Acceleware TSXV:AXE Stock Report

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.

Acceleware Ltd. announced that it expects to receive CAD 1.5 million in funding

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.

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.