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