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.

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. Financial highlights of the first half of the year. Operating expenses for H1 2025 totaled $1.6 million, up by USD 239,000 from H1 2024. This increase reflects our continued investment in R&D, engineering teams and project execution, including our U.S. and Portugal projects. R&D expenses increased 25% to USD 399,000, driven primarily by our Portuguese project and strengthening our engineering department. Sales and marketing expenses decreased by slightly by USD 123,000, reflecting more efficient investor communication. General and administrative expenses rose 22% to $1.1 million, mainly due to payroll for new U.S. hires, professional fees and travel costs associated with project expansion. Other income nearly doubled to USD 62,000 coming from technology demonstration services in Asia. Net loss for the first half of 2025 was USD 1.9 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. 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. I'll now turn the call over to Inna Braverman, our CEO, to provide insights into our project progress and strategic initiatives.

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. 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. 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. 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. 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. 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 U.S. wave energy project. This is particularly exciting because we announced the co-investment agreement with…

The meeting has now concluded. Thank you for joining, and have a pleasant day.