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Operator
Operator
Welcome to the Eco Wave Power second quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to your host, Aharon Yehuda. You may begin, sir. Thank you.
歡迎參加 Eco Wave Power 2025 年第二季財報電話會議。（接線員指示）現在我想將電話轉給主持人 Aharon Yehuda。先生，您可以開始了。謝謝。
Aharon Yehuda - Chief Financial Officer
Aharon Yehuda - Chief Financial Officer
Good morning, everyone, and thank you for joining Eco Wave Power's second quarter earnings call. I'm Aharon Yehuda and I'll start with a brief overview of our financial results, followed by our CEO, Inna Braverman, who will provide an update on operations and strategic developments.
大家早安，感謝大家參加 Eco Wave Power 第二季財報電話會議。我是 Aharon Yehuda，首先我將簡要介紹我們的財務業績，然後我們的執行長 Inna Braverman 將介紹營運和策略發展的最新情況。
Financial highlights of the first half of the year. Operating expenses for H1 2025 totaled $1.6 million, up by USD239,000 from H1 2024. This increase reflects our continued investment in R&D, engineering teams and project execution, including our US and Portugal projects. R&D expenses increased 25% to USD399,000, driven primarily by our Portuguese project and strengthening our engineering department.
上半年財務亮點。2025 年上半年的營運費用總計 160 萬美元，比 2024 年上半年增加 239,000 美元。這一成長反映了我們對研發、工程團隊和專案執行的持續投資，包括我們的美國和葡萄牙專案。研發費用增加了 25%，達到 399,000 美元，主要原因是我們的葡萄牙專案和工程部門的加強。
Sales and marketing expenses decreased by slightly by USD123,000, reflecting more efficient investor communication. General and administrative expenses rose 22% to $1.1 million, mainly due to payroll for new US hires, professional fees and travel costs associated with project expansion.
銷售和行銷費用略微減少了123,000美元，反映了投資者溝通更有效率。一般及行政開支上漲 22% 至 110 萬美元，主要由於美國新員工的薪資、專業費用以及與專案擴展相關的差旅費用。
Other income nearly doubled to USD62,000 coming from technology demonstration services in Asia. Net loss for the first half of 2025 was USD1.9 million, reflecting growth investments and foreign exchange impact. We ended the period with $7.94 million in cash and short-term bank deposits, providing a strong foundation to fund ongoing projects and future growth.
來自亞洲技術演示服務的其他收入幾乎翻了一番，達到 62,000 美元。2025 年上半年淨虧損為 190 萬美元，反映了成長投資和外匯影響。本期間結束時，我們的現金和短期銀行存款為 794 萬美元，為資助正在進行的項目和未來成長奠定了堅實的基礎。
Despite significant progress across all project phases, our operating expenses have increased modestly, demonstrating our disciplined approach to scaling operations. We remain focused on delivering long-term value to shareholders while investing strategically in technology and global market expansion.
儘管所有專案階段都取得了重大進展，但我們的營運費用卻略有增加，這表明我們在擴大營運方面採取了嚴謹的方法。我們始終專注於為股東創造長期價值，同時對技術和全球市場擴張進行策略性投資。
I'll now turn the call over to Inna Braverman, our CEO, to provide insights into our project progress and strategic initiatives.
現在，我將把電話轉給我們的執行長 Inna Braverman，請她介紹我們的專案進度和策略性舉措。
Inna Braverman - Chief Executive Officer, Director
Inna Braverman - Chief Executive Officer, Director
Thank you, Aharon, and good morning, everyone. I'm pleased to share our achievements during the first half of 2025, which is a period marked by rapid execution, strategic growth and expanding global presence. I would like to start by explaining our commercialization strategy. Our approach to commercialization of wave energy is multilayered, designed to advance technology, demonstrating value and scale responsibly.
謝謝你，Aharon，大家早安。我很高興與大家分享我們在 2025 年上半年所取得的成就，這段時期的特點是快速執行、策略成長和全球影響力不斷擴大。我想先解釋一下我們的商業化策略。我們對波浪能商業化的方法是多層次的，旨在推進技術，負責任地展示價值和規模。
First, we are building pilot projects in key markets. These pilots allow us to collect site-specific data, conduct R&D and establish favorable regulatory framework, ensuring smooth entry into new markets while refining our technology for maximum performance.
一是在重點市場開展試點。這些試點使我們能夠收集特定地點的數據、進行研發並建立有利的監管框架，確保順利進入新市場，同時改善我們的技術以實現最佳性能。
Second, we are advancing our Portugal megawatt scale project expected to operate with near continuous wave availability. This project will serve as a clear demonstration that in suitable locations, wave energy can deliver stable and dense renewable supply, complementing solar and wind and supporting grid integration on a large scale.
其次，我們正在推進葡萄牙兆瓦級項目，預計將以近乎連續的波可用性運作。該計畫將清楚證明，在合適的地點，波浪能可以提供穩定、密集的再生能源供應，補充太陽能和風能，並支持大規模電網整合。
Third, we are actively working on the reduction of the cost of our floaters, which is expected to lower the levelized cost of energy and allows to offer competitive pricing while delivering continuous electricity. By combining technological innovation with cost efficiency, we are positioning wave energy to become a mainstream renewable solution.
第三，我們正在積極致力於降低浮動發電成本，這有望降低平準化能源成本，並在持續供電的同時提供具有競爭力的價格。透過將技術創新與成本效率結合，我們將波浪能定位為主流的可再生解決方案。
Beyond traditional energy applications, wave energy has the potential to power intensive operations, including AI infrastructure and coastal data centers. By providing stable near continuous electricity, wave energy can support high-demand computing environments while reducing reliance on carbon-intensive sources.
除了傳統能源應用之外，波浪能還有潛力為人工智慧基礎設施和沿海資料中心等密集營運提供動力。透過提供穩定近乎連續的電力，波浪能可以支援高需求運算環境，同時減少對碳密集型能源的依賴。
This highlights the versatility and strategic importance of our technology empowering the next generation of digital innovation. Turning to product updates. In the United States at it's Port of L.A., we completed the installation of the floaters and the onshore energy conversion unit for our first US wave energy project.
這凸顯了我們的技術為下一代數位創新賦能的多功能性和戰略重要性。轉向產品更新。在美國洛杉磯港，我們完成了我們的第一個美國波浪能項目的浮子和陸上能量轉換裝置的安裝。
This is particularly exciting because we announced the co-investment agreement with Shell in April 2024, received the final license from the Port of L.A. in March 2025. And just six months later, the pilot station is fully installed. This demonstrates that Eco Wave Power executes projects efficiently while maintaining high technical standards.
這尤其令人興奮，因為我們在 2024 年 4 月宣布與殼牌達成共同投資協議，並於 2025 年 3 月獲得了洛杉磯港的最終許可。僅六個月後，引航站就全部安裝完畢。這表明 Eco Wave Power 在保持高技術標準的同時高效執行專案。
In Portugal, preparation continue for the first megawatt-scale project under our concession agreement. With wave availability expected to be approximately 90%, this project will demonstrate almost continuous energy generation, validating wave energy's potential as a reliable and dense renewable energy source.
在葡萄牙，我們繼續籌備特許協議下的第一個兆瓦級項目。預計波浪能利用率約為 90%，該項目將展示幾乎連續的能源生產，驗證波浪能作為可靠且密集的可再生能源的潛力。
In Asia, our expansion continues with strategic initiatives in India and Taiwan. In India, we signed a memorandum of understanding with Fortune 500, Bharat Petroleum to explore wave energy deployment at Mumbai Oil Terminal. The collaboration begins with site assessment and regulatory preparations, laying the groundwork for a pilot project.
在亞洲，我們繼續擴張，在印度和台灣採取策略性舉措。在印度，我們與財富500強企業印度石油公司簽署了諒解備忘錄，探索在孟買石油碼頭部署波浪能。此次合作從現場評估和監管準備開始，為試點計畫奠定基礎。
In Taiwan, we are working with I-Ke International Ocean Energy, advancing local floater production and permitting milestones. I-Ke has already successfully passed the first round qualification for wave-energy tender, positioning us strongly for the next project phase.
在台灣，我們正與益科國際海洋能源公司合作，推動當地浮式生產並取得里程碑式進展。I-Ke 已經成功通過了波浪能招標的第一輪資格審查，為我們下一階段的專案做好了充分準備。
Back home in Israel, the EWP-EDF One project at Jaffa Port continues to serve as a key R&D and benchmarking site. Data collected here confirm that wave energy can generate significantly more power per site footprint than other renewable energy sources, providing an important foundation for global expansion.
在以色列國內，雅法港的 EWP-EDF One 計畫繼續作為重要的研發和基準測試基地。這裡收集的數據證實，波浪能單位面積產生的電力比其他再生能源多得多，為全球擴張提供了重要基礎。
In Africa, we signed a feasibility study agreement with Africa Great Future Development. for a potential project in South Africa. With over 2,800 kilometers of coastline and pressing need for energy diversification, this market holds considerable long-term potential. We are also proud to participate in the Atlantic Wave Energy Sustainable Deployment Initiative, a EUR2.45 million European project that will accelerate commercial scale wave energy adoption across the Atlantic region.
在非洲，我們與非洲大未來發展公司簽署了南非潛在項目的可行性研究協議。該市場擁有超過 2,800 公里的海岸線和迫切的能源多樣化需求，具有巨大的長期潛力。我們也很榮幸能夠參與大西洋波浪能永續部署計劃，這是一項耗資 245 萬歐元的歐洲項目，旨在加速整個大西洋地區商業規模波浪能的應用。
Finally, I want to highlight our leadership strength. In July, Hilary Ackermann joined our Board of Directors with over 30 years of experience in energy and finance, including senior roles at Vistra Energy, Goldman Sachs and UBS.
最後，我想強調我們的領導實力。7 月，希拉蕊·阿克曼 (Hilary Ackermann) 加入我們的董事會，她在能源和金融領域擁有 30 多年的經驗，曾在 Vistra Energy、高盛和瑞銀擔任高級職務。
Hilary brings valuable expertise to support our global commercialization strategy and strengthen corporate governance. Overall, the first half of 2025 shows that Eco Wave Power is delivering on its promises, advancing pilots, completing installation, securing regulatory approvals, forming strategic partnerships and expanding globally.
希拉蕊 (Hilary) 帶來了寶貴的專業知識來支持我們的全球商業化策略並加強公司治理。總體而言，2025 年上半年表明 Eco Wave Power 正在兌現其承諾，推動試點，完成安裝，獲得監管部門批准，建立戰略合作夥伴關係並在全球擴張。
With our strong financial foundation of USD7.94 million in cash and short-term deposits and a growing project pipeline, we are well positioned to bring wave energy into mainstream renewable energy market, delivering innovative, sustainable and high-value solutions for our shareholders and partners. Thank you for your continued support.
我們擁有 794 萬美元的現金和短期存款等強大的財務基礎以及不斷增長的項目儲備，我們有能力將波浪能引入主流可再生能源市場，為我們的股東和合作夥伴提供創新、可持續和高價值的解決方案。感謝您一直以來的支持。
Operator
Operator
The meeting has now concluded. Thank you for joining, and have a pleasant day.
會議現已結束。感謝您的加入，祝您有個愉快的一天。