Janus Electric Reports $8.9M Net Loss After $1M R&D Restatement and $500K Investment Impairment
Janus Electric Holdings has updated its FY25 financials with audited figures, correcting prior R&D expense misstatements and recognizing an impairment on its Vaulta investment, resulting in a net loss of $8.9 million.
- Restatement of R&D expenses reduces FY24 tax incentive receivable by over $1 million
- Vaulta shareholding impairment of nearly $500,000 recognized after year-end valuation
- Non-recourse employee share loan reclassified as share-based payment expense
- Final net assets adjusted to $5.7 million from preliminary figures
- FY25 revenue steady at $1.7 million with a net operating loss widening to $9 million
Context and Correction
Janus Electric Holdings Limited, an Australian innovator in heavy vehicle electrification, has released its final audited financial results for the fiscal year ended 30 June 2025. This update revises the previously unaudited figures announced in August, reflecting several material adjustments that reshape the company’s financial landscape.
Central to the revisions is a restatement of research and development (R&D) expenses linked to the Robotic Charge and Change Station (RCCS) project. An invoice from 2024 was mistakenly recorded as an expense in that year’s R&D claim, inflating both expenses and R&D tax incentives. The correction reduces the R&D tax incentive receivable by just over $1 million and adjusts trade payables, resulting in a net positive impact on net assets of approximately $875,750.
Investment Valuation and Employee Share Loan
Another significant adjustment concerns Janus Electric’s shareholding in Vaulta. Following an offer to acquire this stake and subsequent correspondence, the fair value of the investment was reassessed downward by nearly $500,000. This impairment has been treated as an adjusting subsequent event, impacting the valuation recorded at the time of the company’s reverse takeover.
Additionally, a $100,000 non-recourse loan issued to employees as shares was reclassified from a current asset to a share-based payment expense, aligning the accounting treatment with standard practices.
Financial Outcomes and Forward View
Despite these adjustments, Janus Electric’s revenue for FY25 remained steady at $1.7 million. However, the company reported a net operating loss of $9 million, slightly wider than the preliminary figure, culminating in a net loss of $8.9 million. The final net assets stand at $5.7 million, reflecting the cumulative impact of the restatements and impairments.
Janus Electric continues to focus on its mission to drive zero-emission transport solutions across Australia, with ongoing projects and a national deployment strategy supported by its Central Coast production facility. The timing shift of the RCCS development into FY26 suggests that future R&D claims and expenses will reflect this new schedule.
Investors and analysts will be watching closely to see how these financial adjustments influence Janus Electric’s operational momentum and capital management as it navigates the evolving electric vehicle technology sector.
Bottom Line?
Janus Electric’s audited results clarify its financial position but underscore ongoing challenges in scaling its zero-emission transport ambitions.
Questions in the middle?
- How will the delayed RCCS development affect Janus Electric’s R&D pipeline and future tax incentives?
- What are the strategic implications of the Vaulta investment impairment for Janus Electric’s portfolio?
- How might the company manage its widening net losses while pursuing national deployment?
