Softbank with heavy losses - is Agile Robots still a "unicorn"?
The leading tech investor Softbank had to report significant losses again. The generally negative market environment, especially in the area of tech stocks, led to a record loss of 23 billion euros - just in the last quarter. In addition to the unfavorable market environment, a contributing factor to the losses was that many startups did not deliver what was expected of them or promised by them. Their business plan is not working out. This can also include time delays. However, time is money, especially when it comes to investments. (In the case of many delivery services, however, it is apparent that they will probably never make money). Softbank's investments include JAKA Robotics, which was highlighted too recently here, as well as companies such as Keenon Robotics (service robot manufacturer, which among other things produces Hyundai's waiter robots) and also Agile Robots. While JAKA and Keenon are already eagerly selling robots, Agile Robots still lacks proof of concept. The robotics companies are listed in the Frontier Tech sector. It accounts for 12% of the total portfolio and thus cannot absolutely contribute to extreme losses.
Agile Robots was valued at $1 billion in 2021 and today?
Also in this space, it was reported less than a year ago that Agile Robots was worth over $1 billion thanks to its recent funding round, making it a "unicorn". In my opinion, this value could be most justified if the market launch was imminent. This is obviously not happening so quickly. From 2023, the purchased "Yu" is to be produced in the Kaufbeuren plant, which has been in existence for some time. This will probably not happen for a transitional period of a few weeks (how is it to be sold credibly then?). Now, the company's own models for the domestic market may not yet have received certification, but then "Diana 7" could be produced in Kaufbeuren as a supplement for the Asian market. Anyway, the annual capacity in Kaufbeuren is rather limited with 2,500 units - especially in comparison with JAKA, which is now to build a plant with a capacity of 10,000 and one with a capacity of 50,000 units p.a.(Link). All this points to no small delays. So the approach presented a year ago (photo above) probably still needs time to be realized. In this case, the impairement test to be carried out periodically by investors would have to start from other target figures, which would lead to a worse valuation - in addition to the more negative market environment.
The video is one year old.
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The author of this blog is significantly involved in the AI/robotics project Opdra. He advises robotics companies and investors on market analysis and funding/subsidies. More about him can be found here.
