Agility Robotics to List on Nasdaq
Agility Robotics is set to become the first humanoid robotics company to list on a U.S. exchange. The Oregon-based startup plans to start trading on Nasdaq under the ticker AGLT on Thursday. This follows a merger with Churchill Capital Corp XI, a special-purpose acquisition company (SPAC). The merger was completed on Wednesday and valued Agility's existing equity at about $2.5 billion.
Agility Robotics has secured over $300 million in multi-year orders for its Digit 5 robot. The company focuses on using humanoid robots in warehouses and manufacturing settings. However, its financial performance raises questions about profitability. In its latest reports, Agility showed just $1.8 million in revenue for the previous year and a net loss of $138.1 million. More than half of its revenue came from five robots bought by one of its investors.
CEO Peggy Johnson highlighted the importance of being the first company in this niche. She said, "There's something to be said for being first. We will be able to set many of the metrics, if you will, on what customers need in a humanoid." The company expects to receive about $465 million in gross capital before expenses from the merger. This includes $100 million that has already been received.
Agility's entry into the public market comes as interest in SPAC mergers is renewed. This interest had declined after a boom in 2020 and 2021. The company aims to take advantage of its unique position in the industry. It has already deployed robots commercially, though on a small scale. Analyst George Chowdhury noted, "In the grand scheme of things, the deployments are very small, but it's big for commercial humanoids."
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The listing could affect investor sentiment towards robotics and automation stocks, especially in the warehouse and manufacturing sectors. Increased interest in humanoid robotics may lead to higher valuations for similar companies. Watch for Agility's trading debut and any updates on its deployment plans in the coming weeks.
Based on reporting by: moneycontrol.com, businessinsider.com