In this example, I update the text with texture.needsUpdate = true;
see CPU-Simulation-8Bit line 3456
function canvasSet( texture, ctx, bgr, w, h, txt ) {
ctx.fillStyle = bgr;
ctx.fillRect( 0, 0, w, h );
ctx.fillStyle = dGray;
ctx.textAlign = "left";
ctx.textBaseline = "middle";
ctx.font = 'bold 80px Courier';
ctx.fillText( txt, 0, h / 2 );
texture.needsUpdate = true;
}