Eco Wave Power Global AB Q1 FY2024 earnings call

• Achieved a 3.5% cost reduction in Q1 2024 compared to Q1 2023, totaling 26% cost reduction for 2023.
• Operating costs decreased, with R&D and sales/marketing costs also reduced.
• Net financial income was $132,000 in Q1 2024.
• Progress in projects: EWP-EDF One Project in Israel with improving operational results, submission of final licensing documents for US project in Port of Los Angeles, and final approval for commencement of construction works of first megawatt scale project in Portugal.
• Plan to expand engineering team and establish US-based sales and business development team.

In Q1 2024, operating costs decreased from $683,000 in Q1 2023 to $659,000. R&D costs dropped from $210,000 in Q1 2023 to $177,000 in Q1 2024. Sales and marketing costs reduced from $76,000 in Q1 2023 to $65,000 in Q1 2024. Net financial income was $132,000 in Q1 2024 versus $160,000 in Q1 2023. The company ended the period with $7.96 million in cash and cash equivalents and short-term bank deposits.

• R&D expenses expected to increase next quarter due to adding a VP R&D to lead the engineering team.
• Look forward to executing plans for projects in the US and Portugal.