(Información remitida por la empresa firmante)
· Sales and marketing expenses were $262,000 compared to $435,000 in the same period last year. Although our expenses have significantly decreased during the first nine months period, we expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation. · General and administrative expenses were $1,217,000 compared to $1,610,000 in the same period last year. Although our general and administrative expenses have significantly decreased during the first nine months period, we expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
· Other income of $14,000 was generated mainly from management fees in a joint venture.
· Share of net loss of the EWP EDF One Project accounted for using the equity method for the nine months ended September 30, 2023 was $14,000.
· Operating loss was $1.9 million compared to $2.8 million in the same period last year.
· Net financial income was $802,000, compared to $783,000 in the same period last year.
· Net loss was $1,052,000, or $0.02 per basic and diluted share, compared to a net loss of $2,011,000, or $0.05 per basic and diluted share in the same period last year.
· The Company ended the period with $3.7 million in cash and cash equivalents and $5.1 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman will host a conference call to discuss the financial results and outlook on Tuesday, December 5, 2023, at 5 p.m. Eastern time.
• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 802479
• The event will be webcast live, available at: at: https://www.webcaster4.com/Webcast/Page/2922/49564
A replay will be available by telephone approximately four hours after the call’s completion until Tuesday, December 19, 2023. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 49564. The archived webcast will also be available on the investor relations section of the Company’s website.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as «Pioneering Technology.» The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.
Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the «Global Climate Action Award» from the United Nations.
Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com
Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
Inna@ecowavepower.com
+97235094017
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the «safe harbor» provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses the prospective use of the UK grant, that SB 605 is expected to assist the progress of its projects and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, the potential project in Morocco, that the LTC project is expected to create several economic benefits, the impending application for a grant to facilitate the project in Heraklion, Greece, the expected recognition of new orders as revenues in the fourth quarter of 2023, and the Company’s expectation that its research and development, sales and marketing and general and administrative expenses to materially increase, and the Company’s planned conference call to discuss these financial results. Forward-looking statements can be identified by words such as: «anticipate,» «intend,» «plan,» «goal,» «seek,» «believe,» «project,» «estimate,» «expect,» «strategy,» «future,» «likely,» «may,» «should,» «will», or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading «Risk Factors» in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
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