Eco Wave Power Global AB (publ) Price & Performance (WAVE)

Our transition from feasibility studies to tangible project revenues underscores our growth trajectory and operational process. August, As expense management our total operating expenses for 2024 were 2,460,000.00 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 third U. S. Project at the Port Of Los Angeles, our first megawatt sale project in Portugal and our pilot project in Taiwan.

Sales and marketing expenses to 301,000 mainly due to reduced payroll and private expenses. As our project pipeline grows, we expect expect sales and marketing expenses to rise and support our expansion General and administrative expenses slightly increased by $9,000 to $1.17 $73,000 driven by higher travel payroll and depreciation costs. 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 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 Capital management. We remain committed to delivering value to our shareholders. During the year, we continue to repurchase aviation. This buyback reflects our confidence in Ecovest Power's long term growth. 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 on the growing demand for renewable energy solutions. Thank you for your continued support We look forward to updating you on our progress throughout the year.

I will now turn the call over to Ina Badman, CEO of Eco Wave Power. Ina, you may begin. Thank you, Arun. 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. I 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 had 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. 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 waves to the national grid. I believe that this success is not just a win for Eco Wave power, but the entire wave energy industry. Additionally, securing the final federal permit for our Port Of 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. We are also proud of our continued global expansion. Our agreement with IKE in Taiwan a significant step toward introducing Wave Energy in Asia. And our collaboration with Barat Petroleum in India further strengthens our ability to bring sustainable energy solution 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. 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 EcoF Power at the forefront of the wave energy industry.

I also want to highlight the recent recognition of hydropower in President Trump's 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. 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 Eco Power team for their continued support. Together, we are making waves in the renewable energy industry and driving forward our mission to harness the power of ocean waves. For cleaner, more sustainable future. Thank you. [indiscernible] [indiscernible] [indiscernible]