In this WTR Small-Cap Spotlight showcase, host James Kisner joins virtually with WTR's Mike McCormack on the ground in Munich with Elena Coles, Head of Investor Relations at Circus SE (XETRA: CA1), the German AI robotics company building autonomous kitchen systems for commercial and defense customers. Coles walks through the portfolio: the flagship CA-1, which cooks up to six dishes in parallel on seven square meters and is deployed with Mercedes-Benz, REWE, Meta, and the Bundeswehr; the compact CA-A cup-based system from the Alberts acquisition; and the defense-focused CA-M, which replaces a field kitchen at roughly 5% of the staff. The conversation covers the Kitchen Robotics acquisition (30+ patents and NSF certification for US entry), a new proprietary ingredients program targeting up to 45% margins on a Nespresso-style razor-and-blade model, the Secura channel partnership into German industrial canteens, and the deliberate revenue shift from 2026 into a 2027 production ramp as CircusOS subscriptions and ingredient revenue scale with every deployed system.
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