Key Highlights

  • Fortifai Limited (ASX: FTI) launched Nol8 AI Data Plane Version 1.0 on 29 June 2026 and joined the Megaport AI Exchange on 30 June 2026.
  • Nol8 remains at proof of concept stage, with commercial availability targeted for later in 2026 and no disclosed revenue contracts announced.
  • The company’s existing games division generated A$1.23 million in revenue during the December 2025 half, down 52% from the previous corresponding period.
  • Fortifai raised approximately A$20 million through equity placements in February and April 2026 to fund the development of its AI infrastructure strategy.

Fortifai Limited (ASX: FTI) is undergoing a major business transition following its evolution from Adelaide-based games developer Mighty Kingdom into an artificial intelligence-focused technology investment company.

The company originally listed on the Australian Securities Exchange in 2021 under the name Mighty Kingdom Limited. The business developed mobile games and secured work-for-hire projects involving global brands including Disney, LEGO, Mattel and Sony.

Shareholders approved the company name change at an extraordinary general meeting held on 20 June 2025, with the ASX ticker changing from MKL to FTI on 25 June 2025.

While the original games business remains part of the group, investor attention has increasingly shifted towards Nol8, an artificial intelligence infrastructure venture acquired by Fortifai in late 2025. The company now operates with two distinct assets: Mighty Kingdom, which generates current revenue, and Nol8, which represents the future technology opportunity but currently has no recurring revenue.

Nol8 Acquisition Established New AI Growth Strategy

Fortifai entered the AI infrastructure market through the acquisition of FastAI Pty Ltd, announced on 15 December 2025. The transaction provided the company with an exclusive licence to Nol8 technology, with underlying research originating from Israel’s Technion institute.

The acquisition was completed on 2 February 2026. Consideration included the issue of 155 million shares at A$0.11 per share, representing approximately A$17 million, along with 150 million performance rights linked to development milestones.

Performance rights are conditional share entitlements that only become available if certain targets are achieved. The structure means part of the acquisition consideration depends on future outcomes rather than being paid immediately.

The Technion Research and Development Foundation was entitled to receive 20% of the consideration shares as well as ongoing royalties associated with the technology.

Nol8 Version 1.0 Launch Marks Development Milestone

Fortifai released Nol8 AI Data Plane Version 1.0 on 29 June 2026, representing a key milestone in the company’s technology roadmap.

Nol8 is described by Fortifai as an agentic AI data plane designed to process streaming data before it is stored. In simple terms, the technology aims to improve how data moves between applications, computing resources and artificial intelligence systems.

The platform uses algorithms designed for FPGA chips. These chips can be configured for specific computing tasks and may provide efficiency advantages in specialised workloads compared with traditional general-purpose processors.

Fortifai has highlighted internal benchmark results suggesting significant improvements in processing speed and data throughput. The company’s February 2026 roadmap announcement cited latency improvements from approximately 500 milliseconds to 3 milliseconds, throughput increases from 5,000 to 2 million events per second and the potential replacement of around 5,000 central processing units with one appliance.

These figures are company-provided benchmarks and have not been independently audited.

Megaport AI Exchange Provides Potential Distribution Channel

A day after launching Nol8 Version 1.0, Fortifai announced that Nol8 had joined the Megaport AI Exchange on 30 June 2026.

The Megaport AI Exchange is operated by Megaport Limited (ASX: MP1) and provides connectivity between artificial intelligence infrastructure providers, cloud environments and data centres.

The partnership places Nol8 alongside other AI-related infrastructure services, allowing customers to access the technology as part of a broader computing and networking environment.

However, the commercial status of the relationship remains early. The arrangement is described as a collaboration, with proof of concept deployments running on live workloads with selected customers. General commercial availability is targeted for later in 2026.

No financial terms, customer contracts or revenue commitments have been disclosed.

Existing Revenue Base Remains Dependent on Games Business

Although Fortifai’s future strategy is centred on Nol8, the company’s current revenue continues to come almost entirely from the Mighty Kingdom games studio.

For the financial year ended 30 June 2025, Fortifai reported game revenue of A$4.33 million, down 15% from the previous year. Total income reached approximately A$6.3 million after including government grants and research and development incentives.

The company reported a net loss after tax of A$1.99 million for FY25, improving from the previous year’s A$7.0 million loss.

The revenue trend weakened further in the first half of FY26. The half-year accounts released on 25 February 2026 showed revenue of A$1.23 million for the six months ended 31 December 2025, representing a 52% decline from the previous corresponding period.

At this stage, Nol8 does not contribute recurring revenue, meaning the company’s financial profile remains linked to a declining games operation while the AI venture moves through development and commercial testing.

Capital Raising Supports Nol8 Development Plans

Fortifai strengthened its balance sheet through two equity raisings during 2026 as it progressed the Nol8 strategy.

The company announced a A$5 million placement on 20 February 2026, followed by a A$15 million placement on 28 April 2026. The second placement was completed at A$0.715 per share for approximately 20.98 million shares.

Together, the two placements raised approximately A$20 million in gross proceeds.

The capital provides funding for Nol8 development, commercialisation activities and broader technology investment. However, the increase in issued shares also represents dilution for existing shareholders.

The June quarter Appendix 4C report, due by 31 July 2026, will provide additional information on cash usage and the company’s operating expenditure following the capital raisings.

Share Performance Reflects Early Commercial Stage

Fortifai shares traded around A$0.49 on 24 July 2026, with the company recording a market capitalisation of approximately A$181 million. The share price declined through July despite the Nol8 launch and Megaport AI Exchange announcement.

The market response reflects the early stage of the AI infrastructure opportunity. While Fortifai has achieved several development milestones, commercial adoption remains the next significant step.

Key milestones ahead include customer benchmarking activity, the planned production-grade commercial engine targeted for the end of 2026 and the conversion of proof of concept deployments into paying customer relationships.

The company’s investment case continues to depend on whether Nol8 can transition from technology development into a commercially generating platform.

Conclusion

Fortifai Limited (ASX: FTI) has completed a significant strategic shift from a mobile games developer into an emerging AI infrastructure company through the development of Nol8. The launch of Nol8 Version 1.0 and entry into the Megaport AI Exchange represent important technology milestones, but commercial outcomes remain ahead.

The company currently operates with a declining games revenue base while funding the development of a pre-revenue AI platform. Future updates on customer adoption, commercial contracts and cash usage will be central to understanding whether Nol8 can become a meaningful contributor to Fortifai’s financial performance.