Eco Wave Power Global (WAVE) Q3 2025 earnings summary

Executive summary

• Achieved historic U.S. launch with the first onshore wave energy project at the Port of Los Angeles, gaining national media coverage and recognition by TIME as a Best Invention of 2025.

• Advanced international expansion with new projects and agreements in Taiwan, India, Portugal, Israel, and South Africa, supporting a global project pipeline of 404.7 MW.

• Maintained a strong cash position of $6.85 million as of September 30, 2025, supporting ongoing development and expansion.

Financial highlights

• Q3 2025 operating expenses increased 8% quarter-over-quarter to $888 thousand, mainly due to higher Sales & Marketing for the U.S. launch.

• Net loss for Q3 2025 declined 28% sequentially to $996 thousand, reflecting improved operational efficiency.

• For the nine months ended September 30, 2025, operating expenses rose to $2.48 million from $1.97 million year-over-year, driven by investments in U.S., Portugal, and Asia projects.

• Net loss for the nine months increased to $2.89 million from $1.57 million year-over-year, mainly due to higher operating expenses and foreign exchange losses.

• Other income more than doubled year-over-year to $78 thousand, while financial expenses increased due to currency impacts.

Outlook and guidance

• Plans to proceed with subcontractor agreements for Portugal’s first MW-scale plant, targeting grid connection in 2026.

• Ongoing R&D investments to lower equipment costs and achieve competitive levelized cost of energy (LCOE).

• Positioned to capitalize on accelerating global electricity demand, especially from energy-intensive sectors.