Circus (CA1) H2 2023 earnings summary

Executive summary

• Achieved key milestones in 2023, including transformation to a Societas Europaea (SE) and direct listing on the Munich Stock Exchange, followed by Xetra listing in early 2024.

• Acquired Aitme GmbH, integrating advanced robotics and software, and shifted focus to developing fully autonomous kitchen technology.

• Secured preliminary agreements for over 5,000 CA-1 units, targeting global markets, especially education and mobility infrastructure.

• Raised over €40 million in growth capital to develop proprietary technology and expand operations.

Financial highlights

• Group revenue for 2023 was €633 thousand, derived from test lab operations; no revenue from technology sales or licensing.

• EBITDA for 2023 was €-4,051 thousand; pro forma EBITDA (full-year consolidation) was €-12,697 thousand.

• Net loss for 2023 was €-4,968 thousand.

• Total assets at year-end were €22,784 thousand; equity amounted to €17,639 thousand, with an equity ratio of 80%.

• Cash flow from operating activities was €-6,030 thousand; financing activities provided €5,800 thousand.

Outlook and guidance

• Focus for 2024 and beyond is on improving the CA-1 product and preparing for series production.

• Demand for CA-1 exceeds expectations, with over 5,000 units in preliminary agreements and further agreements anticipated.

• No financial guidance provided due to dependency on securing production capacity; EBITDA expected to remain negative in 2024.