FBR is c. $110m market cap - Just announced what looks like a significant JV in the US with a builder. The company is still yet to turn a profit (or revenue for that matter), so from my perspective a bit too early for me and I don't hold here or IRL - but still researching and monitoring.

My initial thoughts are:

Positives - founders still have reasonable stakes and still involved in the business, Brickworks the main shareholder at c. 20% and have lifted it recently, FBR appear to be doing successful trials in WA and now have a new deal in the US. Provides some interesting productivity benefits for builders/developers (I'd be interested what it can do for builder margins/prices) and the possible market is huge - basically the market could be most new brick builds (not sure what size market that is though?).

Risks - announced a new cap raise today, and still making losses (c. $20m last year), so likely future raises and dilution a possibility - given cash was $13m recently and just raising $12m could need more raises before it turns cash flow positive. The deal in the US looks exclusive so have they tied themselves into the right party (and if not, how easily can they get out).

Is anyone else following and have further thoughts - I'll post more as I find out more,

Rich

https://www.fbr.com.au/upload/pages/20240228091001/2687507-half-year-accounts.pdf

There's a state-of-play at the top of the financial report.

They are waiting on delivery of their second-generation robot (from Germany, I think), to be attached to a US truck chassis and sent to Florida to demo-build the walls on 5 to 10 residential houses. Timing is unclear but as soon as possible.

They have already built the walls on 15 or so residential houses in Perth.

They have a binding agreement with CRH, a construction entity in the USA and Europe. Successful completion of the Florida builds would trigger the ordering of 20 truck-mounted robots at $40 million.

I just hope this is real and that the patents are solid. But since Brickworks are a significant shareholder, I am tagging along for what could be an interesting ride.

I don't know what the value should be, but I can't help imagining more than $100 million if the story is legit and developers like the product.

It would be good to hear from any home builders about first impressions and any practical considerations. There are some videos on fbr.com.au and youtube.

FBR has listed on OTCQX in the USA. Not entirely sure what that means for the SP but it's setting the stage for something.

I know this company is basically a gangly teenager, but it looks to me like they do have some coordination skills.

Note that their next big event will be a demo build in Florida, and their manufacturer, Liebherr, has a service centre in Florida.

Overview:

FBR Ltd (FBR, formerly Fastbrick Robotics Ltd) designs, develops and builds stabilised robots to address global needs. These robots are designed to work outdoors using the FBR's Dynamic Stabilisation Technology. FBR is commercialising products for the construction sector together with DST- enabled solutions for other industries. The first application of DST is the Hadrian X, a construction robot capable of building the walls of a structure from a 3D CAD model.

Hadrian X:
Hadrian X is a unique construction robot mounted into a classic cab over engine truck to easily transport it to and from a location for on-site building. Using FBR's Dynamic Stabilisation Technology (DST), Hadrian X measures movement caused by wind, vibration and inertia and counteracts it in real time using advanced algorithms to provide precision. Its unique control system uses CAD (Computer-Aided Design) to create a 3D model of the building design, which is then used to calculate the materials list and tell Hadrian X what to build - all with precision. Hadrian X builds walls using the Fastbrick Wall System, made up of uniquely designed blocks and adhesive for continuous construction. In July 2020, the first display home built by an end-to-end autonomous bricklaying robot anywhere in the world was completed in Dayton, a residential suburb in Western Australia. The Hadrian X built a 3-bedroom, 2-bathroom home in Dayton on a site bordered by 7 occupied homes with an average lay speed (during up time) was 146 blocks per hour, or 671 standard brick equivalents (SBEs) per hour. Further in September 2020, Hadrian Xr had completed the structural walls of a commercial and community centre in Byford, Western Australia. This was the first non-residential structure the Hadrian Xr had built, and the first time the Hadrian X had built both the internal and external leaf of a double brick cavity wall with a slab step-down with an The Hadrian X achieved an average laying speed during uptime of approximately 174 blocks per hour, or approximately 800 SBEs per hour.

Observation:

FBR, I saw these yrs ago at 0.20c so not much fabrication going with profits and share price here.

@BKW

FBR Limited is an Australia-based robotic technology company. The Company designs, develops and builds stabilized robots to address global needs. The Company’s robots are designed to work outdoors using the Company’s Dynamic Stabilization Technology (DST). It is commercializing products for the construction sector together with DST, which enables solutions for other industries. The Company has built a bricklaying machine, Hadrian X. The Company's Hadrian X builds block structures from a three-dimensional (3D) computer aided design (CAD) model, producing less waste than traditional construction methods while improving site safety. Hadrian X provides Wall as a Service (WaaS) to deliver erected walls to customers, including builders, contractors and government bodies.

Positive Commentary in the Brickworks AGM release today...