Highlights

  • FortifAI (ASX:FTI) reported global testing results for its Nol8 AI Data Plane platform through Megaport’s private network.
  • Nol8 testing demonstrated company-reported improvements in data processing, governance and AI infrastructure efficiency.
  • The company launched Nol8 version 1.0 in June 2026 and is targeting broader commercial availability later in 2026.
  • FortifAI reported approximately A$20 million in cash and no Debt following FY26 Capital raising activities.

FortifAI (ASX:FTI) is progressing the commercialisation of its Nol8 AI infrastructure platform following technology testing, Leadership expansion and industry partnerships. The company is transitioning from its previous gaming operations towards an artificial intelligence infrastructure Business focused on data management and processing efficiency.

What happened

FortifAI, formerly Mighty Kingdom Limited, has repositioned its business around Nol8, an FPGA-based AI Data Plane designed to manage data orchestration and governance for artificial intelligence workloads.

The company launched Nol8 version 1.0 on 29 June 2026.

On 2 August 2026, FortifAI released results from global testing of Nol8 V1.0 over Megaport’s private network across Virginia, Tokyo and Sydney.

The company reported 3-millisecond in-region latency, 100% accurate data governance across tested use cases and locations, and byte-identical outputs across testing sites.

FortifAI stated that Nol8 processed 34 terabytes per day compared with 2.6 terabytes for legacy CPU systems, delivered more than ten times the governed data per dollar and removed up to 64% of data before reaching GPUs.

In July 2026, FortifAI appointed Silicon Valley technology executive Kelly Herrell as chief executive, expanded its US leadership team, established an advisory board and joined the Megaport AI Exchange to support proof-of-concept deployments.

The numbers investors need to know

FortifAI’s technology performance metrics remain central to the Investment case. The company has stated that a single Nol8 appliance could replace up to 60,000 CPUs under AI workloads, reduce latency from approximately 500 milliseconds to 3 milliseconds and increase throughput from around 5,000 events per second to approximately two million.

These figures are company-reported benchmarks and have not been independently verified.

Financially, FortifAI raised approximately A$20 million during FY26, including a A$5 million Placement in February 2026 and a A$15 million placement in April 2026.

The company reported approximately A$20 million in cash and no debt.

The legacy gaming business generated Revenue of A$1.23 million during the first half of FY26, down 52%, with a loss per share of A$0.004.

FortifAI has not announced material Nol8 revenue, signed commercial contracts or committed customer revenue. Broader commercial availability is targeted for late 2026.

Business outlook and key considerations

FortifAI’s focus remains converting technology validation into commercial adoption. The company is targeting enterprise use cases where AI infrastructure efficiency, data governance and processing speed are key considerations.

Key milestones include conversion of proof-of-concept deployments into customer contracts, commercial availability of Nol8, customer-validated performance results and development of pricing and revenue models.

Future performance will depend on enterprise adoption rates, sales execution, competition and ongoing capital requirements.

Bull case

FortifAI’s Nol8 platform targets a growing artificial intelligence infrastructure market by addressing data movement, governance and processing efficiency challenges.

The company’s testing results indicate potential improvements in AI workload efficiency, while the Megaport AI Exchange provides access to enterprise connectivity and infrastructure customers.

The transition towards a dedicated AI infrastructure business, supported by new leadership and a debt-free balance sheet, provides a framework for pursuing commercial opportunities.

Successful conversion of proof-of-concept deployments into paying customers would represent an important step in establishing recurring revenue.

Bear case and risks

FortifAI remains pre-commercial, with limited revenue from its previous business operations and no material Nol8 revenue announced.

Technology benchmarks remain company-reported and require customer validation through commercial deployments. Enterprise infrastructure adoption cycles can be lengthy, particularly for technologies integrated into critical data pathways.

Additional risks include competition from larger technology companies, reliance on distribution partners, ongoing development costs and future funding requirements.

The company has completed multiple capital raising activities, and additional funding may be required if commercialisation timelines extend.

What comes next

The key upcoming milestone is converting Nol8 proof-of-concept deployments into commercial customer agreements.

Investors will monitor broader Nol8 availability targeted for late 2026, customer adoption, additional partnerships, independent benchmark validation, pricing models and future Cash Flow updates.

The FY26 results and subsequent quarterly reports will provide further visibility on operating expenditure and funding requirements.

Conclusion

FortifAI (ASX:FTI) is advancing its transition into an AI infrastructure company through Nol8 technology development, testing activities and strategic partnerships.

The company has reported technology performance results and established pathways towards enterprise adoption. However, the next stage depends on commercial execution, customer conversion and demonstrating that technical capabilities can translate into sustainable revenue.