Circus SE Leases Robots at €4,000/ Month to Unlock Billions as Defence Orders Grow
12.06.2026 - 15:32:04 | boerse-global.de
Circus SE is betting its leasing model will slash sales cycles by up to 70%, giving customers access to its autonomous robotics for a flat €4,000 monthly fee — no upfront investment. The strategy, backed by partnerships with Siemens Financial Services and LBBW’s MMV Leasing, is designed to convert a bloated order backlog of 550-plus firm systems and billions in non-binding pre-orders into recurring revenue. But with Q4 2025 marking the first million-euro series sales and an adjusted EBIT of –€15.3 million, the gap between ambition and profitability remains cavernous.
Montega sees the operating break-even arriving no earlier than 2027, while the stock’s trajectory tells a bleaker story. After a brief respite on Friday — shares climbed 4.5% to €6.71 — the year-to-date loss stands at 44%, and the one-year decline has reached 55%. The intraday range for 2026 so far spans €5.38 to €12.80, a volatility band that underscores deep market uncertainty. Thursday’s 0.77% gain to €6.55 was preceded by two consecutive drops of 6.07% and 2.26%, and analysts attribute the moves to technical trading rather than fresh corporate news.
The defence pivot offers a counterpoint to the bearish sentiment. Circus’s technology is already deployed at a secured Bundeswehr site, the Lithuanian armed forces have placed an order, and the company is in talks with more than ten NATO member states, including plans to supply Ukrainian soldiers. The CA-1 robot’s uptime has improved to over 92%, daily maintenance is down to 1.5 hours, and the defence segment is growing faster than originally anticipated.
Should investors sell immediately? Or is it worth buying Circus?
Analyst targets for Circus reflect wildly divergent views on how quickly that momentum can be monetised. Montega pins the fair value at €10, while mwb research sets a €46 target — a spread of 360 percentage points. The discrepancy hinges on differing assumptions about the pace of scaling and the ability to monetise the CircusOS operating system.
The financial foundation for those calls rests on preliminary figures released on 29 May. Revenue for the full year 2025 hit €1.5 million, up from €250,000 a year earlier, but deliveries only began in the fourth quarter. Adjusted EBITDA widened to –€15.3 million from –€11.9 million, confirming that losses are growing faster than sales. The audited annual report, due on 30 June, will provide the first hard look at liquidity and operational metrics, followed by a management update on 16 July. Until then, Circus remains a story of billion-euro potential wrestling with a €15.3 million quarterly loss.
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Circus Stock: New Analysis - 12 June
Fresh Circus information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
