Ann: FBR completes outdoor pilot build for Wienerberger, page-46

What is the cost of a Hadrian? $500k or $1m? With the machine coming out of development and into a potential production phase, and the experience of the initial tweaks the costs might have come down.

I will assume $1m for ease of analysis (unless others can provide a closer figure).

FBR has $7m in the bank and an R&D refund likely to come soon. Theoretically they could build another 8-10 machines (without allowing for working capital and therefore unlikely to do so at this stage).

The order books are filling up. The pilots are successful. Their own developments are progressing and building upon partnerships / business relationships.

Their profits on their owned developments are possibly around $150k. WaaS is likely to be $50k a build. They can recover the monies on the investment of each machine between 7 to 20 builds.

Do they need to raise additional capital (and therefore dilute their own holdings) or could they theoretically undertake short term borrowings at a reasonably cheap interest rates (until those start to go up)? I would suggest the latter.

They are likely to build additional machines as they get more market traction and only as required. At least 1 machine for Mexico. Maybe 1 machine for USA. 1 Machine for UAE. Another 2 machines over the next 6 months for the Australian market. Their present finances and sale of their developments are likely to fund their Hadrian build requirements in the short term.

If this is explosive then additional capital raise. If slow growth then via a lending facility. Either way it will be a positive for the share price and everyone who has invested in them.

What was an ugly duckling is likely to turn into a swan. I guess this is being shown in recent announcements and the share price movements.