Circus SE Stock Leaps 13% as Production Ramp and Dual Acquisitions Open New Fronts in Defence and North America

Circus SE’s shares surged more than 13 percent on Monday, hitting €7.36 on heavy volume of nearly 160,000 shares, as investors digested the company’s transition from research labs to full-scale manufacturing. The robotics and artificial intelligence specialist reported a sixfold increase in revenue to roughly €1.5 million for fiscal 2025, marking the end of its first product’s development phase and the start of industrial serial production.

The jump, however, masks a protracted bear market. The stock is still down nearly 39 percent year-to-date and trades well below its 50-day moving average of €7.72. At the current price, it is a shadow of the 52-week high of €23.50, though it remains safely above the year’s low of €5.28. The divergence between the operating milestone and the share price reflects heavy upfront costs: unadjusted EBITDA came in at minus €18.5 million, driven by investments in core AI systems, control software for autonomous supply installations, and the build-out of international supply chains.

Management has been busy reshaping the business through two strategic acquisitions. The purchase of Fully AI has opened a door into the defence sector, where Circus is already deploying its kitchen-robotics technology to produce meals at industrial scale for military environments. The Lithuanian armed forces are using the system along NATO’s eastern flank, and trials are underway at Bundeswehr sites. In a separate move, the takeover of K-Robotics has pulled forward the US market entry to the second half of 2026, a full year ahead of the original 2027 timeline.

Should investors sell immediately? Or is it worth buying Circus?

Analyst sentiment is cautiously optimistic. mwb research flags an impending turning point, pinning the second half of 2026 as a decisive milestone for Circus Defence. Montega maintains a €10.00 price target, betting that the company’s global scaling push will eventually translate into profitability. The next catalyst could come in August, when the annual general meeting is expected to provide further detail on Circus’s commercialisation roadmap. For now, the stock remains a high-risk bet on the industrialisation of AI-powered robotics, tethered to revenue that is still minuscule relative to the losses required to generate it.

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