0001213900-26-026655
SEC filingEco 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.
Eco Wave Power reported FY 2025 revenues of $38K, a 77% decline from $168K in 2024, reflecting shift from Taiwan wave energy project to South Africa feasibility study. Gross profit fell 83% to $22K with margin compression to 58% from 75%. Operating loss expanded 34% to $3.1M amid R&D up 37% to $733K, sales/marketing +36% to $409K, and G&A +17% to $2.1M, tied to U.S. Port of Los Angeles pilot and Portugal licensing. Net loss surged 77% to $3.7M ($0.08/share basic/diluted) from $2.1M ($0.04/share), driven by $592K net financial expenses versus $230K income prior year from FX losses. Cash from operations burned $3.0M (up from $1.8M), with $6.0M cash ending balance. Total assets $8.1M, equity $5.5M.
Revenues solely from services: $38K feasibility study in South Africa (2025) versus $168K Taiwan wave energy project (2024). No segment breakdown disclosed; all from project-related services. Prior year 2023 revenues $306K from four feasibility studies (U.S., Israel, Morocco, Greece). Growth stalled amid pilot focus; no significant WEC sales yet.
Gross margin declined to 58% from 75% due to higher cost of revenues ($16K vs $42K). Operating margin deteriorated to -8162% from -1390%, reflecting 28% expense growth outpacing revenue drop. No operating leverage; fixed costs dominate early-stage R&D heavy model. Net margin -9774% versus -1255%.
Operating cash use $3.0M (vs $1.8M), adjusted by $254K depreciation, $443K FX loss. Investing provided $915K net (deposits, interest). Financing used $186K (leases, repurchases). Cash declined $2.3M to $6.0M. Balance sheet: $8.1M assets ($6.5M current), $2.6M liabilities (related party loan $1.0M), $5.5M equity (accumulated deficit -$18.8M). Current ratio 2.5x.
Cash sufficient for 12+ months; substantial funding needed for commercialization (Portugal 1MW, Taiwan/India turnkey). Pipeline >404MW but early-stage. Risks: regulatory delays (Portugal deadline Sep 2026), funding dependency, FX volatility. Strategic focus: U.S. pilots, AI integration (WaveGPT), MW-scale demos for revenue inflection.