@MadDog12 thanks for this excellent reflection on the...

@MadDog12 thanks for this excellent reflection on the presentation. A fews points I had missed. I too was blown away particularly with the well thought through management approach (including considering contingencies, etc), their view "we have not achieved anything yet" as they are not in market and how the questions were all directly answered. Hopefully this gets posted on their site as would like to look for any other highlights.

Re your comment on Offtake Agreements .... believe this will solidify a view on future demand which will drive three actions.
1. Speed up signing the JV as you said.
2. Might toss out the staged utilisation steps for subsequent Hadrian X orders (ie. don't wait for 6 month utilisation targets to be achieved prior to ordering next bath of Hadrian X's), just keep churning out the 20 ASAP.
3. with these numbers in hand, speed up the negotiations with the OEM for committing to future manufacturing facilities.

Re Manufacturing the 20 Hadrian X's at FBR. I'd thought that they would very quickly sign an agreement with Liebherr for manufacture and only a small number would be made at FBR. This would give FBR only limited revenue as Hadrian X's would effectively be purchase from Liebherr. by JV. The issue I had with this was there would be a very large learning curve for Liebherr to turn out just the first machine and take a while to ramp up production. So might not have seen many Hadrian X's initially. Think this is excellent news for three reasons.
1. Revenue and some profitability from 20 Hadrian X's. First fews years there will be no or limited profits for JV WaaS as they will do a cash sweep of profits to pay back JV loans. This will provide at least $40M of revenue and some profits from the sale of Hadrian X's for FBR.
2. Develop the capability to manufacture in Australia for our own future demand post the 20 machines.
3. Let's say any agreement is completed with OEM in next 12 months, gives OEM some time to set up manufacturing facilities and start producing Hadrian X's. Whilst FBR continues to supply new units in the meantime.