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Circus Stock CA1.DE

Circus SE · IR documents · Reporting currency EUR · Half-year reporting · Figures as of H2 2025 · events through 2026-06-30 · updated 2026-10-19 · checked 2026-10-10 · ISIN DE000A2YN355 · WKN A2YN35

Circus develops and deploys autonomous AI-powered cooking robots for commercial food service, institutional kitchens, and defence applications. Circus stock (CA1.DE): Half-year and annual results since 2022 from Half-Year Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 04/2026, half-year reporting. Stock analysis by NadirAlpha. Circus stock (CA1.DE): listed on Xetra, WKN A2YN35. NadirAlpha has evaluated 9 original documents, cross-checked every figure automatically and linked each to its source; sources as of 04/2026. Latest reading: Loss-making.

Loss-making

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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
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AI research · This page works as a source-backed data basis for further research with AI assistants such as Claude; every figure remains verifiable via the source links.

Circus Current Status

Where Circus stands after the report for H2 2025: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology

Assessment by NadirAlpha, as of H2 2025.

Circus reported quarterly revenue of 1.5 million EUR for the most recently completed financial period 11, with Q1 2026 marked by a 60% expansion in production capacity and system uptime of 92.5% in March 2026 with nearly 20,000 meals produced that month 10. U.S. market certification was unlocked and the ADE Level 3 listing launched in the quarter, establishing a formal commercial entry path into North America 10. Circus completed the acquisition of Alberts Robotic Blending Technology and launched the Operator AI product in collaboration with Meta during Q1 2026 10. Full-year 2026 revenue guidance was set at 44 to 55 million EUR 10.
Management commentary on the FY2025 results (IR-Annual):

“Our vision remains to fuel every human on earth with robot-made meals, powered by a dense infrastructure of our autonomous sustainment robots, a generational undertaking, yet one of the most impactful applications of AI robotics in our physical world, every day.”

Nikolas Bullwinkel, CEO AND FOUNDER 11

“Our fiscal year 2025 was defined by the successful build-out of international high-volume production of our patented AI robotics system CA-1, now in its 4th generation. As the world's first provider of autonomous sustainment systems, we thereby moved into industrial series production and concluded the multi-year focus on research and development.”

Nikolas Bullwinkel, CEO AND FOUNDER 11
Net profit · 2025-H2-11€ million−37.0 % vs. 2024-H2
Revenue trend
Guidance
For FY2026, Circus guides Revenue significant revenue growth compared to the prior year (raised); EBITDA material improvement (raised). 11
Profitability
For full-year 2025, Circus recorded revenue of 1.6 million EUR, an operating loss of 22.7 million EUR, and a net loss of 21.8 million EUR 11. Free cash flow for FY2025 was -27 million EUR, with capital expenditure of 2.6 million EUR 11. Detailed Q1 2026 income statement figures are not available in the disclosed inputs.
Leverage
At year-end 2024, Circus carried net debt of 8.9 million EUR, compared with a net cash position of 0.2 million EUR at year-end 2023 11. In Q1 2026, the company placed its first bond through FINEXITY and entered a leasing partnership with MVV Leasing to finance robot deployments for customers 10. Two capital increases completed in 2025 contributed fresh funding to support the company's ongoing growth financing requirements 10.
Management view
Circus secured U.S. market certification and launched its ADE Level 3 listing in Q1 2026, opening a formal path to commercial sales in North America 10. The defence segment advanced with 17 AI-robots active or in integration with the Bundeswehr, multiple barrack integration contracts won, and more than ten NATO allies in active negotiations for CA-1 deployments 10. Circus Visual Intelligence was announced as the company's first standalone AI software product, built on five proprietary vision models trained on more than 45,000 hours of operational footage and targeted for Q2 2026 launch, while the CA-M defence variant completed P0 functional tests with first deliveries expected in Q3 2026 10.
Risks (current)
Circus faces risk from a concentrated customer base during its ramp-up phase, where shifts in call-off volumes could affect revenue, and relies on Celestica as its primary manufacturing partner for series production 11. Ongoing capital requirements for international expansion and manufacturing capacity scaling represent a structural dependency, with deteriorating financing conditions potentially limiting the company's options 11. Nearly 40 international patents face potential third-party infringement claims, and the patented technology portfolio requires ongoing protection and enforcement efforts 11 9.
New this reporting period
Circus completed the acquisition of Alberts Robotic Blending Technology in Q1 2026 and immediately began development of the Circus Pods bag-in-box consumable system, with a 2026 launch targeted 10. The Operator AI product, developed in collaboration with Meta, was launched in Q1 2026 after reaching the final stages of integration 10.

Circus Stock: Key Figures (€ million)

The core financial figures of Circus stock in three views: fiscal years up to FY2025, half-years and quarters up to H2 2025, in € million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue (€ million) · annual basis, as reported
Net income (€ million) · annual basis, as reported
Operating cash flow (€ million) · annual basis, as reported
Revenue (€ million) · half-year basis, as reported
Net income (€ million) · half-year basis, as reported
Operating cash flow (€ million) · half-year basis, as reported
Capex (€ million) · annual basis, as reported
FCF (€ million) · annual basis, as reported
Cash (€ million) · half-year basis, as reported
Debt (€ million) · half-year basis, as reported
Net Debt (€ million) · half-year basis, as reported
Capex (€ million) · half-year basis, as reported
FCF (€ million) · half-year basis, as reported

Fiscal years

Amounts in € million · as reported
Circus stock: key figures on annual basis, FY2023 to FY2025, in € million. Compiled by NadirAlpha from IR documents.
PeriodRevenueOp. incomeNet incomeEBITDA (adj.)OCFSource
FY20251.6°-22.7-21.8-15.5-24.4111
FY20240.3–-15.1–-6.98
FY20230.6–-5–-67

Half-years

Amounts in € million · as reported
Circus stock: key figures on half-year basis, 2024-H1 to 2025-H2, in € million. Compiled by NadirAlpha from IR documents.
PeriodPublishedRevenueOp. incomeNet incomeFCFCashNet DebtSource
2025-H2*––-12.3-11.1-14.2––111
2025-H1*2025-12-190-10.4EBIT-10.7-12.854.29
2024-H2*2025-07-110–-8.1-3.90.38.9~7
2024-H1*2024-12-230.2-7.1EBIT-7.1-5.30.355

Quarters

Amounts in € million · as reported
Circus stock: key figures on quarterly basis, 2023-Q4 to 2025-Q4, in € million. Compiled by NadirAlpha from IR documents.
PeriodPublishedRevenueCashNet DebtSource
2025-Q4–1.5––11
2023-Q4*2024-05-141.10.2-0.23
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income, Op. income (adj.), EBITDA (adj.), Net income, EPS, EPS adj., FCF (not reported in any source for these periods).

Circus Balance Sheet & Cash Flow (€ million)

Balance sheet and cash flow of Circus up to H2 2025 in € million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in € million · as reported
Circus stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in € million. Compiled by NadirAlpha from IR documents.
PeriodPublishedCashDebtNet DebtOCFCapexFCFSource
FY2025––––-24.42.6-27111
FY20242025-07-110.39.1~8.9~-6.92.2-9.18
FY20232024-06-270.20-0.2-60.8-6.87

Half-years

Amounts in € million · as reported
Circus stock: balance sheet and cash flow on half-year basis, 2024-H1 to 2025-H2, in € million. Compiled by NadirAlpha from IR documents.
PeriodPublishedCashDebtNet DebtOCFCapexFCFSource
2025-H2––––-11.92.3-14.2–
2025-H12025-12-1959.24.2-12.50.3-12.89
2024-H22025-07-110.39.1~8.9~-2.71.2-3.97
2024-H12024-12-230.35.35-4.21-5.35

Quarters

Amounts in € million · as reported
Circus stock: balance sheet and cash flow on quarterly basis, 2023-Q4 to 2023-Q4, in € million. Compiled by NadirAlpha from IR documents.
PeriodPublishedCashDebtNet DebtSource
2023-Q42024-05-140.20-0.23
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Circus Guidance Tracking (latest per metric/period · 5/5)

All forecasts (guidance) of the Circus management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology

Actuals: revenue in €m

Direction: confirmedinitiatedraised Verdict: misspending

Circus: guidance and actuals per metric and period, 5 entries. Compiled by NadirAlpha from IR documents.
For periodGuided onMetricGuidedActualVerdictDirectionSource
FY20262026-06-30Revenuesignificant revenue growth compared to the prior year–11
FY20262026-06-30EBITDAmaterial improvement–11
FY20252025-12-19EBITDA-8–-6-18.89
FY20252025-07-11Revenuelow single-digit million euro range1.6–8
FY20242024-05-14EBITDAnegative-11.9––3

Circus Stock: Price & Chart

Interactive price chart of Circus stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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Circus Event Timeline

NadirAlpha sorts 24 events of Circus by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenueguidancestrategyfinancials2023-Q32023-Q42024-Q22024-H22025-Q12025-Q22025-Q32025-Q42026-Q1
2026 · 3 events

Guidance initiated 2026-04-16
Revenue guidance of 44 to 55m EUR issued for FY 2026, backed by two capital increases in 2025 10
New market 2026-04-16
U.S. market certification unlocked and ADE Level 3 U.S. listing launched; more than ten NATO allies in active negotiations 10
Acquisition 2026-04-16
Acquisition of Alberts Robotic Blending Technology completed; Circus Pods bag-in-box system development started 10
2025 · 12 events

financials 2026-06-30
Second capital increase raising EUR 29.5 million gross proceeds from new and existing shareholders 11
Revenue accelerating ◦ 2026-06-30
First CA-1 commercial deployment at REWE supermarkets commenced in Q4 2025 11

“2024 was our first full year as a publicly listed company. Building transparency, visibility, and trust was important to us. In early 2025, we successfully completed a capital increase and received EUR 18.7 million in gross proceeds from institutional investors. In May 2025, we were included in the MSCI Global Micro Cap Index as the only German company, a boost to our visibility among investors and analysts.”

Nikolas Bullwinkel, CEO 7
(translation, original on hover)
Revenue accelerating ◦ 2026-06-30
First commercial CA-1 deployment at Meta in September 2025 11
Strategic pivot 2026-06-30
Series production commenced at Celestica with annual capacity of up to 6,000 CA-1 units 11
EBITDA turned negative ◦ 2025-07-11
EBITDA loss widened from EUR -4,051 thousand (2023) to EUR -11,915 thousand (2024); net loss expanded from EUR -4,969 thousand to EUR -15,229 thousand, driven by personnel costs of EUR 7,134 thousand for 84 employees and manufacturing scale-up investments 7 8
Revenue decelerating ◦ 2025-07-11
Revenue declined from EUR 634 thousand (2023) to EUR 251 thousand (2024); test-site operations discontinued end of July 2024, with total output of EUR 980 thousand including EUR 729 thousand in capitalised own work on CircusOS and CA-M development 7
financials 2025-07-11
Equity fell from EUR 17,639 thousand to EUR 2,410 thousand and equity ratio contracted from 80% to 15%; convertible bond fully placed at EUR 9,147 thousand in liabilities; shareholder loans of up to EUR 5,000 thousand established with EUR 1,576 thousand drawn at year-end 7

Regulation 2026-06-30
Received certification as supplier to US government agencies and US Department of Defense 11
Acquisition 2026-06-30
Acquired FullyAI to strengthen agentic AI, autonomous control, and predictive maintenance capabilities 11
New market 2026-06-30
CA-1 Series 4 launched as first fully industrialized autonomous AI supply robotics system 11

Net debt to net cash ◦ 2026-06-30
Capital increase completed raising EUR 18.7 million gross proceeds from new institutional investors 11
Strategic pivot 2026-06-30
Core CA-1 patents granted, expanding IP portfolio to nearly 40 international intellectual property rights 11
2024 · 4 events

“AI and robotics are the only path to the future.”

Nikolas Bullwinkel, CEO 5
(translation, original on hover)
financials 2024-12-23
Convertible bond of up to EUR 9,048 thousand at 2.0% interest issued; EUR 5,298 thousand drawn at the H1 2024 balance sheet date, establishing the company's primary external debt position 5
Acquisition 2024-12-23
Termsheet signed for planned acquisition of Campo Group, a German AI company focused on robotics integrations and AI infrastructure for mobility and retail; closing expected within 8-10 weeks subject to final agreements 5
Strategic pivot 2024-12-23
Circus SE listed on Xetra on 22 January 2024 at an opening price of EUR 10.80, marking the company's transition to a publicly traded entity 5

“We look back on an intensive and successful year 2023. The Circus Group succeeded in achieving numerous milestones.”

Dr. Jan-Christian Heins, Vorsitzender des Verwaltungsrats 2
(translation, original on hover)
guidance 2024-06-27
Commercial market launch targeted from 2025 with accelerated rollout from 2026; 2024 outlook: negative EBITDA, focus on technological development and series production preparation (2, 3)
2023 · 5 events

“The core operating business remains in the development phase as planned.”

Nikolas Bullwinkel, CEO 4
(translation, original on hover)
Strategic pivot 2024-06-27
Converted to Societas Europaea and completed direct listing on Munich Stock Exchange, m:access segment, on 22 December 2023; Xetra admission followed on 22 January 2024 (2)
EBITDA turned negative ◦ 2024-05-14
Pro forma EBITDA EUR -11 to -13 million reflecting development-phase investment in Circus Robotics and Circus OS (3)
Revenue decelerating ◦ 2024-05-14
Pro forma revenue EUR 1.1 million generated exclusively from test kitchen operations; no commercialization revenue recorded in 2023 (3)
Acquisition 2024-05-14
Acquired Aitme GmbH in August 2023, integrated as Circus Robotics GmbH; pro forma consolidation applied for the full year (3)

Net debt to net cash ◦ 2024-06-27
Raised EUR 5.5 million via equity increase in July 2023 and EUR 9.05 million via convertible notes; FY2023 year-end net cash position EUR 0.2 million (2)

Circus Business Model

What Circus does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology

Circus develops and deploys autonomous AI-powered cooking robots for commercial food service, institutional kitchens, and defence applications. Its primary product line includes the CA-1 robot, designed to prepare standardised meals at scale, and the CA-M variant targeting military and defence use cases, with multiple barrack integration contracts secured across NATO member states. Revenue is generated through robot deployments, with financing structures such as bonds placed through FINEXITY and a leasing partnership with MVV Leasing used to facilitate customer adoption. The Q1 2026 acquisition of Alberts Robotic Blending Technology expanded the company's hardware capabilities. Beyond hardware, Circus is developing standalone AI software products, beginning with Circus Visual Intelligence, a computer vision product built on proprietary models trained on operational footage from its own robot fleet, announced in Q1 2026 and targeted for Q2 2026 launch. The Circus Pods bag-in-box system, a consumable supply offering, entered development in Q1 2026 with a 2026 launch targeted. The company operates at the intersection of food technology, industrial robotics, and defence, with an expanding international footprint and an established entry path into the U.S. market following certification and ADE Level 3 listing secured in Q1 2026.

Circus Stock: Share-Price Drivers

Factors Circus itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology

Commercialisation and serial-production scale-up of the CA-1 autonomous AI robotics platform, now extended into the CA-M defence variant
Circus moved the CA-1 Series 4 into serial production at the Celestica factory and began first large-customer shipments, while quarterly revenue reached EUR 1.5 million in 2025-Q4; the company has initiated guidance and growth is accelerating off a small base 11
CA-1 autonomous AI robotics commercialisation
Circus started serial production of the CA-1 Series 4 at the Celestica factory and began customer shipments, including deployments at REWE and a first deployment at Meta, so the product is gaining early commercial traction 11
CA-M defence and field-kitchen system
Circus is extending into defence and disaster relief with the CA-M system, including deployments with European armed forces, the Bundeswehr and a Lithuanian armed-forces autonomous supply system 11 9
Acquisition-led capability buildout
Circus acquired Fully Ventures (FullyAI) for agentic-AI technology and added Alberts robotic blending and K-Robotics, broadening its technology base 11 10
Revenue scale-up from a small base
Quarterly revenue of the company rose to EUR 1.5 million in 2025-Q4 from EUR 1.1 million in 2023-Q4, with growth described as accelerating 11 3
Financing via capital increase
Circus carried out a capital increase through share issuance to fund the production and commercialisation ramp 11

Sector trend: The embodied-AI and autonomous service-robotics space is seeing rising demand, with first commercial deployments spreading across retail and defence end markets 11 10. As an early-stage participant Circus has only just initiated guidance, so segment margins and capacity utilisation are not yet disclosed.

Circus Products & announcements (29/32 active+recent)

Product announcements of Circus from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology

Status: PlannedLaunched

Circus: product announcements from the filings, 32 entries. Compiled by NadirAlpha from IR documents.
Product/LineSinceStatusSource
2026
CA-M V1 deliveries2026-0910
Circus Visual Intelligence2026-0610
Operator AI with Meta2026-0310
Lithuanian armed forces autonomous supply system202611
Deployments with European armed forces20269
Circus Pods bag-in-box system202610
CA-M defense sector system20269
CA-M autonomous field kitchen202611
CA-M Series 1 market launch20268
Bundeswehr integration and deployment202611
2025
Deployments at REWE2025-1211
Capital increase via share issuance2025-1211
CA-1 customer shipments to REWE supermarkets2025-129
CA-1 autonomous supply robotics system2025-1211
First deployment at Meta2025-0911
CA-1 AI robotics system - first commercial deliveries2025-097
CA-1 delivery to group customers (e.g. REWE)2025-097
Series production at Celestica factory2025-0811
CA-1 embodied AI system2025-069
Enterprise contracts - REWE, Tamoil (HEM), Mangal Group for go-to-market segments Mobility and Retail20257
Defense segment revenue generation20258
Circus Defence SE (2x)202511
CA-1 deliveries to first enterprise clients20258
2024
Admission to Xetra2024-012
Mangal x LP10 - First fully autonomous food franchise with CA-120245
Flughafen Berlin Brandenburg - Mahlzeitenservice20245
CA-M System for Defense and Disaster Response - Market Launch20247
Beijing University Food Raw Material Joint Procurement Centre - Autonomous Robot Network20245
2023
CA-1 Series 4 (7x)20238
2026
CA-1 commercial launch (2x)20262
2023
Stock exchange listing (direct listing)2023-122
Stock exchange listing m:access Munich2023-122

Circus Transactions & Events (13)

Transactions of Circus since 2022: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology

Acquisitions · 12Partnerships/contracts · 1
202420252026

Acquisitions by Circus

Circus: Acquisitions, 12 entries. Compiled by NadirAlpha from IR documents.
Transaction / stakeDateTypeSource
2026
Acquisition of Alberts Robotic Blending Technology2026-03Completed10
Acquisition of K-Robotics (U.S.-Israeli robotics)2026Completed11
Acquisition of Alberts (Belgian food robotics)2026Completed11
2025
FullyAI (Fully Ventures GmbH) (2x)2025-08Completed11
FullyAI acquisition2025-06Completed9
Fully Ventures GmbH (FullyAI) – Agentic AI Technology Acquisition2025-05Completed7
FullyAI acquisition2025-01Completed7
2024
Campo Group Acquisition2024-11Completed5
2023
Non-cash capital increase Circus Kitchens GmbH2023-09Completed2
Acquisition of Circus Robotics GmbH (formerly Aitme GmbH)2023-08Completed2
Circus Robotics2023-08Completed4
Aitme GmbH acquisition2023-08Completed2

Partnerships and contracts of Circus

Circus: Partnerships & contracts, 1 entries. Compiled by NadirAlpha from IR documents.
Transaction / stakeDateTypeSource
2023
CA-1 Unit Partnerships (Beijing Universities)2023Agreement2

Circus Risks (20 since the annual report of 2026-06-30, 57 tracked in total)

Risk factors Circus itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology

Category: FinancialSupply chainRegulatoryStrategyTechnologyCyberMacroMarketCompetitionLegalPeopleCustomers

Circus: risk factors as reported, 20 since the last annual report, 57 tracked. Compiled by NadirAlpha from IR documents.
RiskCategoryLast reported
Circus: first mention in IR-Half half-year report of 2025-12-19 (2025-H1), source 9
Continued capital needs for international expansion and manufacturing capacity scalingFY2025
11
Circus: first mention in FY2025, source 11
Sale-and-leaseback structures and bond obligations create long-term payment burdens on cash flow=
Supply chain bottlenecks and quality assurance in series production pose operational risks=
Reliance on Celestica as primary manufacturing partner for series production=
Defence sector operations subject to NATO, U.S. DoD, and European military regulatory requirements=
Scaling and operational risks from series production ramp-up and customer deployments=
Recent transition to series production requires sustained quality and reliability validation=
ISO/IEC 27001 certification completed; regular external security audits conducted=
European defense budgets expansion supports long-term market growth=
Sustained increase in global military expenditure but subject to political changes=
Food service robotics market growth dependent on technology adoption and customer acceptance=
Defense sector exposure subject to regulatory approval and international compliance=
Emerging competitors in autonomous robotics space may contest market position=
Circus: first mention in IR-Half half-year report of 2025-12-19 (2025-H1), source 9
Patented technology and intellectual property portfolio requires ongoing protection and enforcement efforts.=
Legal proceedings and potential claims exposure not fully detailed=
Circus: first mention in IR-Annual annual report of 2025-07-11 (FY2024), source 8
Intense competition for robotics, AI and software experts; need for skilled labour is highFY2025
11
Circus: first mention in IR-Annual annual report of 2025-07-11 (FY2024), source 7
Ongoing capital access requirements for growth phase; deteriorating conditions could impair financing optionsFY2025
11
Scaling globally requires recruiting experienced leaders and technical expertise across robotics, AI, and operationsFY2025
11
Nearly 40 international patents at risk from third-party infringement claimsFY2025
11
Circus: first mention in IR-Report report of 2024-05-14 (2023-Q4), source 3
Concentrated customer base during ramp-up phase; shifts in call-off volumes could affect revenueFY2025
11
= last mention identical with the first mention (same source)

Circus Reported KPIs (as disclosed) (94)

The story KPIs of Circus that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Circus: reported KPIs as disclosed, 94 entries. Compiled by NadirAlpha from IR documents.
KPIValue / changeSource
Circus, published 2026-04-16, period 2026-Q1
system uptime92.5%10
production capacity increase60%10
order backlog>550 AI-robots10
financing structure ca1EUR 4k/month for 5-7 year contract10
financing limit per customerEUR 10 Mio10
ai robotics financing facilityEUR 50 Mio10
Circus, published –, period FY2025
production capacityup to 6,000 units11
patent portfolioalmost 4011
Order Backlogbroad order book and backlog comprising contracts and binding orders11
Circus, published 2025-12-19, period 2025-H1
total assets25,694 (EUR in EUR thousand)9
technical staff609
shares outstanding23,788,2029
patents369
non technical staff279
market capitalization344.9 million9
equity ratio43%9
equity10,443 (EUR in EUR thousand)9
Circus, published 2025-07-11, period FY2024
subscription recurring revenue pctover 70%8
robot beta operations3,000h+8
meals sold>600k8
capital raised€60M8
annual production capacity6,000 units8
trade payables1.4617
Total Auditor FeesEUR 85 thousand8
Tax Liabilities in Other LiabilitiesEUR 800 thousand8
Other Liabilities3.8077
Personnel Expenses7.1347
Other Financial ObligationsEUR 1,653 thousand8
Material Expenses2547
Interest and Similar Expenses to Affiliated Companies prior yearEUR 2 thousand8
Interest and Similar Expenses to Affiliated CompaniesEUR 8 thousand8
Equity Ratio15%7
Equity2.4107
Average Number of Employees847
Deferred Tax Liabilities prior yearEUR 370 thousand8
Deferred Tax Liabilities from Consolidation Measures prior yearEUR 1,756 thousand8
Deferred Tax Liabilities from Consolidation MeasuresEUR 1,579 thousand8
Deferred Tax LiabilitiesEUR 783 thousand8
Corporate Bond Total Nominal AmountEUR 9,048 thousand8
Corporate Bond Nominal per Bearer BondEUR 1,0008
Corporate Bond Interest Rate2.0%8
Total Assets19.6217
Auditor Fees Tax ConsultingEUR 1 thousand8
Auditor Fees Other ServicesEUR 2 thousand8
Auditor Fees Audit ServicesEUR 82 thousand8
Administrative Board Total RemunerationEUR 48 thousand8
Depreciation & Amortization3.1987
Circus, published 2024-12-23, period 2024-H1
recurring revenue potential Circus AI1,1 Milliarden US-Dollar5
available loan capacity5 Mio. EUR5
current assets2.3315
convertible bond drawn5.2985
average trading volume1.8105
capitalized internal services4605
convertible loan interest rate2 %5
convertible loan settlement amount5.321.242,52 EUR5
inventories1855
pre-orders CA-15.4305
payables to related companies3925
trade payables7935
revenue potential Hardware1,7 Mrd. EUR5
low 25 January9,10 EUR5
other operating expenses2.5765
Other Liabilities6325
provisions5415
total personnel expenses3.5355
personnel expenses Robotics Hardware1.9645
personnel expenses Operations Test Labs3195
deferred tax liabilities TEUR2.1265
Deferred tax liabilities2.163.5415
Technical employees505
Non-technical employees225
Employees end of725
Average employees H1715
Market capitalization655,9 Mio. EUR5
Peak price June 1336,00 EUR5
Total pre-orders CA-18.4315
Total output7605
Equity Ratio53 %5
Equity10.5765
Average share price performance H1190 %5
Cash flow from investing activities-978 (EUR TEUR)5
Cash flow from financing activities5.298 (EUR TEUR)5
Total Assets21.0655
Fixed assets18.6405
Share price closing price June 3029,00 EUR5
Share price opening10,80 EUR5
Amortization of intangible assets1.3375
Goodwill amortization7345
Circus, published 2024-06-27, period FY2023
of which technical employees412
of which operational employees432
of which non-technical employees272
Employees1112
Share Capital22.620.000,002
Total Shares22.620.0002

Circus Development

How Circus has developed since 2022: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology

FY2026: Circus

Circus issued a revenue guidance of 44 to 55 million EUR for fiscal year 2026, underpinned by two capital increases completed in 2025 10. On the operational side, the company reported system uptime of 92.5% and nearly 20,000 meals produced in March 2026, with production capacity growing by 60% in Q1 10. The defence vertical advanced materially, with 17 AI-robots active or in integration with the Bundeswehr, multiple military barrack contracts won for the CA-1 in military configuration, and the CA-M defence product completing P0 functional tests ahead of targeted first deliveries in Q3 2026 10. Internationally, Circus unlocked U.S. market certification and launched an ADE Level 3 U.S. listing, with more than ten NATO allies reported in active negotiations 10. New product initiatives in the quarter included the completed acquisition of Alberts Robotic Blending Technology, the announcement of Circus Visual Intelligence as the first standalone AI product planned for a Q2 2026 launch, and the start of development for the Circus Pods bag-in-box system 10.

FY2025: Circus

Circus reported revenue of 1.6 million in fiscal year 2025 (11), reflecting early-stage commercial activity as the company moved from development to initial product delivery of the CA-1 autonomous supply robotics system. Circus launched the fully industrialized CA-1 Series 4 in April 2025, commenced series production through a manufacturing partnership with Celestica in August 2025 with annual capacity of up to 6,000 units, and completed first commercial deployments to enterprise customers including Meta in September and REWE in the fourth quarter (11). Operating loss totalled 22.7 million and net loss was 21.8 million (11), with a free cash outflow of 27 million (11) as Circus continued investment across production ramp-up, product development, and the establishment of Circus Defence SE for military applications. Circus raised gross proceeds of EUR 48.2 million through two cash equity increases during the year to fund ongoing operations and expansion (11).

FY2024: Circus

In fiscal year 2024, Circus SE reported consolidated revenue of EUR 251 thousand, down from EUR 634 thousand in 2023, as the company shut down its test-site operations in July 2024 and redirected resources toward CA-1 system development and production ramp-up 7. EBITDA loss widened to EUR -11,915 thousand (2023: EUR -4,051 thousand) and the net loss expanded to EUR -15,229 thousand, reflecting higher personnel costs and scaling investments in manufacturing infrastructure and technology development 7 8. Equity contracted from EUR 17,639 thousand to EUR 2,410 thousand, reducing the equity ratio from 80% to 15%, as the EUR 9,048 thousand convertible bond was fully placed by year-end 7. During the year, Circus completed its Xetra listing in January 2024, reported a CA-1 order backlog of 5,430 units at end of H1 2024, and signed manufacturing and distribution partnerships with Celestica, REWE, and Tamoil/HEM 5 7. A termsheet for the planned acquisition of Campo Group, a German AI and robotics company, was announced in November 2024, subject to final agreement 5.

FY2023: Circus

Circus SE generated statutory revenue of EUR 0.6 million in FY2023, derived entirely from the in-house operation of test kitchens for technology validation; no commercial revenue was recorded in the period (8, 2). Circus acquired Aitme GmbH in August 2023, integrating it as Circus Robotics GmbH, and converted to Societas Europaea while completing a direct listing on the Munich Stock Exchange on 22 December 2023 (2, 3). Net loss for the year reached EUR 5.0 million, with pro forma EBITDA of EUR -12.7 million reflecting development-phase investment in Circus Robotics and Circus OS (2, 3). Free cash flow was EUR -6.8 million; the company ended FY2023 in a net cash position of EUR 0.2 million, supported by a EUR 5.5 million equity raise and EUR 9.05 million in convertible notes during the year (2). Following the balance sheet date, preliminary agreements for over 5,000 CA-1 units were secured with partners including Beijing universities and BER Airport, with commercial market launch targeted from 2025 (2).

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

The evidence base for Circus stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology

9 documents · 2024 to 2026 · IR
Sources for Circus stock: 9 original documents, 2024 to 2026. Compiled by NadirAlpha.
#Document typePublished
#11 / #111IR-Annual annual report–
#3IR-Report report2024-05-14
#4IR-Report report2024-05-14
#2IR-Annual annual report2024-06-27
#5IR-Half half-year report2024-12-23
#7IR-Annual annual report2025-07-11
#8IR-Annual annual report2025-07-11
#9IR-Half half-year report2025-12-19
#10IR-Quarter quarterly report2026-04-16

Circus Stock FAQ

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Where can I find the official investor relations documents of Circus?

NadirAlpha links all 9 original filings used (IR documents) in the sources chapter: annual report, half-year report, report, each with type, publication date and a direct link; every figure in the report carries a source number.

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