Greetings. Welcome to the Eco Wave Power’s First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Aharon Yehuda, CFO of Eco Wave Power. You may begin.

Thank you all for taking the time and joining us this morning for this conference call. In the first quarter of 2024, Eco Wave Power continued in its cost reduction strategy while accelerating its progress with existing and planned projects. In Q1 2024, we achieved a 3.5% cost reduction compared to the same period of in 2023. This cost reduction joins the cost reduction presented for the whole year of 2023, which amounted to a total of 26%. Now turning to our detailed cost structure, our operating cost decreased from $683,000 in Q1 2023 to $659,000 in Q1 2024. We can see specific decrease in R&D costs, which decreased from $210,000 in Q1 2023 to $177,000 in Q1 2024. The R&D expenses are expected to increase in the next quarter due to adding a VP R&D to lead our engineering team, which is meant to drive the company's ability to handle new orders from clients and existing projects. Sales and marketing costs reduced from $76,000 in Q1 2023 to $65,000 in Q1 2024. Also during Q1 of 2024, we recorded net financial income of $132,000 versus $160,000 in Q1 2023. The company ended the period with $7.96 million in cash and cash equivalents and in short-term bank deposits. We look forward to execute its plans for projects in the US and in Portugal, which Inna Braverman, our CEO, will provide you with further info about. I will now turn the conference over to Inna Braverman, CEO of Eco Wave Power. Inna, you may start.

Thank you, Aharon. So over the past month, an array of ETFs dedicated to key aspects of energy transition from renewable energy generation to smart grid management have all posted positive returns. We can see that Eco Wave Power stock followed a similar pattern with the rising of WAVE stock. During this period, WAVE stock outperformed the Global Alternative Energy index by showing growth of 136.4% in the last three months. We believe that what enabled the growth and rising interest in the WAVE stock is the fact that the company delivered on its promises and reached significant progress during each quarter while cutting down its net loss and operational expenses and boosting revenues. As Aharon mentioned in Q1, we were able to keep the low level of expenses and thus demonstrate our resilience by decreasing our operating expenses by 3.5% compared to Q1 2023 and in the period with $7.96 million in cash and short-term bank deposits. In the same time, we were able to achieve progress in all the company's projects with key improvements in the operational results of the EWP-EDF One Project in the Port of Jaffa, Israel; submission of final licensing documents for the installation of our first project in the US in the Port of Los Angeles; and moving forward with our megawatt scale project in the city of Porto in Portugal. And a little more details, in Israel, The EWP-EDF One Project has been delivering clean electricity from the waves to the Israeli national electrical grid since its connection to the grid in the end of 2023. An opening ceremony for the project will be held as soon as the company deems the geopolitical situation in Israel has improved. Eco Wave Power and EDF Renewables IL have started an analysis of the first set…

Thank you very much. This does conclude today's conference and you may now disconnect your phone lines. Thank you for your participation. End of Q&A :