Circus (CA1) H1 2024 earnings summary

Executive summary

• Achieved significant milestones in H1 2024, laying groundwork for global mass production of CA-1 robots in 2025, with an order backlog of 8,431 units translating to €1.7B hardware and €1.1B recurring software revenue potential.

• Positioned as a first mover in AI-powered food service automation, targeting a fragmented $2.6T global market facing labor shortages and food waste.

• Strategic expansion into hospitality, mobility infrastructure, retail, and institutional sectors, with notable agreements in China and Germany.

Financial highlights

• H1 2024 revenue was €228K, derived solely from test lab dish sales; no technology sales revenue yet as mass production is set for 2025.

• EBITDA for H1 2024 was €-5.49M; EBIT and net loss were €-7.06M.

• Total assets at June 30, 2024: €21.1M; equity: €10.6M; equity ratio: 53% (down from 80% at end-2023).

• Cash flow from operating activities: €-4.24M; cash flow from financing: €+5.3M; cash at period end: €321K.

Outlook and guidance

• Mass production of CA-1 robots to begin in 2025, with first significant revenues expected that year.

• Confident in achieving mid-term annual revenue over €1B, gross margin above 60%, and EBIT margin of 30–35%.

• Further investments in R&D expected in H2 2024; negative EBITDA anticipated for full year.

• Pre-order agreements for 5,000–10,000 units expected for 2024.