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Circus (CA1) investor relations material
Circus H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary19 Dec, 2025
Executive summary
Achieved first meaningful human interaction with embodied AI systems and launched high-volume factory for autonomous meal-supply systems, with initial shipments to enterprise customers including REWE supermarkets.
Secured core patents for CA-1 technology and expanded IP portfolio to over 36 international patents.
Completed capital increases totaling EUR 48.2 million in 2025, enhancing financial flexibility and supporting growth.
Entered defense sector with CA-M system and established Circus Defence SE, securing contracts with Ukrainian Ministry of Defense programs.
Acquired FullyAl, strengthening AI stack and integrating advanced AI capabilities from Meta and NVIDIA.
Financial highlights
No revenues recognized in H1 2025; first revenues expected in H2 2025 with start of serial production.
Total operating performance: EUR 585 thousand (H1 2024: EUR 760 thousand), mainly from capitalized own work.
EBITDA: EUR -8,664 thousand (H1 2024: EUR -5,490 thousand); EBIT: EUR -10,410 thousand (H1 2024: EUR -7,063 thousand).
Net loss: EUR -10,658 thousand (H1 2024: EUR -7,063 thousand).
Equity: EUR 10,443 thousand (31 Dec 2024: EUR 2,410 thousand); equity ratio: 43% (31 Dec 2024: 15%).
Cash and cash equivalents: EUR 5,028 thousand (31 Dec 2024: EUR 257 thousand).
Outlook and guidance
2025 is the first revenue year, with substantial revenue growth expected in 2026; guidance for 2026: EUR 44–55 million revenue, EBITDA expected between EUR -6 million and EUR -8 million.
Earnings expected to improve as delivery volumes and recurring software revenues increase.
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