Circus SE's Delivery Dilemma: A Robotic Kitchen Dream Awaits Its Orders

Circus SE faces investor pressure to convert 550+ robot pre-orders into revenue. Despite a key acquisition and defense contracts, production bottlenecks slow growth.

Investors in Circus SE are demanding proof that its robotic kitchen ambitions can translate into hard cash. The Munich-based company, which recently announced the acquisition of Belgian food robotics specialist Alberts, is caught between a surge in pre-orders and a painfully slow production ramp-up. Despite reporting over 550 pre-orders for its flagship CA-1 robot, current monthly output stands at a mere eight units.

The stock market’s reaction to the acquisition news was notably tepid. Shares slipped nearly two percent on Friday to close at EUR 9.14. While the stock shows a robust 39 percent gain over the past month, it remains down almost 24 percent since the start of the year, failing to break a longer-term downtrend. The market’s caution stems from a clear demand: after more than 500 reported pre-orders, investors now want to see tangible revenue.

Production Bottlenecks and Expansion Plans

The core challenge is scaling manufacturing. The company’s system availability has now surpassed 90 percent, a critical threshold for industrial scalability. Production capacity has increased by more than half year-over-year. Current plans aim to double monthly output to 16 units this summer, with a target of reaching 64 machines per month by the end of 2026. Manufacturing partner Celestica theoretically has the capability to produce thousands annually, but Circus must first convert interest into firm contracts.

This pressure to deliver is set against an ambitious revenue target of one billion euros by 2028, a goal not yet reflected in its current market valuation. The upcoming Cantor European Summit on May 20 is seen as a key event where management is expected to provide concrete details on integrating Alberts and updates on NATO logistics projects.

Strategic Moves: Acquisition and Military Push

The acquisition of Alberts, announced in mid-April, is a strategic move to expand Circus's market position. The Belgian firm builds compact food robots requiring just one square meter of space, making them ideal for office lobbies or gyms, with existing clients including Danone and Decathlon. Circus will pay for the deal with its own shares, the final number dependent on the share price and ongoing due diligence. These new shares will be subject to a 30-month lock-up period, with the transaction slated for completion by the end of June, at which point Alberts is expected to contribute immediately to revenue.

Alongside its commercial push, the defense sector is becoming a major focus. The Circus Defence division began active deployments at Lithuanian military sites in mid-April. Following earlier test runs with the German Bundeswehr and Ukrainian forces, the company plans initial deliveries of its mobile CA-M V1 system in the third quarter of 2026. These units are designed for autonomous troop supply in critical deployment zones. A new, larger headquarters in Munich will support this rollout, doubling development capacity.

The Crucial Conversion Test

The path forward hinges on converting pilot projects into firm, large-scale orders. Current tests are extensive: REWE is evaluating the system in Düsseldorf, with a decision on a broader rollout not expected until autumn after a multi-month trial. Mercedes-Benz plans to begin deployment in Sindelfingen this summer. For now, the discrepancy between demand and delivery defines the company's narrative. Until major clients like REWE move beyond the testing phase, the final validation of the business model remains pending. Binding rollout plans are the only catalyst that can bridge the gap between pre-orders and actual shipments.