This news release should be read in conjunction with the Company’s unaudited interim condensed financial statements and the accompanying notes for the three months ended March 31, 2025 and management’s discussion and analysis ("MD&A”) thereto, together with the audited financial statements for the year ended December 31, 2024, notes and MD&A thereto, all of which are available on Acceleware’s website at or on HIGHLIGHTS Financial highlights: Three Months Ended March 31, 2025 March 31, 2024 Revenue$431,226 $43,594 Comprehensive loss$(382,195)$(969,971)R&D expenditures$420,829 $501,115 Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the "RF XL Pilot”).
In the three months ended March 31, 2025, the Company continued to work on the next iteration of the RF XL subsurface system to more concretely address technical issues that were illuminated during the first phase of heating at the RF XL Pilot.
In Q1 2025 Acceleware’s board of directors approved an initiative proposed by Management to investigate (in parallel with continued effort to progress a second phase of heating at Marwayne) the opportunity for Acceleware, as an operator, to acquire rights to a suitable heavy oil property, and thereafter apply RF XL as a secondary recovery method to improve the property’s production, cashflow, ultimate recovery and asset valuation.
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