Yep I think particles need hardware rendering. I've just run it and as you say it doesnt render anything but the first frame.

To stop this happening simply do a disk cache of the particle animation:
Dynamics -> Solvers -> Create Particle Disk Cache
(making sure the current particle group is selected)

It will then run through the simulation frame by frame and set it. Then you can do a hardware render and it will create each frame of the particle animation.

Dont forget to get rid of caches if you need to change some settings and regenerate the animation again

Si