Eco Wave Power Starts 2022 With Larger Net Loss and Revenue Decline
Swedish-Israeli wave energy company Eco Wave Power has released its financial report for the first quarter of 2022, showing a higher net loss and lower revenue compared to the same period in 2021.
Eco Wave Power reported an increased net loss of SEK 6.7 million ($720,000) for the first three months of 2022, compared to SEK 3.9 million in the same period of 2021 ($480,000).
The company’s revenue was 240,000 SEK ($26,000) compared to 260,000 SEK ($31,000) in the first quarter of 2021, generated by feasibility study services in Asia.
Operating loss increased to SEK 8.4 million ($890,000) from SEK 4.5 million ($530,000) in the same period a year earlier.
Research and development expenses increased to SEK 1.8 million ($190,000) from SEK 1.3 million in the first quarter of 2021 ($160,000), sales and marketing expenses were 1. SEK 5 million vs. SEK 0.8 million in the same period of 2021 ($160,000 vs. $90,000), respectively).
As of March 31, 2022, cash and cash equivalents amounted to SEK 127.9 million ($13.8 million) and equity to SEK 126.3 million ($13.6 million).
“With our technology proven by real world deployments in Gibraltar and Israel, we now aim to progress to larger scale projects in Portugal and Spain and new and ongoing projects in Jaffa Port, Israel and the Port of Los Angeles in the United States, ” said Inna Bravermanfounder and CEO of Eco Wave Power.
“We continue to expect 2022 to be a very important year in our development plan, and we are increasingly confident that we are well positioned to achieve our ambitious goals.”
Eco Wave Power recently received approval from Nasdaq First North Growth Market Sweden to delist its common stock, as part of the decision to focus on the US market.
As a result, from June 14, the company’s only listed securities will be its American Depositary Shares (ADS) which trade on the Nasdaq Capital Market under the symbol VAGUE.
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