Eco Wave Power Global AB (publ) Q3 FY2024 earnings call

• Cost efficiency: Successfully reduced overall expenses by 10% quarter-over-quarter with decreases in general and administrative and R&D expenses. Increased grants supported cost savings, leading to a 73,000 reduction in operating loss quarter-over-quarter.
• Project progress: In Israel, EWP-EDF One project at Port of Jaffa had 0% downtime in June 2024 and reached 83% of energy generation target by September. In the US, secured final Nationwide Permit for first wave energy project at Port of Los Angeles with installation set for Q1 2025. In Taiwan, signed first turnkey wave energy deal.
• Team expansion: Expanded leadership and engineering teams, including appointing VP of Engineering and forming US-based sales and business development team.
• Share repurchase: Entered into agreement with Oppenheimer Bank for ADS buyback, commenced repurchases in September and plans to continue in November and December 2024.

From the second quarter to the third quarter of 2024, overall expenses were reduced by 10% quarter-over-quarter. General and administrative expenses decreased by $63,000, and research and development expenses were reduced by $29,000. By the end of the third quarter, the company maintained $7.04 million in cash and short term bank deposits, a modest $447,000 decrease from Q2, 2024.

• Plans to continue ADS repurchase during open trading windows in November and December 2024.
• Anticipates securing three to four turnkey wave energy deals to position as first profitable wave energy company worldwide.
• Encouraged by legislative support for marine energy via the Marine Energy Technologies Acceleration Act, but notes uncertainty around Inflation Reduction Act under incoming administration.

• Uncertainty exists around the Inflation Reduction Act under the incoming administration.