Kat Scott. Agility SPAC shows $1.8M revenue, $140M loss
Steve Crowe says the $300M single-customer order now needs to land sooner rather than later.
Kat Scott (@kscottz) posted what she says are Agility Robotics' numbers ahead of its SPAC (a merger with an already listed shell company as a route to going public). The figures she gives are $1.8M in revenue against a $140M operating loss.
The part that makes it sting is her framing. Scott is not calling Agility a laggard. She described the company as objectively one of the better performing humanoid companies, which is exactly why she thinks the SPAC will be interesting to watch.
The $300M order
Steve Crowe (@stevecrowe) replied that Agility needs the $300M order from that one customer to come sooner than later. Scott ran the math back at him. Given their numbers, she said, that order works out to something like 700 robots amortized over five years.
That is the useful number in the whole exchange. A $300M order sounds like a company clearing its problems in one stroke. Spread across five years of robots, it is a production commitment, and one that has to actually convert into deliveries.
Shown versus claimed
The filing itself is not in the posts, and neither are the terms or timing of the $300M order or the name of the customer. What is here is Scott's reading of the numbers and Crowe's reaction to it. Nobody in these posts spells out the period the revenue and loss figures cover.
Scott also used the thread to make a wider point. Replying to CIX (@cixliv), who argued there are real use cases for humanoids, she said there is a massive divide in robotics right now between startups raising huge rounds with nothing tangible to show and companies bootstrapping or taking reasonable rounds and actually delivering value.
That divide is the reason hard figures matter here. Humanoid companies rarely publish revenue, so most of the field is judged on demo videos. A public listing forces the numbers out, and the first set from a company widely seen as one of the stronger operators sets a reference point everyone else gets measured against. Whether $1.8M against $140M reads as alarming or as normal for a company still building out manufacturing depends entirely on what the order book does next, and on that, the posts offer Crowe's worry and Scott's arithmetic rather than an answer.
$1.8M in revenue on $140M operating loss. Humaoid robotics is going great!
Given their numbers thats like 700 robots amortized over five years.
There are startups raising stupid rounds with nothing tangible to show for it and companies boot strapping or taking reasonable rounds and actually delivering value.