Eco Wave Power AB (publ)(WAVE) - 2024 Q1 - Quarterly Report

Financial Performance - Net loss for Q1 2024 was $527,000, slightly up from $523,000 in the same period last year[16] - The net loss for Q1 2024 was $527,000, slightly higher than the net loss of $523,000 in Q1 2023, indicating a marginal increase of 0.8%[24] - Financial income decreased to $147,000 in Q1 2024 from $172,000 in Q1 2023, a decline of about 14.5%[24] - The accumulated deficit increased to $13,514,000 in March 2024 from $12,994,000 in March 2023, reflecting an increase of approximately 4%[22] - Loss per common share remained stable at $(0.01) for both Q1 2024 and Q1 2023[24] Operating Expenses - Operating expenses decreased by 3.5% year-over-year, totaling $659,000 for Q1 2024[16] - Operating expenses reduced to $659,000 in Q1 2024 from $683,000 in Q1 2023, a decrease of approximately 3.5%[24] - Research and development expenses decreased by 15.7% to $177,000 compared to the same period last year[16] - Research and development expenses decreased to $177,000 in Q1 2024 from $210,000 in Q1 2023, a reduction of about 15.7%[24] Assets and Liabilities - Total assets decreased to $9,297,000 in March 2024 from $10,009,000 in March 2023, representing a decline of approximately 7.1%[22] - Current assets decreased slightly to $8,097,000 in March 2024 from $8,756,000 in March 2023, a decrease of about 7.5%[22] - Total liabilities increased to $2,255,000 in March 2024 from $2,208,000 in March 2023, an increase of approximately 2.1%[22] - The total equity decreased to $7,042,000 in March 2024 from $7,801,000 in March 2023, a decline of about 9.8%[22] Project Developments - The EWP-EDF One Project in Israel showed a significant reduction in downtime from 35% in January 2024 to only 3.6% in April 2024, indicating improved operational efficiency[3] - A comprehensive feasibility study identified at least 77 potential sites in the U.S. for commercial onshore wave energy stations[2] - The first commercial wave energy project in Porto, Portugal, is expected to be completed within 24 months, marking a significant milestone for the company[2] Strategic Initiatives - The company plans to establish a U.S.-based sales and business development team to enhance revenue from turnkey wave energy projects[9] - The company aims to boost revenues by supplying turnkey wave energy solutions while progressing with core projects[8] Market Performance - Eco Wave Power's share price outperformed the MSCI Global Alternative Energy Index by 136.42% over the last three months[4]