Not sure what is your fuss about. Have you actually tried to...

Not sure what is your fuss about.

Have you actually tried to just do a quick check on the last few annual reports on the Waas narratives.

The narrative on their Waas strategy has been consistent and unchanged since 2020 i.e. past 4 Annual reports.

In fact, the actual wording used are basically copy and paste for every year. And they all appear on exactly the same page - page 14 - every year since 2020.

Except for 2020. Whey they stated:

"FBR will have initial control over the Hadrian X® product, supply chain, operation, maintenance and brand reputation during the scaling period". "The Company has identified the need to establish WaaS® operating entities in North America, Europe and the GCC region, and has commenced preparatory works to register these subsidiaries."

So, yes. The first Waas franchise will most likely be owned by FBR themselves. And I think its common sense.

Its a one of a kind and first of its kind disruptive business model / franchise. They will want full control of the franchise to make sure they demo the machine and business model perfectly. Before they start selling more franchises or let more entities buy in.

Waas not a proven / simple turn key franchise (Maccas) where they can just handover the reins / steering wheel to someone.

Imagine they perfected the HX110, Waas model, hands over to the first franchisee who fks it up. There goes evertyhing.

Liebherr is a natural fit for a franchisee because thier techinal knowledge of the Hadrian is superior - they help design it. The business (Waas) side of it would not be difficult for them also given their stature. Hence "in some markets the strategic partner may be a manufacturer of the Hadrian X". Even then, I think they will want FBR to take the first dip in Europe.

Its quite clear the big names wants FBR to prove the Hadrian and Waas model themselves before buying into the franchises. Or they simply could not come to terms yet. Otherwise where are they?

As such, I dont think theres gonna be a big deal with DR Horton / Whoever to be Ann before the first franchise - which apparently is in USA. However the first Hadrians have been funded for by M&G - this is fact. FBR and M&G listed as first franchise owners? Your guess good as mine.

So, it doesnt bother me if the first franchise is owned and operated by FBR. I think it should be. However expect people to come out howling and crying it a lost cause.

What is most important is when the franchise is up and running, Hadrians deployed, all said and done. That will be the moment of truth: does Hadrian and Waas work? Is the huge demand true? Are the big players lining to sign up? Can the Pivacs finally get one big signature on that Fkg dotted line. Or is it just all fabrication by the Pivacs.

Once a Big Player signs up, others latch on to stay on competitive, big money follows the hype (momentum for AI and robotics major trend is definitely gaining ground), the rest is history.

That will be the turning point we waited for, if it ever comes, when investors sees true value and change their perception of the company, stop trading it like a bitch and big money (yes, those few) moves in. Thats what happened to many penny stocks that realised their dollar dream.

IF by that time no one signs up / luke warm response, CR to fund franchise one after the other, that will be the time to call it a day as an FBR investor.