NASDAQ:WAVE Eco Wave Power Global AB (publ) Q3 2023 Earnings Report $6.35 +0.37 (+6.19%) As of 01:02 PM Eastern This is a fair market value price provided by Polygon.io. Learn more. Earnings HistoryForecast Eco Wave Power Global AB (publ) EPS ResultsActual EPS-$0.03Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/AEco Wave Power Global AB (publ) Revenue ResultsActual Revenue$0.03 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/AEco Wave Power Global AB (publ) Announcement DetailsQuarterQ3 2023Date11/30/2023TimeN/AConference Call DateTuesday, December 5, 2023Conference Call Time5:00PM ETUpcoming EarningsEco Wave Power Global AB (publ)'s Q1 2025 earnings is scheduled for Thursday, May 15, 2025, with a conference call scheduled on Thursday, May 8, 2025 at 12:30 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Earnings HistoryCompany ProfilePowered by Eco Wave Power Global AB (publ) Q3 2023 Earnings Call TranscriptProvided by QuartrDecember 5, 2023 ShareLink copied to clipboard.There are 2 speakers on the call. Operator00:00:00Welcome to the Ecowave Power Third Quarter 2023 Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note, this conference is being recorded. I will now turn the conference over to your host, Ina Breverman, you may begin. Speaker 100:00:29Thank you. Thank you for joining our Q1 investors call. I would like to start the call with an update regarding our operational and near future projects. As some of you may know, we have finalized the construction The EWP EDF1 project in the Port of Jaffa in Israel. The EWP EDF1 project It was co funded by EDF Renewable Zael, who owns 50% of the project and by the Israeli Energy Ministry, which recognize our technology as pioneering technology. Speaker 100:01:03The project is of 100 kilowatt installed capacity and is comprised from 10 floaters. In August 2023, the power station was officially connected to the Israeli National Electrical Grid, Marking the first time in the history of Israel that electricity produced by the power of the wave was sent to the national electrical grid of the country. Currently, our engineering team is performing calibration of the automation system of the power plant and is testing the durability and operation of the equipment. About a week ago, our engineering team tested operation of the power station during a storm with weight up to 3.5 meters. There was no damage that occurred to the floater's mechanism during the storm, proving the technology's durability. Speaker 100:01:54In addition, during the test, we reached peak energy of around 32.4 kilowatt that was sent to the grid And stable average energy output of around 10 kilowatt per hour. These results are encouraging for the first phase of the testing, And we're expecting to see significant increase in production by the end of the testing phase. The next project that we are planning to launch We'll be in the Port of Los Angeles. Currently, we have a fully assembled energy conversion unit and one floater mechanism in the premises of the Port of LA. During the Q1, we have finalized the civil engineering design for the installation of the floaters to the marine structure in the Port of LA In collaboration with KPFF, a California based civil engineering firm, which officially approved the safety of our design. Speaker 100:02:48We have submitted the detailed design and KPFF's approval to the Port of Los Angeles and are now pending the final necessary licenses From the Port of LA and the Army Corps of Engineers. Once received, we will produce 7 additional floater mechanisms and immediately proceed The project in the Port of LA will be our first official penetration to the U. S. Market, which we view as an extremely strategic market for Eco West Power, especially given the fact that according to the United State Energy Information Administration Wave Energy on its own can supply 66% of all the United States energy needs. And also given the fact that in the beginning of October 2023, California Governor, Gavin Newsom, signed California Senate Bill 605 in Toulo, a historic moment for Wave Energy in America. Speaker 100:03:46The legislation directs the California Energy Commission To evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology And now to one of our most exciting projects. In Portugal, we have entered a concession agreement for 20 Megawatt Power Station in the City of Porto, which is expected to be our 1st commercial scale implementation. The project is planned to commence with the construction of 1 megawatt and to gradually increase to the scale of the whole 20 megawatts, A scale that was never built in the wave energy industry. We are very excited to update that we have received the last approval necessary For the commencement of the project's execution work of our first megawatt in the city of Porto. As a result, We are currently setting an execution bond for the project. Speaker 100:04:43And once set, we will have 24 months to construct the full project. We are expecting that this project will show that Wave Energy can be cost efficient, reliable, environmentally friendly and easily connected to the national grid. We also aspire to show profitability in our first commercial scale project, Positioning Wave Energy as a significant part of the world's renewable energy mix. During this period, Eco Waste Power has also received 2 grants. One grant is from the European Union as part of the NECBC Mediterranean Sea Button Program And the latest grant is from the government of the UK. Speaker 100:05:26In the total amount of $1,830,000 To be shared by the different partners in the Grand Consortium, which include Queen Mary University of London, Toshiba, Hitachi and other leading global companies. With respect to our new collaboration, I would like to update Our collaboration with Liantat Company in Taiwan is progressing as planned. In October 2023, the President of Taiwan Visited Lianta's exhibition of Eco Waste Power Technology in the Taipei International Exhibition Center and announced The Taiwanese government will actively promote the development of forward looking renewable energy such as Wave Power. Ecowave Power and Lian Tatz are currently working towards Ecowave Power's official visit to Taiwan and towards finding a first location for a planned We have also received purchase orders and completed feasibility studies For world leading organizations, which include Rogan Associates, which is a Greek company that ordered a feasibility study Our 2 Megawatt Wave Energy Project in the Port of Heraklion in Greece Jessa Engineering from Morocco, which ordered a feasibility study for a port in Morocco Chevron Corp, which issued a purchase order for a feasibility study for the installation of Ecowave Power Technology On an offshore gas drilling platform in Israel and the latest purchase order is from Shell, which ordered a feasibility study that is meant to explore wave energy The revenues from all purchase orders and associated feasibility studies Will be recognized in our 4th quarter's report, which will be published in the beginning of 2024. Speaker 100:07:18I think it is important to state that even though EcoWave Power has achieved significant progress, we have also shown a significant decrease In our net financial loss for the 9 months of 2023. During this month, our net loss was around $1,000,000 Compared to a net loss of around $2,000,000 in the same period last year. Now more than ever, we remain strong, resilient and deeply committed to advancing our wave energy project. Please note that from now on, we will be having quarterly calls on a regular basis Updating regarding new strategic collaborations, our operational and upcoming Wave Energy projects and new grants and orders, as we would like to share our mission and achievement with our investors on a regular basis. If you have any questions after the call or you would like to receive a scriptRead morePowered by Conference Call Audio Live Call not available Earnings Conference CallEco Wave Power Global AB (publ) Q3 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K) Eco Wave Power Global AB (publ) Earnings HeadlinesEco Wave Power Global AB (publ): Eco Wave Power Signs U.S. Manufacturing Agreement to Launch First-Ever Wave Energy Project in the Port of Los AngelesApril 23, 2025 | finanznachrichten.deEco Wave Power Global AB (publ) (NASDAQ:WAVE) Short Interest UpdateApril 21, 2025 | americanbankingnews.comMusk's warning signal: Prepare before the cascade beginsWhen Elon Musk triggered his AI layoff plan, most analysts missed what it really meant. Louis Navellier didn’t. With 40+ years of market modeling, he says Musk’s move wasn’t about efficiency — it was a signal. And what’s coming next could divide the market into winners and losers faster than anyone expects. Watch this urgent video briefing now.May 1, 2025 | InvestorPlace (Ad)Eco Wave Power Global AB (publ) trading resumesApril 1, 2025 | markets.businessinsider.comEco Wave Power Global AB (publ) trading halted, volatility trading pauseApril 1, 2025 | markets.businessinsider.comAccelerate Diagnostics Submits WAVE System and Gram-Negative Positive Blood Culture Menu to the FDA for 510(k) ClearanceMarch 21, 2025 | prnewswire.comSee More Eco Wave Power Global AB (publ) Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Eco Wave Power Global AB (publ)? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Eco Wave Power Global AB (publ) and other key companies, straight to your email. Email Address About Eco Wave Power Global AB (publ)Eco Wave Power Global AB (publ) (NASDAQ:WAVE), a wave energy company, engages in the development of a wave energy conversion (WEC) technology that converts ocean and sea waves into clean electricity. The company also holds various agreements comprising power purchase agreements, concession agreements, and other agreements worldwide with pipeline of projects with approximately 404.7 megawatts. It has operations in the United States, Sweden, Israel, the British Overseas Territory of Gibraltar, Greece, Portugal, China, Australia, and internationally. The company was formerly known as EWPG Holding AB (publ) and changed its name to Eco Wave Power Global AB (publ) in June 2021. Eco Wave Power Global AB (publ) was founded in 2011 and is headquartered in Tel Aviv-Yafo, Israel.View Eco Wave Power Global AB (publ) ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Microsoft Crushes Earnings, What’s Next for MSFT Stock?Qualcomm's Earnings: 2 Reasons to Buy, 1 to Stay AwayAMD Stock Signals Strong Buy Ahead of EarningsAmazon's Earnings Will Make or Break the Stock's Comeback CrowdStrike Stock Nears Record High, Dip Ahead of Earnings?Alphabet Rebounds After Strong Earnings and Buyback AnnouncementMarkets Think Robinhood Earnings Could Send the Stock Up Upcoming Earnings Apollo Global Management (5/2/2025)The Cigna Group (5/2/2025)Chevron (5/2/2025)Eaton (5/2/2025)NatWest Group (5/2/2025)Shell (5/2/2025)Exxon Mobil (5/2/2025)Palantir Technologies (5/5/2025)Vertex Pharmaceuticals (5/5/2025)CRH (5/5/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 2 speakers on the call. Operator00:00:00Welcome to the Ecowave Power Third Quarter 2023 Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note, this conference is being recorded. I will now turn the conference over to your host, Ina Breverman, you may begin. Speaker 100:00:29Thank you. Thank you for joining our Q1 investors call. I would like to start the call with an update regarding our operational and near future projects. As some of you may know, we have finalized the construction The EWP EDF1 project in the Port of Jaffa in Israel. The EWP EDF1 project It was co funded by EDF Renewable Zael, who owns 50% of the project and by the Israeli Energy Ministry, which recognize our technology as pioneering technology. Speaker 100:01:03The project is of 100 kilowatt installed capacity and is comprised from 10 floaters. In August 2023, the power station was officially connected to the Israeli National Electrical Grid, Marking the first time in the history of Israel that electricity produced by the power of the wave was sent to the national electrical grid of the country. Currently, our engineering team is performing calibration of the automation system of the power plant and is testing the durability and operation of the equipment. About a week ago, our engineering team tested operation of the power station during a storm with weight up to 3.5 meters. There was no damage that occurred to the floater's mechanism during the storm, proving the technology's durability. Speaker 100:01:54In addition, during the test, we reached peak energy of around 32.4 kilowatt that was sent to the grid And stable average energy output of around 10 kilowatt per hour. These results are encouraging for the first phase of the testing, And we're expecting to see significant increase in production by the end of the testing phase. The next project that we are planning to launch We'll be in the Port of Los Angeles. Currently, we have a fully assembled energy conversion unit and one floater mechanism in the premises of the Port of LA. During the Q1, we have finalized the civil engineering design for the installation of the floaters to the marine structure in the Port of LA In collaboration with KPFF, a California based civil engineering firm, which officially approved the safety of our design. Speaker 100:02:48We have submitted the detailed design and KPFF's approval to the Port of Los Angeles and are now pending the final necessary licenses From the Port of LA and the Army Corps of Engineers. Once received, we will produce 7 additional floater mechanisms and immediately proceed The project in the Port of LA will be our first official penetration to the U. S. Market, which we view as an extremely strategic market for Eco West Power, especially given the fact that according to the United State Energy Information Administration Wave Energy on its own can supply 66% of all the United States energy needs. And also given the fact that in the beginning of October 2023, California Governor, Gavin Newsom, signed California Senate Bill 605 in Toulo, a historic moment for Wave Energy in America. Speaker 100:03:46The legislation directs the California Energy Commission To evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology And now to one of our most exciting projects. In Portugal, we have entered a concession agreement for 20 Megawatt Power Station in the City of Porto, which is expected to be our 1st commercial scale implementation. The project is planned to commence with the construction of 1 megawatt and to gradually increase to the scale of the whole 20 megawatts, A scale that was never built in the wave energy industry. We are very excited to update that we have received the last approval necessary For the commencement of the project's execution work of our first megawatt in the city of Porto. As a result, We are currently setting an execution bond for the project. Speaker 100:04:43And once set, we will have 24 months to construct the full project. We are expecting that this project will show that Wave Energy can be cost efficient, reliable, environmentally friendly and easily connected to the national grid. We also aspire to show profitability in our first commercial scale project, Positioning Wave Energy as a significant part of the world's renewable energy mix. During this period, Eco Waste Power has also received 2 grants. One grant is from the European Union as part of the NECBC Mediterranean Sea Button Program And the latest grant is from the government of the UK. Speaker 100:05:26In the total amount of $1,830,000 To be shared by the different partners in the Grand Consortium, which include Queen Mary University of London, Toshiba, Hitachi and other leading global companies. With respect to our new collaboration, I would like to update Our collaboration with Liantat Company in Taiwan is progressing as planned. In October 2023, the President of Taiwan Visited Lianta's exhibition of Eco Waste Power Technology in the Taipei International Exhibition Center and announced The Taiwanese government will actively promote the development of forward looking renewable energy such as Wave Power. Ecowave Power and Lian Tatz are currently working towards Ecowave Power's official visit to Taiwan and towards finding a first location for a planned We have also received purchase orders and completed feasibility studies For world leading organizations, which include Rogan Associates, which is a Greek company that ordered a feasibility study Our 2 Megawatt Wave Energy Project in the Port of Heraklion in Greece Jessa Engineering from Morocco, which ordered a feasibility study for a port in Morocco Chevron Corp, which issued a purchase order for a feasibility study for the installation of Ecowave Power Technology On an offshore gas drilling platform in Israel and the latest purchase order is from Shell, which ordered a feasibility study that is meant to explore wave energy The revenues from all purchase orders and associated feasibility studies Will be recognized in our 4th quarter's report, which will be published in the beginning of 2024. Speaker 100:07:18I think it is important to state that even though EcoWave Power has achieved significant progress, we have also shown a significant decrease In our net financial loss for the 9 months of 2023. During this month, our net loss was around $1,000,000 Compared to a net loss of around $2,000,000 in the same period last year. Now more than ever, we remain strong, resilient and deeply committed to advancing our wave energy project. Please note that from now on, we will be having quarterly calls on a regular basis Updating regarding new strategic collaborations, our operational and upcoming Wave Energy projects and new grants and orders, as we would like to share our mission and achievement with our investors on a regular basis. If you have any questions after the call or you would like to receive a scriptRead morePowered by