The FBR Limited (ASX: FBR), formerly known as Fastbrick Robotics Limited and based in High Wycombe, Australia, is engaged in designing, development, and commercialisation of robots for clients specifically in the construction sector as well as other industries across the country. One of its flagship products is the revolutionary bricklaying robot Hadrian X, which uses computer-aided design (CAD) for the 3D model of the building design with speed and precision. This helps to calculate the material list.
On February 11th, 2019, FBR announced its significant technical and commercial milestone of completing world’s first ever outdoor build using the construction robot Hadrian X at High Wycombe facility, giving testimony to its real-world utility in outdoor conditions. The robot successfully operated at night in low-light conditions in summers demonstrating its capability in a range of environmental surroundings. The project is called Build1 and comprises a three-bedroom, two-bathroom home structure. The activity is part of the ongoing outdoor testing program which is continually capturing new learnings.
Further, the company will be assessing the performance results and introducing some improvements to the Hadrian X and planning to put it to testing in the winter months as well.
Preceding to this, in early February, FBR had signed a Memorandum of Understanding (MoU) with Brickworks Building Products Pty Ltd, a wholly owned subsidiary of Australia-based Brickworks Limited, a supplier of building products. The MoU binds the collaboration initiative by both the parties for the construction of structural walls of residential buildings in Australia. It sets out the key terms on which FBR and Brickworks plan to operate a 50-50 joint venture (JV) for a probationary 3-year period to put FBR’s WaaS business model and Hadrian X into commercial usage for the Australian Builders.
According to the agreement, Brickworks would exclusively manufacture customised blocks for licensed optimised use by the Hadrian X. It was decided that following the JV, Fastbrick would begin pilot operations in Perth, Western Australia with a primary focus on residential construction. FBR foresees global commercialisation and outreach of their technology upon the success of this joint effort to leverage on respective strengths for mutual growth of both the parties.
FBR also released its quarterly update for the three months ending December 31st, 2018. As per the consolidated statement of cash flows, the operating activities caused high cash burns of AUD 1.56 million, mainly resulting from advertising, marketing, corporate costs and administration expenses. Besides, there were massive cash outflows reflected from some investing activities comprising payments to acquire property, plant and equipment; cash flows to other entities; Hadrian Development costs as well as the cost of staff engaged in the same. There were reportedly no financing activities during this period. However, at the back of existing bank balances of AUD 5.2 million and call deposits of AUD 17 million, the cash and cash equivalents at the end of the quarter stood at AUD 1.50 million. Cash outflows for the next quarter are estimated at ~AUD 6.5 million.
FBR has a market capitalisation of AUD 161.42 million on the ASX. With the close of the last trading session, the FBR stock was trading at AUD 0.135, up 3.8465%.
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