The pilot-owner completed building his airplane and then performed a test flight with a pilot-rated passenger on board. The pilot-owner reported that the passenger was on board to assist him in becoming acquainted with the airplane's flying characteristics because the passenger had flying experience in somewhat similar airplanes. The passenger stated that after various maneuvers were performed, the pilot-owner attempted to land. Following the landing flare the pilot lost control of the airplane, it bounced several times, veered off the runway, and it came to rest in a nose low upright attitude. The airplane's undercarriage partially collapsed, both ailerons and the rudder were bent, and the airplane was substantially damaged. Airport personnel reported that the wind speed was 3 knots. No mechanical failures or malfunctions were reported.