Churchill Capital Corp XI Reports $134.7 Million Net Loss and Pursues Merger with Agility Robotics

Churchill Capital Corp XI reported a significant net loss of $134.7 million for the three months ended June 30, 2026, compared to a loss of $22,045 for the same period in the previous year. The loss for the six months ended June 30, 2026, was $131.5 million, reflecting substantial expenses related to a Subscription Agreement and changes in the fair value of the Subscription Agreement liability. General and administrative costs for the quarter were $693,551, while the company incurred $39.1 million in Subscription Agreement expenses. Interest income from marketable securities and cash held in the Trust Account amounted to $3.8 million for the quarter.

The company’s total assets increased to $422.6 million as of June 30, 2026, up from $415.9 million at the end of 2025. This increase was primarily driven by cash and marketable securities held in the Trust Account, which rose to $420.9 million from $414.5 million. However, Churchill Capital reported a working capital deficit of $138.3 million, indicating challenges in covering its short-term liabilities. The company has also withdrawn $1 million from the Trust Account for working capital purposes, leaving no available funds for further withdrawals until December 2026.

Strategically, Churchill Capital is in the process of completing a business combination with Agility Robotics, Inc., as outlined in a Merger Agreement signed on June 24, 2026. The merger is expected to be valued at a pre-money equity value of $2.5 billion. The company has also entered into Subscription Agreements with PIPE investors to issue 20.1 million shares at $10.00 per share, totaling $201 million, contingent upon the successful completion of the merger. This move is part of the company’s strategy to secure additional capital to facilitate the business combination.

As of June 30, 2026, Churchill Capital had 41.9 million Class A Ordinary Shares and 13.8 million Class B Ordinary Shares outstanding. The company is classified as a non-accelerated filer and an emerging growth company, which allows it to take advantage of certain regulatory exemptions. The management has expressed concerns regarding the company's ability to continue as a going concern, emphasizing the need for additional financing to support its operations and complete the business combination. The company has indicated that it may need to raise further capital through loans or investments from its sponsor or other parties to meet its liquidity needs.

Looking ahead, Churchill Capital aims to finalize the merger with Agility Robotics and is actively pursuing additional financing options to ensure operational continuity. The company’s management remains focused on navigating the complexities of the merger process while addressing its liquidity challenges.