Peggy Johnson, a veteran tech executive, has taken Agility Robotics public in a move that marks a significant milestone in her career. The Oregon-based company, which specializes in humanoid robots, went public through a merger with a special-purpose acquisition company, raising about $465 million. The funds will support the production and deployment of Digit, Agility's two-legged robot designed for warehouse and factory tasks. Despite the market volatility following the midterm elections, Agility shares, trading under the ticker AGLT, closed Friday at $9.90, down nearly 14% from their Thursday close.
Johnson, who has held leadership roles at Qualcomm and Microsoft, now faces the challenge of turning humanoid robots into a profitable business. Agility generated just $1.8 million in revenue last year while recording a $138.1 million net loss. However, the company has a head start with its robots operating across nine customer facilities, including Amazon, Toyota, and GXO. Agility has disclosed more than $300 million in orders for 1,000 robots from a single customer with financial ties to the company.
Competition in the humanoid robotics space is intensifying, with rivals like Figure AI and Apptronik attracting significant investor backing. Elon Musk has also staked Tesla's future on Optimus, which is being produced at Tesla's Fremont factory. Johnson believes Agility's experience in deploying robots will give it an edge in solving real business problems.
Johnson's career has been marked by her ability to take early-stage technology and commercialize it. She grew up in a large blended family in Los Angeles and worked odd jobs to put herself through college. After starting her career at General Electric, she joined Qualcomm in 1989 and rose through the ranks to become executive vice president of global market development. Her reputation as a dealmaker caught the attention of Microsoft's CEO Satya Nadella, who recruited her to lead the company's business development efforts.