Circus (CA1) H1 2025 earnings summary

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.