From GlobeNewswire: 2025-04-02 18:53:00

Acceleware® Ltd. announced its financial results for 2024, with revenue of $5.2 million and comprehensive income of $2.0 million. Their two business units, RF heating and HPC, contributed to these results. The company is piloting RF XL technology for heavy oil production, aiming to reduce costs and decarbonize the industry.

RF XL technology has shown promise in heating formations for over 200 days, achieving a milestone never before accomplished. Acceleware is confident in the potential of RF XL to lower production costs and reduce emissions in heavy oil and oil sands production. The company has completed a redesign of the RF XL subsurface system to address technical issues.

Acceleware secured $1.3 million in funding from CRIN for the RF XL Pilot’s next phase, contingent on raising the remaining $3.7 million. The company also received an RF XL consulting contract from an oil and gas operator. Management is conducting a strategic review of the commercialization plan for RF XL to target heavy oil plays for initial commercial viability.

Acceleware is looking into acquiring a heavy oil property to apply RF XL for secondary recovery, aiming to improve production and asset valuation. The company believes their technology can decarbonize industrial heating through electrification and is exploring partnerships for various applications. They are also working on completing Phase 3 of a potash ore drying project.

The company generated $1.9 million in revenue in Q4 2024, with comprehensive income of $0.9 million. Gross R&D expenses were $0.6 million, and G&A expenses totaled $315 thousand. For the full year of 2024, revenue was $5.2 million, resulting in comprehensive income of $2.0 million. Gross R&D expenses were $2.3 million, and G&A expenses were $1.6 million for the year.

Acceleware had negative working capital of $3.4 million as of December 31, 2024, with cash and cash equivalents of $272 thousand. The company is managing cash flow and seeking external funding to support its operations and development initiatives. Acceleware is listed on the TSX Venture Exchange under the symbol “AXE” and is focused on advancing clean-tech decarbonization technologies.



Read more at GlobeNewswire:: Acceleware Ltd. Reports Fourth Quarter 2024 Financial and