IXUP (ASX: $IXU) announcement overview

IXUP Limited (ASX: $IXU) has officially commenced revenue-generating activities in North America through its joint venture with IC360, following the initiation of the Ontario centralised self-exclusion contract. The contract's kick-off meetings have confirmed the expected timelines and deliverables, with revenues received by IXUP representing approximately 25% of the overall contract value. This marks a pivotal moment for IXUP as it establishes an operating division in North America, a region anticipated to be a high-growth market for its RegTech solutions.

Executive commentary on North American operations

After the recent success in being awarded the marquee contract in North America, we are pleased to have moved quickly to commence operations, initially focused on the up-front build component of the Ontario CSE. These efforts are being led by IXUP, in conjunction with IC360, and importantly, commence a revenue and cashflow stream for IXUP which further grows the cash generative position of our RegTech division and which assists in a further material reduction of IXUP's monthly group cash burn rate. We have also commenced a dialogue with IC360 with the aim of progressing discussions with additional North American gambling jurisdictions who we are aware are considering the launch of CSE platforms, for which IXUP and IC360 will be pursuing.

Summary of IXUP's North American milestone

IXUP (ASX: $IXU) has achieved a significant milestone with the commencement of revenue-generating activities in North America through its joint venture with IC360, following the initiation of the Ontario centralised self-exclusion contract. The company anticipates additional cash inflows in the near term, leading to a reduction in group monthly cash burn rates. Furthermore, the establishment of an operating division in North America positions IXUP to pursue additional centralised self-exclusion contracts in the region. This development aligns with IXUP's ambitions to capitalize on the high-growth potential of the North American market for its world-leading RegTech solutions.