Agility Lost $2,072.45 for Every Dollar of Robots It Sold

$2,072.45.

Divide Agility Robotics' operating loss for the six months ended June 30, 2026, by net sales on that same statement: Exhibit 99.1 to the Form 8-K filed November 6 prints Agility's historical column in thousands of dollars, net sales $175 and operating loss $362,679, and multiplying by 1,000 produces $175,000 and $362,679,000, so 362,679,000 divided by 175,000 equals 2,072.4514, which rounds to $2,072.45 of operating loss per sales dollar on Agility's historical column.

One half, two sales lines, a stock-award mark

Figures are Agility's historical column in Exhibit 99.1, converted from thousands of dollars. Loss per sales dollar is that line divided by net sales. The share-based compensation row is the exhibit's "approximately" figure, not a line in the statement.
Line	Year ended Dec. 31, 2025	Six months ended June 30, 2026
Net sales, trade	$650,000	$54,000
Net sales, related parties	$1,132,000	$121,000
Net sales	$1,782,000	$175,000
Cost of goods sold	$4,473,000	$3,889,000
Operating loss	$140,176,000	$362,679,000
Operating loss per sales dollar	$78.66	$2,072.45
Share-based compensation in the statement	about $34.3 million	about $280.6 million

Goods alone ate the half: cost of goods sold of $3,889,000 divided by $175,000 is $22.22 of product cost per sales dollar, against $2.51 in 2025, when $4,473,000 of cost sat under $1,782,000 of sales. Most of the $362.7 million is a mark, not a wire. Share-based awards were liability-classified and marked to market, and the statement includes approximately $280.6 million of that expense for the half, against about $34.3 million for all of 2025, so 362.679 minus 280.6 leaves about $82.079 million, and 82,079,000 divided by 175,000 is $469.02 per sales dollar. Selling, general and administrative expense is $158.212 million and research and development is $200.753 million, so neither line can hold $280.6 million alone, and the exhibit does not split the mark.

Sixty-nine percent.

Related-party sales are $121,000 of the $175,000, or 69.1 percent, after 63.5 percent in 2025, when $1,132,000 of $1,782,000 carried the same label, and trade sales for the half are the other $54,000, so 362,679,000 divided by 54,000 is $6,716.28 of operating loss per outside dollar, or $1,519.98 once the approximate mark is removed. Exhibit 99.1 does not name the related party. A September 4 registration statement already printed 2025 net sales of $1,782 thousand. The half, and the redemptions that actually occurred, are in the November 6 exhibit.

November 4 replaced a no-redemption sketch

Closing day was November 4, 2026, and the company's release said shares were expected to trade on Nasdaq as AGLT on November 5, while Exhibit 99.1 still calls Agility a development-stage company. Reuters reported that June 24 announcement, which printed no sales figure, the gap this site's June account had to leave open.

On June 24 the company release, also carried on Business Wire, described more than $620 million of expected gross proceeds: $420 million in the trust if nobody redeemed, plus about $200 million of stock at $10 a share in a PIPE led by Foxconn. The merger 8-K that day defined a $2,500,000,000 pre-money equity value covering stockholders, option holders, and other convertible holders. Divide 2,500,000,000 by 2025 sales of $1,782,000 and the multiple is 1,402.9, a pre-money equity value rather than a trading multiple on the 242,367,776 shares outstanding after closing.

Holders redeemed 25,451,804 of the 41,400,000 public units sold on December 18, 2025, which is 61.48 percent. Cash paid was $261,832 thousand, called $10.29 a share, yet 25,451,804 times 10.29 equals $261,899,063, or $67,063 above that cash line, so sums here use the cash line. Trust cash moved into the company is $159,048 thousand, not $420 million. PIPE proceeds are $201,025,000. Add the $100 million July SAFE and $2.25 million of sponsor notes, subtract $31.004 million of transaction payments, and the cash adjustment is $431,319 thousand, which stacked on historical cash produces pro forma cash of $447,223 thousand.

Not a November balance.

That $447.223 million is the balance sheet as if the combination had closed on June 30. A separate sentence puts trust cash on the real closing date, before redemptions, at $425.9 million, against a June 30 trust of $420.880 million, and the $5.020 million difference never enters pro forma cash. It does not say what remained of the July SAFE on November 4.

Payback in under a year, unless the robot still costs what they said

Digit v5 unit economics in that September 4 registration statement were prepared on April 20, 2026, and the document says they were not updated, not audited, and not a company forecast. A rented robot is assumed to live five years at $8,500 a month plus about $25,000 to deploy, so the subscription is $510,000 and the customer payment is $535,000. Build cost is about $150,000 at launch, $75,000 at 1,000 a year, and $30,000 at 10,000. Agility's own service cost is about $15,000 a year plus $15,000 to install, so five-year launch cost is $240,000 and contribution is $295,000, or $59,000 a year only if the build cost is spread out, which it is not.

Subscription revenue is $8,500 times 12, or $102,000 a year, from the registration statement. Months equal the stated cost divided by $8,500. The $125,000 figure is from the June 24 webcast, not from the unit-economics page. Payback here ignores the $15,000 deployment cost and the $15,000 annual delivery cost, which is the narrower test the filing's footnote describes.
Stated robot cost	Where it appears	Years of $102,000	Months of $8,500
$150,000	Launch bill of materials	1.47	17.6
$125,000	June 24 call, current production	1.23	14.7
$75,000	Target at 1,000 a year	0.74	8.8
$30,000	Target at 10,000 a year	0.29	3.5

On the June 24 webcast filed with the SEC, chief executive Peggy Johnson said the company can produce a robot today for $125,000, with a line of sight to a $30,000 bill of materials, and chief financial officer Jen Hunter said a deployment generates approximately $500,000 over five years and that rental payback is less than one year. Her $500,000 is the $510,000 subscription rounded down. Less than one year describes a robot under $102,000, not the $150,000 launch bill of materials, which takes 17.6 months of fees, and not the $125,000 she had just stated, which takes 14.7 months. At $125,000, half-year sales of $175,000 equal 1.4 robots of stated production cost, which is a dollar comparison, not a shipment count.

Management also handed Churchill an expense sketch of about $60 million for selling and administration in 2026 plus about $115 million for research, $175 million together, beside about 800 Digit v5 robots in 2027 and about 7,000 in 2030. Covering $175 million at $59,000 of spread-out contribution takes 175,000,000 divided by 59,000, or 2,966 robots. Bill all 800 for a full year at $102,000 and subscription revenue is $81.6 million, 46.6 percent of that plan, before anyone pays the $150,000 launch build. A risk factor describes one customer at $300 million of Digit v5, subject to milestones. A footnote in the June investor presentation ties $300 million to 1,000 robots on three-year rentals, including warrants, and says it is not current revenue. Three years of $8,500 plus $25,000 is $331,000, and the documents never say those sentences are one contract.

What the floor has actually done

Bureau of Labor Statistics Table 1 for May 2025, last modified May 15, 2026, puts the median hourly wage for hand laborers and freight, stock, and material movers at $19.35 across 2,950,280 jobs, and its footnote turns hourly pay into an annual wage with 2,080 hours. A year of the rental fee is $102,000. Divide 102,000 by 19.35 and the fee buys 5,271.3 hours of that median, or 2.53 workers at 2,080 hours, before benefits or a warehouse-only cut. No filing here states hours worked per deployed Digit, so the comparison is a price, not a productivity claim.

GXO's June 27, 2024 release described a live rental at Flowery Branch, Georgia, and on October 26, 2026 GXO said Digit had moved more than 100,000 totes there, with two more sites expected in early 2027. Agility's own note celebrates the same tote count. The June presentation marked more than 65,000 hours across nine facilities as of May 2026, and the November 4 release still says more than 65,000 hours. Do not divide the building's totes by the company-wide hour claim, which did not receive a new number.

What You Can Do

If you are underwriting AGLT, subtract the stock-award mark before quoting $2,072.45, then watch trade sales and whether any of the $300 million order becomes revenue. About $54,000 of outside sales against a $175 million expense plan means the pilot is continuing. If you run a warehouse, price $8,500 a month as 5,271 hours at $19.35 and ask how many of those hours a robot will actually work. Readers of the June break-even account can swap in $175,000, $1,782,000, and $159 million of trust cash that stayed.

Limitations

Nothing here proves a cash loss of $362.7 million, because about $280.6 million is a fair-value mark and Exhibit 99.1 has no cash-flow statement, so the residual $82.079 million is only as sharp as "approximately" and inventory of $11.365 million can move cash without moving the ratio. Pro forma cash assumes a June 30 close and is not a November 4 bank balance. The $67,063 redemption gap and the $5.020 million trust gap stay unresolved. Unit economics are unaudited April estimates for a robot that did not produce these sales, and $19.35 is a May 2025 national median, not a loaded 2026 wage. No AGLT trade print is used.

The Strongest Case Against This Analysis

A development-stage company is supposed to look like this, which is Exhibit 99.1's own description. Digit v5 is the price list and the $300 million order, while $175,000 is what earlier pilots recognized, so scoring RoboFab, the Salem plant both releases aim at 10,000 robots a year, by this half mixes a future factory with a past income statement. Strip the mark and the remainder is the engineering bill the cash was raised to pay. Someone who underwrote the 2030 sketch, not the pilot, is not answered by $2,072.45, and paid tote moves are still commercial work.

Grant every piece of that, and the distance remains: about $469 per sales dollar after the mark, with 69 percent of the dollars related-party, a payback claim that fits a robot cheaper than $102,000 rather than the $125,000 or $150,000 costs, and 800 robots at list price that still miss a $175 million expense plan. The tote count is real, and it is not the sales line.

The Bottom Line

Agility closed on November 4, 2026, with half-year sales of $175,000 and an operating loss of $362,679,000, a quotient of $2,072.45, of which about $280.6 million is a stock-award mark that leaves roughly $469 per sales dollar, while public holders redeemed 61.48 percent of the trust and the replacement cash figure is a June 30 illustration.

When the next filing still counts outside sales in the tens of thousands, the pilot has not become the price list.