Highlights

• Janus Electric has submitted 16 additional California HVIP Drayage Truck Set-Aside applications for customer Ability Tri-Modal, bringing total applications for this customer to 20, including four previously lodged and approved.

• The JCM 540 electric conversion system is now authorised in the HVIP program for 39 truck models and 920 vehicle configurations across six major US Class 8 truck makes, covering model years 2016-2026.

• An initial programme of 18 US trucks is scheduled for conversion and delivery by 31 December 2026, with conversion capacity ramping through FY27.

• Management reiterates FY27 Revenue guidance of AUD 70-100 million, supported by a North American order book of 124 truck conversions and a pipeline of more than 240 potential conversions.

Janus Electric Holdings Limited (ASX:JNS), an ASX-listed company specialising in heavy vehicle electrification through its patented battery swap platform and truck conversion technology, has announced the submission of 16 additional applications under California's HVIP Drayage Truck Set-Aside program for customer Ability Tri-Modal. The applications were lodged through the company's California dealer and conversion partner, Electric Vehicle Choice, and bring the total number of HVIP applications submitted for Ability Tri-Modal to 20. Concurrently, the company has highlighted the expansion of its CARB-authorised vehicle coverage to 920 configurations, broadening the addressable market for its conversion technology.

Expanding CARB Authorisation and HVIP Applications

The California Air Resources Board has authorised Janus Electric's JCM 540 electric conversion system for 39 truck models and 920 vehicle configurations across six major US Class 8 truck manufacturers, covering model years 2016 through 2026. This expanded coverage follows an executive order issued in October 2026 and enables Janus to offer its conversion technology across a broader range of existing heavy transport fleets — allowing eligible operators to electrify trucks already in service rather than purchasing replacement vehicles.

The 16 additional HVIP applications for Ability Tri-Modal represent the first lodged following this coverage expansion. The initial four applications for this customer were previously lodged and approved, with each truck securing meaningful incentives comprising a combination of HVIP program funding and Port of Los Angeles "Plus" grant funding. Published HVIP guidance indicates that initial application reviews typically take approximately two weeks following funding reservation. Submission does not constitute approval or guarantee of funding, and commercial outcomes remain subject to customer decisions and HVIP program conditions.

Delivery Timeline, Order Book, and FY27 Outlook

The first Ability Tri-Modal trucks are expected to be on the road in November 2026, subject to finalisation of permits for the customer's Carson charging facility. An initial programme of 18 US trucks is now scheduled for conversion and delivery by 31 December 2026, with conversion capacity between California and Texas ramping to deliver the current North American order book by early in the fourth quarter of FY27. The first Electrovaya battery packs were delivered to Electric Vehicle Choice during the week commencing 26 October 2026, with software integration and commissioning scheduled for November.

The company's North American order book comprises 124 truck conversions, including 99 in the United States and 25 in Canada, with a combined gross contract value of approximately AUD 64.6 million. Management has reiterated FY27 revenue guidance of AUD 70-100 million. Beyond the contracted order book, Janus is also progressing a pipeline of more than 240 potential truck conversions across existing and prospective customers at various stages from pilot programmes through to commercial proposals, though these are non-binding and not included in the contracted order book.

Government Incentive Strategy and Production Infrastructure

California's standard HVIP funding closed to new general applications in early September 2026 after available funding was fully committed. The programme administrator is targeting a reopening expected to occur in November 2026, after which Janus intends to submit further applications on behalf of eligible customers. Beyond HVIP, the company and its US partners are progressing applications under additional government incentive programmes across North America to provide further funding pathways for customers where HVIP eligibility or availability may be limited.

Production and delivery activities are supported by a revolving trade finance Facility and an asset finance facility with a major Australian bank, together with customer deposits. The company's Central Coast-based production facility supports its national and international deployment strategy, with conversion capacity scaling across California and Texas in response to the growing order book. The proposed strategic Investment by Electrovaya remains subject to completion conditions.

Key Insights

The expansion of CARB-authorised vehicle coverage to 920 configurations significantly broadens Janus Electric's total addressable market within the US heavy vehicle electrification segment. By enabling operators to electrify trucks already in service across a wider range of makes and models, the company reduces a key barrier to commercial adoption — the need to replace existing fleet Assets to access electric drivetrain technology.

The reiteration of FY27 revenue guidance amid active order delivery and a growing incentive application pipeline reflects management confidence in near-term execution. Observers may focus on the conversion and delivery of the initial 18 US trucks scheduled by year-end as a critical proof point for Janus's production and delivery capabilities, and on HVIP reopening dynamics that could unlock access to additional incentive funding for existing and prospective customers.