Eco Wave Power Global AB (publ) Q3 Earnings Call Highlights

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) reported a narrower third-quarter loss and outlined project progress in India, Portugal, the United States and Taiwan, alongside new work involving artificial intelligence and digital-twin modeling for its wave-energy technology.

For the quarter ended Sept. 30, 2026, the company’s net loss declined about 47% to $529,000 from $996,000 a year earlier, Chief Financial Officer Aharon Yehuda said during the company’s earnings call. Operating loss fell approximately 25% to $666,000 from $888,000.

The company also recorded net financial income of $137,000 in the third quarter, compared with net financial expenses of $108,000 in the corresponding 2025 period, a year-over-year improvement of $245,000.

Nine-Month Expenses and Liquidity

For the first nine months of 2026, Eco Wave Power’s operating loss decreased about 14% to $2.1 million from approximately $2.5 million in the prior-year period. Net loss fell approximately 24% to $2.2 million from about $2.9 million.

Yehuda cited lower expenses across several categories. Research and development expenses declined approximately 48% to $310,000, while sales and marketing expenses decreased 21% to $230,000. General and administrative expenses were down about 3% to $1.569 million. Net financial expenses fell approximately 80% to $84,000 from $412,000.

As of Sept. 30, the company held approximately $7.68 million in cash and short-term bank deposits, including restricted deposits. That total included $4.42 million in cash and cash equivalents, $3.01 million in short-term bank deposits and about $250,000 in restricted short-term deposits. Excluding restricted deposits, cash and short-term bank deposits totaled approximately $7.43 million.

In June, Eco Wave Power completed a $4 million registered direct offering with a single institutional investor. The offering was priced at $10 per American depositary share, which Yehuda said represented a 10.7% premium to the prior Nasdaq closing price.

India Project Moves to Site Assessment

Chief Executive Officer Inna Braverman said Bharat Petroleum Corp. Ltd. issued its first purchase order for a comprehensive site assessment for planned wave-energy projects at its marine oil terminals in Mumbai. The announcement, made Oct. 29, follows a memorandum of understanding signed with Bharat Petroleum in February 2025.

The assessment is intended to examine local marine conditions, technical feasibility and potential integration of Eco Wave Power’s technology with Bharat Petroleum’s coastal infrastructure. Braverman described the work as a move from an initial strategic agreement into a defined project-development phase.

The company said it aims to use the assessment to establish a technical basis for a potential pilot installation and future expansion, though no installation decision was announced during the call.

U.S. and Portugal Development Efforts

In the U.S., Braverman said Eco Wave Power earlier completed its first U.S. pilot project at the Port of Los Angeles in collaboration with AltaSea and Shell Marine Renewable Energy. The pilot provided experience in engineering, permitting, installation and operating within a U.S. port, she said.

The company has since held an initial licensing-related kickoff discussion with AltaSea concerning a potential commercial-scale wave-energy installation of up to 60 megawatts at the Port of Los Angeles. Eco Wave Power is preparing an initial presentation for the port as part of preliminary licensing efforts.

Braverman cautioned that the potential expansion remains at an early stage and is subject to additional feasibility work, licensing, permitting and financing. She also noted that California’s final Senate Bill 605 report referenced Eco Wave Power and its Port of Los Angeles pilot in the state’s assessment of future marine renewable-energy commercialization opportunities.

In Portugal, the company is preparing a planned 1-megawatt installation in Porto under a concession agreement that provides for up to 20 megawatts. Braverman said the Portuguese Port Authority, APDL, has begun rehabilitation work at the Barra do Douro breakwater and has provided a formal support letter for an extension of the project’s grid-connection deadline.

APDL indicated that rehabilitation work was progressing better than expected, according to Braverman. The company said it continues to target construction in 2027, subject to completion of necessary work, safe site access and required approvals.

Digital Twin and AI Collaboration

Eco Wave Power also highlighted progress in a collaboration with Germany-based AI engineering to create an AI-powered digital twin of its wave-energy technology. The company announced the collaboration in September and said on Nov. 2 that it had completed the project’s first phase.

According to Braverman, the first phase established a physics-based model of wave interaction with the company’s floaters, including simulations of wave loading, floater movement, structural forces and potential electricity generation. The work also introduced initial machine-learning capabilities intended to forecast energy output and structural loads.

The company’s planned roadmap includes extending the digital twin to its full energy-conversion system, incorporating real-world operating data and adding more advanced AI-driven optimization capabilities.

In September, NVIDIA Networking, a subsidiary of NVIDIA Corp., issued a support letter for Eco Wave Power’s proposed Digital Twin and Energy-Aware Computing research initiative submitted to the Israel Innovation Authority. Braverman said the company is also discussing potential use of wave-generated power with data-center developers and infrastructure partners.

Elsewhere, Eco Wave Power said it is awaiting remaining approvals for a planned installation at Suao Port in Taiwan. Its grid-connected station at Jaffa Port in Israel continued operating with no downtime attributable to the company’s system since the beginning of 2025, Braverman said, while generating more electricity during stronger wave conditions.

About Eco Wave Power Global AB (publ) (NASDAQ:WAVE)

Eco Wave Power Global AB (publ) is a renewable energy technology company that develops systems designed to generate electricity from ocean and sea waves. Its technology uses floaters installed on existing marine structures, such as breakwaters, piers and ports. The movement of the waves drives hydraulic systems that power generators, while the equipment can be raised above sea level during severe weather conditions.

Founded in 2011, the company has developed and commercialized a patented onshore wave energy conversion technology intended to reduce the infrastructure and maintenance challenges associated with offshore systems.