Eco Wave Power cuts first quarter losses

Swedish-Israeli wave energy company Eco Wave Power has released its financial report for the first quarter of 2023, showing a decrease in net loss when compared to the same period a year earlier.

Eco Wave Power reported a net loss of $523,000 for the three months ended on March 31, 2023, compared with the net loss of $720,000 for the same period a year before.

In the first quarter of 2023, Eco Wave Power’s revenues were zero compared to $26,000 in the same period last year, which was related to feasibility study services in Asia.

The company also decreased its operating loss to $683,000, from $896,000 marked in the same period last year.

Eco Wave Power’s net financial income was $160,000, compared to $173,000 in the same period in 2022.

The company ended the quarter with $4.7 million in cash and cash equivalents and $5 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.

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