On 28 September 2018, FBR Limited (ASX: FBR
) announced that the fully operational build of its Hadrian X construction robot is completed and after the release of this news FBR’s share prices increased by 12.121% as on 28 September 2018. The company will now start the Factory Acceptance Testing in which Hadrian X will build structures in different configurations within a controlled environment. The DST technology of the company is functioning as intended with the Hadrian X and the company is focused on completing the first build of the house with the world first fully automated, end to end brick laying robot. It is expected that in the second half of calendar year 2018, the company will finish its Built1 which is the first build of a 3-bedroom, 2-bathroom structure by the Hadrian X.
In the FY2018, the company’s revenue from ordinary activities increased by 207% to $535,486 compared to previous year. Company’s loss from operating activities after tax increased by 277% to $7.12 million primarily due to increase in procurement and staff costs as the Hadrian X programme is getting closer to the demonstration stage. The company maintained a strong financial position at the end of FY 2018 with $21.96 million in cash and $8.16 million in receivables. The net tangible assets per share increased from 1.19 cents in FY 2017 to 2.72 cents in FY 2018. In June 2018, the company entered into a strategic collaboration agreement with GP Vivienda to evaluate pilot testing programmes for Hadrian X in Mexico and to discuss the opportunities for future uses of company’s core Dynamic Stabilization Technology. The company is planning to continue the Hadrian X programme towards commercialization in FY 2019 and it is also planning to invest in the company’s intellectual property portfolio and its employees. Focus of the company during FY 2019 will be the demonstration of Hadrian X construction robot and further refinements to its operating performances and complete its extensive Testing Process.
In the last six months, the share price of the company increased by 10% from $0.150 to $0.165 as on 27 September 2018. FBR’s share traded at $0.185 with a market capitalization of $175.21 million as on 28 September 2018.
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