Core Insights - Eco Wave Power has made significant progress in financial and operational results for the fiscal year ended December 31, 2024, including a 30% reduction in net cash used for operations and an 11% increase in cash position [1][4][28]. Financial Performance - The company reported a 7% decrease in operating expenses compared to 2023, contributing to a cumulative 32% reduction since 2022 [5][36]. - Cash and deposits reached $9.3 million as of December 31, 2024, an increase from $8.4 million at the end of 2023 [5][36]. - Total revenues and other income amounted to $393 thousand, reflecting a 21.7% increase from $323 thousand in 2023 [5][36]. - Operating loss decreased by $75 thousand, or 3%, to $2,338 thousand for the year ended December 31, 2024 [36][46]. Major Project Developments - The EWP-EDF One wave energy project at Jaffa Port became the first wave energy project in Israel supplying clean energy to the national grid [7][29]. - The company secured a final federal permit for its wave energy project at the Port of Los Angeles, with procurement and installation works set to commence in the first quarter of 2025 [10][12]. - Progress was made on a megawatt-scale wave energy project in Portugal, with key appointments and engineering advancements [13][16]. - A wave energy project sale agreement was signed with I-Ke International Ocean Energy Co. in Taiwan, marking the company's entry into the Asian market [17][19]. - A memorandum of understanding was signed with Bharat Petroleum Corporation Limited in India to develop wave energy projects, starting with a feasibility study [21][24]. Research and Development - Planned R&D in 2025 aims to refine the wave energy formula to improve energy generation efficiency [9][31]. - The company anticipates an increase in R&D expenses due to the implementation of projects in the U.S., Portugal, and Taiwan [36][43]. Market Position and Future Outlook - Eco Wave Power is positioned for long-term success in various markets, including Portugal, Los Angeles, and Taiwan, with a focus on financial efficiency and project execution [4][30]. - The company aims to maximize energy production and continue its growth trajectory in 2025 [31][34].
Eco Wave Power Files Annual Report on Form 20-F for the Year Ended December 31, 2024, and Reports Significant Progress in Financial and Operational Results