NASDAQ:WAVE Eco Wave Power Global AB (publ) Q2 2024 Earnings Report $6.31 +0.33 (+5.52%) Closing price 05/1/2025 03:58 PM EasternExtended Trading$6.42 +0.11 (+1.74%) As of 05/1/2025 07:20 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Eco Wave Power Global AB (publ) EPS ResultsActual EPS-$0.09Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/AEco Wave Power Global AB (publ) Revenue ResultsActual RevenueN/AExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/AEco Wave Power Global AB (publ) Announcement DetailsQuarterQ2 2024Date8/29/2024TimeN/AConference Call DateTuesday, September 3, 2024Conference 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) Q2 2024 Earnings Call TranscriptProvided by QuartrSeptember 3, 2024 ShareLink copied to clipboard.There are 3 speakers on the call. Operator00:00:00Greetings. Welcome to the Ecowave Power Second Quarter 2024 Earnings Call. At this time, all participants are in a listen only mode. I will now turn the conference over to your host, Aaron Yauta, Chief Financial Officer. You may begin. Speaker 100:00:16Thank you. Thank you all for taking the time and joining us for our quarterly webcast. In the first half of twenty twenty four, EcoAir Power continued with its cost reduction strategy, while achieving progress in all key projects, which Ina will discuss following my presentation of the financial results. As a result, in the first half of twenty twenty four, we have recorded an operating cost reduction of 1.6%. The main reason for the reduction was the reduction in sales and marketing costs by 29%. Speaker 100:00:50As to other costs, R and D costs remained stable at $320,000 and G and A costs increased by 5%. Other income of $32,000 was generated mainly from grants and from management fees in a joint venture. As a result, our operating loss reduced by 1.6%. Please note that as mentioned in Q1, we have now prepared the company for the execution of the 1st turnkey project, meaning the sale of equipment to a 3rd party, which upon execution is expected to enhance the company's income and strengthen its financial position. The company ended the period with $7,480,000 in cash and cash equivalents and in short term bank deposits. Speaker 100:01:38I will now turn the conference over to Ina Braderman, Chief Executive Officer of Equifax Power. Ina, you may begin. Speaker 200:01:47Thank you for the presentation, Alan. So as Alan mentioned, in the first half of twenty twenty four, we were able to keep the low level of expenses and continue to demonstrate our resilience by decreasing our operating expenses by 1.6% compared to the first half of twenty twenty three, ending the year with US7.48 million dollars in cash and in short term bank deposits. There was also progress across all key projects, including significant improvements in the operational results of the EWP EDF-one project at the Port of Jaffa in Israel, which reached 0% downtime for the very first time and got closer by 17% to its energy generation targets. The company and the project also received the prestigious EDF Pulse Award by Electricitade de France, EDF, which is a multinational electric utility company and the largest renewable energy producer in Europe. They are also our partner in the EDF project in Israel. Speaker 200:02:57We believe that the winning of this award and this recognition will lead to an extended collaboration with the EDF Group. In our Port of Los Angeles project, we have submitted the final licensing documents for the installation of the project at the Port of LA, which were approved by the Port of LA and we are currently pending final approval by the U. S. Army Corps of Engineers. In parallel, representatives Nanette Baragon and Suzanne Bonamici introduced a very promising legislation, the Marine Energy Technologies Acceleration Act, which is proposed which is a proposed legislation that would appropriate $1,000,000,000 to advance marine energy towards full scale commercialization in the United States. Speaker 200:03:42Representative Barragan has already visited Ecowave Power's installation site in the Port of LA and was impressed by the abundant possibilities for wave energy implementation in California and in the United States. The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy Water Power Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development and more efficient permitting processes. We are grateful that representatives Berrigan and Bonamici recognize the vast potential of Wave Energy in meeting the United States renewable energy targets and promoting economic growth through the blue economy. The U. S. Speaker 200:04:28Is becoming a global leader on climate initiative and this new federal legislation further demonstrates the U. S. Leadership across the world. We believe that Wave Energy has massive potential and we will soon be demonstrating our pioneering technology at the Port of Los Angeles and showcasing that Wave Energy can be a significant force in combating climate change and powering our communities with clean, reliable energy sourced from the endless power of the ocean. And finally, in July last month, we held an official kickoff meeting for our 1st megawatt scale project in Portugal, which included a site visit by our engineering team and meeting with relevant subcontractors to advance with the project. Speaker 200:05:14We believe that this will be the 1st wave energy project in the world to show significant energy production from the power of the waves. I truly believe that this revolutionary project will position Ecowave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of our wave energy technology globally. We would like to thank the municipality of Porto and APDL for being true wave energy pioneers by enabling and supporting the development of an innovative environmentally friendly energy generation technology, which will serve to lower the port's carbon footprint, while creating new workplaces and an innovative industry in Portugal. At the same time, we have reinforced our engineering team by adding 2 members and are in the process of establishing a U. S. Speaker 200:06:04Based sales and business development team to enable the company to enter into deals for turnkey wave energy projects, which we believe will in turn significantly boost the company's revenues in addition to the revenues that the company has been generating from feasibility studies and other related engineering services. The expansion of our engineering team in Israel and the new business development and sales team in the U. S. Are well underway and we believe that such enhanced company structure will lead to positive financial results and accelerated project delivery. Lastly, we are excited to update that we have recently received a green light to commence our American depository shares repurchase plan and we are working on setting the appropriate arrangement with the bank to pursue such opportunity. Speaker 200:06:54We believe that our ADS repurchase plan will allow our leadership to have a greater scope to us and have the opportunity to improve the company's capital structure, driving greater shareholder value and improving the investment value of our company. Ecowave Power is entering a very exciting period, which will involve an expansion of our team, expansion of the company's operational projects, expansion of our revenue streams and strategic partnerships. I would like to reiterate our gratitude to our shareholders for joining us on this exciting journey. We look forward to sharing more exciting progress. Thank you very much.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallEco Wave Power Global AB (publ) Q2 202400:00 / 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) trading resumesApril 1, 2025 | markets.businessinsider.comMassive new energy source found in UtahNEW THIS WEEK: Huge Energy Discovery In Utah The Department of Energy say it could power America for millions of years. And both grizzled oilmen and clean energy supporters love it: Energy Secretary Chris Wright called it "an awesome resource," while Warren Buffett, Jeff Bezos, Mark Zuckerberg, and Bill Gates are all directly invested.May 2, 2025 | Stansberry Research (Ad)Eco 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.comMaxim Group Initiates Coverage of Eco Wave Power Global AB (WAVE) with Buy RecommendationMarch 13, 2025 | msn.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 Palantir Technologies (5/5/2025)Vertex Pharmaceuticals (5/5/2025)Realty Income (5/5/2025)Williams Companies (5/5/2025)CRH (5/5/2025)Advanced Micro Devices (5/6/2025)American Electric Power (5/6/2025)Constellation Energy (5/6/2025)Marriott International (5/6/2025)Energy Transfer (5/6/2025) 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 3 speakers on the call. Operator00:00:00Greetings. Welcome to the Ecowave Power Second Quarter 2024 Earnings Call. At this time, all participants are in a listen only mode. I will now turn the conference over to your host, Aaron Yauta, Chief Financial Officer. You may begin. Speaker 100:00:16Thank you. Thank you all for taking the time and joining us for our quarterly webcast. In the first half of twenty twenty four, EcoAir Power continued with its cost reduction strategy, while achieving progress in all key projects, which Ina will discuss following my presentation of the financial results. As a result, in the first half of twenty twenty four, we have recorded an operating cost reduction of 1.6%. The main reason for the reduction was the reduction in sales and marketing costs by 29%. Speaker 100:00:50As to other costs, R and D costs remained stable at $320,000 and G and A costs increased by 5%. Other income of $32,000 was generated mainly from grants and from management fees in a joint venture. As a result, our operating loss reduced by 1.6%. Please note that as mentioned in Q1, we have now prepared the company for the execution of the 1st turnkey project, meaning the sale of equipment to a 3rd party, which upon execution is expected to enhance the company's income and strengthen its financial position. The company ended the period with $7,480,000 in cash and cash equivalents and in short term bank deposits. Speaker 100:01:38I will now turn the conference over to Ina Braderman, Chief Executive Officer of Equifax Power. Ina, you may begin. Speaker 200:01:47Thank you for the presentation, Alan. So as Alan mentioned, in the first half of twenty twenty four, we were able to keep the low level of expenses and continue to demonstrate our resilience by decreasing our operating expenses by 1.6% compared to the first half of twenty twenty three, ending the year with US7.48 million dollars in cash and in short term bank deposits. There was also progress across all key projects, including significant improvements in the operational results of the EWP EDF-one project at the Port of Jaffa in Israel, which reached 0% downtime for the very first time and got closer by 17% to its energy generation targets. The company and the project also received the prestigious EDF Pulse Award by Electricitade de France, EDF, which is a multinational electric utility company and the largest renewable energy producer in Europe. They are also our partner in the EDF project in Israel. Speaker 200:02:57We believe that the winning of this award and this recognition will lead to an extended collaboration with the EDF Group. In our Port of Los Angeles project, we have submitted the final licensing documents for the installation of the project at the Port of LA, which were approved by the Port of LA and we are currently pending final approval by the U. S. Army Corps of Engineers. In parallel, representatives Nanette Baragon and Suzanne Bonamici introduced a very promising legislation, the Marine Energy Technologies Acceleration Act, which is proposed which is a proposed legislation that would appropriate $1,000,000,000 to advance marine energy towards full scale commercialization in the United States. Speaker 200:03:42Representative Barragan has already visited Ecowave Power's installation site in the Port of LA and was impressed by the abundant possibilities for wave energy implementation in California and in the United States. The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy Water Power Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development and more efficient permitting processes. We are grateful that representatives Berrigan and Bonamici recognize the vast potential of Wave Energy in meeting the United States renewable energy targets and promoting economic growth through the blue economy. The U. S. Speaker 200:04:28Is becoming a global leader on climate initiative and this new federal legislation further demonstrates the U. S. Leadership across the world. We believe that Wave Energy has massive potential and we will soon be demonstrating our pioneering technology at the Port of Los Angeles and showcasing that Wave Energy can be a significant force in combating climate change and powering our communities with clean, reliable energy sourced from the endless power of the ocean. And finally, in July last month, we held an official kickoff meeting for our 1st megawatt scale project in Portugal, which included a site visit by our engineering team and meeting with relevant subcontractors to advance with the project. Speaker 200:05:14We believe that this will be the 1st wave energy project in the world to show significant energy production from the power of the waves. I truly believe that this revolutionary project will position Ecowave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of our wave energy technology globally. We would like to thank the municipality of Porto and APDL for being true wave energy pioneers by enabling and supporting the development of an innovative environmentally friendly energy generation technology, which will serve to lower the port's carbon footprint, while creating new workplaces and an innovative industry in Portugal. At the same time, we have reinforced our engineering team by adding 2 members and are in the process of establishing a U. S. Speaker 200:06:04Based sales and business development team to enable the company to enter into deals for turnkey wave energy projects, which we believe will in turn significantly boost the company's revenues in addition to the revenues that the company has been generating from feasibility studies and other related engineering services. The expansion of our engineering team in Israel and the new business development and sales team in the U. S. Are well underway and we believe that such enhanced company structure will lead to positive financial results and accelerated project delivery. Lastly, we are excited to update that we have recently received a green light to commence our American depository shares repurchase plan and we are working on setting the appropriate arrangement with the bank to pursue such opportunity. Speaker 200:06:54We believe that our ADS repurchase plan will allow our leadership to have a greater scope to us and have the opportunity to improve the company's capital structure, driving greater shareholder value and improving the investment value of our company. Ecowave Power is entering a very exciting period, which will involve an expansion of our team, expansion of the company's operational projects, expansion of our revenue streams and strategic partnerships. I would like to reiterate our gratitude to our shareholders for joining us on this exciting journey. We look forward to sharing more exciting progress. Thank you very much.Read morePowered by