InFocus Advances with Codexa Launch and Expands Thai Government Contract

Codexa Launch Positions InFocus in US iGaming Market

InFocus Group Holdings Limited (ASX:IFG) has taken a significant step into the US online gaming space with the launch of Codexa, its first product from the InFocus Gaming Technologies division. The sweepstakes casino platform, unveiled globally in a technical preview at goldante.com, showcases proprietary technology including a blockchain-verified fairness layer and AI-driven personalisation. Designed for rapid white-label deployment, Codexa aims to serve operators in the US sweepstakes market, which generated approximately US$3.4 billion in net operator revenue in 2024.

The company is pursuing a dual-track commercialisation strategy: licensing the platform to third-party operators and exploring an outright sale of the Codexa platform or the entire IFG iGaming business unit. A limited commercial launch in the US is imminent, where features such as Gold Coin purchasing and prize redemption will be activated to demonstrate revenue potential. This follows the earlier global technical preview launch that allowed market participants to assess Codexa’s capabilities in a live environment.

Prodigy9 Secures and Expands Thai Government Project

Meanwhile, Prodigy9, InFocus’s wholly owned subsidiary, has secured a substantial role in a Thai Government social security infrastructure modernisation project through International Research Corporation Public Co Ltd (SET: IRCP). The initial contract covers six months with revenues of over AUD 360,000, with the first payment of THB 2.45 million (AUD 108,000) already received. Notably, within weeks of starting, discussions have begun for a significant expansion of Prodigy9’s scope, potentially increasing team size and revenue.

This contract underscores Prodigy9’s growing reputation in Thailand’s enterprise software sector and aligns with the company’s strategic shift towards higher-value, longer-term institutional engagements. The project involves transitioning critical government infrastructure from legacy mainframe systems to modern web applications, with Prodigy9 providing team augmentation and technical oversight.

Cash Flow and Financing Reflect Investment and Restructuring

InFocus reported cash receipts from customers of AUD 0.59 million for Q3 FY2026, down slightly from the prior quarter due to changes in client mix and slower-than-expected progress on the Alyssa Global Health project. These declines were partly offset by initial payments from the Thai government contract. Net cash used in operating activities was AUD 1.39 million, reflecting ongoing discretionary R&D spending and operational restructuring, including headcount reductions aligned with the company’s pivot towards enterprise clients.

The company ended the quarter with AUD 0.49 million in cash and an additional AUD 0.73 million in unused financing facilities. During the quarter, InFocus drew AUD 1.0 million under its Obsidian Convertible Securities Agreement and renewed a AUD 0.31 million R&D finance facility with Radium Capital. Post-quarter, a further AUD 0.35 million was drawn from Radium. The company’s cash runway is under one quarter based on current operating cash flows, but management highlights the discretionary nature of R&D spend and access to capital as mitigating factors.

Strategic Focus on Commercialisation and Cost Discipline

CEO Ken Tovich emphasised the company’s focus on disciplined capital management while executing growth initiatives. The imminent US commercial launch of Codexa is expected to validate the platform’s revenue potential and support licensing or sale discussions. Concurrently, the expanding Thai government contract offers a tangible revenue stream and a showcase for Prodigy9’s enterprise capabilities.

Operational cost adjustments implemented in Q3 are anticipated to deliver full benefits from April 2026 onwards. The company also continues to pursue new enterprise opportunities in Thailand, leveraging its strengthened market position.