Well it kind of depends. In a way it depends on what kind of...

Well it kind of depends.
In a way it depends on what kind of appetite USA builders have for the HX units, the level of offtake agreements and also what kind of constraints FBR will face in the manufacturing process such as the constraint on Mac, Isuzu trucks.
With that said, FBR are an innovative team. I believe they will do their best to navigate around the difficulties.

In my bear, base and bull case, I only have 3 HX units working for FBR in 2025. These three we kind of know about. Again, conservatism.
My bear, base and bull cases have 3, 4 and 5 additional units being built in each subsequent year.
So, in 2030 (6 years from today), I have:
Bear: 63 units in operation
Base: 78 units in operation
Bull: 93 units in operation

Each unit of course covering their costs and brining in positive profit or cash flow each year.
In any case, you have to make some assumptions around this to determine fair value even though the assumptions may not eventuate.

Not investment advice. Relies on assumptions that may not be correct. Do your own research, etc.