Think it is pretty hard from this distance to understand the...

Think it is pretty hard from this distance to understand the financials. Given the ME interest was sparked around COVID times, where importing labour became an issue, guess time will tell if ME is still going to be interested or just want to be seen standing around nice shinny machines.

However there are a number of potential positives on the financial side. The trained Hadrian X associates might be cheaper than US or Aus. The HX could be running 24/7 just moving to the next site as soon as finished, churning out 3 or more builds per day. Particular if they are building the same house design and just working their way down the street. This will be the ultimate in terms of efficiency and no schedule gaps. Plus the linked benefits of accuracy allowing all the follow on steps can then just be made to the same standard design (dimensions) in bulk for installation. No checking required on actual dimensions.

I agree, there is still the amortisation of the HX cost in this equation, however at 3 builds or more per day might make financial sense.

As you have said, in the short term it's all about the JV and if this is signed, finding a way to quickly ramp up HX production.