Agility Robotics, the Salem, Oregon-based maker of the two-legged Digit humanoid robot, is becoming the first publicly traded U.S. company dedicated solely to humanoid robots, but its path to profitability remains uncertain. The company is merging with Churchill Capital Corp XI, a special purpose acquisition company (SPAC), in a deal that values Agility at $2.5 billion and will provide over $620 million in cash to fund growth. However, initial SEC filings paint a picture of a company still burning through significant cash while racing to scale production.

What Do Agility's Financial Filings Actually Show?

The details matter for investors trying to understand whether Agility can turn its technology into a sustainable business. According to filings released in connection with the deal, Agility remains unprofitable and does not disclose its revenue in initial documents. The company's operating expenses jumped to approximately $111 million in 2025 from $71 million the previous year, a 56% increase. More concerning, Agility burned through roughly $100 million in cash during 2025, according to figures the company describes as preliminary and unaudited.

The company does cite more than $300 million in "committed" multi-year orders for its next-generation Digit v5 robot. However, the fine print reveals important caveats: this figure is not a measure of current revenue, it depends on Agility hitting certain milestones, and it comes from a single three-year contract for 1,000 robots from an unnamed customer. Agility has raised more than $390 million in equity since its 2015 founding, meaning the company has consumed a substantial portion of its historical capital.

How Does Digit Compare to Its Competitors in Real-World Deployment?

One area where Agility appears to have an advantage is actual customer deployments. The company says Digit is currently being used by several major customers, accumulating more than 65,000 hours of real-world operation overall. This hands-on experience in actual warehouses and factories gives Agility data that competitors may not yet have.

• Active Customers: Agility's Digit robots are deployed with auto-parts giant Schaeffler, logistics provider GXO, Toyota Motor Manufacturing Canada, and Latin American e-commerce giant Mercado Libre.
• Amazon Relationship: Amazon, an early Agility investor, has completed multiple pilots of Digit and expressed interest in working with the company again once the next-generation robot launches.
• Real-World Hours: Digit has accumulated more than 65,000 hours of actual operation across customer sites, providing valuable data on performance and reliability in production environments.

Amazon's involvement is particularly significant. An Agility spokesperson noted that the company "has been actively engaged with Amazon since their investment in 2022 and have completed multiple pilots with them," and expressed optimism about future collaboration once Digit v5 launches. Amazon observed Digit in action at a warehouse in Sumner, Washington, south of Seattle, in 2023.

What Makes Digit v5 Different From Earlier Versions?

Agility is betting that its next-generation robot will justify the company's $2.5 billion valuation and help it reach profitability. Digit v5 introduces several improvements designed to make the robot more practical for warehouse and logistics work. The robot stands about 5 feet 9 inches tall and is built to work in facilities designed for people, not specialized robotic environments.

The v5 model adds swappable hands, allowing a single robot to perform different tasks without requiring hardware redesign. It increases lifting capacity from 35 pounds to 50 pounds, a significant boost for handling heavier totes and materials. Most importantly, Digit v5 includes new safety systems intended to let it work alongside people without physical barriers, a major step toward seamless human-robot collaboration in busy warehouses.

"What this will do is help us accelerate the customer engagements that we have right now, a long list of customers who are seeking to fill their labor shortages," said Peggy Johnson, CEO of Agility Robotics.

Peggy Johnson, CEO at Agility Robotics

Johnson, a former Microsoft and Magic Leap executive, is leading Agility's push to scale. The company this week became the first to adopt NVIDIA's newly announced Halos safety system for robotics, part of a broader industry push to deploy humanoid robots that can work safely alongside people without requiring expensive safety cages or barriers.

How Does Agility's Valuation Compare to Other Humanoid Robot Makers?

Agility is beating a field of better-funded rivals to the public markets, though some competitors have raised significantly more capital. Silicon Valley's Figure AI is valued at $39 billion after raising more than $1 billion last year, roughly 16 times Agility's valuation. Boston Dynamics, the Hyundai-owned maker of the Atlas humanoid, remains private. Tesla is developing its Optimus robot, but inside an already-public company rather than as a pure-play humanoid robotics business.

The $2.5 billion valuation reflects investor confidence in Agility's technology and customer traction, but it also reflects the reality that the company is earlier in its path to profitability than some competitors. The merger is expected to close by the end of 2026, and Agility will trade on the Nasdaq under the ticker "AGLT." More detailed financial disclosure, including revenue and profit figures, typically comes later in the SPAC process with a filing known as a Form S-4.

For investors and industry observers, the key question is whether Agility can convert its customer pilots and real-world experience into sustainable revenue growth fast enough to justify its valuation and eventually reach profitability. The company's $100 million annual cash burn and rising operating expenses suggest that execution will be critical in the coming years.