Acceleware Reports Results for the Three and Nine Months Ended September 30, 2015

CALGARY, ALBERTA--(Marketwired - Nov. 25, 2015) - Acceleware® Ltd. ("Acceleware" or the "Company") (TSX VENTURE:AXE), a leading developer of high performance computing applications, today announced results for the three and nine months ended September 30, 2015 (all figures are in Canadian dollars unless otherwise noted).

Acceleware saw a significant improvement in revenue and income in the three months ended September 30, 2015 ("Q3 2015"). The challenging market conditions that Acceleware faced in the six months ended June 30, 2015 caused by the dramatic fall in the worldwide price of oil, began to moderate mid-year and into Q3 2015, when the Company's customers adjusted to the new market reality by restarting delayed projects and budgets. As a result, Acceleware recorded a 62% increase in revenue to $832,511 in Q3 2015 compared to $515,241 in the three months ended September 30, 2014 ("Q3 2014"), and 30% higher than the $638,977 recorded in Q2 2015.

Although Acceleware has benefited from a favourable United States dollar to Canadian dollar exchange rate in 2015 to date, the strong performance in Q3 2015 could not fully compensate for the market conditions in the first half of the year, resulting in a 2% decrease in revenue to $1,800,262 for the nine months ended September 30, 2015 compared to $1,843,309 recorded in the nine months ended September 30, 2014.

As a result of the significant increase in revenue, Acceleware recorded total comprehensive income of $85,902 in Q3 2015 compared to a loss of ($83,518) in Q3 2014, and a loss of ($106,087) in Q2 2015. Total comprehensive income increased in Q3 2015 relative to Q2 2015 due to higher revenue without a corresponding increase in expenses. While expenses increased in Q3 2015 compared to Q3 2014, the increase in revenue more than offset the increased spending resulting in a significant increase in income. Total comprehensive loss for the nine months ended September 30, 2015 was ($378,459) a 98% increase over the loss of ($190,941) recorded in the nine months ended September 30, 2014. The increase was a result of higher expenses, particularly research and development and cost of revenue.