Earning Date, Transcript Summary & Report

Successful Public Offering: EcoWave Power raised $3,000,000 in gross proceeds through a successful public offering, indicating strong investor confidence.

Cost Management Success: Operating costs were reduced by 7% in 2024, contributing to a cumulative 32% reduction since 2022, showcasing effective cost management.

Cash Flow Improvement: The company achieved a $784,000 reduction in net cash used in operating activities, reflecting improved operational efficiency.

Strong Cash Position: As of December 31, 2024, EcoWave Power held a robust cash position of $9,300,000, including $7,800,000 in cash and cash equivalents, indicating strong liquidity.

Wave Energy Revenue Milestone: The company reported its first revenues from wave energy project agreements totaling $168,000, marking a successful transition from feasibility studies to tangible project revenues.

Expense Management Success: Total operating expenses for 2024 were $2,460,000, a 7% decrease from 2023, demonstrating effective expense management.

R&D Expense Increase: R&D expenses increased slightly to $536,000, reflecting ongoing investment in new projects, including significant initiatives in the U.S., Portugal, and Taiwan.

Cost Efficiency Focus: Sales and marketing expenses decreased by 19.7% to $301,000, indicating a focus on cost efficiency as the project pipeline grows.

Operating Loss Improvement: The operating loss improved by 3% to $2,300,000, showing progress in financial performance despite ongoing investments.

ADS Repurchase Confidence: The company repurchased ADSs during the year, reflecting confidence in long-term growth potential.

Wave Energy Milestone: The EWP DF1 wave energy project at Jaffa Port represents a historic first for Israel, contributing to the growth of the wave energy industry.

Global Expansion Efforts: Securing the final federal permit for the Porto Los Angeles project and advancing efforts in Portugal highlights EcoWave Power's expanding global footprint.

Strategic Partnerships in Wave Energy: The agreement with IKE in Taiwan and collaboration with Bharat Petroleum in India signify strategic partnerships for expanding wave energy solutions in emerging markets.

Renewable Energy Recognition: Recognition of hydropower in President Trump’s National Energy Emergency Plan underscores the growing importance of renewable energy sources, providing a positive outlook for the wave energy sector.

Increased Net Loss: Net loss increased to $2,100,000 in 2024, up from $1,870,000 in 2023, indicating ongoing financial challenges.

Operating Loss Despite Cost Cuts: Despite a reduction in operating expenses, the company still reported an operating loss of $2,300,000, reflecting the high costs associated with their projects.

Joint Venture Loss Increase: Share of net loss in joint ventures rose to $79,000, highlighting increased operational costs that are impacting overall profitability.

Increased R&D Investment: R&D expenses increased by $17,000 to $536,000, suggesting a continued investment in projects that may not yield immediate returns.

Net Financial Income Decline: Net financial income decreased to $230,000 from $547,000 in 2023, indicating a decline in financial performance in this area.

Marketing Expense Reduction: Sales and marketing expenses decreased by 19.7%, which may limit the company's ability to effectively promote and expand its projects in the market.