Eco Wave Power Global AB (publ) Q2 FY2024 earnings call

• Achieved an operating expense reduction of 1.6% compared to the first half of 2023 and ended with $7.48 million in cash and short-term bank deposits.
• Progressed in key projects: EWP-EDF One project at Port of Jaffa had 0% downtime and got 17% closer to energy generation targets, and received EDF Pulse Award. LA project submitted final licensing documents pending U.S. Army Corps of Engineers approval; Marine Energy Technologies Acceleration Act proposed. Portugal megawatt scale project had kickoff meeting.
• Reinforced engineering team by adding two members and in process of establishing U.S.-based sales and business development team.
• Recently received green light to commence American Depository shares repurchase plan.

In the first half of 2024, Eco Wave Power recorded an operating cost reduction of 1.6%. Sales and marketing costs decreased by 29%. R&D costs remained stable at US$320,000, while G&A costs increased by 5%. Other income of $32,000 was generated mainly from grants and management fees in a joint venture. The company ended the period with $7.48 million in cash and cash equivalents and in short-term bank deposits.

• Prepared for execution of first turnkey project, expected to enhance income and financial position.
• Expect ADS repurchase plan to improve capital structure and shareholder value.