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Acceleware Ltd. Reports Third Quarter 2024 Financial and Operating Results
Acceleware Limited
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Acceleware Limited
Acceleware Limited

CALGARY, Alberta, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of transformative technologies targeting the decarbonization of industrial process heat, today announced its financial and operating results for the nine months ended September 30, 2024 (all figures are in Canadian dollars unless otherwise noted). Acceleware’s results reflect contributions from the Company’s two business units, radio frequency (“RF”) heating for industrial applications using the Company’s proprietary Clean Tech Inverter (“CTI”) including enhanced oil recovery (“RF XL”), and high-performance computing ("HPC”) scientific software. This news release should be read in conjunction with the Company’s unaudited interim condensed financial statements and the accompanying notes for the nine months ended September 30, 2024 and management’s discussion and analysis (“MDA”) thereto, together with the audited financial statements for the year ended December 31, 2023, notes and MDA thereto, all of which are available on Acceleware’s website at www.acceleware.com or on www.sedarplus.ca.

HIGHLIGHTS

Financial highlights for the three and nine months ended September 30, 2024:

 

 

Three Months Ended

Nine Months Ended

 

 

Sept 30, 2024

Sept 30, 2023

Sept 30, 2024

Sept 30, 2023

Revenue

$

1,259,315

62,467

3,314,956

235,421

Comprehensive income/ (loss)

 

856,500

(1,272,006)

1,150,443

(2,663,121)

Gross R&D expenditures

 

408,356

798,544

1,672,439

2,188,545

Government assistance

$

(650,165)

(119,785)

(1,227,928)

(553,808)


In the nine months ended September 30, 2024, the Company worked closely with industry partners to progress next steps in the RF XL Pilot. An output of this work is the determination that the most practical path forward is to redeploy all subsurface components incorporating the multiple improvements and upgrades that Acceleware has made to the RF XL downhole system. During Q3, 2024, the Company continued to refine redeployment and test plans, confirming the $5 million cost estimate, which Acceleware is now actively sourcing. Since the end of Q2 2024, the Company has increased the total non-dilutive funding amount secured for the next phase of the RF XL Pilot, contingent on receiving the remainder of the $5 million. The Company has also secured RF XL consulting revenue from a confidential oil and gas operator, the net proceeds of which will be applied to the costs in the next phase of the RF XL Pilot. Additional RF XL consulting revenue from this operator may be available in 2025, the net proceeds of which will also be applied to the RF XL Pilot. The Company has identified several additional industry and government potential funders and is actively discussing the project with them. The primary outreach message is that the next phase of the RF XL Pilot is expected to enable higher power to be distributed in the reservoir for a sustained period, resulting in higher temperatures in the reservoir, and potentially greater oil production with the ultimate goal of further validating the commercial viability of RF XL. Please refer to the MDA for a complete RF XL Pilot update.

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