Earnings call transcript: FBR Limited focuses on growth with reduced cash burn in Q1 2025

FBR Limited (ASX:FBR) is making strides in its financial performance by significantly reducing its annual cash burn from over $34 million to between $10-12 million, as revealed in its most recent earnings call for Q1 2025. With a current market capitalization of $21.66 million, the company remains pre-revenue, but it is concentrating on minimizing capital funding needs and generating initial revenue. The stock price remained unchanged after the earnings announcement, reflecting stable investor sentiment. According to InvestingPro analysis, the company’s Fair Value indicates it may be undervalued at current levels.

Key Takeaways

• FBR has reduced annual cash burn significantly, aiming for sustainability.
• The company is pre-revenue but is working on generating initial income.
• FBR’s Hadrian X technology has built over 40 dwellings globally.
• The company is consolidating operations to reduce costs.
• FBR aims for commercial deployment in the second half of 2025.

Company Performance

FBR Limited is focusing on improving its financial health by reducing operational costs and capital funding requirements. The company has consolidated its premises from three to one, aiming to cut down on operational expenses. Despite being pre-revenue, with last twelve months revenue of just $0.46 million, FBR is actively working on generating initial income through option fees and demonstration projects. InvestingPro data shows the company maintains a healthy current ratio of 1.88, indicating strong short-term liquidity position. Get access to 15+ additional ProTips and comprehensive financial analysis with an InvestingPro subscription.

Financial Highlights

• Cash burn: Reduced from over $34 million per annum to $10-12 million per annum.
• Revenue: Minimal, with income from option fees and demonstration projects.

Outlook & Guidance

FBR is targeting initial commercial deployment of its technology in the second half of 2025. The company is focusing on the U.S. and Australian markets and exploring alternative applications for its technology, such as shipbuilding automation and solar farm installation. Future revenue forecasts for FY2025 and FY2026 are $1.34 million and $8.84 million, respectively.

Executive Commentary

Mark Pivak, CEO, emphasized the company’s shift from demonstration to productivity, stating, "The time of demonstration’s over, and it’s time for us to get productive and profitable." He also highlighted the company’s strategy to generate revenue and leverage existing assets, noting, "Our strategy is now very much focused on generating revenue and leveraging the assets we have."

Risks and Challenges

• The transition from pre-revenue to generating income poses a risk.
• Dependence on successful deployment of Hadrian X technology.
• Potential challenges in entering and expanding in new markets.
• Economic conditions affecting construction and related industries.
• Competition from traditional and other automated construction technologies.

FBR Limited is strategically positioning itself for growth and profitability, with a focus on innovation and cost reduction. As the company prepares for commercial deployment, it remains to be seen how it will navigate the challenges ahead and capitalize on its technological advancements.

Full transcript - FBR Ltd (FBR) Q3 2025:

Andrew, Webinar Moderator, FBR Limited: Participants, be advised that this webinar is being recorded. Welcome to FBR Limited’s CEO update webinar. We are joined by FBR’s CEO and founder, Mark Pivak. The structure of this webinar session will involve a presentation given by FBR, and will be followed by a question and answer session.

Participants will remain muted throughout the webinar and will have the opportunity to submit questions via the chat function. Function. And on that note, I will now hand over to Mark Pivak. Mark, over to you.

Mark Pivak, CEO and Founder, FBR Limited: Good morning, everyone. I’m Mark Pivak, CEO at FBR. FBR has a lot of opportunity ahead of it. And whilst we’ve recently been through some turbulent and tough times, I really wanna stress that the team we have is really passionate and the tech we have so good, the market’s so big that I really do think that FBR has what it takes to succeed. I’ll run through a few things related to our March quarterly and the recent restructure.

I also wanna look to the future because I’m sure that’s what really interests us. Right now, I think it’s important that I focus on and deliver some stability to FBR, continuity, and articulate a clear strategy to deliver on our targets and drive efficiency in our business and the construction industry and reduce cost while maintaining capability. I think it almost goes without saying that we need to preserve our core asset, which is IP, and we’re also at a point where we need to start generating revenue. FBR’s got unique robotic technology and DST to accurately place an object through booms outdoors. Cole Shivers, the CEO, and myself remain committed to driving early revenue, targeting multiple market entry strategies, and finding opportunities globally.

We’ve retained capability to ensure this is achievable. SHRI or Samsung Heavy Industries presents a big opportunity. To truly understand the scale of shipbuilding in Korea, you have to visit it. I have. It’s massive.

From day one, we’ve talked about opportunities for DST, and this really is a good one that’s very likely to happen. The USA is a big opportunity as well. Sure. They’ve got some political and economic issues right now, but the data I’m seeing suggests the residential housing market is still huge with plenty of scope for Hadrian robots to service it. One potential partner in CRH decided to not proceed with a fairly complex JV option, but that doesn’t mean there isn’t a market there and an incredible opportunity for Hadrian and Wall as a Service.

We’re currently looking at multiple projects with smaller and large builders, developers, and material suppliers. I’m convinced that WAS can be profitable. H three is still in The USA because we think there’s real opportunity for it and many more Hadrian robots there. H four is being commissioned, we plan to have it delivering commercial wall as a service project in the second half of twenty twenty five. We’re already in discussions with potential customers building a pipeline of commercial work for h four.

Now as outlined in the quarterly, we dramatically reduced costs as part of a rationalization program to focus on revenue opportunities. We’ve taken an immediate hit with some one off costs associated with the restructure, but long term, we’ve reduced our cash burn to around 10 to 12,000,000 per year. And whilst we’ve dramatically reduced our costs, it was something we had to do given that we’d scaled up to meet some of the demanding delivery terms of the JV, and we no longer have to do those things, and we can’t really justify those big costs without a revenue stream to back it. We have, however, maintained our core capability to operate Hadrians, commission Hadrians, manufacture and support both spare parts and complex machines, develop technology, and complete the SHI development if and when it happens. As well as maintaining our relationship with Libre as a potential manufacturing partner in the future.

Now FBR is all about bringing automation efficiency to industries that are still really manual. Our robotic DST solution enables big long booms to work accurately. This is a game changer for the construction industry. We have really talented robotics team with a wide range of engineers ranging from mechanical to mechatronic, the programming and control systems, and many other skills. FBR also has a skilled and well equipped workshop.

Whilst we have a lot fewer employees than we did a month ago, we’ve maintained our core production assets and our skills. We actually have an amazing production capability for rapid prototyping and low rate production of complex systems. In house, we have trades and CNC machinery for fabrication, machining, painting, electrical, assembly. This workforce and equipment allows FBR to reduce inventory, produce parts on demand, and dramatically reduce lead time during development and also production. Our Hadrian robots have now built over 40 dwellings globally.

Our technology’s been road tested and is ready for commercial use. The time of demonstration’s over, and it’s time for us to get productive and profitable. This won’t happen overnight because building’s a complex process, and everything has lead times. But we’re building pipelines of work, and we’ll be launching wall as a service. The revenue reported in our four c is not proper wall as a service revenue.

It’s mostly earned from option fees, sale of a house that Hadrian built the walls of, and some demonstration wall as a service. For all practical purposes, FBR’s pre revenue, but I aim to change that.

Andrew, Webinar Moderator, FBR Limited: Our

Mark Pivak, CEO and Founder, FBR Limited: burns reduced been reduced from over 34,000,000 per annum to about 10 to 12,000,000 per annum. We intend to start generating revenue and shifting FBR to become cash flow positive. I can’t give any guidance on that because it’s still early days, and I only became CEO about two weeks ago. But I’m the founder of FBR and the inventor of DST. I believe in our technology and what it’s capable of.

What I can say is that previously, our strategy was very focused on growth and technology development and proof of concept. FBR was aiming to partner with very big organizations and rapidly go from zero to hero. This hasn’t worked out as planned, but I firmly believe that we can generate revenue and show both walls of service and other DST related opportunities as profitable. Once we prove out those MVP or minimum viable product businesses, we’ll have in place the foundations for growth based on proven economics. Our strategy is now very much focused on generating revenue and leveraging the assets we have, both physical and intellectual, and also leveraging our technical capability.

To do this, we’re building a pipeline of work. This will take time but will also be worthwhile. Kyle and I are working on multiple market entry opportunities and putting actions in place to make it happen. As I mentioned before, h three is in The USA. It’s currently stored at CRH facility in Fort Myers where we were based during the option period.

We have that facility on a month by month basis. CRH have been quite helpful, and I thank them for that. H three’s in The USA on a temporary permit because it’s on an Australian spec truck. We have applied for an extension with the EPA and National Highway Transport Safety Administration for it to be able to stay in The USA a bit longer. Now back in Australia, h four is practically complete and is being commissioned.

We do intend to do some upgrades to it based on things we learned in The USA, and we expect to have h o four out earning its keep in the second half of this year. But please bear in mind, we do have a smaller team than we did before. H one and two have been used for technology development, including a very important demonstration for SHI. I hope to be able to share some of those developments with you soon. Right now, we’re looking at how we put h one and h two to work in the local Australian market.

It’s not completely straightforward because they’re not as fast or productive as h three and will depend on large block and some upgrades to make them really commercially profitable. We are assessing the cost benefit of that as an option, and I’ll report on that as we get some answers. While h one and two have together built over 30 demonstration structures in WA, it was really to showcase the technology rather than to prove out commercial viability. Our next step is to make money with them. We’ve maintained the ability to operate a Hadrian, manufacturing commission a Hadrian, and carry out work for external parties such as SHI.

We have reduced the executive team down as far as we could realistically go. We’re relying on external providers for some services. I’m now the CEO and also look after what I used to do as CTO. Carl’s the COO and wears every other hat that needs to be worn. And together, we continue to drive multiple market entry strategies and opportunities globally.

FBR’s core asset is its IP, and we have over 400 IP rights across 41 patent families with protection in many countries around the world. We do intend to add to this IP portfolio. As part of our cost reduction, we’ve consolidated three premises in WA down to one at 88 Sultana Road. That has a good amount of room here with 10,000 square meters of factory space and similar outdoor area. We’ll be giving a factory tour on the May 13 to interested parties who can submit an expression of interest to tour our factory.

If you’re interested, please send an email to FBR. This will be by invite only and will require an NDA and visitor induction. Now our aim is to put h three to work in The USA and h four to work in Australia. We’re, of course, monitoring the evolving economic situations, and we may change plans to suit. H five is about half built with nearly all of the expensive parts purchased.

We don’t have the funding or staff to rapidly progress h o five, but we’ll work on it as we can. Realistically, it could be ready in mid twin twenty twenty six. We’re continually discussing matters with SHI and expect a purchase order for the first part of the work in the next few weeks. As adjacent applications are developed, we do expect to file for additional IP rights. Now I just wanna reiterate a little on demonstrating the commercial viability of wall as a service.

We have a BD in full time in The USA. He’s targeting launch customers with the aim of developing a pipeline of work big enough to justify the high cost of deploying a team to The USA to train a local team to make it commercially viable. It’s a little difficult at the moment due to quite a bit of economic uncertainty during the tariffs and deportations, but we hope that will settle down soon. FBR is talking with a good range of builders, developers, and suppliers from very small who can move quickly to large who can offer a lot of work but typically take a while to make decisions. We’re dealing with the complication of building a pipeline of work while we’re not yet in a position to do it unless the pipeline of work exists.

It’s a bit of a catch 22, but we think we’ll work through it. We’ve received a number of expressions of interest from builders to potentially use the Hadrian X. We don’t have anyone working full time on BD in Australia. That’s being handled by Kyle and I for the moment. We have some really good leads for work in the second half of this year, and we aim to crystallize them.

These leads are in the residential and commercial sectors. As with many things in the building industry, there can be quite big time gaps between bidding for work and getting it, and this is especially true at the start. It’s a bridge we’ve got across. Now I’ve already mentioned our restructuring. Shannon Robinson has taken on the role of chairperson, has been a big help to me during my transition to the CEO role.

She’s based in Western Australia. She’s been on the board this time around for over a year, and she was previously on the board when FBR listed, and she was instrumental in that process. Richard Grellman remains on the board, and I thank him for his never ending encouragement, help, and wisdom. As mentioned in the quarterly, Rhys Walden is appointed as company secretary, and I look forward to working with him. I also thank Aidan for his help on the FBI journey as CFO before Rowan Karen and then as company secretary.

Now I intend to communicate as often as open openly as I practically can. I’m sure you all appreciate the ongoing ASX disclosure obligations and materiality thresholds that I’m subject to. I won’t always be able to say as much as I would like to, but I will say as much as I can. Now please keep an eye out for vlogs, webinars, and non deal road shows and conference attendances. We’ve also signed up on Investor Hub, which is an online communications platform used by many ASX companies.

We’re onboarding that now and expect it to go live shortly. Please look out for it, and please engage with it and register to be part of the FBR family. Includes a way to ask questions and will help us with announcements, videos, and information. I’ll be attending Sydney Build next week right after the AGM on the May, and then Australian Manufacturing Week in Melbourne on Friday, May next week. I’ll be catching up with some investors as well while I’m doing that.

As I mentioned, we’ll have a tour of FBR’s facility in Perth in mid May. We’ll also be doing a road show in mid to late May, and I look forward to meeting some of you. Our immediate objectives are to win work, reduce capital funding requirements, although we do have some gaps to fill, and clarify the business and engage with investors to meet our ongoing funding requirements. We have some other longer term revenue objectives, which include licensing our IP suite and realizing some adjacent applications such as shipbuilding, automation, roofing installation, solar farm installation, large scale welding, and refractory brick lining for the steel industry. These are all applications that use DST and long boons, and similar to the bricklaying application, automate dull, dirty, and dangerous tasks that are currently very manual.

These are all big applications with big players, so we don’t know the timing of any deals that may happen. But, of course, I’ll keep you informed as and when I can. And now we’ll go over to some questions. So back to you, Andrew and Kyle.

Andrew, Webinar Moderator, FBR Limited: Thanks, Mark. And, obviously, it sounds like there’s a lot going on in the business at the moment. So in moving on to the q and a session, I’ll just remind participants that, you’re able to submit questions via the, excuse me, Zoom, chat function. We’ve had a a fair few come through already, Mark. We’ll probably go with the one that’s on many people’s minds.

The recent demo program with with CRH was obviously, you know, very successful, you know, completing nine homes and, you know, completing a single home in a day. Would Would you be able to give some insight as to why CRH didn’t exercise the the option?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look. As Andrew said, that demo program went really well. We demoed at building a house in a day with just three people, you know, which was one of the major targets of that. But one of the things in all the commercial agreements we enter into, there’s confidentiality obligations, and they survive the end of the commercial relationship even if things don’t proceed, so we have to be mindful of that.

Having said that, you know, the demonstration program was highly successful, and we got introduced to a lot of different companies over there, builders, shell providers, general contractors, people interested in the financial markets, investors, all sorts of people. During the actual demonstration period, you know, we were subject to an exclusivity clause, so we couldn’t actually do any deals. And, obviously, you know, it wasn’t possible to take any orders because the JV didn’t really didn’t exist at all. And, look, while we were doing that, we also did a lot of commercial modeling and all the information that we took into account there sort of indicates that, you know, we could build a commercially attractive business hitting those metrics. As for why CRH didn’t proceed, you know, that’s that’s something that they decided not to do.

You know, they’re a big company. They have their own internal reasons, and, you know, some things we just can’t get a a clear answer to. Now all the information that you might need to model, what was the service in The US is available in the public domain, and you could probably put your own financial models together. You know? And that shows that if you can build a house with three people in a market in The US, you know, you should be able to make money.

I’ll also point out that h three is in a CRH facility right now. So, you know, we’ve we’ve clearly got an ongoing relationship. But other than saying that, you know, our machines are stored in their facility, I can’t really expand anymore on that.

Andrew, Webinar Moderator, FBR Limited: Sure. And thanks for that. We’ll go to a live question, actually. If you give me one second. This one’s from Damon Atkins.

Why can the Hadrian be why can’t the Hadrian be built on a trailer instead of a truck?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look. It probably could. And, you know, we’ve we’ve looked at that. There are some things which have to be provided such as power and hydraulic power.

And when it’s on a truck, you get that sort of almost for free, you know, because the truck’s got an engine that you can generate hydraulic power from and, you know, hook up a generator to the PTO. You’ve also got a nice air conditioned cab for the operators. But, look, it’s a really good point, and we have done that. You know, we’ve we’ve sketched out and done some preliminary models of how Hadrian could work on a trailer. You’ve gotta bear in mind that for the size buildings that we’re looking at, you need a 30 meter boom or hundred hundred odd feet boom, which makes the trailer reasonably big.

So, you know, you’d be looking at a semi trailer type arrangement. It is possible. You know? There’s there’s a possibility that that may happen in the future, but it’s not something we’ve got in our our product range at the moment.

Andrew, Webinar Moderator, FBR Limited: Thanks for that. It’s a pretty pretty insightful there, and and thanks for that question. Please keep them coming through. We’ll move over to some of the ones that were emailed through. We’ll go to you know, you mentioned you have some strategic advisers that was obviously prior to you becoming CEO.

The question is, what is happening with the advisers you’ve appointed to assess FBI strategic options? Who are they, and what are they doing?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Right. Look. We’ve got advisers in a number of different areas, but I’m guessing this question relates more to the ones mentioned in the corporate update that we put out to the market in on March 27. Those advisers are in place to generate corporate opportunities and assess inbound inquiries across m and a, IP monetization, capital structures, divestment opportunities, and that sort of thing.

As is typical for those agreements, they’ve got confidentiality clauses, and under the agreement, I’m not able to disclose the name of the advisers. But they’ve got a broad remit, and given the nature of the subject matter they’re in place for, we won’t be putting in a timeline on it, but rather assessing each opportunity on its merits and the value that it could create for shareholders.

Andrew, Webinar Moderator, FBR Limited: Great. Thanks for that one. Moving to the the next one. How many Hadrians would labor need to start mass manufacturing? Have you considered speaking to other manufacturers?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look. We’ve we’ve considered a range of manufacturers. And as you know, we’re we’re building and have the ability to build Hadrians here in Perth. We’ve always maintained that we need to produce at least the first few Hadrians, and practically, you know, if it’s only a few a year, then then we’ll keep doing that.

We’ve got h three in The US, h four is in commissioning, and h five is in manufacture. We’ve got plans for subsequent Hadrians and the upgrades that will be incorporated on those, but we’re not currently funded to accelerate the completion of any of those. You know, OEMs are looking for bigger numbers. Exactly what that means, we don’t know. You know?

Probably at least 30 to a hundred machines a year. You know? OEMs would love to be building a thousand machines. You know, the some of the production lines which are viewed, you know, build 50 machines a day. So, you know, we’re we’re a long way short of that.

But, you know, as we commercialize Hadrian and and prove out the the minimum viable product, all as a service, and prove that it’s actually commercially viable and start to get some customers, then we’ll assess that, you know, as as and when it needs to be be assessed. But labor’s labor’s there, and they’re they’re keen to help us, but it it does need to be at a scale that’s sensible for them and also a scale that’s sensible for us.

Andrew, Webinar Moderator, FBR Limited: Right. Yeah. That was that was really insightful, actually, and and obviously, fairly exciting as, you know, things kick up there. And sort of moving over to still on DST, but perhaps the exciting alternative use cases for it. Where are negotiations, with SHI up to?

And, you obviously covered a bit of that in the presentation, but, who else are you in negotiations with?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look. You know, when we start commercial negotiations, probably the first thing that happens is the confidentiality agreement, which, you know, usually well, we always have to set up specific carve outs for us as an ASX listed company, and that does make things a little trickier than they otherwise would be. And, you know, usually, we’re we’re dealing with organizations that have got a different materiality threshold to us, especially given, you know, that we have been engaging with some of the largest companies in the world. And those carve outs only go live upon the achievement of certain milestones, and then, you know, then we would have to release an announcement to the ASX informing everyone of the progress.

So I can’t give any specifics on other parties at the moment, and if and when I do, it’ll be via an ASX announcement. And, look, we can’t give a live commentary about ongoing commercial negotiations, but, you know, we’ll update the market when there’s something to report. We have advised that we’re looking at a shipbuilding application with Samsung Heavy Industries, and we’ve also advised that we’re looking into concept designs for a number of other industries as I mentioned during the webinar. Most of those are with parties that are already in those industries or or supply to those industries. And some of them sort of more general where we’ve got perhaps a launch customer for one particular industry, but there’d be many more.

You know, for example, large scale welding is not a problem for one one customer. You know, there’s hundreds, thousands, tens of thousands of, you know, big fabrication firms around the world, you know, which build mining equipment, ships, you know, industrial plant, all sorts of things which are bigger than what you can reach with a standard industrial robot. And our technology’s got a lot of advantages over the alternatives, you know, things like cobots or or lots of manual welders or robots mounted on big gantries. You know? The the whole boom system with dynamic stabilization offers a lot of advantages in those kind of applications where you’re looking for automation at a big scale, be it inside or outside.

Andrew, Webinar Moderator, FBR Limited: Excellent. Thanks for that. And I guess moving back to the the actual, HadrianX, questions come through. Why are you not solely focused on introducing the HadrianX to the market in its current state? Why are you iterating, and why are you looking at other applications?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look, the big iterations of Hadrian x are are pretty much done. What we’re doing now is continuous improvement, you know, where we’re we’re going out in the market. We’re finding issues and potential improvements and and making making it better. You know, we we need to have a machine which is reliable and easy easy to operate.

And during the demonstration program, we’ve been doing a lot of development work. You know? It’s it’s a it’s a complex machine, and it it does an amazing job. It will be unrealistic to expect that, you know, the first time you put it out that it’s a perfect machine. It wasn’t, but it’s pretty good now.

I can tell you that right now. And now is now is the time for us to really start concentrating on introducing Hadrian X to that commercial market. You know, up till now, what we’ve been doing is demonstration work. As far as I’m concerned, that demonstration work is done, and it’s time to get commercial with it and establish wall as a service in a small way because that’s all we’re funded to do. But establishing that will overcome a lot of potential resistance to taking on new technology.

You know? It’s one thing to actually show that your tech works. It’s another thing to get out there and make a dollar with it, and I think we’re at the point now where we’re about to do that. Alright. And for that.

You know, I guess the question also asked about other applications. Look. Right from the very very start of FBR and its listing, you know, investors and and myself, you know, the whole company has been interested in what else can we do with this technology. You know? Brick and block lying is is just you know, it’s an obvious thing.

It’s a repetitive task. It’s dull, dirty, and dangerous. It’s been out there for thousands of years. There’s plenty of other tasks like that as well. So, you know, some of those we’ve been looking at, and some of them we’ve been approached by other organizations.

So, you know, that that’s why we’re looking at them. It’s not anything new. We’ve been we’ve been doing that for the best part of ten years.

Andrew, Webinar Moderator, FBR Limited: Great. And I actually I actually remember listing the business with you guys back in 2015 and joining more recently seeing the, the Hadrian go from a CGI image to a number of trucks is, you know, fantastic to see. Moving over to a, another question that’s come through. Why did Mike vacate the CEO position at such a critical time?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look. Mike had recently turned 60, and he was in the position where he knew we’d be reducing our team size fairly significantly. So Mike made the decision to step out of the business with me stepping into the CEO role. You know, I’ve been by his side for the last ten years.

I’m still in regular contact with Mike. He’s happy to assist us with anything we need. As much as anything, it’s about having to make the team smaller. And, you know, I’ve learned a lot over the last ten years. I wouldn’t I definitely wasn’t ready to be CEO of an ASX company, you know, back when we first listed, but I am now.

So I’m really looking forward to it.

Andrew, Webinar Moderator, FBR Limited: That’s great. And moving over to another question from a shareholder, this one from from Stefan. As you roll out all of the service to generate revenue using h o three and h o four, will you still be open to working with larger groups who can fund mass mass manufacturing with FBR, taking a smaller or lesser role in the operation of wall as a service.

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Absolutely. Absolutely.

Andrew, Webinar Moderator, FBR Limited: Something that the strategic partners strategic advisers would be be looking at?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Absolutely. And, look, one of the one of the challenges with new technology, as I’ve said before, is, you know, it’d be nice to go from zero to hero, but the reality is that, you know, big organizations have a lot of different approval processes, and, you know, they quite often want to acquire a business that’s really a a going a going concern and not something that they’re going to have to invest in technology and build and develop. So I think us establishing wall as a service on a small scale will show that it can be commercially viable. And, you know, from there, that reduces our dependency on third parties or a big deal because we’ve got that possibility of if and when it becomes profitable profitable, we’ll be able to fund it and and grow it.

But, of course, you know, we’re open to big partnerships, you know, and I think that’ll make it actually easier for a big partner to come on board if they can look at financial statements and say, oh, well, this thing costs so much to operate and it made so much that year. And, you know, we’ve actually got some financials that that we can look at and, you know, project out, you know, based on the size of the markets and so on. So I think it’s a a critical thing, and I’m really looking forward to it. And I think it’ll open up a lot of opportunities, which, you know, up until now have been quite difficult. And, look, I’m I’m amazed that we got as far as we did without a business that was profitable.

So, you know, I’m really looking forward to to establishing walls of service as a properly commercial thing with the with the double headed aim of making it profitable, but also attracting partnership and, you know, potentially franchise models around the world or, you know, even even machine sales, you know. If somebody’s going to or an organization’s going to operate a Hadrian in part of the world where it might be difficult to operate, could be a war zone or, you know, it could be in a in a second or third world country, which is, you know, got difficult political climate or something. You know, a sale into those sort of markets will be much easier if we’ve proven that, you know, it it’s commercially viable.

Andrew, Webinar Moderator, FBR Limited: Thanks for that. That’s certainly very interesting, particularly with the the varying models that that might work in, you know, direct sales or or operating wall as a service profitably. I think that’s all we’ve got time for at the moment. But do you wanna give some closing remarks?

Mark Pivak, CEO and Founder, FBR Limited: Yeah. Look. I’m really looking forward to meeting some of you in the in the future at and, you know, engaging a bit more with webinars and so on. I think once we get investor hub up and running, that’ll make it a bit easier for us to do webinars and and so on. So if you’ve got questions, and I I don’t know if there are any unanswered ones, Andrew, but, you know, we’ll get to them eventually.

So, yeah, keep in touch, and I’m really looking forward to moving FBR forwards.

Andrew, Webinar Moderator, FBR Limited: Yeah. That’s great, Mark. And, yeah, there there were some questions that weren’t answered. Unfortunately, some of them are questions that, you know, involve providing guidance that we’re unable to do. So, unfortunately, we did get those questions, and thank you guys for engaging.

And and thank you all for for the questions that are coming through. As a bit of a reminder, this webinar will be uploaded to the company website, and a copy of today’s presentation is available on the ASX platform. And thank you all for attending, and look forward to the next one. You may all without disconnect. Thank you.

The recording has stopped.

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