11:56 AM EDT, 05/24/2024 (MT Newswires) -- Acceleware ( ACWRF ) overnight Thursday said its first-quarter loss widened.

The company, which is developing a technology to heat oil-sands deposits using radio waves, reported a comprehensive loss of $969,971, widening from a loss of $255,617. Revenue fell to $43,594 from $103,547.

Offsetting lower spending in the first quarter and the fourth quarter of 2023 were higher interest costs related to notes payable funding the company's working capital.

Also, the company didn't get any government assistance in the first quarter compared with the $400,000 received in the first quarter of 2023 and $2.1 million in last year's fourth quarter.

The company's shares were last seen up $0.005 to $0.115 on the TSX Venture Exchange.

Price: 0.12, Change: +0.01, Percent Change: +4.55