Circus SE Accelerates US Robot Launch to Late 2026 After Kitchen Robotics Buy, Despite €15.3M Operating Loss
31.05.2026 - 18:25:06 | boerse-global.de
The acquisition of Kitchen Robotics has given Circus SE a short-cut into the North American market, pulling forward the commercial roll-out of its robotic cooking systems from 2027 to the second half of 2026. By purchasing full ownership of patents, software and robotics assets — rather than an intellectual-property licence as originally mooted — the German automation company now holds NSF-certified components that clear the path for immediate US sales.
The accelerated timeline comes as Circus SE publishes preliminary results for its first full year of commercial activity. Revenue climbed six-fold to roughly €1.5 million, up from €0.25 million in 2024, though this figure reflects only a few weeks of deliveries in the fourth quarter. Adjusted EBITDA swung deeper into the red to minus €15.3 million, compared with a loss of €11.9 million a year earlier. Including one-off items tied to acquisitions and capital-raising, the unadjusted shortfall reached €18.5 million. Management described the outturn as in line with plan, citing upfront investment in series production, international supply chains and the purchase of specialist AI firms.
Operationally, the fourth generation of the CA-1 robot is now being shipped routinely. System availability improved from around 70% at the start of the quarter to more than 90% in April. A total of 17 units are either deployed or in the process of active integration across defence, retail and industrial settings. In the defence vertical, Circus recently secured a tender with the Lithuanian armed forces and is holding what it describes as serious talks with more than ten NATO member states, including Poland and Italy.
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The market, however, has yet to reward these advances. Shares closed at €7.59 on Friday, down 1.3% on the day and 53% below the level of 12 months ago. The stock has shed 37% since the start of the year, though it has recovered roughly 39% from its March trough of €5.44. The relative strength index stands at 41.8, near neutral territory, while the share price trades just under its 50-day moving average of €7.65.
For the current fiscal year 2026, Circus has laid out an audacious revenue target of €44 million to €55 million, underpinned by CA-1 deliveries and recurring software and service income. Management points to more than 8,000 pre-orders with a theoretical value exceeding €1.6 billion, though converting those into cash-generating orders remains the critical hurdle. The company’s audited annual report is due by the end of June, with the delayed first-quarter figures likely to provide the next catalyst. A shareholder meeting in August is expected to flesh out the scaling strategy and discuss a theoretical production capacity of up to 6,000 units per year.
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