Janus Electric Holdings Ltd (ASX:JNS) reported steady operational progress during the September 2025 quarter as the company continued rebuilding supply chains and advancing truck conversion activities following its ASX relisting. While conversion output lagged expectations, operational metrics improved, and a major new funding and distribution partnership was secured to underpin future growth.
During the September quarter, Janus recorded:
- 523,754 kilometres of commercial operation (Q4 FY25: 400,000)
- 3,102 battery swaps, keeping fleets moving (Q4 FY25: 2,500)
- 1,398 tonnes of CO2 abated (Q4 FY25: 1,000)
- 10 trucks in consistent operation
- Over 1,000 MWh of energy used, including renewable applications (Q4 FY25: 800 MWh)
“Business and funding conditions continue to be difficult and hamper the speed of assembly and production alongside the research and development costs required to improve and scale the conversion operations,” managing director and CEO Ian Campbell said.
“The order book is not transitioning quickly to locking in build slots to provide volume discounts offered by suppliers. As a newly listed ASX company, we continue to work through implementing new operating procedures and systems to accommodate regulatory best practice, which has been costly and resource heavy. We are disappointed with the progression to date and are working on evolving the company to improve all aspects of operation and deliver funding certainty. We remain confident in the technology and its positive economic and environmental impact and to persist with fulfilling customer and shareholder expectations.”
Operations and performance
Quarterly operational revenue rose 3.35% to $183,909, supported by continued uptake of the company's Battery and Energy-as-a-Service model. Truck conversion revenue recognised as income totalled $87,500, while a further $805,000 was received in cash for future conversions, classified as deferred revenue.
Conversion throughput remained below target, with one truck completed during the period, reflecting ongoing delays in component procurement and supply chain re-establishment. However, the order pipeline strengthened, with Cement Australia placing new purchase orders for two trucks and an existing third unit under conversion. An Ability tri-modal order for two conversion kits was received, and the company’s first dealer truck conversion was reported as 80% complete.
Janus also commissioned a new Janus Charge and Change Station (JCCS) at the Moorebank Intermodal Precinct to boost charging capacity across its expanding infrastructure network. During the quarter, its operational fleet achieved 523,754 kilometres of commercial use, representing a 31% increase on the prior quarter, alongside 3,102 battery swaps and 1,398 tonnes of CO₂ abated, supported by over 1,000 MWh of renewable energy consumption.
Strategic investment and partnership
A key development was the execution of a Share Placement and Distribution and Licence Agreement with EVUNI Pte Ltd, securing a $5 million strategic investment in two tranches.
The deal establishes EVUNI as the exclusive distributor of Janus technology in sub-Saharan Africa, with minimum orders of 100 units by June 2026 and 250 units per year thereafter.
Although the first $3.5 million tranche was delayed pending completion of Janus’s FY25 audit and resumption of ASX trading, EVUNI has reaffirmed its commitment and will begin taking delivery of conversion kits by year-end.
Financial position
At September 30, 2025, Janus held $1.003 million in cash and cash equivalents.
Operating cash outflow for the quarter totalled $2.7 million, reflecting $1.5 million in staff costs, $586,000 in manufacturing and operating expenses, $322,000 in R&D, and $836,000 in administration and corporate costs.
The company also recorded a $72,000 repayment of borrowings and $283,000 in capital expenditure on property, plant and equipment. Janus reported an estimated 0.37 quarters of available funding but expects to receive $3.5 million in equity inflows next quarter from its EVUNI partnership.
Leadership and corporate developments
The company strengthened its executive team with the appointment of Philip Hempenstall as chief financial officer on October 13, 2025, bringing more than 20 years of leadership experience in the mining and industrial sectors.
Andrew Palfryman also joined as company secretary in August 2025.
CEO Ian Campbell acknowledged the challenges of funding constraints and slow order conversion but reaffirmed confidence in Janus’s technology and long-term economic and environmental potential.
Outlook
With production efficiencies improving and new international partnerships emerging, Janus Electric remains focused on scaling its conversion capability, strengthening its supply chain, and expanding recurring revenue through its energy-as-a-service model.
The forthcoming EVUNI funding is expected to accelerate both domestic and export deployment in the months ahead.