Acceleware Ltd. Reports Fourth Quarter 2024 Financial and Operating Results

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[{"type":"text","content":"Acceleware Ltd. Reports Fourth Quarter 2024 Financial and Operating Results\n\n\n\n CALGARY, Alberta, April 02, 2025 (GLOBE NEWSWIRE) -- Acceleware\n \n ®\n \n 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 year ended December 31, 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 scientific high-performance computing (\"HPC”). This news release should be read in conjunction with the Company’s audited financial statements and the accompanying notes for the year ended December 31, 2024 and management’s discussion and analysis (“MDA”) with respect thereto, all of which are available on Acceleware’s website at\n \n www.acceleware.com\n \n or on\n \n www.sedarplus.ca\n \n .\n \n\n\n HIGHLIGHTS\n \n\n\n Financial highlights for the three and twelve months ended December 31, 2024:\n \n\n\n\n\n\n\n\n\n Three Months Ended\n \n\n\n\n Twelve Months Ended\n \n\n\n\n\n\n\n\n\n\n Dec 31, 2024\n \n\n\n Dec 31, 2023\n \n\n\n Dec 31, 2024\n \n\n\n Dec 31, 2023\n \n\n\n\n\n\n Revenue\n \n\n\n $\n \n\n\n\n 1,918,077\n \n\n\n 43,590\n \n\n\n 5,233,033\n \n\n\n 279,011\n \n\n\n\n\n\n Comprehensive income/ (loss)\n \n\n\n\n\n 851,242\n \n\n\n 617,748\n \n\n\n 2,001,685\n \n\n\n (2,045,373\n \n\n )\n \n\n\n\n Gross R&D expenditures\n \n\n\n\n\n 581,071\n \n\n\n 684,437\n \n\n\n 2,872,982\n \n\n\n 2,872,982\n \n\n\n\n\n\n Government assistance\n \n\n\n\n\n –\n \n\n\n 2,064,434\n \n\n\n 1,227,929\n \n\n\n 2,618,242\n \n\n\n\n\n\n\n\n\n\n Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the “RF XL Pilot”). During 2024, the RF XL Pilot was shut down awaiting redeployment of upgraded subsurface components designed to address limitations encountered in the first phase of heating. Please refer to the\n \n RF XL PILOT U...

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