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.