FBR share price wobbles after completion of building pilot program

The FBR share price is wobbling after the company announced the completion of its building pilot program agreement with Archistruct.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The FBR Ltd (ASX: FBR) share price is wobbling slightly during early afternoon trade. The company announced the completion of its building pilot program agreement with Archistruct.

The FBR share price reached an intra-day high of 6.8 cents, before falling back to 6.4 cents at the time of writing.

What does FBR do?

FBR is a robotic technology company that builds robotic arms to assemble structure walls. It is considered faster, safer, more accurate and with less wastage than traditional bricklaying methods.

Its flagship product, the Hadrian X is an automated bricklaying system that can lay an estimated 1,000 bricks per hour as opposed to an output of two human bricklayers for the whole day.

The Hadrian X provides a 'wall as a service' and can adapt quickly to builder demands.

Commercial and community centre build

FBR updated the market advising it had built its first non-residential structure, completing the third and final stage of the building pilot program agreement with Archistruct.

The new commercial and community centre was built using the robotic company's Hadrian X. FBR recorded bricklaying speeds of up to 228 blocks, or 1,049 standard brick equivalents per hour. In addition, the Hadrian X built both an internal and external leaf of a double brick cavity wall.

Notably, it was the first time the Hadrian X worked in hail, high winds and heavy rain.

What did management say?

FBR managing director and CEO, Mike Pivac was proud of the achievement. He said:

The construction of our first non- residential structure is a significant step forward for FBR and the commercialisation of our technology. This structure is the first demonstration of Wall as a Service® in a suburban environment for a client, and we are very pleased with how the Hadrian X® and our team performed.

Mr Pivac also said the ability to construct commercial buildings opened up a valuable global market for the company.

About the FBR share price

The FBR share price has recovered somewhat since its March lows of 1 cent, up 650% to date. However, the FBR share price is trading 36% below its 52-week high of 10.5 cents achieved in July.

I think that FBR is an exciting ASX share to watch. The Hadrian X is considered as a quantum leap in the construction industry. I will be adding the FBR share price to my watchlist for now and monitor its developments.

Motley Fool contributor Aaron Teboneras 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.

More on Share Market News

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

Why Harvey Norman, Macquarie Technology, Ramsay Health Care, and Star are rising

These ASX shares are having a strong day. But why?

Read more »

A young woman dressed in street clothes leaps happily in the air with the focus on her bright red boots that are front and centre for the camera.
Opinions

I'm listening to Warren Buffett and loading up on cheap ASX shares in March

I love the look of these stocks at these prices.

Read more »

A young woman sits on her bed holding a cup of coffee inside her recreational vehicle hired through the Camplify website
Cheap Shares

2 cheap ASX shares to add to your portfolio before they get expensive

I reckon this duo could see their stock prices rocket after they brush off temporary setbacks.

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Thursday

Will investors be leaping for joy on 29 February?

Read more »

A young man goes over his finances and investment portfolio at home.
Growth Shares

1 ASX growth stock down 30% to buy right now

The market has reacted badly to this ASX 200 company's half-year result. This could be your chance to get in.

Read more »

A female miner wearing a high vis vest and hard hard smiles and holds a clipboard while inspecting a mine site with a colleague.
Share Market News

Here's the Rio Tinto dividend forecast through to 2026

Here's what analysts are forecasting for the miner's dividend.

Read more »

Woman with headphones on relaxing and looking at her phone happily.
Dividend Investing

How I'd invest $250 a month in ASX dividend shares to target a $24,000 annual second income

Passive income is within the reach of ordinary Aussies, just like you. Yes, I said you!

Read more »

A man looking at his laptop and thinking.
Share Gainers

Should I buy Nvidia stock as an Australian investor?

Many Aussies are thinking of jumping on the bandwagon, but they need to think about these issues first.

Read more »