Janus Electric Posts 190% Revenue Growth but Faces Funding Crunch

Operational Momentum and Market Validation

Janus Electric Holdings Limited (ASX, JNS) has reported a significant operational uplift in the December 2025 quarter, with income rising 190% compared to the prior period. This growth reflects both strengthening domestic performance and the company’s first export orders to California, signalling early international traction for its heavy vehicle electrification solutions.

At the heart of Janus Electric’s offering is its patented battery swap platform, which supports zero-emission truck conversions and integrated charging infrastructure. The company now has 25 converted trucks in operation, accumulating over 591,000 kilometres and 3,360 battery swaps, contributing to a reduction of 1,578 tonnes of CO₂ emissions. These figures underscore the practical validation of Janus’ technology in real-world fleet environments.

Leadership Focus on Commercial Execution

Since joining as CEO three weeks ago, Ben Hutt has conducted a thorough review of Janus Electric’s operations and commercial strategy. Drawing on his background in heavy haulage, Hutt emphasises the need to sharpen the company’s sales processes and go-to-market discipline. While the technology is proven, converting operational validation into sustainable revenue streams remains a priority.

Hutt’s assessment highlights a gap between the company’s engineering capabilities and its commercial execution, with sales historically reliant on inbound interest. New initiatives aim to proactively engage fleet operators and dealer partners earlier in their renewal cycles, particularly in promising markets such as North America and Canada, where policy incentives support fleet electrification.

Cost Management and Funding Outlook

Janus Electric has implemented cost reduction measures, cutting primary operating expenditures by 49% year-on-year, including reductions in director fees. Despite these efforts, the company’s cash balance stood at $629,000 at quarter-end, with an estimated cash runway of less than half a quarter based on current operating outflows.

Funding remains a critical challenge. The company has a $5 million strategic investment commitment from EVUNI Pte Ltd, linked to exclusive distribution rights in sub-Saharan Africa, but the funds have not yet been received. Additionally, a definitive agreement with a Toronto-based partner offers potential for future growth, though no revenue guidance has been provided.

Management is actively exploring a range of financing options, including third-party funding to reduce balance-sheet intensity and support manufacturing and commercial scale-up. The success of these initiatives will be pivotal to Janus Electric’s ability to sustain operations and capitalise on market opportunities.

Exploring New Revenue Streams

Beyond vehicle electrification, Janus is investigating additional applications for its battery technology, such as stationary energy storage and grid support. These exploratory efforts could diversify revenue sources in the longer term, though no commercial arrangements are currently in place.

Overall, Janus Electric is navigating the complex transition from technology validation to commercialisation amid a supportive policy environment and emerging global demand for decarbonised heavy transport. The company’s next steps will be closely watched by investors keen to see funding secured and sales momentum build.