Thank you very much Q uarterly Presentation. My name is Kristian Tørvold, and I'm the CEO of Ocean Sun. Today, as always, I'll go through Ocean Sun in brief, talk about a few highlighted updates, project developments, and in the end, Karl will go through the financials. Our vision is still Ocean Sun shall be the world-leading technology supplier for floating solar systems. This is a vision we live every day at Ocean Sun. Our floating solar solution is the best in the world. We have low Capex, due to the lowest material use. We have a fast and easy installation process, and we have lean transportation. In addition to that, we have high efficiency due to the water cooling of the modules, and our solution is seaworthy.
To give you a few updates on the projects we have had in the last quarter. First of all, I want to talk about our megaproject in the Philippines. As mentioned in November, it sustained some damage during a typhoon, Typhoon Nika. This typhoon was over 200 km/h winds in the region, and we are working closely with SNAP on the way forward. We have communicated with them, of course, how the updates of our design over the last five years would have handled this typhoon very well. Furthermore, our partner, Alotta, has won a new project in Bøfjordstranda in North Norway, or Mid-Norway. It is the northernmost FPV in the world. It is one floater, and it is expected to be completed this year. Lastly, our installation in Banja, Albania, past two years of operation.
We're very proud of this installation, and we were down there now in November and inspected to have learnings and see improvements that we can bring with us for our next installations. A few other updates: our project in Brazil is progressing well, and we expect it to have a finished demo around the second half of this year. Furthermore, in the Maldives, the construction is a little delayed due to the readiness of the resort, but we expect COD in Q2 2025. For other business updates, we have completed two PFS studies, pre-feasibility studies. We have hired a new CCO, Kristian, who we are very excited about joining us April 1.
We have started the collaboration with Canopy Power in Australia, a good partner of us also in the Maldives, and we're looking forward to opening up the Australian market that is still in its infancy with only one small installation built. Lastly, we have the kickoff of the PERSEUS EU project. This is an EU Horizon project that is focused on perovskite PV modules. Our role is to test these modules on our membrane-based floating solar. For projects, we have still 11 projects built around the world, total 3.8 MWp installed. We have a backlog of 6.3 MWp and a pipeline now of 34 MWp that we are very confident about for the coming months, quarters, and years. With that, I will leave the word to Karl to give an update on the financials.
Thank you, Kristian. The revenue in the full year 2024 preliminary ended at NOK 19.1 million. It's up 14% towards 2023. Looking at this, it contains both sales revenue and revenue from our contribution projects. If we look at the sales revenue isolated, we see that they are up 140% year on year, which is a good trend. The result for the year ended at NOK 16.9 million loss. However, this contains NOK 4.9 million in non-recurring costs related with severance pay for 2024 and provisions for 2025, as well as payments for interim services. If we adjust for these non-recurring costs, the result is about NOK 3.9 million better than in 2023, which of course is a good projection as well. The cash flow was driven by the negative result, and the cash position at year-end was almost NOK 30 million, and this position remains strong.
We are monitoring our cash closely, of course, but we are happy with it, and it is a strong position to continue our operations to date. With that, we go in for Q&A.
Yeah. Any questions for us, Karl?
Yeah, we have one question so far, and it is, what's the reason for the delay in the Maldives?
Right, so the resort that we're working with, Soneva Secret, was not ready to start the installation when we had hoped. It is delayed a couple of months due to that, but we're very confident that they will start construction now and be completed in the second quarter of this year.
Okay, and then we have another question. How many megawatts do you need to break even?
If you combine the actual installations with support projects and the PFS and FEED studies that we're doing, I would say we need around 30 MWp installed annually to break even. Now, anything less than that would also, of course, extend our runway. We don't need the full 30 MWp right away, but that's about what we need, which is our pipeline, actually.
Okay, that was the last question.
Okay, well then, thank you very much for tuning in. It was a quick one today, and I'm looking forward to seeing you all for the next quarterly presentation. Thank you.