Circus (CA1) H2 2024 earnings summary

Executive summary

• Transitioned from R&D to full-scale industrial production in 2024, with serial production of CA-1 robots starting in May 2025 and first deliveries to enterprise clients scheduled for fall 2025.

• Expanded product portfolio with CA-M, a mobile autonomous field kitchen for defense and crisis environments, and acquired FullyAI to enhance AI capabilities.

• Secured major enterprise clients including REWE, Tamoil (HEM), and Mangal, with additional clients in advanced negotiations.

• Completed a capital increase in early 2025, raising €18.7 million, and was added to the MSCI Global Micro Cap Index.

Financial highlights

• Revenue for 2024 was €251 thousand, derived solely from test site meal sales; no technology sales revenue was recognized.

• EBITDA for 2024 was €-11,915 thousand, in line with the forecast; net loss for the year was €-15,229 thousand.

• Total assets at year-end 2024 were €19,621 thousand, with equity of €2,409 thousand and an equity ratio of 15%.

• Cash flow from operating activities was €-6,923 thousand; cash flow from financing activities was €+9,048 thousand.

• Share price rose 137% in 2024, closing at €25.60, with an average daily trading volume of 1,897 shares.

Outlook and guidance

• Initial commercial revenues from CA-1 and software subscriptions expected in Q3/Q4 2025, with first deliveries to major clients.

• Anticipates low single-digit million euro revenue for 2025, with recurring software revenues commencing in Q4.

• Medium-term targets: annual production in the four-digit range, over €1 billion in revenue, and 70%+ from recurring software sales; EBIT margin goal of 30-35%.