Financial Data and Key Metrics Changes - For Q1 2025, Ecowave Power recorded a net loss of $500,005, an improvement from $527,000 in the same period last year, reflecting ongoing cost discipline while supporting project development [2][6] - Operating expenses increased to $765,000 from $659,000 in Q1 2024, primarily due to growth in engineering and execution work related to projects in Los Angeles and Portugal [3] - Cash and short-term deposits as of March 31, 2025, were $8,800,000, down from $9,300,000 at the end of 2024, attributed to development stage spending [4] Business Line Data and Key Metrics Changes - In Los Angeles, the company moved from permitting to production, with a floater manufacturing agreement signed in April, expected to be completed by the end of Q2 2025 [6][7] - In Portugal, engineering designs were finalized, and groundwork has begun under a 20 megawatt concession agreement, with equipment procurement and installation anticipated later this year [7] - The AWP EDF-one installation at Jaffa Port in Israel logged zero downtime in Q1, with successful testing of 10 floaters demonstrating an average power output of 13 kilowatts [8] Market Data and Key Metrics Changes - Partnerships in India and Taiwan reached new milestones, with a site assessment planned at the Mumbai oil terminal and a sale agreement in Taiwan moving into the detailed permitting phase [7][8] - The company anticipates a purchase order in Q2 for the Indian project, indicating progress in international markets [7] Company Strategy and Development Direction - The company is focused on maintaining a healthy balance sheet while advancing the commercialization of its wave energy technology [4] - An advisory board was established to strengthen governance and strategic direction, with a member appointed who has extensive experience in energy and sustainability [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue investing in its global pipeline while preserving flexibility for new opportunities [6] - The company remains committed to building a diversified and resilient wave energy business, with expectations for further progress throughout the year [10] Other Important Information - The company is focusing its R&D efforts in 2025 on reducing floater costs and streamlining installation processes [8] Q&A Session Summary - No specific questions or answers were recorded in the provided content, as the call concluded without a Q&A segment [11]
Eco Wave Power AB (publ)(WAVE) - 2025 Q1 - Earnings Call Transcript