POWER!!!! Fortescue Future Industries, page-4666

I had a look at the accounts (thanks for tracking them down). They are for the year to 30 June 2023 and were lodged with UK Companies House late August 2024 and signed on 19 August 2024. Hopefully, the FY24 accounts are turned around a bit quicker.

The accounts look like those of a typical tech scale up - solid revenues and customer base, both growing rapidly (much of this from the parent), a large team >500 with most (422) involved in R&D, but not yet profitable or cash positive and, therefore, heavily dependent on the parent for funding. Most of their revenue is from services (>90%), presumably engineering services from their tech teams. Not sure how much is coming from software or their IP. People based services revenue is expensive to deliver and difficult to scale up. They mention that they are "standing up manufacturing capability" so their revenue mix will change in future.

The main purpose of FZ is to access a highly skilled world class team to support FMG's goal of decarbonising mining...in the short term and then see where things go after that.