Circus (CA1) H2 2025 earnings summary

Executive summary

• Transitioned from R&D to operational commercialization with launch of CA-1 Series 4, first commercial deployments, and establishment of defense division.

• Achieved initial revenues of €1.56 million in 2025, up from €0.25 million in 2024, driven by Q4 deliveries.

• Secured two cash capital increases totaling €48.2 million, strengthening financial base for global expansion.

• Entered defense sector with first contracts in Germany, Ukraine, and Lithuania, and received US DoD supplier approval.

• Acquired FullyAl, integrating advanced agentic AI into product stack and expanding IP portfolio to nearly 40 patents.

Financial highlights

• Revenue: €1,560k (2025) vs. €251k (2024), mainly from Q4 CA-1 deliveries.

• Adjusted EBITDA: €-15,539k; EBITDA (HGB): €-18,797k (2024: €-11,738k).

• Net loss: €-21,768k (2024: €-15,229k).

• Total assets: €51,582k (2025) vs. €19,621k (2024); equity: €34,662k (2025) vs. €2,410k (2024); equity ratio: 68%.

• Cash and cash equivalents: €21,456k at year-end 2025.

Outlook and guidance

• Expects significant revenue growth in 2026, driven by CA-1 scaling, new recurring SaaS and service revenues, and first CA-M defense deliveries.

• Forecasts material improvement in EBITDA, though operating result to remain negative due to growth investments.

• Strategic acquisitions (Alberts NV, K-Robotics) to expand product portfolio and US market entry.