Apologies for the late reply
It looks like we were actually able to resolve the jsreport initialization issue, however we are encountering a new issue. Whenever we try to generate a report, we receive a "Unable to find specified template or user doesnt have permissions to read it" error.
Looking further it looks like our NPM/Node version has updated along with the OS Upgrade, I've added those versions to the original post above. Once again the only changes should have been these upgrades.