In this episode of the WTR Small-Cap Spotlight, host Tim Gerdeman and technology analyst James Kisner are joined by Nikolas Bullwinkel, Founder and CEO of Circus SE (Frankfurt: CA1). Bullwinkel previously co-founded quick commerce company Flink, scaling it to a multi-billion Euro valuation before launching Circus to bring full autonomy to the trillion-dollar food service industry. The CA-1 robot replaces entire canteen operations in hospitals, airports, and corporate environments—producing 100 meals per hour with integrated AI, sensors, and the proprietary Circus OS software platform. Bullwinkel highlights the company's razor-blade business model, with each robot adding approximately €100k in annual recurring revenue. Defense applications are accelerating as armed forces seek to modernize logistics infrastructure, with Circus's container-based CA-M deploying in minutes versus hours for traditional field kitchens. With 800,000 meals tested, 40 patents, production partner Celestica ramping capacity, and an order book exceeding 500 units, Bullwinkel characterizes 2026 revenue guidance of €44-55M as conservative and outlines a long-term vision for building a global nutrition intelligence platform.
