Greetings, and welcome to the Eco Wave Power Third Quarter 2025 Earnings Call. [Operator Instructions]. And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Aharon Yehuda, CFO of Eco Wave Power. Sir, the floor is yours.

Thank you. Good morning, and thank you, everyone, for joining Eco Wave Power's Q3 2025 Earnings Call. I'm Aharon Yehuda, the CFO of the company. I'll begin with a brief overview of our financial results followed by our CEO, Inna Braverman, who will discuss operational progress and strategic development. For the 9 months ended September 30, 2025, operating expenses totaled $2.48 million, reflecting continued investment in our U.S., our Portugal and Asia projects, all of which are critical to our long-term commercial deportment. R&D expenses rose to $591,000, supporting engineering efforts and new project development. Sales and Marketing expenses increased to $293,000 primarily driven by the successful launch of our U.S. pilot project at the Port of Los Angeles in September. General and Administrative expenses totaled $1.61 million, reflecting staffing, professional fees and other operational costs to support our expanding footprint. As a result, net loss for the 9 months increased to EUR 2.89 million, primarily due to higher operating expenses and foreign exchange impact. On a quarter-over-quarter basis, we achieved meaningful improvements in efficiency and financial discipline. Our net loss declined 28% to $996,000 driven by targeted investments in bigger cost and tighter cost management. R&D expenses decreased by 12% and G&A by 5%, demonstrating efficiency gains across all functions. Other income nearly doubled and financial expenses declined by 81%, mainly due to lower foreign exchange losses, further strengthening our financial position. We ended the quarter with a solid cash position of $6.85 million, providing the resources needed to execute near-term milestones, advanced project construction and support our global expansion. These results underscored our disciplined financial approach, balancing growth investments with efficiency as we advance multiple revenue generating opportunities worldwide. As the global electricity demand accelerates, driven by the growth of energy intensive sectors such as AI, data centers and manufacturing Eco Wave Power is well positioned to deliver scalable and reliable and cost-effective waste energy solutions. For investments this quarter in the U.S., in Portugal, in Taiwan and in India are laying the foundation for long-term commercial deployment and revenue growth in markets representing tens of billions of dollars in renewable energy potential. Finally, recognition by time is one of the best inventions of 2025, alongside national media coverage of our U.S. project launch reinforces the strength of our technology, our brand and our position as the leader in Wave energy innovation. With a strong financial foundation and disciplined management and growing global visibility, Eco Wave Power is entering its next phase of commercialization from a position of strength. I'll now turn the call over to our CEO, Inna Braverman, to share more about our projects, progress and strategic initiatives.

Thank you, Aharon, and good morning, everyone. The third quarter of 2025 has been one of the most exciting and defining period in Eco Wave Power's history. We've reached Major milestones does not only validate our technology, but also reinforce our position as a global leader in Wave Energy. The highlight of the quarter was, without a doubt, the launch of our first U.S. project at the Port of Los Angeles. This marks the turning point not only for Eco Wave Power, but for the entire Wave Energy industry. Our installation at the Port of Los Angeles gained nationwide visibility, including coverage on Good Morning America and recognition by Time Magazine as one of the best inventions of 2025. That level of attention reflects just how ready the world is for Wave Energy and how far we've come in bringing it from concept to reality. The project also showcases the reliability and scalability of our potential floaters while highlighting our deep commitment to collaboration and community. We were proud to work with AltaSea cell marine renewable energy program and several small family-owned and women-owned businesses, a partnership model that truly represents what clean innovation should look like, sustainable, inclusive and impactful. Beyond the United States, our international expansion continues at full speed. In Taiwan, our partnership with I-Ke International Ocean Energy led to the first-ever commercial port tender for Wave Energy testing, paving the way for long-term deployment opportunities in Asia. In India, our collaboration with Bharat Petroleum gives us a foothold in one of the world's largest and most promising clean energy market. And in Europe, we're preparing for Portugal's first megawatt scale Wave Energy plant fully aligned with the country's renewable energy road map and the EU's ambitious decarbonization goals. Back home in Israel, our EWP-EDF One project…

Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.