Circus Turns to Retail Investors for €50 Million in Tokenized Bonds as Cash Burn Intensifies

Circus partners with FINEXITY to issue tokenized bonds up to €50M, targeting retail investors from €50. The pre-revenue robotics firm seeks to fund its CA-1 cooking robot and expand into defense and US markets amid a 65% stock decline.

Circus is taking an unconventional route to fund its robot army. The Munich-based robotics company has partnered with fintech platform FINEXITY to issue tokenized bonds worth up to €50 million, giving private investors a direct stake in its kitchen-robot ambitions through the new “VolksInvest” portal. Minimum commitments start at €50, a deliberate move to tap a broad retail base and reduce reliance on traditional bank lending.

The market reacted with a flicker of optimism on Friday. Shares touched €8.20 intraday after the announcement, a gain of roughly 1.5 percent, before settling back to close at €7.93 — down nearly two percent on the day. The stock has now lost more than 65 percent of its value since the 52-week high of €22.80, and is down 34 percent in 2025 alone.

A Business Still in the Pre-Revenue Phase

The capital injection comes not a moment too soon. Circus generated only €0.25 million in revenue during its 2024 fiscal year, while operating losses ballooned to €14.94 million. The company remains squarely in development mode for its CA-1 cooking robot, now boasting system availability above 90 percent — a technical milestone that management believes justifies the push toward series production.

Two parallel growth tracks are supposed to turn this around. On the gastronomy side, the company is pushing leasing models to lower the entry barrier for customers and drive production volumes. In defence, the Circus Defence unit has already completed initial operational tests at German military sites with the Bundeswehr, and is now in talks with more than ten NATO member states about automated troop-feeding solutions. Ukraine operations are also part of this year’s expansion plans.

The broader strategic play includes an entry into the US market, targeted for the second half of 2026. Circus secured key patents and certifications through its earlier acquisition of K-Robotics, and is also pursuing a planned takeover of Belgian specialist Alberts, though details remain pending.

Technical Bounce, But the Trend Remains Bearish

Despite the financing news, the chart tells a cautious story. The stock has recently crossed above its 20-day moving average, a modest bullish signal that some analysts interpret as early evidence of a base forming. But the 200-day average sits at €12.09, roughly 34 percent above the current price. A sustainable turnaround is still a long way off.

The next major catalyst for the company is the Cantor European Summit in Hamburg this May, where management is expected to present its growth strategy to an institutional audience. More concrete answers may come with the quarterly report, due in June 2025. Investors will be watching for tangible signs that pilot projects are converting into real revenue — and that the €50 million bond raise can bridge the gap to production at scale.

An annualised volatility of roughly 100 percent underscores just how much the stock depends on binary outcomes. If the upcoming milestones disappoint, selling pressure could return as quickly as it has abated. For now, Circus has bought itself breathing room — but the clock is ticking on delivery.