STOCKHOLM - Eco Wave Power Global AB (NASDAQ:WAVE), an onshore wave energy technology company, has filed its annual report for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission. The report highlights a significant increase in revenues and a reduction in net losses, alongside progress in its key projects.
The company's revenues soared by 1076% to $306,000, excluding funds from grants and other sources, compared to $26,000 in 2022. Net losses decreased by 36%, ending the year with a cash and deposit balance of $8.4 million. This financial performance comes despite a challenging economic environment marked by fears of a recession at the beginning of 2023.
Eco Wave Power has made notable advancements in its projects. In Israel, the EWP-EDF One Project in the Port of Jaffa was successfully connected to the national electrical grid, a historic first for the country. An opening ceremony is pending due to the situation in Israel. In the United States, a co-investment agreement was signed in January 2024 for the Port of Los Angeles project, with licensing processes underway. The company also secured final approval for the construction of its first commercial-size project in Porto, Portugal, expected to be completed within two years.
Furthermore, the company has been involved in various feasibility studies for potential wave energy implementations in the U.S., Israel, Morocco, and Greece. In December 2023, Eco Wave Power submitted a request to the Financial Supervisory Authority of Sweden for authorization to repurchase up to 10% of its shares on Nasdaq.
Despite the financial markets' lukewarm response to clean energy stocks in 2023, Eco Wave Power's CEO, Inna Braverman, expressed confidence in the company's stability and the future of renewable energy, citing the Inflation Reduction Act's impact on clean energy investment.
The annual report, which includes audited consolidated financial statements, is available on the SEC website and the company's website under "SEC Filings." A conference call to discuss the financial results will be hosted by CEO Inna Braverman on Tuesday, April 2, 2024.
InvestingPro Insights
Eco Wave Power Global AB's (NASDAQ:WAVE) financial year ended on a high note with a remarkable 1076% surge in revenue, reaching $306,000 for the last twelve months as of Q4 2023. According to InvestingPro data, the company's gross profit for the same period stood at $250,000, translating to an impressive gross profit margin of approximately 80.72%. This robust margin underlines the company's efficiency in managing its cost of goods sold and is a testament to its strong business model.
InvestingPro Tips further highlight that Eco Wave Power holds more cash than debt on its balance sheet, providing the company with financial flexibility and a solid foundation for future investments and operations. Additionally, the company's stock is currently trading near its 52-week low, which might attract investors looking for potential growth opportunities in the clean energy sector. With the current price at $1.04 and the InvestingPro Fair Value estimate at $1.15, there appears to be room for potential upside.
For those interested in a deeper dive into Eco Wave Power's financial health and future prospects, InvestingPro offers additional tips and metrics. There are currently 17 more InvestingPro Tips available for WAVE, which can be accessed at: https://www.investing.com/pro/WAVE. Readers looking to leverage InvestingPro's comprehensive analysis can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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