Acceleware Ltd. Reports Fourth Quarter 2025 Financial and Operating Results

Core Viewpoint - Acceleware Ltd. reported its financial and operational results for the year ended December 31, 2025, highlighting a significant decline in revenue and comprehensive income compared to the previous year, while continuing to advance its RF heating technology for heavy oil production and mineral processing applications [1][2][28]. Financial Highlights - Revenue for Q4 2025 was $33 thousand, down from $1.9 million in Q4 2024, and $54 thousand in Q3 2025 [22]. - Total revenue for the year ended December 31, 2025, was $719 thousand, compared to $5.2 million for the year ended December 31, 2024 [26]. - Comprehensive loss for Q4 2025 was $186 thousand, compared to a comprehensive income of $851 thousand for Q4 2024 [23]. - Total comprehensive loss for the year ended December 31, 2025, was $1.9 million, compared to a comprehensive income of $2.0 million for the year ended December 31, 2024 [28]. Research and Development - Gross R&D expenditures for Q4 2025 were $465 thousand, down from $581 thousand in Q4 2024 [24]. - For the year ended December 31, 2025, gross R&D expenses totaled $1.4 million, compared to $2.3 million in 2024 [29]. Operating Summary - Acceleware is advancing its RF XL 2.0 technology, with a pilot project underway in Saskatchewan, and has begun the application process with the Saskatchewan Ministry of Energy and Resources [4]. - The expected cost to complete the RF XL 2.0 Pilot is approximately $5 to $6 million, with conditional approval received from the Saskatchewan Petroleum Innovation Incentive program [5]. Strategic Focus - The company is pursuing a dual-track strategy, focusing on heavy oil production while advancing its technology portfolio in mining and industrial applications [14]. - Acceleware aims to generate near-term revenue through heavy oil production while demonstrating the commercial performance of its technology [13]. Business Model and Outlook - The business model is centered on deploying RF XL 2.0 technology to validate its economic and operational benefits, with plans to grow revenue through future drilling and deployments [20]. - The company is also exploring technology licensing and strategic partnerships in the critical minerals and amine regeneration markets [20]. Technology Platform - Acceleware's RF XL 2.0 technology is designed to enhance heavy oil production by heating connate water within reservoirs, improving recovery without the need for water injection or combustion-based heat sources [15]. - The technology aims to address historical limitations of RF heating, including energy efficiency and scalability [15]. Financing Activities - In 2025, Acceleware closed two tranches of a non-brokered private placement, raising a total of $1 million [8]. - The company also issued units to settle $186 thousand in trades payable and management fees [9]. Subsequent Events - Following December 31, 2025, Acceleware announced plans for a restructuring of outstanding convertible debentures, offering options for existing holders to convert into units or new debentures [10][11].