Circus SE Doubles Down on Acquisitions to Close the Gap Between Ambition and Revenue

German robotics firm Circus SE acquires Alberts and Kitchen Robotics, pivots to defense contracts, and targets €55M revenue by 2026 despite modest sales.

The German robotics firm that generated just €250,000 in sales last year is betting big on M&A to hit a 2026 revenue target of up to €55 million. Within the span of a few months, Circus SE has snapped up two distinct companies — one to crack the US market, the other to deepen its European footprint — while simultaneously pivoting toward military contracts as a faster growth engine.

A Belgian Door Opener

In mid-April, Circus signed a binding agreement to acquire Alberts, a Belgian specialist in compact food production systems that fit on roughly one square meter. The deal fills a portfolio gap between the company's existing commercial kitchen installations and its military field robots. More critically, it brings an operational infrastructure already serving clients like Danone and Decathlon — a network that would have taken years to build organically.

The purchase price remains undisclosed, but Circus is paying in newly issued shares. Those shares come with a 30-month lock-up period, and the dilution impact on existing shareholders will depend on due diligence outcomes and the current share price. The closing is expected by the end of the second quarter. Alberts' management team is staying on, and the company is expected to contribute revenue within the current fiscal year — though Circus has left its €44 million to €55 million annual forecast unchanged.

A US Shortcut Through Kitchen Robotics

What started as a patent transaction in the fourth quarter of 2025 turned into a full company acquisition. Circus has now completed the takeover of US-Israeli firm Kitchen Robotics for a low six-figure sum — excluding financial liabilities, contracts, and employees.

The real prize isn't the hardware but the regulatory credentials. K-Robotics holds NSF-certified components and systems for food processing, a mandatory requirement for both military and commercial customers in the United States. Circus says it can deploy the technology immediately, pulling its planned US market entry forward from 2027 to the second half of 2026.

Defense Becomes the Growth Driver

Both acquisitions fit into a strategic pivot that Circus executed in the first quarter of 2026. The defense sector is now growing faster than the original core business of AI-powered cooking robots. In April, the company secured a procurement order from the Lithuanian armed forces for an autonomous supply robot in Vilnius. Active negotiations are underway with more than ten NATO member states.

The military outdoor robot has passed its prototype tests and is expected to generate revenue this year. Meanwhile, on the civilian side, Circus points to a base of 500 firm orders and thousands of non-binding pre-orders that represent a theoretical revenue potential in the billions.

Production Ramps Up, But the Market Remains Skeptical

On the manufacturing front, a partnership with Celestica has halved production time for the CA-1 from eight weeks to roughly four. Capacity is set to reach 64 units per month by the fourth quarter — well above the modeled annual demand of 205 units.

Yet the market remains unconvinced. The stock trades at €8.10, having lost roughly a third of its value since the start of the year. The RSI of 21 signals technically oversold conditions, reflecting deep skepticism about the company's ambitious projections. Last year's EBITDA loss came in at nearly €15 million, and management expects an improved but still negative EBITDA of minus €6 million to €8 million for 2026.

What's Next

The next major checkpoint arrives on June 3, when Circus publishes its first-quarter report. A quarterly operational update on July 16 will then detail how many pilot projects have converted into firm orders — and whether the NSF-certified K-Robotics technologies have started generating cash-paying US contracts. Until then, the gap between the production machine and the revenue engine remains the central question for investors.