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).
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