FBR (FBR) H2 2024 earnings summary

Executive summary

• Entered a transformational partnership with CRH Ventures for US market entry, including a demonstration program and joint venture option for Wall as a Service (WaaS) in the US.

• Completed significant construction projects in Australia, including 16-townhouse Willagee and 8-townhouse St James developments using Hadrian X robots.

• Advanced next-generation Hadrian X robot, achieving lay rates exceeding 340 blocks per hour and modular design for scalability.

• Raised $18.8 million in new equity and completed several share-based incentive programs.

• Deployed first next-generation Hadrian X to the US, with successful site acceptance testing and first US home completed.

Financial highlights

• Reported revenue of $836,711, down from $1,662,676 year-over-year.

• Pre-tax loss of $27,773,437, compared to $26,652,562 in the prior year, mainly due to continued R&D and US expansion.

• Cash and cash equivalents at year-end were $3,742,280, down from $12,397,405.

• Net assets of $61,042,083, with total equity raised to $168,411,855.

• R&D tax incentive income of $5,211,506 recognized.

Outlook and guidance

• Focused on scaling WaaS model in the US and other key markets, with CRH Ventures JV option pending demonstration milestones.

• Anticipates increased staff numbers and further international expansion.

• Plans to seed new R&D projects leveraging DST technology for adjacent applications, including 3D concrete printing.