Janus lines up funding as US truck deliveries approach

Cash runway remains tight despite new funding

Janus Electric Holdings Limited (ASX:JNS) has reached the point where its North American expansion must begin producing cash, not just orders. The heavy-vehicle electrification company reported a A$5.9 million net operating cash outflow for the September quarter and A$3.0 million in cash at quarter end, equivalent to just 0.52 quarters of funding under the Appendix 4C calculation.

That headline runway is a quarter-end snapshot rather than a complete picture of the company’s post-quarter financing. Cash increased by A$1.0 million from June, largely because Janus completed a A$7.68 million placement and received A$467,000 from option exercises. The operating outflow included A$1.24 million of inventory and component purchases ahead of deliveries, A$720,000 spent reducing creditors, A$225,000 in instalments under an ATO payment plan and A$390,000 in interest and finance costs.

CBA facilities support the North American rollout

Since quarter end, Janus has secured a A$10 million revolving trade finance facility and a A$1 million asset finance facility from Commonwealth Bank of Australia. The trade facility is intended to fund inventory and working capital for customer orders, while the asset facility is aimed at production equipment. Both are subject to conditions, with the trade facility secured against group assets and subject to financial covenants. The A$11m CBA facilities were previously described as supporting deliveries from the company’s North American order book.

Janus also reduced its Rockford loan from approximately A$2.9 million, including accrued interest, to A$987,000 after applying a A$1.91 million FY2026 R&D tax refund. The company said the move cuts annualised interest costs by about A$325,000. Total borrowings, including accrued interest, fall from A$4.0 million to approximately A$2.1 million, although the company still carries secured debt and has no unused facilities recorded at the quarter-end reporting date.

Orders are growing, but delivery is the commercial test

The North American order book now stands at 124 trucks with a combined gross contract value of approximately A$64.6 million, following a conditional A$3.1 million repeat order from King Fio for six Class 8 conversions and six JBS-650 battery sets. The King Fio repeat order was conditional on approval of applicable California incentives, a reminder that the stated order book is not the same as realised revenue.

Electrovaya has started producing Janus battery packs in North America, with the first US truck conversions scheduled for delivery to customers in Q2 FY2027. Electrovaya has also agreed to invest approximately A$2.0 million in Janus through a proposed placement, alongside warrants equal to 150% of the placement shares. Janus has placed initial battery purchase orders worth approximately A$37.5 million, but those payments do not become binding until delivery schedules are confirmed. The Electrovaya strategic investment was reported alongside those initial battery orders, which remain dependent on agreed delivery schedules.

Management is targeting 18 fully operational trucks across three North American fleets before the end of calendar 2026, taking the combined US and Australian operational total to 46. It also has a non-binding memorandum with ConGlobal for a proposed 20-truck pilot at Fort Worth, Texas, with potential expansion across 31 US depots. These milestones remain targets: the company’s own disclosures flag exposure to supplier timing, customer orders, regulatory approvals and the availability of government incentives.