Eco Wave Power Files Annual Report on Form 20-F for the Year Ended December 31, 2024, and Reports Significant Progress in Financial and Operational Results
Eco Wave Power (NASDAQ: WAVE) reported significant financial and operational progress for 2024, including a 30% reduction in net cash used for operations, 7% decrease in operating expenses, and 11% increase in cash position to $9.3 million. The company recorded its first revenues of $168,000 from wave energy projects, with total revenues reaching $393,000.
Key operational highlights include: the EWP-EDF One Jaffa Port project becoming Israel's first wave energy project supplying to the national grid, achieving 78% operational uptime; securing final federal permit for the Port of Los Angeles project set to commence in Q1 2025; advancing a megawatt-scale project in Portugal; and expanding into Taiwan with first wave energy project sale agreement.
The company also signed an MOU with Bharat Petroleum for wave energy development in India, raised $3 million through a registered direct offering, and implemented an ADS repurchase program. The Jaffa Port system demonstrated improved efficiency, achieving up to 40% of energy production goals in waves above 0.7 meters.
Eco Wave Power (NASDAQ: WAVE) ha riportato significativi progressi finanziari e operativi per il 2024, inclusa una riduzione del 30% del denaro netto utilizzato per le operazioni, una diminuzione del 7% delle spese operative e un aumento dell'11% della posizione di cassa, raggiungendo i 9,3 milioni di dollari. L'azienda ha registrato i suoi primi ricavi di 168.000 dollari da progetti di energia dalle onde, con ricavi totali che hanno raggiunto i 393.000 dollari.
I principali punti salienti operativi includono: il progetto EWP-EDF One Jaffa Port che diventa il primo progetto di energia dalle onde in Israele a fornire alla rete nazionale, raggiungendo il 78% di operatività; ottenimento del permesso federale finale per il progetto del Porto di Los Angeles previsto per iniziare nel primo trimestre del 2025; avanzamento di un progetto su scala megawatt in Portogallo; e espansione a Taiwan con il primo accordo di vendita di un progetto di energia dalle onde.
L'azienda ha anche firmato un MOU con Bharat Petroleum per lo sviluppo dell'energia dalle onde in India, ha raccolto 3 milioni di dollari tramite un'offerta diretta registrata e ha implementato un programma di riacquisto di ADS. Il sistema del porto di Jaffa ha dimostrato un'efficienza migliorata, raggiungendo fino al 40% degli obiettivi di produzione di energia in onde superiori a 0,7 metri.
Eco Wave Power (NASDAQ: WAVE) informó sobre un progreso financiero y operativo significativo para 2024, incluida una reducción del 30% en el efectivo neto utilizado para operaciones, una disminución del 7% en los gastos operativos y un aumento del 11% en la posición de efectivo, alcanzando los 9.3 millones de dólares. La compañía registró sus primeros ingresos de 168,000 dólares de proyectos de energía de olas, con ingresos totales que alcanzaron los 393,000 dólares.
Los principales aspectos operativos incluyen: el proyecto EWP-EDF One Jaffa Port que se convierte en el primer proyecto de energía de olas de Israel que suministra a la red nacional, logrando un 78% de tiempo de actividad; asegurando el permiso federal final para el proyecto del Puerto de Los Ángeles que comenzará en el primer trimestre de 2025; avanzando un proyecto a escala de megavatio en Portugal; y expandiéndose a Taiwán con el primer acuerdo de venta de un proyecto de energía de olas.
La compañía también firmó un MOU con Bharat Petroleum para el desarrollo de energía de olas en India, recaudó 3 millones de dólares a través de una oferta directa registrada e implementó un programa de recompra de ADS. El sistema del puerto de Jaffa demostró una eficiencia mejorada, logrando hasta el 40% de los objetivos de producción de energía en olas superiores a 0.7 metros.
에코 웨이브 파워 (NASDAQ: WAVE)는 2024년을 위한 상당한 재무 및 운영 성과를 보고했습니다. 여기에는 운영에 사용된 순 현금의 30% 감소, 운영 비용의 7% 감소, 930만 달러로 현금 보유액이 11% 증가한 것이 포함됩니다. 이 회사는 파도 에너지 프로젝트에서 168,000달러의 첫 수익을 기록했으며, 총 수익은 393,000달러에 달했습니다.
주요 운영 하이라이트에는 EWP-EDF One Jaffa Port 프로젝트가 이스라엘 최초의 파도 에너지 프로젝트로 국가 전력망에 공급을 시작하여 78%의 운영 가동 시간을 달성한 것; 2025년 1분기에 시작될 예정인 로스앤젤레스 항구 프로젝트에 대한 최종 연방 허가를 확보한 것; 포르투갈에서 메가와트 규모의 프로젝트를 진행 중인 것; 그리고 대만에 첫 파도 에너지 프로젝트 판매 계약을 체결하여 진출한 것이 포함됩니다.
회사는 또한 인도에서 파도 에너지 개발을 위한 Bharat Petroleum과의 양해각서를 체결하고, 등록된 직접 공모를 통해 300만 달러를 모금했으며, ADS 재매입 프로그램을 시행했습니다. 자파 항구 시스템은 개선된 효율성을 보여주며, 0.7미터 이상의 파도에서 에너지 생산 목표의 최대 40%를 달성했습니다.
Eco Wave Power (NASDAQ: WAVE) a rapporté des progrès financiers et opérationnels significatifs pour 2024, y compris une réduction de 30 % des liquidités nettes utilisées pour les opérations, une diminution de 7 % des dépenses opérationnelles et une augmentation de 11 % de la position de trésorerie, atteignant 9,3 millions de dollars. L'entreprise a enregistré ses premiers revenus de 168 000 dollars provenant de projets d'énergie des vagues, avec des revenus totaux atteignant 393 000 dollars.
Les principaux faits saillants opérationnels incluent : le projet EWP-EDF One Jaffa Port devenant le premier projet d'énergie des vagues d'Israël à fournir au réseau national, atteignant 78 % de temps de fonctionnement ; l'obtention du permis fédéral final pour le projet du port de Los Angeles qui devrait commencer au premier trimestre 2025 ; l'avancement d'un projet à l'échelle du mégawatt au Portugal ; et l'expansion à Taïwan avec le premier accord de vente de projet d'énergie des vagues.
L'entreprise a également signé un MOU avec Bharat Petroleum pour le développement de l'énergie des vagues en Inde, a levé 3 millions de dollars grâce à une offre directe enregistrée et a mis en œuvre un programme de rachat d'ADS. Le système du port de Jaffa a démontré une efficacité améliorée, atteignant jusqu'à 40 % des objectifs de production d'énergie dans des vagues supérieures à 0,7 mètre.
Eco Wave Power (NASDAQ: WAVE) berichtete über bedeutende finanzielle und operationale Fortschritte für 2024, einschließlich einer Reduzierung des Nettobetrags, der für den Betrieb verwendet wurde, um 30%, einer Senkung der Betriebskosten um 7% und einer Erhöhung der liquiden Mittel um 11% auf 9,3 Millionen Dollar. Das Unternehmen verzeichnete seine ersten Einnahmen von 168.000 Dollar aus Wellenenergieprojekten, wobei die Gesamteinnahmen 393.000 Dollar erreichten.
Zu den wichtigsten operativen Highlights gehören: das EWP-EDF One Jaffa Port Projekt, das das erste Wellenenergieprojekt Israels ist, das das nationale Stromnetz beliefert und eine Betriebszeit von 78% erreicht hat; die Sicherstellung der endgültigen Bundesgenehmigung für das Projekt im Hafen von Los Angeles, das im ersten Quartal 2025 beginnen soll; der Fortschritt eines Megawatt-Projekts in Portugal; und die Expansion nach Taiwan mit dem ersten Verkaufsvertrag für ein Wellenenergieprojekt.
Das Unternehmen unterzeichnete auch ein MOU mit Bharat Petroleum zur Entwicklung von Wellenenergie in Indien, sammelte 3 Millionen Dollar durch ein registriertes Direktangebot und implementierte ein ADS-Rückkaufprogramm. Das System im Hafen von Jaffa zeigte eine verbesserte Effizienz und erreichte bis zu 40% der Energieproduktionsziele bei Wellen über 0,7 Meter.
- First revenue generation of $168K from wave energy projects
- 30% reduction in operational cash burn
- 11% increase in cash position to $9.3M
- 78% operational uptime achieved at Jaffa Port project
- Secured final federal permit for Port of LA project
- Strategic partnership with Fortune 500 Bharat Petroleum
- Energy production efficiency at 40% of target in waves above 0.7m
- Operating expenses still exceeding revenue despite 7% reduction
Insights
Eco Wave Power's 2024 financial results demonstrate a strategic shift toward operational efficiency while building commercial momentum. The 7% reduction in operating expenses and 30% decrease in net cash used for operations ($784,000 reduction) reflect disciplined cost management, contributing to a cumulative 32% expense reduction since 2022. This efficiency has strengthened the company's financial position, with cash reserves increasing to $9.3 million (up 11% from $8.4 million in 2023).
The most significant financial milestone is WAVE's first revenue generation from its core technology - $168,000 from a wave energy project sale plus $225,000 in other income from demonstrations and awards, totaling $393,000 (a 21.7% increase from 2023). While modest in absolute terms, this represents a important proof point for the technology's commercial viability.
The December 2024 $3 million registered direct offering at $10.00 per ADS provides additional runway for project development. Notably, the ADS repurchase program authorized in 2024 signals management confidence but creates competing priorities between growth investments and shareholder returns.
The Portugal project represents WAVE's first megawatt-scale commercial installation (1MW), while the Taiwan agreement demonstrates a potentially scalable business model combining technology licensing with component sales. The BPCL partnership in India provides Fortune 500 validation and access to one of the world's fastest-growing energy markets.
For investors, the improving financial metrics and milestone achievements suggest WAVE is progressing from pure R&D toward commercial operations, though significant scaling hurdles remain in this capital-intensive sector.
The technical achievements in WAVE's 2024 results validate key performance metrics essential for commercial viability in wave energy. The Jaffa Port project's 78% operational uptime and 24/7 operation capability (during sufficient wave conditions) represent significant technical milestones for a technology class historically plagued by reliability issues.
The efficiency improvements at the Jaffa site - from 20% to 40% of energy production targets for waves above 0.7 meters - show meaningful progress, though still indicate a gap to targeted performance. The company's strategic decision to focus on waves above 0.7 meters height aligns with commercial deployment priorities, as most viable sites would feature predominantly larger waves.
WAVE's planned 2025 R&D to refine its wave energy formula suggests the company recognizes the need for continued efficiency improvements. The specified updates to efficiency ratings for electrical, mechanical, and hydraulic subsystems, along with improved wave measurement devices, address the core technical challenges in wave energy conversion.
The operational expenses (OPEX) reporting of below 4% of CAPEX annually provides a critical data point for long-term financial modeling. This favorable OPEX/CAPEX ratio compares well against offshore wind benchmarks and addresses one of the primary economic hurdles for marine energy.
The multiple project deployments across diverse marine environments (Israel, Portugal, US, Taiwan, India) will provide invaluable performance data across varying wave conditions, potentially accelerating the technology's optimization curve and commercial readiness.
Stockholm, Sweden--(Newsfile Corp. - March 3, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a leading onshore wave energy technology company, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 (the "Annual Report") with the U.S. Securities and Exchange Commission (the "SEC").
The Annual Report, which includes the Company's audited consolidated financial statements, is available on the SEC's website at www.sec.gov and on Eco Wave Power's website under the SEC Filings section.
Management Commentary
Strong Financial Performance:
In 2024, Eco Wave Power continued to execute a disciplined strategy focused on financial efficiency and project execution, positioning the Company for long-term success in various markets, including Portugal, Los Angeles, and Taiwan.
- Strengthened Financial Position: The Company raised
$3 million in gross proceeds in a registered direct offering, reinforcing its financial resources for upcoming projects. - Expense Optimization: Operating expenses decreased by
7% compared to 2023, contributing to a cumulative32% reduction since 2022. - Cash Flow Improvements: Net cash used in operating activities decreased by
30% ($784 thousand reduction) compared to 2023 due to strong financial management. - Increased Cash Reserves: Cash and deposits reached
$9.3 million as of December 31, 2024, an11% increase from$8.4 million at the end of 2023, demonstrating financial stability. - Revenue Growth: The Company recorded its first revenues of
$168 thousand from a wave energy project, as well as$225 thousand in other income, from a U.S. project demonstration and awards from EDF and Vital Voices, bringing total revenues and other income to$393 thousand , an increase of21.7% from$323 thousand in 2023.
The Company also received multiple grant payments in 2024, including support from Innovate UK's Energy Catalyst Round 10 (in collaboration with Toshiba Corporation, and leading UK universities) for a pilot microgrid project for remote islands, as well as funding from the Interreg Atlantic Area, European Regional Development Fund for Ports Towards Energy Self-Sufficiency program, and the ILIAD Consortium (European Green Deal initiative). These grants contribute to the Company's ongoing research and development ("R&D") efforts.
Major Project Milestones in 2024:
Israel: EWP-EDF One Jaffa Port Wave Energy Pilot Project
Eco Wave Power achieved a historic milestone with the official inauguration of the EWP-EDF One wave energy project at the Port of Jaffa. The project is now the first wave energy project in the history of Israel supplying clean energy to Israel's national grid under a Power Purchase Agreement with the Israeli National Electric Company. This breakthrough project, recognized as a "Pioneering Technology" by Israel's Energy Ministry, serves as a testbed for advancing the Company's technology. So far, the pilot project has achieved:
- 24/7 operation in the last week of December 2024 (due to 24/7 wave availability at the site)
78% operational uptime in November 2024, with near-zero downtime since May, 2024.- Operation expenses (OPEX) well in line with target of below
4% of the Capex annually.
- Key Performance Indicators Met:
- Proven cost efficiency compared to offshore wave energy solutions
- Successfully insured technology
- Demonstrated storm protection capabilities
- Validated grid connection feasibility and efficiency
- Environmentally sustainable, with no seabed connection required
Efficiency Measurement Update: In September 2024, the Jaffa Port system commenced operations in pulse mode, enabling electricity production in waves below a height of 0.7 meters. This innovation significantly closed the gap between expected energy production at the site and the actual energy produced, as approximately
Planned R&D: In 2025, it is the Company's intention to conduct R&D to refine the wave energy formula that underpins the Company's energy generation targets. The formula, specifically tailored to Eco Wave Power's technology, will be regularly updated based on operational data. Future refinements will include adjustments to efficiency ratings for electrical, mechanical, and hydraulic subsystems, as well as improved assumptions regarding floater submersion levels, as well as more accurate reading devices and software for recording wave heights, and wave periods. These enhancements are expected to further close the gap between theoretical and actual energy production in waves above 0.7 meters, while providing more accurate forecasting for upcoming projects.
United States: Secured Final Federal Permit for Port of Los Angeles Project, set to Commence Procurement and Installation Works in the First Quarter of 2025
Eco Wave Power has received the final Nationwide Federal Permit ("NWP") from the U.S. Army Corps of Engineers for its groundbreaking wave energy project at AltaSea's premises in the Port of Los Angeles. This milestone marks a significant step forward in the development of Eco Wave Power's pioneering wave energy project, which is set to become the first onshore wave energy installation in the United States. The permit, issued under NWP 52 for Water-Based Renewable Energy Generation Pilot Projects, authorizes Eco Wave Power to install eight wave energy floaters on the piles of an existing concrete wharf structure on the east side of Municipal Pier One.
The system will also include an energy conversion unit, comprised of two 20-foot shipping containers, which will be placed on the wharf deck and connected to the floaters. With the conversion unit already shipped to the site, Eco Wave Power is now awaiting a final requisite license from the Port of Los Angeles in order to officially move to the parts procurement and installation stage, which is expected to commence by the end of the first quarter of 2025.
Portugal: Eco Wave Power Advances Megawatt-Scale Wave Energy Project in Portugal with Key Appointments, Engineering Progress, and Infrastructure Enhancements
Eco Wave Power made significant strides in its first megawatt-scale wave energy project in Porto, Portugal part of a 20MW Concession Agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. ("APDL"). As part of its commitment to advancing this project, Eco Wave Power appointed Juan Jose Gomez as Power Station Manager to lead execution and oversee operation and maintenance once the system is operational.
The Company also engaged MOQ Engineering, a renowned Portuguese engineering firm, to finalize the civil engineering design and load calculations for the project's floaters, a key component of Eco Wave Power's innovative technology.
Additionally, Eco Wave Power launched critical infrastructure enhancements at "The Gallery," an existing breakwater tunnel that will house its energy conversion equipment and be transformed into a public wave energy museum and educational center. Initial work included sand and debris removal, structural reinforcements, and waterproofing measures to prepare for the next phase of development.
Once the final designs are completed by MOQ Engineering in early 2025, Eco Wave Power will submit the full execution plan to APDL, paving the way for the production of floaters and other components. These milestones mark significant progress toward the planned completion of the first 1MW system during 2026.
Eco Wave Power Expands into Taiwan with First Wave Energy Project Sale Agreement
In Taiwan, Eco Wave Power signed a first wave energy project sale agreement with I-Ke International Ocean Energy Co. ("I-Ke"), a subsidiary of Lian Tat Company ("Lian Tat"), a leading maritime engineering company, to bring wave energy technology to Taiwan. Under the agreement, I-Ke will locally manufacture the floaters based on our proprietary design and purchase a turnkey 100KW conversion unit from Eco Wave Power, which includes hydraulic, electric, and automated control components.
I-Ke will oversee the project's local components, including the production of floaters, hydraulic cylinders, and all other components of the technology, which are located on the seaside of the marine structure. Additionally, I-Ke is responsible for securing permits, land use approvals, and other necessary licenses. By supporting local manufacturing and installation, I-Ke aims to position Taiwan as a regional hub for wave energy technology and lay the groundwork for broader deployment in the Asia Pacific region.
Following the signing of the agreement, Eco Wave Power's Founder and Chief Executive Officer, Inna Braverman, visited the site, accompanied by I-Ke's business development and project management representatives, to review the installation plans. Local port officials, who also joined the visit, expressed enthusiasm for the project that marks a significant step toward establishing wave energy as part of Taiwan's renewable energy landscape.
Since the signing of the agreement, Eco Wave Power has already successfully met the first milestones of the agreement, which included producing detailed production sketches for the floaters to be installed in Taiwan.
India: Eco Wave Power and BPCL Sign an MOU to Harness India's Wave Energy Potential
In February 2025, Eco Wave Power signed a non-binding memorandum of understanding with Bharat Petroleum Corporation Limited ("BPCL"), with a view to jointly developing wave energy projects in India, beginning with a feasibility study. The first phase after the feasibility study will include the deployment of a 100 KW pilot project at BPCL's Mumbai Oil Terminal. BPCL will oversee regulatory approvals, permits and land use consent, while we will provide our wave energy converter technology, conduct research and optimize power generation efficiency.
The agreement was signed by Mr. Chandrasekhar N, Head of Research and Development, BPCL and Ms. Braverman on behalf of the Company, in the presence of Honourable Minister Hardeep Singh Puri, Minister of Petroleum and Natural Gas of the Government of India and the Chairman and Managing Director of BPCL, Mr. G. Krishnakumar.
BPCL, a government-owned Fortune 500 oil and gas giant with a market capitalization of approximately
The collaboration aligns with India's Ministry of New and Renewable Energy's recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country's coastline.
In December 2024, Eco Wave Power successfully closed a
ADS Repurchase
In December 2023, Eco Wave Power submitted a request to the Financial Supervisory Authority of Sweden ("SFSA") to authorize the repurchase of the Company's ADSs, representing up to
Following this decision, Eco Wave Power entered into an agreement with Oppenheimer & Co. Inc. to facilitate the buyback process and in September 2024, the Company commenced the repurchases of its ADSs and continued such repurchase during the open window in December 2024.
CEO commentary:
As we look back at 2024, I am proud of the significant progress Eco Wave Power has made in both financial and operational aspects. Our team has worked tirelessly to deliver on our strategy of efficiency, innovation, and growth, which has positioned us strongly for the years to come.
In terms of our financial performance, we made remarkable strides in strengthening our position. We reduced operating expenses by
On the operational front, we've hit several key milestones. The EWP-EDF One pilot project at Jaffa Port is a major achievement, marking the first wave energy project in Israel to supply clean energy to the national grid. This success, alongside our innovative work in improving efficiency at the site, paves the way for future commercial ventures.
Additionally, securing the federal license for our Port of Los Angeles project and the ongoing development in Portugal are clear signs of our growing global footprint.
We also made significant strides with our expansion into new markets. The agreement with I-Ke in Taiwan is a monumental step toward introducing wave energy to Asia, and our collaboration with BPCL in India further strengthens our vision of bringing sustainable energy solutions to the global stage.
Looking ahead, we believe 2025 will be a year of continued growth and innovation. We remain focused on advancing our projects and refining our technology to maximize energy production. I am confident that our disciplined approach to both project execution and financial management will keep Eco Wave Power at the forefront of the wave energy industry.
Furthermore, I find President Trump's recent inclusion of hydropower in his national energy emergency plan to be highly encouraging. This recognition of hydropower as a vital part of the energy mix, alongside geothermal energy, underscores the growing importance of renewable sources that can provide reliable, 24/7 energy. Just as geothermal energy is recognized for its potential to meet continuous energy needs without significant land use or visual impact, wave energy-like hydropower-offers the ability to generate power around the clock, particularly in suitable locations.
This support for hydropower at the U.S. federal level signals a broader recognition of the value of diverse renewable energy solutions, creating a more favorable environment for technologies like ours.
We believe that this could lead to increased opportunities for growth and collaboration, as well as a greater push for clean, sustainable energy solutions across the globe.
I appreciate the unwavering support of our investors and stakeholders as we continue to advance our mission of harnessing the power of ocean waves to generate clean, renewable energy.
2024 Financial Overview
- Throughout 2024, the Company secured
$3 million in gross proceeds through a public offering and lowered its operating costs by7% , leading to a cumulative reduction of32% since 2022. This, combined with efficient working capital management, contributed to a notable$784 thousand decline in net cash used in operating activities. As of December 31, 2024, the Company held a total of$9.3 million in cash and bank deposits. - In the year ended December 31, 2024, the Company recorded its first revenues from a wave energy project agreement of
$168 thousand , compared to$306 thousand from feasibility studies for the year ended December 31, 2023. Other income amounted to$225 thousand , compared to$17 thousand in 2023. - Operating expenses were
$2.46 million , down by7% from 2023 and by32% from 2022.
- R&D expenses increased by
$17 thousand , or4% , to$536 thousand for the year ended December 31, 2024, compared to$519 thousand for the year ended December 31, 2023. This increase was primarily attributable to an increase in payroll and related expenses. We expect our R&D expenses to materially increase due to the planned implementation of our first U.S. project in the Port of Los Angeles, the implementation of our first MW-scale project in Portugal and implementation of our first pilot project in Taiwan.
- Sales and marketing expenses decreased by
$74 thousand , or19.7% , to$301 thousand for the year ended December 31, 2024, compared to$375 thousand for the year ended December 31, 2023. This decrease was primarily attributable to a reduction in payroll and related expenses as well as a reduction in travel expenses. We expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.
- General and administrative expenses increased by
$9 thousand , or0.5% , to$1,773 thousand for the year ended December 31, 2024, compared to$1,764 thousand for the year ended December 31, 2023. This increase was mainly attributable to an increase in travel expenses, an increase in payroll and related expenses, and an increase in depreciation. We expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the planned implementation of our first U.S. project in the Port of Los Angeles, the implementation of our first commercial scale project in Portugal and implementation of our first project in Taiwan.
- Share of net loss of a joint venture accounted for using the equity method increased to
$79 thousand for the year ended December 31, 2024, compared to$19 thousand for the year ended December 31, 2023. This increase was primarily attributable to depreciation and other operational costs in connection with the commencement of the Jaffa Port project's operation and the subsequent connection to the Israeli national power grid.
- Operating loss decreased by
$75 thousand , or3% , to$2,338 thousand for the year ended December 31, 2024, compared to$2,413 thousand in 2023. - Net financial income was
$230 thousand compared to$547 thousand in 2023. - Net loss increased to
$2,108 thousand for the year ended December 31, 2024, compared to$1,866 thousand for the year ended December 31, 2023.
- In September and December 2024, the Company repurchased 7,625 ADSs representing 61,000 common shares for
$50 thousand . The cost was recorded as treasury shares and deducted from equity.
- The Company ended the period with
$9.3 million -$7.8 million in cash and cash equivalents and$1.5 million in short term bank deposits.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman and the Company's Chief Financial Officer, Aharon Yehuda, will host a conference call to discuss the financial results and outlook on Tuesday, March 4, 2025, at 9:00 AM Eastern time.
The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 410389.The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/52113
You may submit your questions for the call until March 3, 2025 at 13:00 pm Eastern time via email to: aharon@ecowavepower.com
A replay will be available by telephone approximately four hours after the call's completion until Tuesday, March 18, 2025. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 52113. The archived webcast will also be available on the investor relations section of the Company's website.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity.
Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a "Pioneering Technology."
Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, and Portugal, adding to its impressive project pipeline totaling 404.7 MW. The company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was honored with the United Nations' Global Climate Action Award.
Eco Wave Power's American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market. Learn more at www.ecowavepower.com.
Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Aharon Yehuda, CFO
Aharon@ecowavepower.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses its projections for the type of commercial sites it will focus on and run, the Company's intentions and plans concerning R&D, the prospective commencement of the installation of the Port of Los Angeles project, the Company's projected final designs and execution plan with respect to the site in Portugal, the prospective roles of I-Ke and the Company in the Taiwanese wave energy project sale agreement and the belief that it marks a significant step toward establishing wave energy as part of Taiwan's renewable energy landscape, the prospective development of wave energy projects in India in connection with the non-binding memorandum of understanding with BPCL, the belief that 2025 will be a year of continued growth and innovation for the Company as it advances its projects and refines its technology to maximize energy production, the belief that the Company's disciplined approach to both project execution and financial management will keep it at the forefront of the wave energy industry, that U.S. federal support for hydropower signals a broader recognition of the value of diverse renewable energy solutions, creating a more favourable environment for technologies like ours and that this could lead to increased opportunities for growth and collaboration, as well as a greater push for clean, sustainable energy solutions across the globe, the expectation that R&D expenses will materially increase in 2025, the expectation that sales and marketing expenses will materially increase in 2025, and the expectation that general and administrative expenses will materially increase. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will", or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power's control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading "Risk Factors" in Eco Wave Power's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on March 3, 2025, which is available on the on the SEC's website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| December 31 | ||||||
| Note | 2024 | 2023 | ||||
| Assets | in USD thousands | |||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | 7,845 | 4,281 | ||||
| Short term bank deposits | 5 | 1,254 | 4,102 | |||
| Restricted short term bank deposits | 6 | 220 | 63 | |||
| Trade receivables | 33 | 202 | ||||
| Other receivables and prepaid expenses | 15a | 93 | 108 | |||
| TOTAL CURRENT ASSETS | 9,445 | 8,756 | ||||
| NON-CURRENT ASSETS: | ||||||
| Property and equipment, net | 7 | 561 | 636 | |||
| Right-of-use assets, net | 8 | 195 | 90 | |||
| Investments in a joint venture accounted for using the equity method | 9 | 481 | 527 | |||
| TOTAL NON-CURRENT ASSETS | 1,237 | 1,253 | ||||
| TOTAL ASSETS | 10,682 | 10,009 | ||||
| Liabilities and equity | ||||||
| CURRENT LIABILITIES: | ||||||
| Loans from related party | 10 | 1,011 | 974 | |||
| Current maturities of long-term loan | 11 | 91 | 62 | |||
| Accounts payable and accruals: | ||||||
| Trade | 15b | 70 | 50 | |||
| Other | 15b | 969 | 957 | |||
| Current maturities of lease liabilities | 8 | 98 | 87 | |||
| TOTAL CURRENT LIABILITIES | 2,239 | 2,130 | ||||
| NON-CURRENT LIABILITIES: | ||||||
| Long-term loan | 11 | 47 | 78 | |||
| Lease liabilities, net of current maturities | 8 | 96 | - | |||
| TOTAL NON-CURRENT LIABILITIES | 143 | 78 | ||||
| COMMITMENTS | 16 | |||||
| TOTAL LIABILITIES | 2,382 | 2.208 | ||||
| EQUITY: | 12 | |||||
| Common shares | 102 | 98 | ||||
| Share premium | 25,845 | 23,121 | ||||
| Treasury shares | (50) | - | ||||
| Foreign currency translation reserve | (2,368) | (2,275) | ||||
| Accumulated deficit | (15,071) | (12,994) | ||||
| Capital and reserves attributable to parent company shareholders | 8,458 | 7,950 | ||||
| Non-controlling interest | (158) | (149) | ||||
| TOTAL EQUITY | 8,300 | 7,801 | ||||
| TOTAL LIABILITIES AND EQUITY | 10,682 | 10,009 | ||||
| | ||||||
Eco Wave Power Global AB (publ)
CONSOLIDATED STATEMENTS OF LOSS
| Year ended December 31 | |||||||
| Note | 2024 | 2023 | 2022 | ||||
| in USD thousands | |||||||
| REVENUES | 15d | 168 | 306 | 26 | |||
| COST OF REVENUES | (42) | (59) | (22) | ||||
| GROSS PROFIT | 126 | 247 | 4 | ||||
| OPERATING EXPENSES | |||||||
| Research and development expenses | 15e | (536) | (519) | (898) | |||
| Sales and marketing expenses | 15f | (301) | (375) | (461) | |||
| General and administrative expenses | 15g | (1,773) | (1,764) | (2,259) | |||
| Other income | 15h | 225 | 17 | 28 | |||
| Share of net loss of a joint venture | |||||||
| accounted for using the equity method | (79) | (19) | (21) | ||||
| TOTAL OPERATING EXPENSES | (2,464) | (2,660) | (3,611) | ||||
| OPERATING LOSS | (2,338) | (2,413) | (3,607) | ||||
| Financial expenses | 15i | (204) | (55) | (59) | |||
| Financial income | 15i | 434 | 602 | 765 | |||
| FINANCIAL INCOME - NET | 230 | 547 | 706 | ||||
| NET LOSS | (2,108) | (1,866) | (2,901) | ||||
| ATTRIBUTABLE TO: | |||||||
| The parent company shareholders | (2,077) | (1,710) | (2,901) | ||||
| Non-controlling interests | (31) | (156) | - | ||||
| (2,108) | (1,866) | (2,901) | |||||
in USD | ||||||
LOSS PER COMMON SHARE - BASIC AND DILUTED | (0.05) | (0.04) | (0.07) | |||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS PER COMMON SHARE | 44,500,979 | | 44,394,844 | | 44,394,844 | |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243060
FAQ
What financial improvements did Eco Wave Power (WAVE) achieve in 2024?
What is the status of WAVE's Jaffa Port wave energy project in 2024?
When will WAVE begin installation at the Port of Los Angeles project?
What is the significance of WAVE's partnership with Bharat Petroleum in India?
