Janus Electric Holdings Ltd (ASX:JNS) has reported a March quarter marked by early international revenue, expanding fleet deployment and a stronger balance sheet, as the heavy vehicle electrification player works through a broader operational reset.
Receipts from customers reached $680,000 for the quarter and $2.59 million year to date, reflecting the commencement of US export revenue following delivery of its first conversion kits into Los Angeles.
The company also continued to scale its commercial footprint, with 26 trucks now operating in Australia and a further two undergoing conversion in the United States. Across the network, Janus has logged more than 650,000 kilometres of commercial operations and completed over 3,600 battery swaps across 11 Charge & Change stations.
Operational reset and growth pipeline
Management described the quarter as a reset period following leadership changes earlier in the year, with a focus on strengthening governance, building out the executive team, and developing a qualified sales pipeline across Australia and North America.
The company said it enters the June quarter with improved organisational capability, an expanding customer pipeline and ongoing capital initiatives aimed at supporting growth.
A newly outlined three-horizon growth strategy is expected to underpin business continuity while advancing commercial opportunities in both domestic and international markets.
Cash flow supported by tax refund and funding facility
Janus reported a net operating cash outflow of $524,000 for the quarter, with underlying spending reflecting legacy creditor payments and onboarding costs tied to the leadership transition.
However, operating cash flow was bolstered by a $1.41 million R&D tax incentive refund, alongside a $2.75 million drawdown under a new Rockford R&D finance facility.
These inflows helped lift cash at the end of the quarter to $2.10 million, up from $637,000 at the end of December, materially improving the company’s working capital position.
The Rockford facility was also partly used to repay $1.09 million in outstanding debt, simplifying the balance sheet.
Funding runway and outlook
Janus estimates it has around four quarters of funding available based on current cash levels and operating cash burn, providing a near-term runway as it looks to convert its growing sales pipeline into revenue.
With early US revenues now flowing and fleet deployment continuing to expand, the company’s focus shifts to scaling commercial uptake while maintaining tighter cost control following its recent operational reset.