Eco Wave Power Global AB (publ) Q4 2024 Earnings Call Transcript

Quartr
Provided by Quartr
March 4, 2025

There are 2 speakers on the call.

Operator

Greetings, and welcome to the Ecowave Power Fourth Quarter twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. Please note this conference is being recorded. I will now turn the conference over to your host, Arun Yehuda, CEO of Ecowavepower.

Operator

Sir, the floor is yours. Thank you, CFO of Ecowavepower. Good morning, everyone. I am pleased to present EcoHealth Power's financial results for the fiscal year 2024. This year has been marked by significant progress and strategic financial management positioning us well for future growth.

Operator

As to financial performance, in 2024, EcoEdge Power raised $3,000,000 in gross proceeds through a successful public offering. We continued our disciplined approach to cost management, reducing operating costs by 7% this year and achieving a cumulative 32% reduction since 2022. These efforts combined with our efficient working capital management led to a $784,000 reduction in net cash used in operating activities. As of 12/31/2024, we held a robust cash position of $9,300,000 including $7,800,000 in cash and cash equivalents and $1,500,000 in short term bank deposits. As to revenue and income.

Operator

We are excited to report our first revenues from Wave Energy project agreement of $168,000 adding to other income of $225,000 This compares to 2023, dollars '3 hundred and '6 thousand from feasibility studies and $17,000 in other income. Our transition from feasibility studies to tangible project revenues underscores our growth, trajectory and operational process. Progress. As expense management, our total operating expenses for 2024 were $2,460,000 a 7% decrease from 2023 and a 32% lower than 2022. Breaking this down, R and D expenses increased by $17,000 to $536,000 reflecting our investment in new projects, including our first U.

Operator

S. Project at the Port Of Lithuania, our first megawatt sales project in Portugal and our pilot project in Taiwan. Sales and marketing expenses decreased by 19.7% to $301,000 mainly due to reduced payroll and private expenses. As our project pipeline grows, we expect sales and marketing expenses to rise and support our expansion income. General and administrative expenses slightly increased by $9,000 to $17.73 dollars driven by higher travel, payroll and depreciation costs.

Operator

Share of net loss in joint venture increased to $79,000 largely due to operational costs. Profitability metrics. Our operating loss improved by 3% to $2,300,000 while net financial income was $230,000 compared to $547,000 in 2023. The net loss of 2024 was $2,100,000 up from 1,870,000 in the prior year, reflecting our continued investment in strategic projects. Capital management.

Operator

We remain committed to delivering value to our shareholders. During the year, we continue to repurchase ADSs. This buyback reflects our confidence in EcoWest Power's long term growth potential. And looking ahead, we expect 2025 to be a year of continued momentum as we advance our project in Los Angeles, Portugal and Taiwan. Our disciplined financial strategy combined with our innovative technology position us well to capitalize on the growing demand for renewable energy solutions.

Operator

Thank you for your continued support. We look forward to updating you on our progress throughout the year. I will now turn the conference over to Ina Braadman, CEO of EcoWave Power. Ina, you may begin.

Speaker 1

Thank you, Aron. As we reflect on the achievements of 2024, I'm incredibly proud of the progress EcoWave Power has made across both financial and operational fronts. Our unwavering commitment to efficiency, innovation and growth has positioned us for a long term success, and our strong foundation is a testament to the hard work and dedication of our team. Financially, as Aaron mentioned, we have made remarkable strides. Not only did we successfully reduce operating expenses by 7% and cut net cash used in operating activities by 30%, but we also grew our cash reserves by 11%, finishing the period with $9,300,000 which reflects our solid financial standing.

Speaker 1

On the operational side, our team delivered impressive results. The EWP DF1 wave energy project at Jaffa Port represents a historic first for Israel, as it is the first wave energy project in the country supplying clean energy from the wave to the national grid. I believe that this success is not just a win for Echo Wave Power, but the entire wave energy industry. Additionally, securing the final federal permit for our Porto Los Angeles project and advancing our efforts in Portugal with our first one megawatt project reflects the rapid expansion of EcoWave Power's global footprint. Our commitment to the development of sustainable energy solutions continues to drive our work as we scale our technology in key markets.

Speaker 1

We are also proud of our continued global expansion. Our agreement with IKE in Taiwan is a significant step toward introducing wave energy in Asia. And our collaboration with Bharat Petroleum in India further strengthens our ability to bring sustainable energy solutions to emerging markets. These partnerships are vital as we scale our operations and bring Wave Energy to new regions demonstrating the potential of this renewable energy source. Looking ahead to 2025, we are excited about the opportunities to refine our technology and maximize our energy production.

Speaker 1

Our focus remains on improving the efficiency of our systems and pushing the boundaries of wave energy technology. I believe that our disciplined approach to both financial management and project execution will keep EcoWave power at the forefront of the wave energy industry. I also want to highlight the recent recognition of hydropower in President Trump's National Energy Emergency Plan. This support underscores the growing importance of renewable sources of energy that can provide reliable 20 fourseven power. Much like hydropower, Wave Energy offers the ability to generate continuous energy in suitable locations, making it an integral part of a diverse renewable energy mix.

Speaker 1

In my opinion, this recognition provides a positive outlook for the wave energy sector, and we are poised to capitalize on the increasing interest in sustainable clean energy solutions. I would like to express my sincere appreciation to our investors, stakeholders and the entire Ecowave Power team for their continued support. Together, we are making waves in the renewable energy industry

Operator

and

Speaker 1

driving forward our mission to harness the power of ocean waves for cleaner, more sustainable future. Thank you.

Powered by Quartr
Earnings Conference Call
Eco Wave Power Global AB (publ) Q4 2024
00:00 / 00:00