Agreed, FBR's big strength is in innovation/design and...

Agreed, FBR's big strength is in innovation/design and (hopefully) effectively supporting the WAAS's partners. Their expertise is not as manufacturers and running maintenance facilities. So agree with your points above on likely direction in terms of the future core business and implications for reduced overheads.

However expect FBR will still be manufacturing Hadrian X's for probably the next 2-3 years.

Even when an agreement is struck with US Liebherr for Hadrian X manufacture, it's going to take a while to manufacture at any type of scale. As they are going to have to start slow. Learning how to manufacture and commission. Given no documentation can cover 100% of the detail, Liebherr will need to learn on the first build. Hence it will take time. In the meantime FBR will need to continue to manufacturing Hadrian x's both on order and in anticipation of next 3x Hadrian x orders. Can't afford for JV expansion to be held back.

At the same time needing to support the initial Aus / Euro Hadrian X (s) production to support Euro / Australian WAAS in 2025. Expect they will manufacture these initially to support launches. For this reason see they are going to be manufacturing Hadrian X's (US, Euro & Aus) for at least a few more years.

This probably means the break even initially is still going to be around the timing of having 20 Hadrian X's in the field, as this point they might be getting out of manufacturing with a high volume supplier in place.

This is all predicated on the signing of the final JV to get the process moving.