Fastbrick Robotics just filed its annual results showing it is “well funded” to complete a commercial version of its one-armed robot bricklaying machine, Hadrian X.
CEO Mike Pivac says the Perth-based company ended the 2017 financial year with a cash balance of $8.651 million and is “well funded” for 2018.
The company reported a loss of $1.29 million for the 12 months to June, an improvement from the previous year’s $5.78 million. Revenue was $1.44 million.
“I’m delighted with the progress Fastbrick made during FY17,” he says.
“The company is now well positioned, as the development of Hadrian X accelerates and as we continue to invest into research and development.”
Fastbrick now has a memorandum of understanding with Saudi Arabia for the construction of a minimum of 50,000 new home units by 2022.
Earlier this year the US machinery giant Caterpillar invested $2 million in Fastbrick, with an option for a further $8 million.
“Fastbrick’s key FY18 objectives include completion and demonstration of the Hadrian X construction robot, advancing the Caterpillar commercial relationship and continuing our customer discovery process with a pre-launch order book,” says Pivac.
“We are confident the milestones of FY17 will ensure Fastbrick is better positioned than ever to deliver upon its strategic objectives.”
The Hadrian X is expected to cost about $2 million when it goes into full production in 2019.
The machine requires minimal human interaction and works day and night, laying up to 1,000 bricks an hour — about the output of two human bricklayers for a day.
The prototype Hadrian 105 robot, the first of its kind, can be seen in action below: