Eco Wave Power cuts interim net loss
Swedish-Israeli wave energy company Eco Wave Power has released financial results for the first half of 2023, reporting a decrease in net loss when compared to the same period a year before.
For the six months ended June 30, 2023, Eco Wave Power reported the net loss of $859,000, or $0.02 per basic and diluted share, compared to a net loss of $1,431,000, or $0.03 per basic and diluted share in the same period last year.
The company’s revenues were zero during the period, as opposed to $26,000 for the first half-year in 2022. Eco Wave Power attributed the decrease to fact that it was in the midst of certain studies and did not yet recognize the payments as income.
Operating expenses were $1.4 million, down by 35% from the same period last year, according to the company.
The reported net financial income was $512,000 for Eco Wave Power, compared to $681,000 in the first half of 2022.
Research and development (R&D) expenses were $323,000 compared to $635,000 in the same period last year.
R&D costs decreased mainly due to a one off non-recurring loss of $278,000 pertaining to a disposal of the floater mechanisms of the Gibraltar wave energy array in 2022, due to the relocation of the Gibraltar conversion unit to the Port of Los Angeles.
Although its R&D expenses have significantly decreased during the last six-month period, Eco Wave Power said it expects such expenses to materially increase 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 its first commercial-scale wave energy project in Portugal.
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