Robot home-builder FBR is generating hype but yet to make money
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There’s no doubt FBR (ASX:FBR), formerly known as Fastbrick Robotics, is one of the highest-profile small caps on the ASX.
That makes sense when it’s selling point is a robot that can build a home in three days.
But as it seeks to prove its technology can be a winner in the home-building industry, it is running at a loss and only generating income from interest — for the time being.
The company has been recently unveiling videos of its one-armed ‘HadrianX’ robot building walls outdoors.
FBR’s original plan to make money was to sell the robots, but it ditched that idea in favour of what it is calling ‘Wall as a Service’, or selling walls built by the robots.
It has also just raised $17 million from institutional and sophisticated investors to accelerate commercialisation of HadrianX, underlying the interest it is garnering.
Its half-year report, however, shows that it is taking time for the new strategy to come together.
Its income for the half-year was $146,563, all interest. It made a loss of $4.6 million, worse than last year’s $3 million, and cash in the bank fell from $40 million to $14.5 million — but that doesn’t include the $17 million it has raised since.