Financial Plan
2026 to 2030

Vietnam has 4.5 million workers in industrial zones. Half need housing. Current supply covers roughly 30% of actual demand, leaving a deficit of approximately 8.75 million square meters of floor space that no single integrated operator is equipped to fill at speed. The Fab Collective (TFC) is a DfMA-driven modular construction company positioned to close that gap faster, cheaper, and more consistently than traditional construction. The same panelized system scales to resort staff quarters and student dormitories. By 2030, TFC targets $12M+ in annual revenue across Vietnam and two additional Southeast Asian markets, with EBITDA margin approaching 30%.

Vietnam is one of Asia's fastest-industrializing economies. Over 400 active industrial parks are operating with average occupancy above 75-80% in northern and southern hubs. Foreign direct investment, led by electronics, semiconductors, and EV manufacturing, continues at pace, expanding demand for worker accommodation into second and third-tier provinces. The government's own target: one million new social housing units for industrial workers before 2030.

On the hospitality side, Vietnam closed 2025 with a record 21.5 million international arrivals, up roughly 22% year-on-year, and has set a 2026 target of 25 million. The hotel market is projected to grow at a CAGR of 8-12% through 2031, anchored by coastal resort development in Da Nang, Nha Trang, Hoi An, and Phu Quoc. Every new resort requires staff housing. That demand is invisible in most market reports but very real on every project site.

The competition is fragmented. Traditional Vietnamese builders are slow. Foreign prefab importers are expensive. Local prefab suppliers lack design capability. No single operator combines BIM engineering, DfMA manufacturing logic, and end-to-end delivery control. TFC is built to be that operator.

TFC focuses on three accommodation segments, in this order of strategic priority. All three are served by the same core panelized system. The differentiation is finish spec, space-per-bed ratio, and client type.

Revenue is recognized on a per-project, per-square-meter basis. Clients pay for a complete delivered system: design, fabrication, logistics, and on-site assembly. TFC does not sell panels. TFC sells a finished, functional accommodation building, with a fixed price locked before production starts.

The structure is intentional: TFC collects 90% of contract value before the product leaves the factory. This eliminates the main cash flow risk in construction: paying suppliers before the client pays you. The factory is paid in full on delivery; TFC's maximum cash exposure at any point is the gap between the production start payment and the factory's mid-production draw, which investor capital covers as a short-term bridge. The 10% retention held until final sign-off is standard in Vietnamese construction and protects the client. It is not a working capital risk for TFC at that stage. One honest caveat: large counterparties may negotiate lower deposits or higher retention on a first project with a new supplier. The raise is sized so TFC can absorb a less favorable pilot payment schedule without threatening delivery.

Each bed delivered is the base unit of analysis. Industrial projects are referenced at 300 beds, a typical mid-large factory dorm. Resort projects are referenced at 150 beds, reflecting a realistic staff complement for a mid-size coastal resort. Margins improve with volume due to production efficiency, overhead absorption, and procurement leverage. Note: the 2027 pilot projects in the P&L are deliberately smaller than these reference projects (100-200 beds). First deliveries prioritize proof and case studies over scale.

Projections assume: mock-up validated August 2026; first contract signed Q1 2027; first revenue recognized Q2 2027. All figures in USD. COGS includes materials, manufacturing partner fees, logistics, and on-site assembly labor. OpEx covers salaries, travel, office, legal, and software. No external debt is assumed in this model. Student dormitory revenue starts in 2028, reflecting longer institutional sales cycles. Licensing revenue (2029+) is excluded from the base case. It is upside, not plan. Cumulative beds assume a blended average revenue of ~$3,500 per bed across tiers.

TFC's cost model is predominantly variable. COGS scales directly with project output. Fixed overhead is deliberately lean. The early-stage strategy is to use manufacturing partners (contract manufacturers in Vietnam) rather than own the factory. This eliminates capex, reduces breakeven, and keeps the model asset-light until volume justifies a proprietary facility.

TFC is an asset-light model. Capital is not required to build a factory. It is required to fund three things: pre-revenue operations, working capital on initial projects (materials must be procured before client milestone payments arrive), and team formation. The business becomes self-funding from late 2027 on the base case.

TFC is a Vietnam-first business. All capital and management focus is concentrated there through 2028. Southeast Asia expansion is not speculative. It is a natural follow-on once the system is proven, documented, and repeatable. The same structural tailwinds driving demand in Vietnam (industrial investment, tourism growth, housing deficit) exist across the region.

Three things need to be true for TFC to win: