Good morning, and welcome to the Eco Wave Power Third Quarter 2024 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Aharon Yehuda, CFO at Eco Wave. The floor is yours.

Thank you for the introduction and thank you all for joining us for our webcast. Let's dive into updates. Over the first nine months of 2024, Eco Wave Power has remained committed to prioritizing cost efficiency, and I'm pleased to share some positive results. From the second quarter to the third quarter of this year, we successfully reduced our overall expenses by 10% quarter-over-quarter. Here's how we achieved this. General and administrative expenses decreased by $63,000. Research and development expenses were reduced by $29,000. These savings were driven by lower cost of directors and officers insurance and reduced consulting fee. Additionally, we saw an increase in grants during the third quarter which further supported our cost saving efforts. These measures led us to a 73,000 reduction in our operating loss quarter-over-quarter. Also on a positive note, Eco Wave Power entered into an agreement with Oppenheimer Bank to facilitate the buyback process. Ending September 2024 the company commenced the repurchases of its ADSs and plans to continue such repurchase during the open trading window in November and December 2024. By the end of third quarter, we maintained a solid financial position with $7.04 million in cash and short term bank deposits. This reflects only a modest $447,000 decreased from Q2, 2024. To summarize, we are proud to report that even as we are making significant progress across all of the company's key projects in Israel, Los Angeles, Taiwan and Portugal, we have also achieved notable cost reductions that reflects our commitment to both operational excellence and strategic growth. That said, I'll now hand it over to Inna Braverman, Chief Executive Officer of Eco Wave Power, to share more about our progress and outlook. Inna, please take it from here.

Thank you, Aharon. Dear Shareholders, as we reflect on the first nine months of 2024, I'm proud to share the significant strides Eco Wave Power has made in both financial management and project execution. Our focus on operational efficiency has enabled us to maintain a strong cash position of $7.04 million in cash and short term bank deposits while reducing operating expenses by 10% compared to the previous quarter. This year has been marked by remarkable progress across all our projects. In Israel, EWP-EDF One project at the Port of Jaffa achieved 0% downtime for the very first time in June 2024, a testament to the reliability of our technology. By September, the project reached 83% of its energy generation target, a 27% improvement over just three months, suppressing the average annual performance of our first grid connected project which was built in Gibraltar. The Eco Wave Power project was built in collaboration with EDF Renewables IL, supported by the Chief Scientist of the Ministry of Energy which recognized the company's technology as pioneering technology and Tel Aviv Municipality. In this unique project, for the very first time, electricity generated from sea waves is supplied to the national grid, a historic milestone in Israel's Renewable energy journey. On December 5, we will have an official opening ceremony of Israel's first wave energy power Station. In Jaffa Port, this groundbreaking global project combines innovation, sustainability and the fight against climate change. The event will include a formal cut the ribbon ceremony by Tel Aviv Mayor, Ron Huldai, followed by a reception at Warehouse 2 in Jaffa Port with senior energy officials, investors and strategic partners. The launch of Israel's first wave energy power plant is more than just a technological achievement, it's a powerful statement about the future we envision. This…

Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation. End of Q&A: