide an initial picture of its progress, although future performance will depend on converting customer agreements into deliveries and sustained commercial activity.
Agility enters the public market with operating robots, established industrial relationships and a next-generation product scheduled for initial delivery in 2027. Its Nasdaq listing gives investors direct exposure to a specialized humanoid robotics developer while placing greater attention on how quickly the company can translate deployments and contracted orders into a larger, financially sustainable business.
This analysis is based on reporting from The Robot Report.
Image courtesy of Agility.
This article was generated with AI assistance and reviewed for accuracy and quality.
