Eco Wave Power Global (WAVE) Q2 2024 earnings summary

Executive summary

• Achieved a 1.6% reduction in operating costs in H1 2024, driven by a 29% decrease in sales and marketing expenses.

• Advanced operational milestones in Israel, U.S., and Portugal, including grid connection, award wins, and project progress.

• Maintained resilience and low expense levels while progressing on all key projects.

• Announced approval for an American Depositary Shares (ADS) repurchase program and support for U.S. federal marine energy legislation.

Financial highlights

• Operating expenses for H1 2024 were $1.35 million, down 1.6% from H1 2023.

• Net loss was $1.02 million ($0.02 per share) for H1 2024, compared to $0.86 million ($0.02 per share) in H1 2023.

• R&D costs remained stable at $320,000; G&A costs increased by 5%.

• Net financial income was $331,000, down from $512,000 year-over-year, mainly due to lower foreign exchange gains.

• Ended the period with $7.48 million in cash and short-term bank deposits.

Outlook and guidance

• Prepared for execution of the first turnkey project, expected to enhance income and financial position.

• Expects R&D, sales and marketing, and G&A expenses to materially increase as projects in Israel, U.S., and Portugal progress.

• Expansion of engineering and U.S.-based sales teams underway to support new deals and revenue growth.

• Anticipates positive financial results and accelerated project delivery from enhanced company structure.

• Anticipates short implementation time for the U.S. Port of Los Angeles project upon final license approval.