Q1 2025 Eco Wave Power Global AB (publ) Earnings Call

Operator: Greetings and welcome to the Eco Wave Power first quarter 2025 earnings call. At this time, all participants are on a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone key. Please note, this conference is being recorded.

Greetings and welcome to the Eco wave power first quarter 2025 earnings call.

At this time, all participants around the listen only mode.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

Please note this conference is being recorded.

Operator: I will now turn the conference over to your host, Mr. Aaron Yehuda, CFO of Eco Wave Power. Sir, you may begin. Thank you.

I will now turn the conference over to your host Mr. Arne you Huda CFO of Eco wave power, Sir you may begin.

Speaker Change: Thank you good morning, everyone and thank you for joining us to eco Weibo's first quarter 2025 earnings call.

Aharon Yehuda: Good morning, everyone, and thank you for joining us to Eco Wave Power's first quarter of 2025. I'll begin with a brief overview of our financial results and capital allocation priorities. For the three months ended March 31st, 2025, Eco Wave Power recorded a net loss of $500,005, slightly improved compared to $527,000 in the same period last year. This reflects our continued effort to maintain cost discipline while supporting project development in multiple regions. Operating expenses totaled $765,000, up from $659,000 in Q1 2025. This increase was mainly due to the growth of engineering and execution work related to our Los Angeles project and the upcoming installation in Porto.

I'll begin with a brief overview.

Speaker Change: Actual results and capital allocation priorities.

Speaker Change: For the three months ended March 31st 2025 equal weight and recorded a net loss of five.

Speaker Change: 100005.

Speaker Change: The U S got off slightly improved compared to $527000 in the same period last year.

Speaker Change: This reflects our continued efforts to maintain cost discipline, both in project development in multiple regions.

Speaker Change: Operating expenses totaled $765000.

Speaker Change: Up from $659000 in Q1, 'twenty 'twenty four.

Speaker Change: This increase was mainly due to the growth of engineering and execution work related to our Los Angeles project and the upcoming installation in Portugal.

Aharon Yehuda: Our investments are focused and aligned with planned construction and deployment timelines. We also saw an improvement in net financing income, which helped us offset the increase in operating costs. This contributed to the overall stability of our bottom. As of March 31, our cash and short-term deposits stood at 8.8 million U.S. dollars, compared to 9.3 million U.S. dollars at year-end 2020. The change is primarily tied to development stage spending in Los Angeles and Portugal as well as early stage activities in India and Taiwan. Looking ahead, we expect to move forward with our pilot sale agreement in Taiwan and anticipate progress on contracts in India, subject to final documentation.

Speaker Change: Our investments are focused and aligned with plant construction and deployment timelines.

Speaker Change: We also saw an improvement in net financing income, which helped us offset the increase in operating costs. This contributed to the overall stability of our bottom line.

Speaker Change: As of March 31, our cash and short term deposits stood at $8 8 million U S dollars compared to $9 3 million U S dollars.

Speaker Change: And 2024.

Speaker Change: The change is primarily tied to development stage spending in Los Angeles in Portugal, as well as early stage activities in India and Taiwan.

Speaker Change: Looking ahead, we expect to move forward with our pilots.

Speaker Change: Sale agreements in Taiwan, and anticipate August on contract in India subject to final documentation.

Aharon Yehuda: In parallel, our floaters in Los Angeles are under construction, and we expect it to be finalized by the end of Q2. We remain focused on controlled capital use, maintaining a healthy balance sheet while moving forward with the commercialization of our wave energy technology.

Speaker Change: In parallel our floaters in Los Angeles are under construction and we expect it to be finalized by the end of Q2.

Speaker Change: We remain focused in principle uncontrolled.

Speaker Change: Capital used maintaining a healthy balance sheet, while moving forward with the commercialization of wave energy technologies.

Inna Braverman: With that said, I will now turn the call over to Inna to share updates from our global operations and partners. Now you may begin. Thank you, Aaron, and thank you all for joining us today.

Speaker Change: With that said I will now turn the call over to Ina to share updates from our Nevada operations and partnerships.

Ina: You may begin.

Ina: Thank you Alan and thank you all for joining us today and the first quarter of 2025 has been a period of meaningful advancement for equal weight policy for all of us.

Inna Braverman: The first quarter of 2025 has been a period of meaningful advancement for Eco Wave Power. From a financial standpoint, we delivered a 4.2 percent reduction in net loss compared to Q1 of last year and finished the quarter with 8.8 million in cash and short term deposits. This balance allows us to continue investing in our global pipeline while preserving the flexibility to pursue new opportunities. In Los Angeles, we moved swiftly from permitting to production. In March, the Port of Los Angeles issued our revocable permit, and in April, we signed a floating manufacturing agreement with Always Metal, which shall be completed by the end of Q2 2025.

Ina: As I mentioned standpoint, we delivered a four 2% reduction in net loss compared to Q1 of last year and finished the quarter with $8 8 million in cash and short term deposit deposits. These balance allows us to continue investing in our global pipeline, while preserving the flexibility to pursue new opportunities.

Ina: In Los Angeles, we moved swiftly from permitting to production in March the ports of Los Angeles issued already revoke of the permit.

Ina: We signed the Florida manufacturing agreement with always method, which will be completed by the end of Q2 2025 in Portugal under our 20 megawatt concession agreement with a P. D. L. We finalize engineering designs with smoke engineering in March and submitted our food execution plan early groundwork has begun and blending AP.

Inna Braverman: In Portugal, under our 20 megawatt concession agreement with APDL, we finalized engineering designs with MOC Engineering in March and submitted our full execution plan. Early groundwork has begun, and pending APDL approval, we will start equipment procurement and installation later this year, keeping us on track for a 2026 startup.

Ina: Deal approval, we would started wiedeman procurement and installation later this year keeping us on track for 2026 startup.

Inna Braverman: Our partnerships in India and Taiwan reached new milestones in Q1. The MOU with Bharat Petroleum sets the stage for site assessment at the Mumbai Oil Terminal and we anticipate a purchase order in Q2. In Taiwan, our sale agreement with IKEA International Ocean Energy has moved into detailed permitting phase with full contract execution expected by July.

Ina: Our partnerships in India, and Taiwan reached new milestones in Q1, the Mou with Bard petroleum sets the stage for site assessment that the Mumbai oil terminal and we anticipate a purchase order in Q2 in Taiwan, Our sale agreement with ICANN International Ocean Energy has moved into detailed permitting phase with full contract execution.

Ina: By July.

Inna Braverman: Back in Israel, the AWP EDF-1 installation at Jaffa port logged zero downtime in Q1. The company also conducted successful testing with 10 floaters in wave heights of 1.2 to 2 meters, demonstrating an average power output of 13 kilowatts, validating consistent performance in moderate wave conditions. The peak energy production was 40 kilowatts. These results support projections that scaling the system could proportionally increase output to 26% with 20 floaters and 39% with 30 floaters. These results validate our design and guide our 2025 R&D focus on reducing floater costs and streamlining installation.

Ina: Beth Israel, the AWP E D F. One installation of Jeff a port Globe zero downtime downtime in Q1.

Ina: The company also conducted successful testing with 10 floaters and wave Heights of one point due to two meters demonstrating an average power output of fucking kilowatts, validating consistent performance and moderate wage conditions. The big energy production about 40 Gigawatts. This result supports objection that scaling the system could proportionally increase output to 12.

Ina: 86% with 20 floaters, I'm 39 with 40 floaters.

Ina: These results validate our design and guide our 'twenty to 'twenty, five R&D focus on reducing floater coast and streamlining installation.

Inna Braverman: To strengthen our governance and strategic direction, we established our advisory board in March and welcomed Hilary Ackermann as its first member. Hilary's extensive experience in energy, sustainability and risk management will be a valuable resource as we scale from pilots to megawatt-scale deployment.

Ina: The strength.

Ina: <unk> strengthened our governance and strategic direction, we established our advisory Board in March and welcome Hilary Akamai as its first remember he loves his extensive experience in energy sustainability and risk management will be valuable resource as the scale from pilots to megawatt scale deployments in closing I want to express my gratitude to all of us.

Inna Braverman: In closing, I want to express my gratitude to our team, our partners and you, our shareholders, for your continued confidence. We remain committed to building a diversified, resilient wave energy business and I look forward to sharing further progress as the year unfolds. Thank you. Thank you ladies and gentlemen.

Ina: Our partners and you our shareholders for your continued confidence where we made we remain committed to building a diversified and resilient way even at your business and I look forward to sharing further progress as the year unfolds. Thank you.

Ina: Yeah.

Ina: Thank you ladies and gentlemen. This concludes today's call you may disconnect. Your lines at this time and we thank you for your participation.

Operator: This concludes today's call. You may disconnect your lines at this time and we thank you for your participation.