Circus SE Chairman Buys €10,757 in Shares as Revenue Forecast Crumbles 90%
Published on 07/21/2026 at 04:12 | Redaktion boerse-global.de
The chairman of Circus SE has stepped in to buy stock at a time when the company’s shares are under intense pressure, but his €10,757 insider purchase on July 17 at prices between €2.15 and €2.16 per share represents only a modest vote of confidence in a business that just slashed its full-year revenue outlook by more than 90%. The transaction, disclosed by the company on July 20, came as the robotics firm’s stock dropped a further 8.96% on Monday to close at €1.96, extending a 30-day rout that has wiped out 67.48% of shareholder value.
The trigger for the sell-off was a guidance revision released on July 16 that effectively upended the company’s growth narrative. Circus now expects 2026 revenue of just €5.2 million, down from its earlier target range of €44 million to €55 million. The new forecast, though representing a more than tripling of last year’s €1.6 million turnover, falls far short of the ambitious plan management had laid out. At the same time, the company guided for an EBITDA loss of roughly €17 million, compared with the previously expected deficit of €6 million to €8 million, citing operational bottlenecks in scaling its autonomous systems.
Analysts responded swiftly and severely. On July 20, Montega AG downgraded the stock from "Buy" to "Hold" and slashed its price target from €10.00 to €2.20, pointing not only to the guidance cut but also to unresolved unit-economics challenges. A day earlier, mwb research had cut its target from €46.00 to €8.40 and lowered its rating to "Speculative Buy", signaling a sharp increase in perceived risk. The dual downgrades underscore how far the company’s commercial rollout has fallen behind expectations.
Should investors sell immediately? Or is it worth buying Circus?
Amid the turmoil, the technical picture has turned deeply oversold. The 14-day relative strength index stands at 13.4, a level that often precedes a mean-reversion bounce but that has so far done little to stem the selling. The stock’s market capitalisation has shrunk to €55.87 million as the market prices in a far slower path to profitability.
The guidance shock has overshadowed several operational milestones that might otherwise have drawn positive attention. Circus recently secured regulatory approval for the United Arab Emirates and launched a commercial rollout in Abu Dhabi. It also acquired full control of Belgian food-robotics company Alberts and purchased the patents and software of Kitchen Robotics in April to pave the way for a US market entry in the second half of 2026. In Ukraine, the company’s autonomous meal-supply systems went live with the 3rd Assault Brigade of the Ukrainian Ground Forces near Kyiv, after receiving certification from the state food safety service – marking the first deployment of such technology in an active conflict zone.
On the leadership front, Nikolas Bullwinkel has become sole CEO, while former co-CEO Claus Holst Gydesen moves to the advisory board. CFO Fabian Becker has left the management team. The reshuffle comes as Circus pushes some project deliveries into fiscal 2027 to strengthen system reliability, a move the company says its financial position can support.
Chairman Dr. Jan-Christian Heins’ purchase, though small in absolute terms, signals that the board remains committed to the dual-use strategy targeting both civilian and military customers. Whether that conviction is enough to restore investor confidence will likely become clearer at the annual general meeting scheduled for August 20. For now, the €2.15 insider buy stands as the only direct signal from the top floor that the company’s leadership believes the robot maker’s story is far from over.
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Circus Stock: New Analysis - 21 July
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