There is not much clarity on WaaS profitability after all...

There is not much clarity on WaaS profitability after all business costs are added. They do talk about a 30% gross margin for Hadrian's revenue with on site costs only. However then lots of costs to add after this gross margin line to reduce final profitability. Bear in mind 300 machines is a LONG LONG LONG time away, so this is still a dream !! Certainly plenty of projected revenue at 300 machines. Don't need a very high margin to have a significant number on the profit line. Of which 50% will be FBR's.

The real challenge for FBR is the first few years when there will be no / minimal profit from WaaS with small number of machines the gross profit margins will struggle to cover other fixed costs. Only FBR revenue in short term will be machine sales, maintenance charges and any domestic builds when first
Aus Hadrian X returns. Will be a few years before they start drawing a profit from WaaS.

Also by the time we hit 300 machines in US, there will be plenty of other WaaS globally generating plenty of income !!