On Monday, Eco Wave Power Global AB (NASDAQ:WAVE) announced that it had filed its annual report for the fiscal year ending December 31, 2024.
The company recorded its first revenues of $168 thousand from a wave energy project and $225 thousand in other income from a U.S. project demonstration and awards from EDF and Vital Voices, bringing total revenues and other income to $393 thousand, an increase of 21.7% in 2023.
Operating expenses were $2.46 million, down by 7% from 2023.
R&D expenses increased by 4% to $536 thousand for the year. The company expects its costs to materially increase due to the planned implementation of its first U.S. project in the Port of Los Angeles, its first MW-scale project in Portugal, and its first pilot project in Taiwan.
Sales and marketing expenses decreased by 19.7% to $301 thousand for the year. The company expects costs to increase as it materially adds more projects to its pipeline.
General and administrative expenses increased by 0.5% to $1,773 thousand for the year. The company expects its costs to grow as it expands its operations materially.
Share of net loss of a joint venture increased to $79 thousand for the year ended December 31, 2024, compared to $19 thousand a year ago. This increase was primarily attributable to depreciation and other operational costs concerning the commencement of the Jaffa Port project’s operation and the subsequent connection to the Israeli national power grid.
Operating loss decreased by 3% to $2,338 thousand for the year. Net loss increased to $2,108 thousand for the year ended December 31, 2024, from $1,866 thousand a year earlier.
The company ended the period with $9.3 million in cash and equivalents. In 2024, Eco Wave Power raised $3 million in gross proceeds in a registered direct offering, lowering operating costs by 7%. Net cash used in operating activities decreased by 30% compared to 2023.
The company recorded its first revenues of $168 thousand from a wave energy project, as well as $225 thousand in other income from a U.S. project demonstration and awards from EDF and Vital Voices, bringing total revenues and other income to $393 thousand, an increase of 21.7% from $323 thousand in 2023.
In February 2025, Eco Wave Power inked a non-binding memorandum of understanding with Bharat Petroleum Corporation Limited (BPCL) to jointly develop wave energy projects in India, beginning with a feasibility study. The first phase after the feasibility study will include deploying a 100 KW pilot project at BPCL’s Mumbai Oil Terminal.
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