This news release should be read in conjunction with the Company’s audited financial statements and the accompanying notes for the year ended December 31, 2024 and management’s discussion and analysis ("MDA”) with respect thereto, all of which are available on Acceleware’s website at or on HIGHLIGHTS Financial highlights for the three and twelve months ended December 31, 2024: Three Months EndedTwelve Months Ended Dec 31, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023 Revenue$1,918,07743,5905,233,033279,011 Comprehensive income/ (loss) 851,242617,7482,001,685(2,045,373)Gross R&D expenditures 581,071684,4372,872,9822,872,982 Government assistance –2,064,4341,227,9292,618,242 Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the "RF XL Pilot”).
Gross R&D expenses for the year ended December 31, 2024 were $2.3 million compared to $2.9 million incurred during the year ended December 31, 2023 due to higher R&D activity in the first half of 2023 related to the final on site activities associated with the RF XL Pilot.
Revenue for the year ended December 31, 2024 included $4.75 million services revenue related to the RF XL Pilot and $322 thousand in services revenue related to the potash drying project.
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