Janus Electric Begins US Revenue and Expands Fleet to 28 Trucks

US Market Entry Drives Revenue and Fleet Expansion

Janus Electric Holdings (ASX:JNS) marked a key milestone in Q3 FY26 by commencing export revenue to the United States, with the first batch of its patented electric truck conversion kits arriving at the Port of Los Angeles. This shipment underpins the company’s push into the North American market, complementing its existing operations across Australia. The company now has 28 trucks converted and operational, including 26 in Australia and two in the US, collectively logging over 650,000 kilometres and completing more than 3,600 battery swaps at 11 Charge & Change Stations.

This international expansion aligns with Janus Electric’s broader growth ambitions, as outlined in its recently released Three-Horizon Growth Strategy, which aims to build on a qualified sales pipeline across Australia, the US, and Canada. The strategy targets business continuity and scaling up operations through active capital initiatives and enhanced organisational capabilities.

Cash Position Strengthened by Tax Incentive and Financing Facility

Financially, Janus Electric benefited from a $1.413 million refund under the Australian Taxation Office’s R&D Tax Incentive program during the quarter, providing a timely boost to working capital. This refund, combined with a $2.75 million drawdown from a new R&D finance facility arranged with Rockford R&D, materially stabilised the company’s liquidity. The facility, which carries a 17% interest rate and matures in April 2027, was also used to fully repay $1.093 million of outstanding debt with Rocking Horse Capital, simplifying the company’s debt structure.

Despite these inflows, the company recorded a net operating cash outflow of $524,000 for the quarter, reflecting transitional costs including legacy creditor payments and executive onboarding expenses following recent leadership changes. Nevertheless, cash at quarter-end stood at $2.095 million, up from $637,000 at the end of December 2025, providing an estimated runway of four quarters at current operating cash burn rates.

Operational Reset and Governance Enhancements Underway

The quarter represented a reset phase for Janus Electric, focusing on strengthening governance frameworks and executive team capabilities to support its commercial ambitions. The company is actively building its sales pipeline and advancing capital initiatives to underpin future growth. These moves come after a period of heightened losses and cash burn in the first half of FY26, with the company now demonstrating signs of operational discipline and financial management improvements.

Janus Electric’s approach to scaling its zero-emission heavy vehicle technology, including its modular battery swap platform and truck conversion kits, continues to attract attention. The company’s expansion into the US market follows recent successes in securing California HVIP vouchers and partnerships aimed at freight electrification, positioning it well within a growing global push for sustainable transport solutions.

Investors will be watching how the company converts its growing pipeline and strengthened cash position into sustained revenue growth and improved cash flow, particularly as it navigates the complexities of international market entry and operational scale-up. The sustainability of cash outflows and the execution of the Three-Horizon Growth Strategy will be critical to monitor in upcoming quarters.