Janus Electric Holdings reported a 46% increase in net loss to $4.93 million for the half-year ended December 2025, driven by rising costs despite a 33% revenue boost. The company faces funding uncertainties as it pursues key investments and operational scale-up.
- Net loss increased 46% to $4.93 million
- Revenue grew 33% to $1.24 million, led by battery hire and energy consumption
- Operating cash outflows surged to $3.68 million, cash reserves fell to $637k
- Key $5 million EVUNI investment delayed, alternative funding sought
- Board changes and strategic initiatives underway to support growth
Financial Performance and Revenue Growth
Janus Electric Holdings Limited has released its half-year results for the period ending 31 December 2025, revealing a challenging financial landscape despite encouraging revenue growth. The company reported a net loss of $4.93 million, a 46% increase compared to the prior corresponding period. This widening loss was largely driven by increased employee benefits and administrative expenses, reflecting investments in critical roles and legacy costs related to its recent Reverse Take Over (RTO) process.
On the revenue front, Janus achieved a 33% uplift to $1.24 million, primarily fueled by growth in battery hire charges and energy consumption fees. Battery hire revenue reached $287,452, while energy consumption contributed $151,233, indicating stronger utilisation of previously converted electric trucks. However, revenue from new truck conversions slowed, with $585,566 generated compared to $618,973 in the prior period, though the company expects conversion activity to accelerate in the coming months.
Cash Flow and Liquidity Pressures
Cash flow remains a critical concern for Janus. Operating cash outflows ballooned to $3.68 million, a significant increase from $329,837 in the previous half-year. Consequently, cash and cash equivalents dropped sharply to $637,458 as at 31 December 2025, down from $4.05 million at the end of June. The company’s current liabilities exceeded current assets by $4.68 million, raising material uncertainty about its ability to continue as a going concern without additional funding.
Janus is actively pursuing multiple funding avenues to shore up liquidity. A key element is a $5 million investment from Singapore-based EVUNI Pte Ltd, structured in tranches. While a binding agreement was executed in September 2025, the first tranche of $3.5 million has yet to be received, prompting Janus to explore alternative equity capital markets initiatives, including placements and share purchase plans. Notably, $400,000 in funding was secured shortly before the report’s release, providing some near-term relief.
Strategic and Operational Developments
Janus continues to refine its operational model, investing in enhancements to its patented electric truck conversion kits. These improvements aim to reduce installation time and weight, addressing supply chain constraints that have delayed ramp-up. The company’s business model encompasses multiple revenue streams, including truck conversions, battery and energy-as-a-service, and subscription fees for its software ecosystem, positioning it as a comprehensive electric solution provider for fleet operators.
Board and leadership changes have also marked the period, with Tony Fay appointed Chairman and Ben Hutt taking on the CEO role in early 2026. These changes signal a renewed focus on scaling operations and securing financial stability. Additionally, Janus is reviewing non-core assets and exploring divestment opportunities to streamline its balance sheet and reallocate capital towards growth areas.
Outlook and Market Position
Despite the financial headwinds, Janus remains optimistic about its growth prospects. The company highlights a growing pipeline of commercial opportunities across Australia, the USA, and Canada, including potential projects in California. Management expects these to translate into increased cash flow and operational scale in the near term. The anticipated receipt of an R&D tax refund and further drawdowns on financing facilities are also expected to bolster liquidity.
However, the delayed EVUNI investment and the need for additional capital injections underscore the risks ahead. The company’s ability to execute its strategy will depend heavily on securing funding and managing costs effectively while accelerating conversion activities and customer adoption.
Bottom Line?
Janus Electric’s next chapter hinges on securing critical funding and converting its growing pipeline into sustainable cash flow.
Questions in the middle?
- When will the delayed EVUNI investment tranche be received, and what contingencies exist if it is not?
- How quickly can Janus scale up truck conversions to improve revenue and cash flow?
- What impact will ongoing cost pressures and legacy expenses have on profitability and operational efficiency?