• US Demonstration Program and tenth home build completed
• $6.3m capital raising
• Appointment of Mark Pivac as CEO and Board Changes
• Ongoing cost rationalisation and reduction by approximately 70%
• Collaboration with Samsung Heavy Industries focused on automation in shipbuilding

FBR Limited (ASX: FBR) provides its quarterly update for the period ended 31 March 2025. Key updates include the completion of a Demonstration Program in the United States, for which FBR received non-refundable payments totalling US$2 million from CRH Ventures. FBR also completed a demonstration build for PulteGroup, one of the largest builders in the United States. FBR continues discussions with various parties regarding opportunities for Wall as a Service® in the United States following the expiry of exclusivity arrangements with CRH. The company also announced the successful completion of a demonstration of its technology capabilities to Samsung Heavy Industries, with the parties continuing to finalise an appropriate structure for joint development, engineering and prototyping of automated solutions for the shipbuilding industry. FBR and Liebherr-Mischtechnik GmbH agreed a framework for the provision of consulting services to assist with the localisation and assembly of Hadrian X® machines in the US. During the quarter, FBR spent A$5 million on payroll, overheads and corporate costs, a decrease from the previous quarter. The company's cash balance at the end of the quarter was $2.6 million. Subsequent to the quarter, FBR announced a $6.3 million capital raising, board and executive changes, and a cost rationalisation program to reduce its annual costs by approximately 70%.

FBR's new CEO, Mark Pivac, stated that the company's strategy of technology development and commercialisation is at the centre of its focus, with the company's Dynamic Stabilisation Technology (DST) having many potential applications beyond the building industry. Pivac expressed the company's intention to make FBR profitable, and the company continues to engage with several groups to discuss potential design, adaptation or licensing of its technology for different industry use cases.