Eco Wave Power Global (WAVE) Q4 2025 earnings summary

Executive summary

• Achieved major operational milestones in 2025, including the first U.S. wave energy pilot at the Port of Los Angeles and record energy generation at the Israeli site.

• Advanced projects in Portugal, Taiwan, India, and South Africa, supporting global expansion.

• Technology featured at NVIDIA GTC Keynote and recognized by TIME as a top invention, highlighting AI integration and industry relevance.

• Ended 2025 with $6.3 million in cash and short-term deposits, supporting ongoing expansion.

• Q4 operating expenses reduced by up to 24% sequentially, reflecting improved cost management.

Financial highlights

• Net loss for 2025 was $3.72 million, reflecting increased investment in technology, engineering, and project development.

• 2025 revenue was $38 thousand, mainly from a South Africa feasibility study, down from $168 thousand in 2024.

• Operating expenses rose 28% year-over-year to $3.15 million, driven by R&D, sales, and expansion.

• Q4 2025 operating expenses fell 24% from Q3, with R&D down 26%, sales/marketing down 32%, and G&A down 11%.

• Ended the year with $6.3 million in liquidity, including $6.0 million in cash and $0.3 million in restricted deposits.

Outlook and guidance

• Full commercial deployment will require additional systems at scale, with Portugal and Taiwan projects as first steps.

• Plans to advance digital capabilities, including the WaveGPT AI platform for predictive maintenance and performance optimization.

• Expects further grant funding in 2026 from the ILIAD Consortium and Interreg Atlantic Area Programme.

• Anticipates growing demand for coastal renewable energy, especially for data centers and AI-driven infrastructure.

• Continued focus on project advancement, cost discipline, and leveraging digital capabilities for growth.