Janus maps five-region US expansion after landing 124-truck order book

North American order book becomes Horizon Two launchpad

Janus Electric Holdings Limited (ASX:JNS) is moving from proving its diesel-to-electric conversion platform to scaling it, with 124 North American truck conversions now contracted at an indicative gross value of approximately A$64.6 million. The company’s updated Horizon Two strategy targets five US regions, a larger production footprint and a capital-light charging and energy network.

Janus reiterated FY27 revenue guidance of A$70 million to A$100 million on the assumption that the current North American order book is delivered by early Q4 FY2027, incentive approvals arrive in line with programme timing and battery supply proceeds as planned. The order-book figure is gross contract value, not a statement of realised revenue, and some orders remain subject to incentive approvals, customer financing and delivery conditions.

US deliveries set the first execution test

The immediate milestone is delivery rather than strategy. Janus says the first Ability Tri-Modal trucks are due on the road in November, with 18 US trucks targeted for conversion and delivery by 31 December. The first five Canadian conversions are scheduled for January 2027, while the broader North American book is targeted for completion by early Q4 FY2027.

The company enters that ramp with A$11 million of Commonwealth Bank trade and asset finance facilities, following the CBA funding facilities secured to support its earlier North American delivery programme. Janus says its funding model matches kits and batteries to signed orders, with customer and incentive receipts intended to repay and revolve the trade facility.

Battery supply and production capacity move into focus

Battery commissioning is now part of the delivery critical path. Janus says the first Electrovaya packs reached its California partner in late October, with software integration and commissioning under way in November. Initial battery purchase orders total approximately A$37.5 million, but become binding as delivery schedules are confirmed.

The company is building Central Coast kit capacity towards 50 units a month during 2027, supported by conversion partners in California and Texas. Its platform has completed more than 1 million kilometres in Australia across 28 converted trucks and more than 4,500 battery swaps, while US CARB authorisation for the JCM 540 covers 39 Class 8 models and 920 configurations. Those figures establish operating and regulatory credentials, but do not remove the practical risks of parts, permits, partner capacity and customer readiness.

Five US regions and a proposed WA growth engine

Horizon Two extends beyond the existing California base. Janus plans regional operations spanning the West, Texas and South Central, the Southeast, the Northeast and Mid-Atlantic, and the Midwest and Great Lakes. The proposed model uses local conversion partners, grant specialists, dealer relationships and shared swap sites, with regional hubs expected once 20 trucks are committed.

The strategy also adds a proposed 50/50 RANGER joint venture in Western Australia focused on road trains, mining, bulk haulage and hybrid retrofits. Definitive agreements and a JV company are targeted by December 2026, but the arrangement remains subject to documentation and prospective customer engagements are still at discovery or trial-design stage. The company also plans to pursue an ARENA application for a Newcastle-Melbourne battery-swap corridor, with no assurance that funding will be awarded.

Capital-light ambition still depends on conversion

Janus is pitching an asset-light expansion in which partners own long-life batteries and stations while Janus operates the network and earns hardware, energy and subscription revenue. The approach is intended to let the operating business grow without funding every battery, station or conversion bay itself, with grants, customer deposits, partner capital and project finance supplementing order-backed debt.

That model is attractive on paper, but its proof will come through cash receipts and repeatable delivery. A proposed Texas pilot sits within a broader non-binding arrangement with ConGlobal, while the company’s pipeline contains more than 240 potential North American conversions that are not yet orders. The next meaningful evidence will be whether the first US trucks leave the workshop on schedule, and whether incentive approvals turn the indicative order book into collected revenue.