New Risk • Apr 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.2m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-CA$5.9m). Revenue is less than US$1m (CA$719k revenue, or US$527k). Market cap is less than US$10m (CA$13.6m market cap, or US$9.97m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). New Risk • Apr 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.2m free cash flow). Negative equity (-CA$5.9m). Revenue is less than US$1m (CA$719k revenue, or US$525k). Market cap is less than US$10m (CA$13.6m market cap, or US$9.93m). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Annonce • Apr 01
Acceleware Ltd., Annual General Meeting, May 29, 2026 Acceleware Ltd., Annual General Meeting, May 29, 2026. Location: alberta, calgary Canada Reported Earnings • Mar 31
Full year 2025 earnings released: CA$0.015 loss per share (vs CA$0.017 profit in FY 2024) Full year 2025 results: CA$0.015 loss per share (down from CA$0.017 profit in FY 2024). Revenue: CA$719.2k (down 86% from FY 2024). Net loss: CA$1.86m (down 193% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 28
Third quarter 2025 earnings released: CA$0.005 loss per share (vs CA$0.007 profit in 3Q 2024) Third quarter 2025 results: CA$0.005 loss per share (down from CA$0.007 profit in 3Q 2024). Revenue: CA$53.8k (down 96% from 3Q 2024). Net loss: CA$578.5k (down 168% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Negative equity (-CA$6.4m). Market cap is less than US$10m (CA$9.13m market cap, or US$6.48m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (CA$3.8m revenue, or US$2.7m). Annonce • Sep 15
Acceleware Ltd. Announces Board Changes, Effective September 12, 2025 Acceleware Ltd. announced the appointment of three senior executive advisors to Acceleware’s advisory board (“Advisory Board”). The Company is also announcing a grant of options to the members of the Advisory Board, and certain members of the Acceleware’s board of directors. Effective September 12, 2025, Acceleware welcomes Juan Benitez, Jason de Jong and Ryan Cross to its Advisory Board joining returning members Cal Coulter, Sean David and Don Verdonck. John Howard, Jeff Reading and Chad Robinson have stepped down from the Advisory Board after several years of valued counsel but will remain available to support a smooth transition. Juan Benitez, P. Eng., MBA, has served as a Venture Partner at BDC Capital and as an Executive Business Advisor with Alberta Innovates. He spent six years at Cenovus Energy, where he co-founded Evok Innovations and managed the Cenovus corporate venture capital fund portfolio. He brings extensive experience in building strategic partnerships and advancing technology commercialization to address environmental and economic challenges in the energy sector. Jason de Jong, MBA, has been focused on the intersection of thermodynamics, economics and public policy. Jason has been working in the Canadian Energy Industry since 1995, consulting as an Energy Resource Project Developer since 2004, and pursuing advancement of energy decarbonization systems since 2016. His development experience spans conventional oil and gas production, thermal heavy oil recovery including greenfield and brownfield SAGD projects, combined steam and power generation, gas processing, hydrogen production, and technology evaluation and demonstration. Ryan Cross, C.E.T., PMP, MBA, is a senior executive with more than 30 years of hands-on experience in energy and clean technology. He has led operations, commercialization, and business development efforts in carbon capture, renewables, and emerging energy technologies globally. Ryan excels at advancing innovations from development to deployment. Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.006 loss per share (vs CA$0.011 profit in 2Q 2024) Second quarter 2025 results: CA$0.006 loss per share (down from CA$0.011 profit in 2Q 2024). Revenue: CA$201.5k (down 90% from 2Q 2024). Net loss: CA$714.1k (down 157% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Annonce • Jul 02
Acceleware Ltd. announced that it expects to receive CAD 1.5 million in funding Acceleware Ltd. announced a non-brokered private placement to issue 15,000,000 units at an issue price of CAD 0.10 per unit for gross proceeds of CAD 1,500,000 on June 30, 2025. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitle the holder to acquire one common share at CAD 0.20 for a period of twenty four months from the date of issuance of the warrant. The private placement is expected to close on or about July 22, 2025. Completion of the private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The common shares, warrants and common shares underlying the warrants will be subject to a four month plus one day hold period in accordance with securities legislation. Board Change • Jun 06
Less than half of directors are independent Following Executive Chairman of the Board Pete Sametz's arrival on 01 June 2025, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Jim Boucher was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jun 05
Acceleware Ltd. Announces Board Changes Acceleware Ltd. announced the strategic appointment of two seasoned energy executives to the Board of Directors, and that two original members of the Board are stepping down. The new Board appointees, with their significant industry experience and knowledge, will be instrumental in assisting management in implementing a new strategic plan. The Company announces the appointment of Peter (Pete) Sametz P. Eng. ICD.D as Executive Chairman of the Board of Directors and the appointment to the Board of Merle Johnson P. Eng. MBA, ICD.D, both effective June 3, 2025. Mr. Bohdan (Don) Romaniuk, Chairman of the Board, and Dr. Peter Neweduk, Director, have stepped down from the Board after over 19 years of service. Mr. Sametz and Mr. Johnson, whose appointments will fill the vacancies left by Mr. Romaniuk and Dr. Neweduk, will both also serve on the audit committee, with Mr. Johnson appointed as Chair of the Audit Committee. Both Mr. Romaniuk and Dr. Neweduk will remain available to provide support and knowledge transfer for as long as is required to ensure an efficient Board transition. Mr. Sametz’ past several years have focused on change management and corporate restructuring. He has extensive experience in the energy sector at both the senior executive and board levels, managing growth from startup to intermediate status. He is recognized as a leader in innovation and an advocate for environmental responsibility in the energy industry. He has been a director of four public companies, as well as a volunteer in the community and with industry organizations. Mr. Johnson was the CEO of Connacher Oil and Gas from late 2015 up until his 2024 retirement and was the longest serving executive in the company’s history. Prior to Connacher, Mr. Johnson worked for EnCana (now Cenovus) on its Christina Lake and Senlac Projects and for IMC Global (now The Mosaic Company) at Belle Plaine. Belle Plaine’s potash solution mining technique was the inspiration for SAGD technology. Mr. Johnson is a member of the Metis Nation of Alberta. The appointments of Mr. Sametz and Mr. Johnson remain conditional on TSX Venture Exchange review pursuant to Policy 3.1. Reported Earnings • May 23
First quarter 2025 earnings released: CA$0.003 loss per share (vs CA$0.008 loss in 1Q 2024) First quarter 2025 results: CA$0.003 loss per share (improved from CA$0.008 loss in 1Q 2024). Revenue: CA$431.2k (up CA$387.6k from 1Q 2024). Net loss: CA$382.2k (loss narrowed 61% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. New Risk • May 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (32% average weekly change). Negative equity (-CA$5.4m). Market cap is less than US$10m (CA$13.0m market cap, or US$9.40m). Minor Risk Revenue is less than US$5m (CA$5.2m revenue, or US$3.8m). New Risk • Apr 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-CA$6.4m). Market cap is less than US$10m (CA$8.88m market cap, or US$6.31m). Minor Risks Revenue is less than US$5m (CA$3.4m revenue, or US$2.4m). Annonce • Mar 25
Acceleware Ltd., Annual General Meeting, May 22, 2025 Acceleware Ltd., Annual General Meeting, May 22, 2025. Location: alberta, calgary Canada Annonce • Nov 30
Acceleware Ltd. Announces Chief Financial Officer Changes Acceleware Ltd. announced the pending departure of Ms. Tracy Grierson, its Chief Financial Officer, to pursue other career opportunities, after nearly six years of dedicated service with the Company. Ms. Grierson has served as Acceleware’s fractional CFO since 2019. She will assist the Company to ensure minimal disruption and a successful transition of her duties prior to her departure, slated for mid-December. If the Company is unable to find a replacement for Ms. Grierson prior to her departure, then Acceleware’s Chief Operating Officer, Mike Tourigny, will assume the CFO’s duties on an interim and temporary basis until a new CFO is hired. Mr. Tourigny, a 30-year veteran of the ICT industry, holds an MBA from the University of Calgary and a Bachelor of Commerce in Finance from the University of British Columbia. Mr. Tourigny is financially literate, as defined in National Instrument 52-110 – Audit Committees and required by TSXV Policy 3.1. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: CA$0.007 (vs CA$0.011 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.007 (up from CA$0.011 loss in 3Q 2023). Revenue: CA$1.26m (up CA$1.20m from 3Q 2023). Net income: CA$856.5k (up CA$2.13m from 3Q 2023). Profit margin: 68% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Nov 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.0m (US$9.35m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$7.4m). Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (CA$13.0m market cap, or US$9.35m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (CA$2.2m revenue, or US$1.6m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: CA$0.011 (vs CA$0.01 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.011 (up from CA$0.01 loss in 2Q 2023). Revenue: CA$2.01m (up CA$1.94m from 2Q 2023). Net income: CA$1.26m (up CA$2.40m from 2Q 2023). Profit margin: 63% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 4 highly experienced directors. Independent Director Jim Boucher was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 24
First quarter 2024 earnings released: CA$0.008 loss per share (vs CA$0.002 loss in 1Q 2023) First quarter 2024 results: CA$0.008 loss per share (further deteriorated from CA$0.002 loss in 1Q 2023). Revenue: CA$43.6k (down 58% from 1Q 2023). Net loss: CA$970.0k (loss widened 280% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Annonce • Apr 05
Acceleware Ltd., Annual General Meeting, May 22, 2024 Acceleware Ltd., Annual General Meeting, May 22, 2024. Reported Earnings • Mar 24
Full year 2023 earnings released: CA$0.018 loss per share (vs CA$0.047 loss in FY 2022) Full year 2023 results: CA$0.018 loss per share (improved from CA$0.047 loss in FY 2022). Revenue: CA$279.0k (down 15% from FY 2022). Net loss: CA$2.05m (loss narrowed 60% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. New Risk • Mar 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$9.47m (US$7.04m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.7m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$8.7m). Earnings have declined by 37% per year over the past 5 years. Revenue is less than US$1m (CA$308k revenue, or US$229k). Market cap is less than US$10m (CA$9.47m market cap, or US$7.04m). Minor Risk Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Annonce • Mar 07
Acceleware Ltd. Provides Rf Xl Pilot Update Acceleware Ltd. provided an update regarding its commercial-scale RF XL pilot project at Marwayne, Alberta . Previously announced in the third quarter 2023 financial and operating results on November 23, 2023, Acceleware encountered subsurface challenges in redeploying upgraded components during the RF XL heating well workover at the Pilot. As a result, Acceleware paused the workover to review Pilot performance data, continue inspection of the heating well, and to further consider solutions to the challenges encountered in the workover program. The redeployment is expected to enable higher power to be injected into the reservoir for a sustained period in a second phase of heating. The Pilot performance data confirms the successful operation of the Clean Tech Inverter ("CTI"), which is the radio frequency ("RF") 'engine' critical to Pilot success. A primary objective of the Pilot was to demonstrate the operation of the CTI and its effectiveness in transmitting temperature downhole to increase oil production. Other significant milestones achieved include: Acceleware drilled and completed the first of its kind multilateral heating well and associated production well in a previously produced heavy oil reservoir. The RF XL system (including the CTI) demonstrated unprecedented performance with the longest continuous run (142 days) and highest power (up to 250 kW) of any RF heating system. Maximum design current was transmitted from the CTI, through the proprietary transmission line, and radiated to the reservoir. Increased reservoir temperature and oil production were observed in the Pilot. The temperature profile and oil production increase matched simulated predictions given the levels of power radiated. Additionally, critical components of the proprietary RF XL subsurface technology functioned as designed and expected. The workover was undertaken to address a distributed temperature sensing system ("DTS") failure, during which time the engineering team took the opportunity to examine downhole components. The damage is believed to be the primary impediment to Acceleware's ability to achieve full power in the first phase of heating at the Pilot. As mentioned on November 22, 2023, Ac celebratedware planned to develop several solutions to this challenge and proceed with the option with the highest probability of success and the lowest risk. The Acceleware team, in consultation with industry partners, has developed what is believed to be a permanent, resilient solution for the issue. Acceleware now plans to continue a second phase of heating after a significant subsurface upgrade plan to address the moisture ingress issue. Subsurface components not removed during the workover will be removed, refurbished, or upgraded, and then redeployed along with the components already upgraded during the original workover program. This plan was developed in consultation with industry partners and service providers and among the alternatives examined, it is expected to have the highest probability of achieving higher power injected into the reservoir for a sustain period. An additional $5 million of funding is required to complete the redeployment, and Acceleware is actively working to raise these funds. The final timing and cost of the redeployment and subsequent heating remains dependent on financing, partner investment, and the successful deployment of repairs and components. Additional risks include the availability of service rigs, weather conditions at site, supply chain reliability, and material delivery timing. Upgrades have been specifically designed to eliminate the moisture ingress issue. Acceleware is going to continue to pursue avenues of industry and other financial support to see the pilot through to commercialization. At this time, the project will be on pause until secure the financial support required for the upgrades and updates to the technology." RF XL is expected to be a transformative decarbonization technology for heavy oil or oil sands production. Reported Earnings • Nov 24
Third quarter 2023 earnings released: CA$0.011 loss per share (vs CA$0.009 loss in 3Q 2022) Third quarter 2023 results: CA$0.011 loss per share (further deteriorated from CA$0.009 loss in 3Q 2022). Revenue: CA$62.5k (up 17% from 3Q 2022). Net loss: CA$1.27m (loss widened 27% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Oct 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-CA$8.1m). Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m (CA$299k revenue, or US$217k). Minor Risks Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Market cap is less than US$100m (CA$18.3m market cap, or US$13.3m). Annonce • Aug 22
Acceleware Ltd. announced that it has received CAD 0.448278 million in funding On August 21, 2023, Acceleware Ltd. closed the transaction. The company issued 1,949,036 Units, at a price of CAD 0.23 per Unit, for total gross proceeds of CAD 448,278. There were no finders’ fees or commissions paid in connection with the transaction. The transaction included participation from certain insiders for 142,114 Units. The Common Shares issued in connection with the Private
Placement and any Common Shares issued upon exercise of the Warrants will be subject to a four-month hold period which will expire on December 21, 2023 Reported Earnings • Aug 20
Second quarter 2023 earnings released: CA$0.01 loss per share (vs CA$0.008 loss in 2Q 2022) Second quarter 2023 results: CA$0.01 loss per share (further deteriorated from CA$0.008 loss in 2Q 2022). Revenue: CA$69.4k (down 42% from 2Q 2022). Net loss: CA$1.14m (loss widened 27% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Jul 27
Acceleware Ltd. Provides RF XL Pilot Update Acceleware Ltd. announced commencement of the final steps of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alberta. After completion of extensive design, procurement, shop testing and de-risking of repaired parts, upgraded components, run-in-hole procedures, and deployment tooling, the Acceleware team is expecting to commence final on-site workover operations on August 8, 2023. All required service vendors have been engaged, including service rig, engineering consultants and downhole tool providers. Acceleware anticipates this stage of the operation to take approximately two to four weeks, contingent upon weather and other factors. Power up and heating is expected to commence thereafter. As previously communicated, the Acceleware team was able to complete an inspection of the removable and non- removeable components of the proprietary down-hole RF XL system. The inspection activities included visual inspection, various electrical and mechanical measurements, down-hole video analysis and other engineering techniques to obtain detailed data on the condition of the components. This inspection enabled the team to identify several opportunities expected to improve the performance of the RF XL system and rectify issues that required repair. These upgrades and repairs would not have been possible without pausing operations to perform the replacement of the distributed temperature sensing system ("DTS") and have resulted in the addition of valuable intellectual property. RF XL could prove to be a transformative decarbonization technology for heavy oil or oil sands production. Not only can it eliminate direct GHG emissions from production, meaning it requires no carbon capture, but it would also eliminate the requirement for fresh water and significantly reduce land footprint. RF XL is also expected to lower capital costs by 50% and operational costs by forty%, providing the potential for this decarbonization technology to play a key role in the energy transition. RF XL is the first of several electrification of industrial heating applications that Acceleware is commercializing, largely since the near-term decarbonization of heavy oil and oil sands production will play a critical role in a successful energy transition. Work is also underway for decarbonization of other heavy emitting industrial heating applications. Annonce • Jun 08
Acceleware Ltd. announced that it expects to receive CAD 2 million in funding Acceleware Ltd. announced a non-brokered private placement of 8,695,652 units at a price of CAD 0.23 per unit for total gross proceeds of up to CAD 2,000,000 on June 6, 2023. Each unit will consists of common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to acquire one common share of CAD 0.30 for a twenty-four months period from the date of issuance. In the event that the common shares trade at a closing price at or greater than CAD 0.69 per common share for a period of thirty consecutive trading days, may accelerate the expiry date of the common share purchase warrants by giving notice to the holders thereof, and in such case, the common share purchase warrants will expire on the 30th day after the date on which such notice is given by the company. All the securities issued in the transaction will subject to a four-month hold period. The company expect to close on or about June 27, 2023. All the securities issued in the transaction will subject to the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. Reported Earnings • May 26
First quarter 2023 earnings released: CA$0.002 loss per share (vs CA$0.018 loss in 1Q 2022) First quarter 2023 results: CA$0.002 loss per share (improved from CA$0.018 loss in 1Q 2022). Revenue: CA$103.5k (up 26% from 1Q 2022). Net loss: CA$255.6k (loss narrowed 87% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Reported Earnings • Mar 27
Full year 2022 earnings released: CA$0.047 loss per share (vs CA$0.038 loss in FY 2021) Full year 2022 results: CA$0.047 loss per share (further deteriorated from CA$0.038 loss in FY 2021). Revenue: CA$328.3k (down 56% from FY 2021). Net loss: CA$5.14m (loss widened 26% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Reported Earnings • Nov 24
Third quarter 2022 earnings released: CA$0.009 loss per share (vs CA$0.01 loss in 3Q 2021) Third quarter 2022 results: CA$0.009 loss per share (improved from CA$0.01 loss in 3Q 2021). Revenue: CA$53.3k (down 82% from 3Q 2021). Net loss: CA$1.00m (loss narrowed 9.3% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Annonce • Nov 11
Acceleware Ltd. announced that it has received CAD 1.8 million in funding On November 10, 2022, Acceleware Ltd. closed the transaction. The company has issued 6,666,667 units at a price of CAD 0.27 per unit for gross proceeds of CAD 1,800,000. The transaction included participation from insiders of the company for 154,249 units. The company paid no finders’ fees or commissions in the transaction. Each warrant entitles the holder of the warrant to acquire one common share, at an exercise price of CAD 0.36, for a period ending on November 10, 2024. Annonce • Oct 22
Acceleware Ltd Provides Update on RF XL Commercial-Scale Pilot Acceleware Ltd. announced the commencement of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alberta. The Company is pleased with progress at the Pilot to date, and based on current observations, remains confident that RF XL will become viable as a critical technology in the effort to decarbonize heavy oil and oil sands production. As previously disclosed the fibre optic distributed temperature sensing (DTS) system in the heating well was damaged during a maintenance operation at the Pilot. Though not a core component of the RF XL technology itself, the DTS is important to data gathering and power regulation to ensure the system operates within specified parameters. The DTS will need to be removed from the well, inspected and repaired. In conjunction with repair of the DTS, the Company will take the opportunity to remove and inspect certain downhole components of the RF XL system, in order to gain valuable information regarding the initial performance of the RF power transmission system. Acceleware has now commenced the workover, after developing a workover plan with review and input from industry partners, sourcing replacement parts, and securing service vendors. Upon completion of the workover, heating operations and further testing are expected to resume. RF XL has demonstrated strong potential to become a low cost, low carbon development solution for all heavy oil and oil sands producers, regardless of their size and stage of development. RF XL would eliminate the need for high-cost steam generation, water treatment and water handling facilities, while also allowing producers to access a significant amount of stranded resource that is currently uneconomic to produce using conventional methods. More importantly, RF XL is expected to increase recovery factors for existing wells, which would materially enhance a producer's reserve value and near term cash flow. When used in conjunction with clean electricity, RF XL would allow producers to develop their resource with near zero carbon emissions, which would lead to decades of emissions reductions and carbon tax savings for the customers. The Pilot project team will move forward on furthering RF XL testing immediately after the workover. Learnings from the operation are expected to result in additional IP that could further refine RF XL and the CTI design, performance, and economics in the future. Acceleware's Marwayne Pilot is supported by government agencies including the Government of Alberta through Emissions Reduction Alberta and Alberta Innovates, Broadview Energy, as well as three major oil sands partners. Annonce • Oct 21
Acceleware Ltd. announced that it expects to receive CAD 2 million in funding Acceleware Ltd. announced a non-brokered private placement of 7,407,407 units at a price of CAD 0.27 per unit for total gross proceeds of CAD 2,000,000 on October 20, 2022. Each unit will consists of common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to acquire one common share of CAD 0.36 for a twenty-four months period from the date of issuance. In the event that the common shares trade at a closing price at or greater than CAD 0.81 per common share for a period of thirty consecutive trading days, may accelerate the expiry date of the common share purchase warrants by giving notice to the holders thereof, and in such case, the common share purchase warrants will expire on the 30th day after the date on which such notice is given by the company. All the securities issued in the transaction will subject to a four-month hold period. Reported Earnings • Aug 20
Second quarter 2022 earnings released: CA$0.008 loss per share (vs CA$0.007 loss in 2Q 2021) Second quarter 2022 results: CA$0.008 loss per share (down from CA$0.007 loss in 2Q 2021). Revenue: CA$119.5k (up 23% from 2Q 2021). Net loss: CA$891.0k (loss widened 24% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Annonce • Jul 28
Acceleware Provides RF XL Commercial Pilot Update Acceleware Ltd. announced progress at the Pilot to date, and based on initial observations, remains confident that RF XL will become viable as a critical technology in the effort to decarbonize heavy oil and oil sands production. To date, the RF XL technology has been performing well, in-line with expectations: 1) The clean tech inverter (“CTI”) has been operational for four consecutive months, which is a significant achievement and something that has never been done before; and 2) The Company has observed sustained heating of the formation around the RF XL well. Recently, the fibre optic distributed temperature sensing (DTS) system in the heating well was damaged during a maintenance operation at the site. Though not a core component of the RF XL technology itself, the DTS is important to data gathering and to regulate injected power such that the system operates within specified parameters. The DTS will need to be removed from the well, inspected and repaired. In conjunction with repair of the DTS, the Company will take the opportunity to remove and inspect certain downhole components of the RF XL system, to gain valuable data regarding the initial performance of the RF power transmission system. The next steps for the Pilot are anticipated to involve pausing heating while the Company: 1) retrieves, inspects, and repairs the damaged DTS and 2) inspects and analyzes various downhole components of the RF XL system. Upon completion of these steps, heating operations and further testing will immediately resume. The Company intends to continue to produce oil while executing these steps. The Company will set out to complete this work as soon as services and parts are available. Learnings from the operation are expected to result in additional IP that could further refine RF XL and the CTI design, performance, and economics in the future. Reported Earnings • May 27
First quarter 2022 earnings released: CA$0.018 loss per share (vs CA$0.005 loss in 1Q 2021) First quarter 2022 results: CA$0.018 loss per share (down from CA$0.005 loss in 1Q 2021). Revenue: CA$82.4k (down 70% from 1Q 2021). Net loss: CA$1.90m (loss widened 281% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 131 percentage points per year, which is a significant difference in performance. Annonce • Mar 03
Acceleware Ltd. announced that it expects to receive CAD 1.5 million in funding Acceleware Ltd. announced a non-brokered private placement of unsecured convertible debentures for gross proceeds of CAD 1,500,000 on March 1, 2022. The debentures will bear a fixed interest rate of 10% per annum and will mature in 2026. The transaction may include participation from certain insiders. The transaction is expected to close no later than April 15, 2022. The securities issued will be subject to a four-month hold period. Each debenture is convertible into units at a conversion price of CAD 0.80. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share, at an exercise price equal to 200% of the conversion price of the debentures, for a 24-month period following the distribution of the debentures. If the company subsequently sells common shares at a lower purchase price, the conversion price of the debentures will be adjusted downward to the subsequent purchase price, subject to a minimum conversion price of CAD 0.68 and other applicable policies of the TSX Venture Exchange and provided the debenture holder converts the debenture within 15 days of the announcement of the subsequent offering. In addition, no earlier than four months and one day after the issue date of the debentures, but before the debentures become due, the company has the right, at its sole discretion, to require the conversion of the debentures into common shares if, at any time, the 30-day volume weighted-average trading price of the common shares on the TSX Venture Exchange equals or exceeds CAD 1.04. Reported Earnings • Nov 26
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: CA$0.01 loss per share (down from CA$0.005 loss in 3Q 2020). Revenue: CA$297.2k (up 128% from 3Q 2020). Net loss: CA$1.10m (loss widened 104% from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Annonce • Aug 19
Acceleware Kicks off Marwayne RF XL Commercial Pilot Drilling Program Acceleware Ltd. announced that the Company has kicked off the drilling and completions program of the commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”), representing a major milestone in the execution of the Pilot. Akita Drilling Ltd.’s Rig 29 moved onto the Marwayne site August 9, 2021. The RF XL producer well was spudded on August 12, 2021, followed by the heating well on August 13, 2021. Spud to completion of both the heating well and the producer well, barring unforeseen delays, is expected by late Q3. Facility installation will commence immediately thereafter, and RF XL heating starting shortly after final commissioning. While the initial heating phase is planned for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology. Acceleware’s RF XL electromagnetic heating technology is designed to generate zero scope 1 and scope 2 GHG emissions when it is powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, which in turn means fewer surface facilities and less land disturbance, offering a cleaner and more sustainable solution to meet the world’s growing demand for energy. With a successful Pilot and subsequent commercialization, numerous potential environmental benefits could be realized by oil sands producers deploying RF XL, and the Company anticipates highly skilled job creation as well as skilled jobs transition opportunities, including jobs for Indigenous peoples. Acceleware’s Marwayne Pilot is supported by Sustainable Development Technology Canada, Emissions Reduction Alberta, Alberta Innovates, and three major oil sands partners. Recent Insider Transactions Derivative • Aug 14
Independent Chairman exercised options to buy CA$122k worth of stock. On the 12th of August, Bohdan Romaniuk exercised options to buy 380k shares at a strike price of around CA$0.20, costing a total of CA$75k. This transaction amounted to 43% of their direct individual holding at the time of the trade. Since December 2020, Bohdan's direct individual holding has decreased from 906.19k shares to 874.69k. Company insiders have collectively bought CA$79k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Jul 31
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. Independent Director Caralyn Bennett was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Jun 04
Independent Director Jens Horstmann has left the company On the 26th of May, Jens Horstmann's tenure as Independent Director ended after 11.7 years in the role. We don't have any record of a personal shareholding under Jens' name. Jens is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.75 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 29
First quarter 2021 earnings released: CA$0.005 loss per share (vs CA$0.004 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CA$271.1k (up 227% from 1Q 2020). Net loss: CA$499.8k (loss widened 7.4% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Mar 26
Full year 2020 earnings released: CA$0.02 loss per share (vs CA$0.015 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$899.3k (down 38% from FY 2019). Net loss: CA$2.10m (loss widened 35% from FY 2019). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annonce • Mar 19
Acceleware Ltd., Annual General Meeting, May 26, 2021 Acceleware Ltd., Annual General Meeting, May 26, 2021. Is New 90 Day High Low • Feb 17
New 90-day high: CA$0.36 The company is up 157% from its price of CA$0.14 on 17 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 31% over the same period. Is New 90 Day High Low • Jan 01
New 90-day high: CA$0.24 The company is up 41% from its price of CA$0.17 on 30 September 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 20% over the same period. Annonce • Dec 05
Acceleware Ltd. Announces Suncor's Support for Marwayne RF XL Pilot Acceleware Ltd. announced that Suncor has confirmed its ongoing support for the commercial-scale radio frequency (RF) XL pilot project at Marwayne, first announced on May 20th, 2020. Suncor has committed to contribute up to $2 million of funding to support the Pilot, with the ability to provide input into design and test specifications prior to completion. With the advancements achieved thus far in 2020, Acceleware has moved into the execution phase of the Pilot, which includes ordering long-lead equipment and materials. Currently, Acceleware estimates construction will begin as early as January 2021, followed by heating as early as March 2021. While the initial heating phase is planned for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology. The cost of the Pilot is expected to be between $16 and $20 million, of which $16 million has been raised by the company. This includes $5.25 million in funding from Sustainable Development Technology Canada (SDTC) and $5 million from Emissions Reduction Alberta (ERA) in addition to the $2 million provided by Suncor, and presumes the achievement of milestones required for receipt of such funding. Acceleware continues to seek additional sources of funding for the Pilot. With a successful Pilot, numerous potential environmental benefits could be realized by oil sands producers deploying RF XL. Acceleware's RF XL electromagnetic heating technology generates near-zero GHG emissions given it can be powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, and requires less land use, offering a cleaner and more sustainable solution to meet the world's growing demand for energy. Reported Earnings • Nov 27
Third quarter 2020 earnings released: CA$0.005 loss per share The company reported a soft third quarter result with weaker revenues and control over expenses, though losses reduced. Third quarter 2020 results: Revenue: CA$130.2k (down 34% from 3Q 2019). Net loss: CA$541.7k (loss narrowed 1.8% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annonce • Oct 18
Acceleware Announces Regulatory Approval of Marwayne Pilot Project Acceleware® Ltd. announced that the Company has cleared a significant regulatory hurdle for its RF XL Marwayne Pilot Project first announced on May 20th, 2020. The Alberta Energy Regulator (AER) has issued Approval No. 13019 pursuant to the Company’s Experimental Scheme Application under the Oil Sands Conservation Act (OSCA) for the recovery of crude bitumen using RF XL at Marwayne. The approval allows Acceleware to move ahead with the execution phase of the project and the Company has commenced ordering long-lead equipment and materials. Acceleware currently estimates construction to start as early as January, 2021, and heating as early as March, 2021. The initial heating phase of the project is planned for approximately six months, which may be extended by Acceleware to capture additional information on the efficiency and operation of the technology.