Eco Wave Power Global AB (publ)

Eco Wave Power Global AB (publ) (WAVE) reported FY 2025 results with revenues of $38K, down 77% YoY from $168K in 2024, primarily from feasibility studies in South Africa versus a Taiwan wave energy project prior year. Gross profit was $22K (58% margin), versus $126K (75% margin) in 2024. Operating loss widened to $3.1M from $2.3M, driven by higher R&D ($733K, +37% YoY), sales/marketing ($409K, +36%), and G&A ($2.1M, +17%) expenses amid U.S. pilot project and Portugal advancements. Net loss increased 77% to $3.7M ($0.08/share) from $2.1M ($0.04/share), with financial expenses of $592K versus income of $230K prior year due to FX losses. Cash burn from operations rose to $3.0M from $1.8M, ending with $6.0M cash (down from $7.8M). Balance sheet shows $8.1M total assets, $5.5M equity. Key milestones include U.S. Port of Los Angeles pilot launch and Portugal 1MW permitting progress, positioning for commercialization despite ongoing losses and need for funding.

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