Fastbrick Robotics Ltd.’s Shares Mounted On ASX After Providing Update On Its Hadrian X Programme

  • Nov 14, 2018 AEDT
  • Team Kalkine
Fastbrick Robotics Ltd.’s Shares Mounted On ASX After Providing Update On Its Hadrian X Programme

On 14 November 2018, Fastbrick Robotics Limited (ASX: FBR) provided a market update on its Hadrian X programme, following which the share price of the company increased by 19.394 percent. The company announced that that it has successfully demonstrated its robotic home building technology by building 3-bedroom, 2-bathroom home structure in less than the targeted total elapsed time of three days. As per the company’s release, it is the most significant technical milestone completed to date in the Hadrian X programme.

The recently completed Factory Acceptance Testing (FAT) was conducted at FBR’s test facility, with the Hadrian X focused on demonstrating three key structures. Among the three structure, one is a two-course structure with a full combination of brick sizes, cuts and laying configurations and one is an 11-course pillar structure to demonstrate the Hadrian X’s ability to build from slab to cap height and last one is a two-room structure which demonstrates the Hadrian X’s ability to build a larger structure on a slab from a 3D CAD model with the required accuracy.

The board has determined that the successful build of a full home structure using the Hadrian X also meets a Performance Condition relating to the issue of 6,600,000 shares in accordance with the Company’s Performance Rights Plan approved by shareholders on 6 October 2015. The company’s chairman Mr. Richard Grellman said the independent members of the Board are satisfied that the team has achieved what it set out to do, meeting all the necessary criteria. He further told that he is awarding the performance shares to both staff members and the founders of the Company in recognition of all their hard work bringing the Hadrian X to life.

In the September quarter, the Company announced that it has completed the Hadrian X commercial prototype which involved the successful commissioning of the internal modules of the Hadrian X. Recently, the company announced about entering into a Global Partnership Agreement with European block-making giant Wienerberger AG for the purpose of developing, manufacturing and testing clay blocks which are optimized for the Hadrian X construction robot. On 28 September 2018, the Company announced that it received a research and development tax incentive cash refund of about $7.37 million for FY 2018.

In the FY18, the company’s revenue from ordinary activities increased by 207 percent to $535,486 as compared to last year. Company’s loss from ordinary activities after tax attributable to members increased by 277 percent to $7.12 Mn in FY18 driven by the increase in procurement and staff costs. The net tangible assets backing per share increased from 1.19 cents per share in FY17 to 2.72 cents per share in FY18. The basic and diluted loss per share increased from 0.36 cents in FY 2017 to 0.75 cents in FY 2018.

In the last six months, the share price of the company decreased by 13.16 percent as on 12 November 2018. FBR’s shares traded at $0.195 with a market capitalization of circa $176.3 million as on as on 14 November 2018 (AEST 2:44 PM).


Disclaimer

The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

 

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK