Financial Data and Key Metrics Changes - Operating expenses for H1 2025 totaled $1.6 million, an increase of $239,000 from H1 2024, reflecting continued investment in R&D and project execution [2][3] - R&D expenses increased by 25% to $399,000, driven primarily by the Portuguese project and engineering department [3] - General and administrative expenses rose by 22% to $1.1 million, mainly due to payroll for new U.S. hires and travel costs [4] - Net loss for 2025 was $1.9 million, influenced by growth investments and foreign exchange impacts [4] - Cash and short-term bank deposits at the end of the period were $7.94 million, providing a strong foundation for ongoing projects [5] Business Line Data and Key Metrics Changes - Sales and marketing expenses decreased slightly by $123,000, indicating more efficient investor communication [3] - The company is advancing its Portugal megawatt scale project, expected to operate with new continuous wave availability, demonstrating wave energy's potential [7][10] Market Data and Key Metrics Changes - In the U.S., the installation of floaters and the onshore energy conversion unit for the first U.S. wave energy project at Altoona Port of LA was completed [8] - In India, a memorandum of understanding was signed with a Fortune 500 company to explore wave energy deployment at Mumbai Oil Terminal [11] - In Taiwan, the company is advancing local production and permitting milestones for wave energy projects [11] - A feasibility study agreement was signed for a potential project in South Africa, highlighting the market's long-term potential [12] Company Strategy and Development Direction - The company's commercialization strategy includes building pilot projects in key markets to collect data and establish regulatory frameworks [6] - Efforts are being made to reduce the cost of floaters to lower the levelized cost of energy, making wave energy more competitive [7] - The company aims to position wave energy as a mainstream renewable solution, supporting high-demand computing environments [8] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of strategic partnerships and regulatory approvals in advancing projects [14] - The leadership change with the addition of Hilary Ackerman to the Board is expected to strengthen corporate governance and support global commercialization [13] - The company is well-positioned to bring wave energy to mainstream markets, delivering innovative and sustainable solutions [14] Other Important Information - The company is participating in a €2.45 million European project to accelerate commercial scale wave energy adoption across the Atlantic Region [12] Q&A Session Summary - No specific questions or answers were provided in the content, indicating that the meeting concluded without a Q&A segment [15]