Circus SE Fast-Tracks US Entry With Full Acquisition, Shifts Focus to Military Contracts
Veröffentlicht: 30.04.2026 um 15:53 Uhr, Redaktion boerse-global.de
Circus SE is rewriting its growth playbook on two fronts at once. The Munich-based robotics specialist has completed a full acquisition of US-Israeli firm Kitchen Robotics—bringing forward its American market entry by a full year—while simultaneously pivoting hard toward the defence sector with its first military revenues already in the pipeline.
The Kitchen Robotics deal, settled entirely in cash in the low six-figure euro range, replaces an earlier plan to purchase only intellectual property rights by the end of 2025. Circus now takes ownership of the company’s know-how, all robotic assets, and more than 30 international patents. Crucially, existing financial liabilities and employees are excluded from the agreement.
The strategic prize lies in the regulatory shortcuts. Kitchen Robotics holds NSF certifications that allow immediate deployment of systems with commercial and military clients across North America. That regulatory headroom pushes Circus’s US market entry from 2027 to the second half of 2026. On the technology side, the deal brings autonomous sensor systems for food processing and AI algorithms for nutrition profiling into the fold.
Military Orders Take Centre Stage
While the acquisition accelerates the US timeline, the company’s domestic strategy has taken a sharp turn toward state clients. The German gastronomy sector saw roughly 2,900 insolvencies last year—a 30 percent jump—prompting Circus to seek longer contract durations and lower financial risk through government buyers.
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The military pipeline is already filling. The first installation at a secured Bundeswehr site is complete. Lithuania’s armed forces have placed an order for troop catering in Vilnius, and deliveries for Ukrainian soldiers are being prepared. The outdoor military robot CA-M is expected to generate its first revenues this year.
Production capacity is ramping up in tandem. Working with partner Celestica, Circus has halved the manufacturing time for the CA-1 model to roughly four weeks. By the fourth quarter, monthly capacity is slated to reach 64 units—well above modelled annual demand.
Funding the Expansion
Scaling up requires capital, and Circus has turned to an unconventional source. The company recently placed its first bond backed by robotic hardware, arranged with Finexity. The target is a financing framework of up to €50 million, structured as a hybrid bond.
The gap between ambition and execution remains wide. Last year, Circus generated minimal revenue against a double-digit million-euro loss. For 2026, management is targeting up to €55 million—a leap that has pushed share price volatility above 100 percent.
Market Reaction and Upcoming Catalysts
The market has responded positively to the recent news flow. Shares climbed to €8.45 on Thursday, extending the monthly gain to over 40 percent. The year-to-date picture is less rosy, with the stock still down roughly 30 percent.
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Investors have a busy calendar ahead. On 20 May, management will present at the Cantor European Summit in Hamburg, where market participants expect details on NATO logistics projects and clarity on how many pre-orders have converted into binding contracts. On 3 June, the company releases its first-quarter report, followed by the next operational update on 16 July.
CEO Nikolas Bullwinkel sees the secured US market access as a position of strength, enabling the group to serve growing demand earlier than anticipated. The acquisition of Belgian robotics firm Alberts in mid-April, combined with the Kitchen Robotics deal, signals a consolidation phase that management hopes will narrow the gap between today’s losses and tomorrow’s revenue targets.
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