Lots of folks fired at fbr?, page-11

xero had venture caps and angel investors throwing money at it. plus it has recurring revenue streams from a broad base of industries.

fbr has none of that.
fbr gave up its chance for recurring revenue from servicing, parts, data, and TAD software licensing when it switched to WaaS.
WaaS sounds like it is recurring but it isnt in my view.
WaaS relies on customers (builders) coming back for a repeat, which can be stretched out by the customer for a varity of reasons.
We already see that now. FBR says they are ready to build the display homes, but neither Summit or Archistruct are ready. So the capex invested into the 2HX units is idle from the point of view of being productive.