A$1.91m R&D refund cuts Janus Electric’s Rockford loan by about 66%
Janus Electric Holdings Limited (ASX: JNS) has received its A$1.91 million FY2026 Research and Development (R&D) Tax Incentive refund, announced on 20 October 2026. The refund is being applied to reduce outstanding debt and ongoing interest costs.
The refund was received by the Company’s R&D lender, Rockford RDF Pty Ltd, on 19 October 2026 and applied against the existing loan. The Rockford loan balance fell from approximately A$2.9 million at 30 September 2026 to A$987k, a reduction of about 66%.
Key highlights from the announcement:
- A$1.91 million FY2026 R&D Tax Incentive refund received and applied against the Rockford RDF loan
- Loan balance reduced by approximately 66%, from about A$2.9 million to A$987k
- Repayment expected to reduce interest costs by approximately A$27k per month, equivalent to A$325k annualised
- A further R&D tax refund relating to eligible overseas activities is being pursued
The debt reduction is funded by a government incentive refund rather than a new equity raise. The announcement does not discuss shareholder dilution.
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Interest savings of A$325k a year
The repayment is expected to reduce interest costs by approximately A$27k per month, equivalent to A$325k annualised. Lower financing costs reduce the cash the Company directs to debt servicing.
Fact vs. impact
| Metric | Before | After | Impact |
|---|---|---|---|
| Rockford loan balance | ~**A$2.9M** (30 September 2026) | **A$987k** | Reduction of about **66%** |
| Interest cost | Not disclosed | Not disclosed | Expected saving of approximately **A$27k per month** (**A$325k** annualised) |
The announcement does not state the interest rate or total interest costs on the loan. Management ties the lower financing costs to its focus on delivering the order book.
Part of that order book is a US truck conversion order worth about A$10 million from repeat customer Ability Tri-Modal, which lifted the North American contracted book to 45 conversions.
Management comment
Ben Hutt, CEO and Managing Director
“This is a welcome outcome as we continue to strengthen our financial position and prepare for increased commercial activity in Australia and North America.”
“Reducing our financing costs is particularly important as we focus on delivering our growing order book.”
How the R&D Tax Incentive works for growth companies
The R&D Tax Incentive is a government program that rewards eligible R&D spending with a tax offset or refund. Companies that invest in developing new products or processes can recover part of that cost, which can ease pressure on cash.
For innovators in areas such as heavy vehicle electrification, the refund can act as a recurring source of non-dilutive funding. Non-dilutive means the money does not come from issuing new shares, so existing shareholders’ ownership is not reduced.
The announcement identifies Rockford RDF Pty Ltd as the Company’s R&D lender and references earlier ASX announcements of 9 March 2026 and 24 July 2026. It does not describe the loan terms beyond what is outlined above.
Further refund targeted from overseas R&D
Janus has lodged an Advance Overseas Finding with the Australian Taxation Office (ATO) in respect of FY26 R&D activities undertaken offshore. Subject to approval and processing, any associated refund will be applied against the remaining Rockford loan balance.
Next steps outlined or implied by the announcement:
- ATO approval and processing of the Advance Overseas Finding. No timeline or amount has been disclosed.
- Any resulting refund to be applied against the remaining Rockford loan balance of A$987k.
- Continued focus on delivering the growing order book.
Management said the Company is preparing for increased commercial activity in Australia and North America, alongside its efforts to strengthen its financial position.
That commercial push sits within a three-horizon growth strategy targeting 1,600+ trucks by FY29, with total funding needs across the horizons estimated at A$138-187M.
About Janus Electric
Janus Electric is an Australian innovator in heavy vehicle electrification, supporting operations across New South Wales, Victoria, Queensland, South Australia and Western Australia, with international deployments active in the United States and Canada. Its Central Coast-based production facility underpins its national and international deployment strategy.
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