Circus SE Secures Strategic NATO Contract as Management Bets on Turnaround

Munich's Circus SE secures a strategic NATO contract for AI supply robots in Lithuania, accelerating its shift from food tech to defense. The firm eyes revenue growth with 500 robot orders.

A new contract with the Lithuanian military has cemented Circus SE's strategic pivot from food tech startup to a defense technology supplier on NATO's eastern flank. The Munich-based robotics specialist will deploy its AI-powered autonomous supply robots to barracks in Vilnius, with integration slated for 2026. The location, bordering Belarus, grants the deal high strategic importance, and the Lithuanian armed forces plan to evaluate the systems in real-world conditions and during multinational NATO exercises.

This international win follows closely on the heels of the company's first delivery to the German Bundeswehr in January. The broader strategic shift was formally anchored last November with the establishment of a dedicated subsidiary, Circus Defence SE. The company, which began in civilian food service, is now building a footprint at a central hub of European security architecture.

Despite the operational progress, investor sentiment has been mixed, reflecting a stark historical divide between vision and revenue. Last year, the company reported minimal revenue of €250,000 against an operating loss of nearly €15 million. The stock's year-to-date loss still hovers around 35%. However, recent trading shows signs of life: the share price has stabilized, posting a solid 22% gain over the past week. It currently trades at €7.58, having recently reclaimed the 50-day moving average at €7.48.

Management confidence appears robust. In the first quarter, both CEO Nikolas Bullwinkel and Chairman of the Board Dr. Jan-Christian Heins significantly increased their personal shareholdings. This insider buying underscores belief in the company's ambitious roadmap. To hit its full-year revenue target of €44 to €55 million, Circus is accelerating the series production of its CA-1 robot with global manufacturing partner Celestica.

The commercial foundation for this scale-up is growing. The company now holds firm orders for 500 robot units spread across approximately 40 customers. Beyond defense, civilian pilot projects are advancing. REWE is testing the technology in Düsseldorf, and Mercedes-Benz Gastronomie plans a deployment at its Sindelfingen plant for summer 2026. The Bundeswehr is concurrently testing the system for autonomous barracks catering.

The critical near-term test will be the conversion of this order backlog into tangible revenue. Investors will get their first concrete look at this progress with the upcoming quarterly figures in April. Management is also scheduled to address the strategy and production ramp-up at several key events, including the Metzler Small Cap Days in Frankfurt on April 14, a virtual Quarterly Update Call on April 16, and the Invest fair in Stuttgart on April 17. Their ability to detail a credible path to mass production with Celestica will be scrutinized, as it represents the final shift from a loss-making history to a delivery-driven valuation.