Circus (CA1) Status update summary

Strategic Focus and Operational Update

• Strategy prioritizes operational scalability, cost efficiency, and profitable growth, with some growth targets and deployments shifted to 2027 for better capital allocation and system unit economics.

• Emphasis on building a seamless ecosystem around autonomous food robotics, including ingredient supply, service, and maintenance, to ensure long-term scalability and customer satisfaction.

• Operational KPIs show declining technical issues, improved system uptime, and a 16.4% reduction in average daily handling time, but highlight the need for better human interaction and supply chain integration.

• New ingredient supply chain model launches in August, expected to boost margins from 2-4% to 45-50% by owning the supply chain; batch production and logistics improvements, including partnerships and new hardware systems, support more efficient deployments.

• Operational efforts and costs for onboarding and integration have not scaled as planned, prompting a shift in strategy and moderation of new deployments in FY2026.

Financial Guidance and Capital Allocation

• FY2026 revenue guidance reduced to €5.2 million from a previous range of €44–55 million, with EBITDA guidance at approximately €-17 million, reflecting delayed revenue and continued high R&D investment.

• Revenue for 2025 projected at €1.6 million, with plans to triple revenue and expand to 50 systems across nine countries and 25+ enterprise clients.

• Growth pace slowed for 2024 and 2026, with significant expansion deferred to 2027 to prioritize operational improvements and avoid legacy issues.

• €50 million in fresh capital raised in 2023 provides runway for current operational focus; funding remains sufficient to support ongoing investments and the revised rollout schedule into FY2027.

• Integration of i-ROBOT expected to contribute to revenue in H2 2024, with major ramp-up in 2025.

Market Expansion and Customer Feedback

• Achieved European market leadership in H1, doubling system roll-out by year-end and expanding into 7 countries, including Ukraine, UK, and UAE.

• Over 15 enterprise clients live, with 25 operational systems scaling towards 50 by year-end; strong growth in defense and employee catering sectors.

• Strategic partnerships, such as with Secura, drive operational excellence and market entry into new sectors like automotive and care.

• Customer feedback highlights ease of use, intuitive design, and significant time savings, especially in defense applications.

• Ukrainian market entry highlighted as a key focus area for FY2026.