landyacht said...seems an awful waste of material.

surely the blanks could be made closer to a shape and then just refined.

EPS comes in big cubes. And at an educated guess, these are prototype boards.. This is not the Cobra factory, which probably wouldn't use this method..
I have a block of EPS foam in my backyard 2200x1220x660mm and I cut board profiles out with a hotwire, and the rest goes in the bin (mostly via a vacuum cleaner).. That equals 1600L of foam, and I could potentially get up to ten 80L* boards out of that...
I bought that block from a foam supplier in Campbletown for $380, these guys probs pay 1/5 of that..
*more wastage if I cut two different profiles that don't match, and I don't need ten 80 boards.. So I wont get ten blanks..