It looks like Figure AI founder Brett Adcock was onto something last year when he predicted that Agility Robotics would be out of business within 12 months.
Though Oregon-based Agility hasn’t gone under, its 2026 SEC filing shows that its management believed the robotics firm did not have enough cash to fund operations for the following year without raising more.
The filing is unusually serious for a company preparing to go public. Agility reported never having a positive cash flow and said that losses could become greater as it expands operations. Agility reported losing $138.1 million in 2025 and warned that losses could become greater.
“Without consideration of the proposed business combination transaction, Agility has concluded there is substantial doubt about its ability to continue as a going concern, which could materially adversely affect the Post-Closing Company’s business, financial condition, and the value of your investment,” the filing says.
Agility’s auditor cited the company’s ability to continue as a going-concern based on financial statements for 2024 and 2025. The startup later raised another $100 million in July 2026 by selling SAFEs, which are agreements that give investors the right to receive company shares in the future.
Agility, spun out of Oregon State University in 2015, is pursuing an SPAC merger with Churchill Capital Corp XI that would take the company public and give it access to additional capital. The planned deal values Agility at around $2.5 billion and includes a separate $201 million PIPE investment.
If it closes, the SPAC could extend Agility’s runway considerably, but the startup is still burning cash. Describing itself as an early-state company, Agility burned $99.8 million in operating cash in 2025, up from $70.7 million the prior year, and it has since added more overhead by expanding into Silicon Valley. The company opened a new facility in Fremont in July 2026 to serve as a software and AI development hub.
According to the filing, Agility’s Digit v4 humanoid robots are deployed or committed for deployment across nine customer facilities. Named customers include Amazon, GXO Logistics, Schaeffler, Toyota Motor Manufacturing Canada, and Mercado Libre. Most of the work they’re doing is simple material-handling jobs like moving bins and totes.
Agility says it’s also secured $300 million in multi-year orders for 1,000 Digit v5 robots under 3-year Robots-as-a-Service (RaaS) agreements. However, those orders hinge on Agility meeting certain product and contract milestones.
Though the deals offer a reason for optimism, Agility says the RaaS model still has not proven it can make money at scale. The economics depend on still-unproven assumptions about Digit’s useful life, repair costs, customer renewals, and servicing expenses. Since Agility owns the hardware, it spends the money from the RaaS deals to build them upfront and receives money gradually afterward.
Agility names Boston Dynamics, Tesla, Figure AI, Apptronik, 1X Technologies, Sanctuary AI, Hexagon, and NEURA Robotics as its main competitors in the filing. The company says many of them have more resources for technical development, mass manufacturing, and marketing as well as stronger brand recognition and more existing customer relationships.