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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