While FBR’s share price responded positively (+20.6% to 8.8c) to the 6 May 2019 announcement of a three year 50:50 JV with Australia’s largest brick company, Brickworks Limited (ASX:BKW), the share price has since softened. In our view, this is due to the lack of granularity on how the JV – called Fastbrick Australia - is structured, and the poor visibility on the JV “Wall as a service” (WaaSTM) business plan, revenue targets or timelines. The JV seems to be the first implementation of the company’s new business model and follows on from FBR’s September 2018 Global Partnership Agreement with Austrian-based Wienerberger AG – the world’s largest producer of clay blocks, which presumably is also targeting a WaaSTM model. We assume that Europe will be the second market that FBR enters after Australia. FBR clearly believes that the best and most value accretive way to commercialise its technology is via strategic alliances with tier-1 regional brick manufacturers. However, we suggest that the share price’s broadly muted reaction to the above corporate developments indicates that the marketplace remains uncertain or confused on FBR’s Wall as a ServiceTM (WaaSTM) business model and, in particular, how the build of the Hadrian machines will be financed.