The following is a summary of the Eco Wave Power Global AB (Publ) (WAVE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Eco Wave Power achieved a 3.5% cost reduction in Q1 2024 compared to the same period in 2023, contributing to a total of 26% reduction for the whole year.
Operating cost decreased from $683,000 in Q1 2023 to $659,000 in Q1 2024, with reductions evident in R&D costs.
Sales and marketing costs declined from $76,000 in Q1 2023 to $65,000 in Q1 2024.
The company recorded net financial income of $132,000 in Q1 2024, compared to $160,000 in Q1 2023.
Eco Wave Power ended Q1 2024 with $7.96 million in cash and short-term bank deposits.
Business Progress:
Eco Wave Power made Q1 progress on all projects, with key improvements in the EWP-EDF One Project in Israel and the submission of final licensing documents for its first installation in the Port of Los Angeles.
Strategic investment agreement with Shell MRE was signed in January 2024 along with identification of 77 suitable sites in the US for wave energy technology installation.
Company received approval to commence construction on its first megawatt scale project in Porto.
A US-based sales and business development team will be recruited to secure more turnkey wave energy projects, potentially boosting revenues.
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