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Why the Fastbrick Robotics Ltd (ASX:FBR) share price soared today

Fastbrick Robotics Ltd (ASX: FBR) was one of the best performers on the local market on Thursday with shares up 15% to $0.20c, on the news that the company’s flagship robot model is ready for testing.

Fastbrick announced completion of both mechanical assembly and software design for all the components of Hadrian X – a bricklaying robot that can be mounted onto a truck and transported into construction sites, where it can build walls quickly thanks to the company’s proprietary Dynamic Stabilisation Technology (DST).

Having developed the software, the company has already progressed to advanced stages of virtual testing. CTO Mark Pivac commented: “The ability to apply our learnings from the software development before we arrived at the mechanical testing phase has allowed us to de-risk a lot of the work still to come.”

The next steps will be integrating the DST into Hadrian X, and then building structures in a controlled factory environment. By the end of the year, Hadrian X should be ready for its final outdoors test: building a 3-bedroom, 2-bathroom structure known as Build1.

Last year, the company signed a MoU with construction equipment giant Caterpillar, to establish a partnership for the development and sale of Fastbrick’s technology. The company also signed a non-binding agreement with Saudi Arabia to supply 100 Hadrian Xs to build 50,000 new homes in the country by 2022.

Today, Fastbrick announced the intention to rebrand and change its name to FBR Limited, reflecting its strategy of evolving into a more versatile robotics business, as the company believes its technology has numerous potential applications beyond bricklaying.

Foolish takeaway

Despite today’s announcement, Fastbrick remains a pure speculative play at this stage as it has months of testing ahead of it. The company also already has a big valuation and almost no revenue – meaning the shares look to have a lot of risk.

However, I will continue to follow this company closely. If testing confirms Hadrian X is as fast and precise as the company claims, this technology could have a disruptive impact on the construction industry and Fastrbrick could really take off.

There is another new technology with huge potential. Follow the link below to get your free report and be one of the first to learn about it.

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Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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