Calgary, Alberta--(Newsfile Corp. - March 30, 2026) - Acceleware® Ltd. (TSXV: AXE) ("Acceleware" or the "Company") today announced its financial and operating results for the three months and year ended December 31, 2025 (all figures are in Canadian dollars unless otherwise noted). This news release should be read in conjunction with the Company's audited financial statements, the accompanying notes, and management's discussion and analysis for the year ended December 31, 2025 which are available at www.acceleware.com or on www.sedarplus.ca.

HIGHLIGHTS

Financial highlights for the three and twelve months ended December 31, 2025:

Acceleware is a leading innovator of cutting-edge radio frequency ("RF") power-to-heat technologies focused on the commercialization of heating solutions for use in heavy oil production, mineral processing, and industrial decarbonization applications, including carbon capture. The Company brands its power-to-heat platform as EM Powered Heat.

Acceleware's vision is to enhance western Canadian resources by helping producers increase production and reduce operating costs by using the Company's innovative RF heating applications, while materially reducing GHG emissions.

Operating Summary

Heavy Oil with RF XL 2.0
As part of the previously announced strategy to drive shareholder value, Acceleware began the process of securing (through farm-in agreement or asset acquisition) a portfolio of sites for commercial demonstration and subsequent deployment of its next generation RF XL 2.0 technology. Acceleware signed one such farm-in agreement and is in detailed discussion with several additional companies regarding multiple assets in both Saskatchewan and Alberta in geological horizons known as the "Lloydminster Mannville Stack". The Company is moving ahead with the RF XL 2.0 Pilot at its Saskatchewan farm-in location and has begun the application process with the Saskatchewan Ministry of Energy and Resources. Detailed design of the surface lease and well planning has commenced.

The Company is also working in parallel to secure funding. Accordingly, the Company is in discussion with several potential industry and government funders. Acceleware has confirmed that the expected cost to complete the RF XL 2.0 Pilot would be approximately $5 to $6 million including contingency. Recently the Company received conditional approval from the Saskatchewan Petroleum Innovation Incentive ("SPII") program. The SPII program would provide a transferable royalty credit equal to 25 percent of eligible project costs (including capital costs and the first two years of operating costs) from a future RF XL 2.0 Pilot carried out in the province. Approval is conditional on entering into a project agreement with Saskatchewan Ministry of Energy and Resources within two years. The Company has also recently applied for additional government funding for the RF XL 2.0 Pilot. In order to secure additional financing, the Company has taken steps to retire or extend maturity of existing convertible debt (see Subsequent Event below).

The RF XL 2.0 design is complete and ready for manufacturing and deployment. RF XL 2.0 includes a new, fully sealed, continuous tubing based sub-surface design developed by Acceleware. It eliminates the possibility of water ingress through a robust leak-proof design, dramatically simplifies deployment, and reduces per well capital costs by an estimated 30 percent compared to RF XL 1.0 as deployed at the Marwayne pilot. Further benefits of RF XL 2.0 include reduced manufacturing costs; reduced well design and well completion costs; quicker well completion time; simpler and less costly wellhead design; and a safer wellhead operating environment.

Critical Minerals and Amine Regeneration
In 2025, the Company continued to work with the International Minerals Innovation Institute (IMII) and its participating members on completing a Phase 2B testing of a prototype dryer for potash and potash fines. The positive results of the phase led to Acceleware being awarded Phase 3A project for the design, construction and testing of a new, larger-scale prototype dryer for potash and potash fines in the first half of 2026. IMII's minerals industry members include BHP, Cameco Company, Mosaic Company, Nutrien Ltd., Fission Uranium Corp., and The Uranium Corp. During 2025, Acceleware completed a paid feasibility study contract from BHP, a major international miner for iron ore drying. Follow-on work from this study, was contracted and recently completed in 2026. The Company also received an order for a paid feasibility study for a third mineral processing application from BHP, with work to be completed in 2026. Acceleware's engineering team completed additional lab testing of a proof-of-concept amine RF regeneration system, with positive results. Discussions on potential Canadian and European Union collaboration and partnerships to further develop the technology are underway.

Financings
In 2025 the Company closed the two tranches of a non-brokered private placement of units (the "Units") and distributed a total of 10,003,342 Units, at a price of $0.10 per Unit, for total gross proceeds of $1 million. Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. Each warrant entitles the holder of the warrant to acquire one common share, at an exercise price of $0.20, which will expire 24 months from the date of issuance. If the common shares trade at a closing price at or greater than $0.30 per common share for a period of 30 consecutive trading days, Acceleware may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by Acceleware.

Additionally, in Q3 2025, the Company closed Units for debt transactions to settle $186 thousand in certain trades payable, management fees and interest payable on convertible debentures of the Company by issuing 1,863,375 Units at a deemed price of $0.10 per Unit.

Subsequent Event
Subsequent to December 31, 2025, the Company announced that it plans to complete a proposed restructuring of all of the outstanding convertible debenture principal outstanding plus accrued and unpaid interest. (the "Debenture Restructuring").

In connection with the proposed Debenture Restructuring, the Company has presented an option for existing holders to convert all principal and accrued and unpaid interest outstanding into:

1. up to 23,967,909 units of the Company (the "Units"), through a shares-for-debt transaction, at a price of $0.10 per Unit (the "Shares for Debt Transaction");
2. new convertible debentures ("Replacement Debentures") on substantially the same terms, subject to amendments to the Conversion Price as detailed below; or
3. a combination of Replacement Debentures and Units.

Pursuant to the Shares for Debt Transaction, each Unit will consist of one common share and one warrant. Each warrant will entitle the holder thereof to acquire one common share at $0.20 for a period of 24 months from the date of issuance of the warrant. In the event that the common shares trade at a closing price at or greater than $0.30 for a period of 30 consecutive trading days, Acceleware may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by Acceleware.

The Replacement Debentures will have a maturity date that is four years from the date of issuance and will have a conversion price of $0.15, subject to certain adjustments. Each Replacement Debenture will be convertible into Units consisting of one common share and one-half of one warrant. Each whole warrant will entitle the holder thereof to one common share at an exercise price of $0.30 per Common Share for a period of two (2) years from the date of issuance of the Replacement Debenture, subject to certain adjustments.

Business Overview
The Company's strategy is to generate near-term revenue and cash flow through heavy oil production while continuing to advance and commercialize its core technology platform across multiple industrial markets.

Strategic Focus
Acceleware is pursuing a dual-track strategy. In the near term, the Company is using a farm-in and acquisition model to access heavy oil assets where its proprietary RF XL 2.0 technology can be deployed to enhance recovery from bypassed heavy oil reservoirs. This approach is intended to establish production, revenue, and operating cash flow while demonstrating the commercial performance of the technology at field scale. In parallel, Acceleware continues to advance its technology portfolio in mining and industrial applications, positioning the Company to attract strategic partners and investment as these applications approach commercialization.

Technology Platform
Acceleware's core technology is based on the application of RF energy to heat subsurface and industrial materials. The Company has developed RF XL 2.0, a next-generation heavy oil production technology designed to address historical limitations of RF heating, including energy efficiency, power delivery, and scalability. RF XL 2.0 heats the connate water within heavy oil reservoirs to generate steam in situ, thereby reducing oil viscosity and improving recovery without the need for water injection or combustion-based heat sources.

The Company's technology development efforts build on its origins as a high-performance computing and software developer and its subsequent pivot to electromagnetic heating applications. Acceleware has conducted a pilot-scale demonstration of RF XL technology, including its RF XL Pilot in Marwayne, Alberta, and has applied similar RF heating principles to mineral drying, heap leach mining, and amine regeneration processes.

Heavy Oil Market
Heavy oil thermal enhanced oil recovery represents Acceleware's primary near-term market focus. The Company is targeting conventional heavy oil reservoirs where significant volumes of oil remain unrecovered due to limitations of primary production methods. RF XL 2.0 is designed to offer a lower capital and operating cost alternative to conventional thermal recovery techniques, with reduced water use and the potential to unlock bypassed reservoirs.

Mining and Mineral Processing
In addition to heavy oil, Acceleware is developing RF heating applications for mining and mineral processing, including mineral drying and heap leach heating. These applications target energy-intensive processes where RF heating has the potential to increase production or through-put while reducing total energy consumption and operating costs compared to conventional combustion-based systems. Acceleware's 2026 objective is to increase technology readiness levels through testing and piloting activities, on an industry-funded basis.

Industrial Decarbonization and Amine Regeneration
Acceleware is developing RF heating solutions for amine regeneration used in carbon dioxide and hydrogen sulphide removal processes for natural gas processing and carbon capture and storage. This application is intended to reduce the energy intensity of amine regeneration, lower operating costs, and decrease amine degradation relative to conventional stripping technologies. As the global demand for natural gas and LNG continues to grow, amine-based natural gas stripping technology demand is also increasing in the near term. As carbon capture and storage becomes more mainstream, this drive for a non-emitting amine regeneration technology is growing. The Company views this market as a longer-term commercialization opportunity aligned with global decarbonization efforts and increased demand for lower-cost carbon capture solutions.

Business Model and Outlook
The Company's business model is centered on deploying its proprietary RF XL 2.0 technology to demonstrate the effectiveness of the technology and generate revenue and cash flow from oil production. Management believes that demonstrating RF XL 2.0 at commercial scale in heavy oil operations is a critical step toward validating the technology's economic and operational benefits. Once RF XL 2.0's economic benefits are validated, the Company intends to grow revenue and cash flow with future drilling and deployments, while selling RF XL 2.0 systems to industry through distribution partners. The business model for critical minerals and amine regeneration market will employ a combination of technology licensing and strategic partnerships.

Acceleware continues to focus on advancing its technology portfolio, securing demonstration and commercialization partners, and managing capital resources to support both near-term revenue generation and longer-term value creation.

Quarter in Review
Revenue of $33 thousand was recorded in the three months ended December 31, 2025 ("Q4 2025") compared to $1.9 million in the three months ended December 31, 2024 ("Q4 2024") and $54 thousand in the previous quarter ended September 30, 2025 ("Q3 2025"). Higher revenue in Q4 2024 was associated with deferred revenue recognized relating to the RF XL Marwayne Pilot noted above.

Total comprehensive loss for Q4 2025 was $186 thousand compared to a comprehensive income of $851 thousand for Q4 2024 and comprehensive loss of $578 thousand for Q3 2025. The increase in comprehensive loss in Q4 2025 compared to Q4 2024 was due to the recognition of deferred revenue in Q4 2024 noted above. Comprehensive loss in Q4 2025 was lower than the loss in Q3 2025 due to other income (related to equipment rental and oil production royalties) and a gain on sale of RF XL Pilot assets and surplus material.

R&D expenses incurred in Q4 2025 were $465 thousand compared to $581 thousand in Q4 2024 and $212 thousand in Q3 2025. There was $54 thousand in government assistance received in Q3 2025, while there was $nil in Q4 2025 and Q4 2024. Spending in Q4 2025 was related to the next gen RF XL 2.0 design and mineral processing projects.

G&A expenses incurred in Q4 2025 were $312 thousand compared to $315 thousand in Q4 2024 and $245 thousand in Q3 2025. There was higher marketing, share based payments and professional fees in Q4 2025 compared to Q3 2025 as the Company attended several investor conferences and issued stock options to certain employees and advisors.

Year in Review
Revenue of $719 thousand was recorded for the year ended December 31, 2025, compared to $5.2 million for the year ended December 31, 2024. Revenue for the year ended December 31, 2025, included $563 thousand in services revenue related to RF XL and mining applications, and a total of $156 thousand in software and software maintenance revenue. Excluding $4.75 million in deferred revenue recognized related to the RF XL Marwayne Pilot, services revenue in the year ended December 31, 2024 was $322 thousand for RF XL and mining applications, while in the same year software and software maintenance revenue was $161 thousand.

In addition to revenue, Acceleware earned other income of $112 thousand in the year ended December 31, 2025 (year ended December 31, 2024 - $nil) related to an agreement whereby a third party operated the Marwayne Pilot site in exchange for equipment rental fees and oil production royalties. During the year ended December 31, 2025 the Company transferred certain assets and licenses associated with the RF XL Marwayne Pilot to a third party. The third party also assumed decommissioning liabilities associated with the site. The Company received $150,000 in cash, and the third party assumed decommissioning liabilities that were carried on the balance sheet at $312 thousand as at December 31, 2024. A further $82 thousand in cash was received from the sale of surplus equipment from the RF XL Pilot site during the year ended December 31, 2025.

Total comprehensive loss for the year ended December 31, 2025, was $1.9 million compared to comprehensive income of $2.0 million for the year ended December 31, 2024. The increase in comprehensive income in the previous year was due to the deferred revenue recognition noted above.

Gross R&D expenses for the year ended December 31, 2025 were $1.4 million compared to $2.3 million incurred during the year ended December 31, 2024, As the RF XL Pilot was wound down in 2024, there was lower investment in operations and personnel in 2025. Government assistance of $54 thousand was received in the year ended December 31, 2025 compared to $1.2 million for the year ended December 31, 2024. The decrease in government assistance was due to the wrap up of the RF XL Marwayne Pilot project in 2024.

General and administrative ("G&A") expenses incurred decreased during the year ended December 31, 2025 at $1.1 million compared to $1.6 million for the year ended December 31, 2024 due to lower payroll, marketing, office, and professional fees resulting from the Company actively rationalizing G&A costs.

As at December 31, 2025, Acceleware had negative working capital of $6.0 million (December 31, 2024 – negative working capital of $3.4 million) including cash and cash equivalents of $248 thousand (December 31, 2024 – $272 thousand). The increase in negative working capital is attributable to the inclusion of convertible debentures in current liabilities as they are maturing in 2026. However, it should be noted that the Company intends to restructure the convertible debentures (as noted above).

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About Acceleware:
Acceleware is an advanced electromagnetic (EM) heating technology company offering proprietary radio frequency (RF) power-to-heat solutions that increase production, reduce energy consumption and lower operating costs in large-scale industrial heating.

Its core innovation, the Clean Tech Inverter (CTI), is field-proven through an initial commercial-scale pilot of RF XL, Acceleware's thermal enhanced oil recovery technology designed to increase heavy oil production.

Acceleware is leveraging CTI expertise across sectors to increase production and reduce energy consumption. Three mining projects are underway with major operators, while an amine regeneration project is also in progress.

Acceleware is publicly listed on the TSX Venture Exchange under the symbol "AXE".

NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES

This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer's business, capital, or operations that are prospective in nature, and includes disclosure about the issuer's prospective financial performance or financial position.

The forward-looking information in this press release can be identified by terms such as "believes", "estimates", "plans", "potential", and "will", and includes information about, the expected commercialization of RF XL, the expected cost of the RF XL 2.0 Pilot, the timing of the execution of the RF XL Pilot and the redeployment, expected financing required for the RF XL 2.0 Pilot redeployment, and the anticipated economic and societal benefits of the RF XL technology. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, that research and development effort including the commercial-scale test plans will result in commercial-ready products, and that future capital raising efforts will be successful.

Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware's continuous disclosure documents, which are filed on SEDAR at www.sedarplus.ca.

Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

DISCLAIMER

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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