- FBR’s (FBR) shares have slipped into the red despite announcing a 360 per cent growth in revenue to $352,651 for the first half of FY21
- FBR recorded a loss after tax of $4.075 million however this is 31 per cent less than the loss in the prior corresponding period due to less spending
- Roughly $6.1 million was allocated towards operating and investing activities, which helped drive the development of FBR’s Hadrian X robotic bricklayer
- The half-year period saw Hadrian X deployed to its first residential building and a commercial and community centre
- FBR wrapped up the half-year with $11.18 million in cash, which is more than double the amount it started with
- Company shares are down 10.3 per cent and trading at 4.8 cents
FBR’s (FBR) shares have slipped into the red despite announcing a 360 per cent growth in revenue to $352,651 for the first half of the 2021 financial year.
Although FBR recorded a loss after tax of $4.075 million, this marks a 31 per cent decrease from the $5.67 million loss in the prior corresponding period.
The decrease reflects less spending, particularly on professional services, admin costs, employee benefits and share based payments.
In terms of operating activities, FBR spent $2.5 million, and a further $3.6 million was allocated to investing activities.
Broken down, the robotic technology company invested in technology development costs as well as property, plant and equipment.
FBR develops a technology to build an automated robotic bricklaying machine that it claims can complete brickwork at a lower cost and higher quality than traditional methods.
During the half-year, FBR deployed its Hadrian X robotic bricklayer to a WA-based residential building site which marked its first display home project.
In September, it was deployed to build a commercial and community centre which marked a significant step in commercialising its technology.
The company also completed a pilot program with Mexico-based builder GP Vivienda. The program involved FBR constructing four Mexican-style houses using Hadrian X.
After raising $16 million (before costs) through a placement, FBR had $11.18 million in cash at the end of the half-year which is more than double the amount it started with.
FBR is down 10.3 per cent and shares are trading at 4.8 cents at 1:47 pm AEDT.