Two legs rang the Nasdaq bell. Wheels cashed the warehouse checks

On November 5, Peggy Johnson took Agility Robotics public on Nasdaq under the ticker AGLT after closing its merger with Michael Klein’s blank-check firm, Churchill Capital Corp XI. The deal valued the Salem, Oregon humanoid maker’s pre-merger equity at $2.5 billion and billed Agility as the first U.S.-listed pure-play humanoid robotics company with active commercial deployments.

“At Agility, that future is already taking shape. Digit is doing real work in customer operations today, taking on repetitive, physically demanding tasks.”

One day later, Agility filed its closing Form 8-K with the Securities and Exchange Commission. Exhibit 99.1 puts an exact dollar figure on how much commercial work its two-legged Digit robot actually billed during the first half of 2026.

FIG. 01 · SIX-MONTH SPEND

Delivering Digit robots took $3.89M of Agility's $362.85M six-month costs. R&D and overhead took $358.97M.

Agility Robotics historical costs and operating expenses, six months ended Jun 30, 2026 (USD) · Total $362.85M

Delivering Digit (cost of goods sold)$3.89M

• Cost of goods sold against $175K in net sales$3.89MAgility Form 8-K Ex. 99.1

R&D, SG&A and share-based comp$358.97M

• Research and development$200.75MAgility Form 8-K Ex. 99.1
• Selling, general and administrative$158.21MAgility Form 8-K Ex. 99.1

• Six-month net sales were $175K ($54K trade, $121K related parties), leaving a $362.68M operating loss. Agility Form 8-K Ex. 99.1

Sources: Agility Form 8-K Ex. 99.1. Figures in thousands from Agility Robotics Form 8-K Exhibit 99.1 (filed Nov 6, 2026). Historical six-month operating expenses include $280.6M in share-based compensation fair-value and modification charges.

Across the six months ended June 30, 2026, Agility recorded $175,000 in total net sales: $54,000 from outside trade customers and $121,000 from related parties, down from $1,782,000 across all of 2025 ($650,000 trade and $1,132,000 related parties). Supporting those units cost $3,889,000 in cost of goods sold, leaving a $3,714,000 gross loss before research or overhead.

Below the gross line, research and development took $200,753,000 and selling, general and administrative expenses took $158,212,000, producing a $362,679,000 six-month operating loss. Note 2 discloses that $280.6 million of those six-month expenses came from fair-value and modification charges on liability-classified employee stock awards ahead of the merger. Even after stripping out that non-cash stock charge, Agility burned roughly $82.1 million in six months to collect $54,000 from non-related buyers. In the filing’s own words, customer deployments “are still largely considered to be research and development, and Agility is currently considered to be a development stage company.”

Public SPAC investors voted accordingly with their cash. Holders of 25,451,804 of Churchill XI’s 41,400,000 public shares, or 61.5 percent, redeemed their stock for $261.8 million at $10.29 a share, leaving $164.1 million in the trust account at closing. Agility replaced the redeemed cash with a $201.0 million PIPE at $10.00 a share and $100.0 million in July 2026 bridge SAFEs that converted at 75 percent of the implied merger price, landing at $447.2 million in pro forma cash as of June 30.

Inside the marquee customer

Agility’s strongest commercial credential is GXO Logistics, which signed the industry’s first humanoid Robots-as-a-Service contract in June 2024 at a warehouse in Flowery Branch, Georgia, and agreed on October 26 to add Digit units at two more U.S. sites in North Carolina and Tennessee in early 2027.

Read alongside GXO’s own Q3 2026 Form 8-K, filed November 3, the scale gap is stark. GXO employs more than 150,000 people across over 1,000 warehouses spanning 200 million square feet and booked $3,590 million in third-quarter revenue ($10,329 million over nine months). Across more than two years at Flowery Branch, Agility and GXO report that Digit has moved more than 100,000 totes onto conveyors. Meanwhile, GXO is rolling out its warehouse AI software platform across roughly 50 sites this year and adding Digit to two.

Meanwhile, on rails and wheels

The bull case for humanoids is that factories and warehouses were built for human legs and hands, so a robot shaped like a person avoids rebuilding the floor. Yet the biggest buyers of warehouse labor are already rebuilding the floor around wheeled robots, and paying billions for them today.

FIG. 02 · WAREHOUSE LEDGERS

Agility went public on $175K in six-month sales. Symbotic booked $720.8M in one quarter moving cases on wheels.

Publicly listed humanoid warehouse challenger vs wheeled warehouse incumbent, 2026 SEC filings

Metric	Agility Robotics (AGLT)	Symbotic (SYM)
Reported revenue	$175K in 1H26 ($54K trade)Agility Form 8-K Ex. 99.1	$720.8M in Q3 FY26 ($2.03B 9M)Symbotic Q3 FY26 Form 8-K
GAAP operating result	-$362.7M loss in 1H26Agility Form 8-K Ex. 99.1	+$32.9M income in Q3 FY26Symbotic Q3 FY26 Form 8-K
Live commercial scale	65,000+ hrs; 100K+ GXO totesAgility & GXO release (Oct 26)	56 live systems; 77 deployingSymbotic Q3 FY26 Form 10-Q
Reported order book	$300M+ Digit 5 (conditional)Agility Nasdaq AGLT release	$22.5B backlog (as of Jun 27)Symbotic Q3 FY26 Form 10-Q
Latest customer expansion	2 more GXO sites in early 2027Agility & GXO release (Oct 26)	25 Walmart hubs (~$6B spend)Symbotic Walmart Form 8-K
Cash and equivalents	$447.2M pro forma (Jun 30)Agility Form 8-K Ex. 99.1	$1,746.4M cash (Jun 27)Symbotic Q3 FY26 Form 8-K

Sources: Agility Form 8-K Ex. 99.1, Agility Nasdaq AGLT release, Agility & GXO release (Oct 26), Symbotic Q3 FY26 Form 8-K, Symbotic Q3 FY26 Form 10-Q, Symbotic Walmart Form 8-K. Agility figures cover the six months ended Jun 30, 2026 (Form 8-K Ex. 99.1, Nov 6). Symbotic financial and system counts cover Q3 FY2026 ended Jun 27, 2026 (Form 8-K and Form 10-Q, Aug 5); Walmart expansion was filed Oct 29, 2026.

Six days before Agility’s Nasdaq debut, on October 29, Symbotic filed a Form 8-K announcing an expanded commercial agreement with Walmart carrying an initial commitment of roughly $6 billion across 25 U.S. regional distribution centers. Symbotic’s robots do not walk on two legs. High-speed wheeled bots race along aluminum storage structures, orchestrated by software that Symbotic’s filing says moves “millions of cases, every day,” more volume before lunch than Digit has moved totes at Flowery Branch since 2024.

In its third fiscal quarter ended June 27, 2026, Symbotic booked $720.8 million in revenue ($2,027.3 million over nine months), $32.9 million in GAAP operating income, and $55.0 million in GAAP net income, backed by 56 operational warehouse systems, 77 more in deployment, $1,746.4 million in cash, and $22.5 billion in contracted backlog.

What I take from it

Agility points to more than $300 million in multi-year orders for its next-generation Digit 5 robot and a 70,000-square-foot Salem factory rated for up to 10,000 units a year. Every SEC filing adds the crucial clause: those Digit 5 orders are subject to contractual milestones, product features, and specifications, with early-access units slated for early 2027.

With $447.2 million in pro forma cash, Peggy Johnson bought Agility roughly two to three years of runway to prove Digit 5 can clear those milestones. Until those conditional orders turn into invoiced trade sales, warehouse automation has two very different markets: wheeled systems selling $6 billion expansions to Walmart, and two-legged robots selling a $2.5 billion story to Nasdaq.