Insider Purchases Signal Confidence in Circus Amidst Ambitious Growth Targets

Circus Robotics leadership buys shares after a 40% stock drop, betting on a revenue surge from 0.25M€ to over 44M€ in 2026 driven by its cooking robot and pilot projects.

In a notable display of conviction, key figures within robotics firm Circus have been acquiring company shares, with transactions clustered around a recent annual low for the stock. This activity comes as the company projects a staggering revenue increase for the coming years, setting the stage for a critical validation period.

Leadership Backs Its Vision with Capital

The company’s stock touched a 52-week low of €7.00 on February 24. The very next day, Dr. Jan-Christian Heins, Chairman of the Board of Management, reported a purchase of shares at €7.26, involving approximately €10,000. This followed several earlier acquisitions in late January and early February by a holding company linked to the CEO.

These mandatory disclosures, known as Directors' Dealings, highlight a striking timing. Since the start of the year, the equity has declined by over 40%. This downturn coincides with the company's 2025 financials, which revealed modest revenue of €0.25 million against a loss of about €15 million.

A Projected Revenue Explosion

Current financials clearly depict a business in its early stages: minimal income paired with significant capital requirements. However, management is forecasting a dramatic shift for 2026, anticipating revenue to surge to between €44 million and €55 million. This represents a potential increase by a factor of 175 to 220 compared to 2025. While EBITDA is expected to remain negative, it is projected to improve to a range of -€6 million to -€8 million.

This growth strategy hinges on rapid scaling: increasing deliveries of its CA-1 cooking robot and growing software revenue from its proprietary CircusOS platform. The long-term ambition is even more audacious, targeting €1 billion in revenue and an EBIT margin of 30-35% by 2028. Management points to over 8,000 pre-orders, representing a theoretical volume exceeding €1.6 billion, as evidence of underlying potential.

Pilot Projects Hold the Key to Commercialization

The transition from testing to commercial contracts is the crucial next step. Since January, under the "Circus Defence" banner, the company has been providing autonomous catering services to the German Bundeswehr in selected barracks. A separate framework agreement with the Ukrainian platform BRAVE1 aims to develop further autonomous defense systems.

On the civilian side, an eight-month pilot with retailer REWE in Düsseldorf is underway. Dubbed "Fresh & Smart," a fully autonomous robot prepares meals directly inside the supermarket. A decision on broader integration will follow an evaluation of customer feedback. Furthermore, starting in summer 2026, Circus is slated to begin servicing the Mercedes-Benz staff restaurant in Sindelfingen.

Scaling Production and Financing Models

Manufacturing of the CA-1, a complex unit comprising over 29,000 individual components, is conducted in cooperation with global production partner Celestica. The robot can manage up to 36 refrigerated ingredients, prepare five different meals simultaneously, and features self-cleaning capabilities. The entire process, from inventory management to handover, is coordinated by the company's AI software, CircusAI.

To improve customer accessibility, a planned leasing model with MMV Leasing is scheduled to launch in the first quarter of 2026. This initiative aims to convert the high upfront cost of the robot into predictable operational expenses, potentially boosting adoption among smaller businesses.

Future Capital Needs Under Consideration

Circus has confirmed it is currently evaluating options for raising additional capital, though no concrete decisions have been made. Given the substantial funding requirements and ongoing lack of profitability, further financing appears inevitable at some point; the terms of such a move, however, remain an open question.

The interim results from its various pilot programs will provide the essential data to determine if delivery volumes can truly scale and if future fundraising can be built on a solid foundation. The year 2026 will ultimately reveal whether the projected revenue explosion becomes reality or if the recent insider purchases remain a solitary vote of confidence.