Operator

Good day, everyone. Welcome to the Eco Wave Power First Quarter 2026 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Aharon Yehuda, the CFO of Eco Wave Power. The floor is yours.

Aharon Yehuda
Chief Financial Officer

Thank you. Good morning, everyone, and thank you for joining Eco Wave Power's First Quarter 2026 Earnings Call.

Turning to our financial results. During the first quarter of 2026, we continued advancing our global project portfolio, while maintaining disciplined cost management across the organization. Operating expenses for the quarter were approximately USD 682,000, representing an 11% decrease compared to the first quarter of 2025. The reduction was primarily driven by lower research and development, sales and marketing and general and administrative expenses.

Research and development expenses decreased to approximately USD 140,000 compared to USD 181,000 during the same period last year.

Sales and marketing expenses were approximately USD 71,000 compared to USD 77,000 in the prior year period, while general and administrative expenses decreased to approximately USD 499,000 from USD 539,000 last year.

Operating loss improved year-over-year, decreasing to approximately USD 682,000 compared to USD 765,000 during the same period in 2025.

Other income remained relatively stable at approximately USD 52,000 compared to USD 54,000 during the same period last year and was primarily driven from technology demonstration activity as well as management fees for -- from a joint venture.

Net loss for the quarter was approximately USD 695,000 compared to approximately USD 505,000 during the same period last year. The change was primarily attributable to foreign exchange fluctuation, including the appreciation