Though I've touched on this previously & NGNG mentions it briefly, it's worth noting for the new people on the thread FBR's tumultuous journey in the past three years which has led us to this SP.
In 2017 when the SP was >25c, FBR had a definitive and proven business model (sell the HX's), signed an MOU with CAT - the largest construction equipment manufacturer in the world (path to commercialization) & then signed an MOU with KSA to build 50,000 homes by 2022 (demand & timeframe). Sure, they were just MOU's, but they assisted in providing a clear & definitive path forward to achieving revenue for retail, sophisticated & institutional investors alike.
Since then, FBR has consistently pushed out their predicted milestones (e.g 1st outdoor build), (IMO) dubiously achieved the performance milestones, terminated the MOU with CAT, changed their business model to WaaS in a JV/franchise style arrangement that is yet to be proven and terminated their first JV of said model with Australia's largest brick supplier (BKW). Due to the aforementioned, sentiment is incredibly low.
In FBR's defense, one could argue that due to the specificity of the Hadrian, requirements to conform to building codes AND/OR need to put forth variations/amendments to said codes (FWS & adhesive), delays were inevitable, but their communication to shareholders over the years has been lackluster to say the least.
The exception to this minimalistic communication would be the past 6-12months. However, they still don't have a definitive/proven path to commercialization, it's just words. The framework is in the corporate presentations but it is yet to be proven on a small, medium or large scale operation. Additionally, they state that H110 will be their mass-commercialized model but to this date, we have yet to see it in action so timeframes are still unclear.
At this point in time, I don't believe SOI plays a significant role in the SP nor will it as long as their model - WaaS operating entities - can provide the financial support that they need like they state in the presentations. To reiterate though, they have not proven that it can or will so sentiment is extremely low.
Don't get me wrong though, I think that the Hadrian is an incredibly impressive feat of ingenuity & engineering but we still have some hurdles to jump over.
Note - I'm not directing this at you Adent, I agree with you, it was just easiest to reply to.
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