Acceleware Ltd. Reports First Quarter 2025 Financial and Operating Results

Core Viewpoint - Acceleware Ltd. reported significant financial improvements in Q1 2025, with a notable increase in revenue and a reduction in comprehensive loss, while continuing to advance its RF XL technology for decarbonizing heavy oil and oil sands production [1][11][12]. Financial Highlights - Revenue for Q1 2025 was CAD 431,226, a substantial increase from CAD 43,594 in Q1 2024 [2][11]. - Comprehensive loss decreased to CAD 382,195 in Q1 2025 from CAD 969,971 in Q1 2024 [2][12]. - R&D expenditures were CAD 420,829 in Q1 2025, down from CAD 501,115 in Q1 2024 [2][13]. RF XL Pilot Progress - The RF XL Pilot in Marwayne, Alberta, demonstrated the technology's potential, achieving over 200 days of RF power injection into the heating well [3][4]. - The company is preparing for a second phase of heating, with an estimated cost of CAD 5 million, and has secured CAD 1.3 million in non-dilutive funding from CRIN [4][9]. Commercialization Strategy - Management is conducting a strategic review to identify optimal heavy oil reservoirs for RF XL technology commercialization, focusing on areas like the McMurray oil sands and Clearwater [5][6]. - The company aims to enhance production and cash flow by potentially acquiring rights to a heavy oil property and applying RF XL as a secondary recovery method [6]. Intellectual Property Development - Acceleware has a total of 62 patents related to its technologies, with 28 granted and 34 pending [8]. Future Outlook - The company plans to initiate a second phase of heating at the RF XL Pilot after addressing technical issues, with funding efforts ongoing [9][10].