Eco Wave Power Global AB (publ) Q3 2026 Earnings Date & Estimates

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) 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. Eco Wave Power’s projects are designed to connect to local electrical grids and can be integrated into existing coastal infrastructure.

The company has developed projects and partnerships in several markets, including Europe, Israel and the United States. Its technology has been demonstrated at a grid-connected facility in Gibraltar, and the company has also pursued installations and development opportunities at ports and coastal sites in other regions. Eco Wave Power was founded by Inna Braverman, who serves as its chief executive officer.

Eco Wave Power Global AB (publ) Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Losses narrowed: Third-quarter net loss fell 47% year over year to $529,000, while operating loss declined 25% to $666,000. For the first nine months, net loss decreased 24% to $2.2 million, alongside lower operating and financial expenses.
• Neutral Sentiment: Eco Wave Power reported $7.43 million in cash and short-term deposits excluding restricted funds at September 30. The company said it will continue managing spending carefully and evaluate financing for future commercial projects.
• Positive Sentiment: Commercial projects advanced, but remain at different stages: BPCL in India issued a purchase order for a site assessment, and Eco Wave Power began preliminary licensing discussions for a potential project of up to 60 MW at the Port of Los Angeles. The company said the U.S. proposal still requires feasibility work, permits, licensing, and financing.
• Negative Sentiment: The planned 1 MW Portugal project is targeted to begin construction in 2027, subject to breakwater works, safe site access, and approvals; the company also received support for a request to extend its grid-connection deadline. Taiwan’s installation is likewise awaiting remaining approvals.
• Positive Sentiment: The company completed the first phase of an AI-powered Digital Twin, creating a physics-based model with initial machine-learning capabilities to forecast energy generation and structural loads. Further development and any data-center applications remain future opportunities, rather than established commercial deployments.

Presentation

[Operator]

Good day, and welcome to the Eco Wave Power third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Should you require assistance during today's call, you may press star zero on your telephone keypad to request assistance. Please note, this conference call is being recorded. I would now like to pass the floor to Aharon Yehuda, Chief Financial Officer at Eco Wave Power. Aharon, please go ahead.

[Aharon Yehuda, CFO at Eco Wave Power]

Thank you. Good morning, everyone, and thank you for joining Eco Wave Power's third quarter 2026 investors conference call. I'm Aharon Yehuda, Chief Financial Officer of Eco Wave Power, and I'm joined today by our founder and Chief Executive Officer, Inna Braverman.

[Aharon Yehuda, CFO at Eco Wave Power]

I will begin with an overview of our financial results, and then Inna will discuss our commercial developments, technological milestones, and strategic priorities. Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements. These statements are subject to risk and uncertainties, and actual results may differ materially. Please refer to our earnings release and SEC filings for additional information.

[Aharon Yehuda, CFO at Eco Wave Power]

Turning to our third quarter financial results. We are pleased to report a significant improvement in our financial performance compared with the corresponding period last year. For the third quarter of 2026, our net loss decreased by approximately 47% to $529,000, compared with $996,000 in the third quarter of 2025.

[Aharon Yehuda, CFO at Eco Wave Power]

Our operating loss decreased by approximately 25% from $888,000-$666,000. These improvements reflect our continued focus on managing operating costs and allocating financial resources efficiently. We also recorded a significant improvement in our financial results.

[Aharon Yehuda, CFO at Eco Wave Power]

During the third quarter of 2026, we had net financial income of $137,000, compared with net financial expenses of $108,000 during the corresponding quarter of 2025. This represents a positive year-over-year change of $245,000.

[Aharon Yehuda, CFO at Eco Wave Power]

Moving to our results for the first nine months of 2026. For the nine months ended September 30, 2026, our operating loss decreased by approximately 14% from approximately $2.5 million in 2025 to $2.1 million in 2026.

[Aharon Yehuda, CFO at Eco Wave Power]

Research and development expenses decreased by approximately 48% from $591,000-$310,000. Sales and marketing expenses decreased by 21% from $293,000-$230,000. General and administrative expenses decreased by approximately 3% from $1.611 million-$1.569 million. Net financial expenses declined significantly by approximately 80% from $412,000-$84,000.

[Aharon Yehuda, CFO at Eco Wave Power]

As a result, our net loss for the first nine months of 2026 decreased by approximately 24% from approximately $2.9 million-$2.2 million. We believe these improvements demonstrate our ability to maintain financial discipline while continuing to advance our project and technology development initiatives.

[Aharon Yehuda, CFO at Eco Wave Power]

Turning to our liquidity position. As of September 30, 2026, Eco Wave Power held approximately $7.68 million in total cash and short-term bank deposits, including restricted deposits. This consisted of $4.42 million in cash and cash equivalents, $3.01 million in short-term bank deposits, and approximately $250,000 in restricted short-term bank deposits.

[Aharon Yehuda, CFO at Eco Wave Power]

Excluding restricted deposits, our cash and short-term bank deposits totaled approximately $7.43 million. We believe this liquidity position provides an important financial foundation for our ongoing activities while we continue to manage expenditure carefully and evaluate financing agreements appropriate for future commercial projects.

[Aharon Yehuda, CFO at Eco Wave Power]

I would also like to briefly address our capital market activities. In June 2026, Eco Wave Power successfully completed a $4 million registered direct offering with a single institutional investor. The offering was priced at $10 per American depositary share, representing a 10.7% premium to the previous Nasdaq closing price.

[Aharon Yehuda, CFO at Eco Wave Power]

In October, Schedule 13G filed with the SEC identified Citadel Advisors, Citadel Securities, and other affiliated reporting persons in connection with beneficial ownership of Eco Wave Power's securities. We remain committed to financial discipline and responsible capital allocation as we continue advancing our global project portfolio.

[Aharon Yehuda, CFO at Eco Wave Power]

In summary, our third quarter results demonstrate a significant improvement in our financial performance. We reduced our quarterly net loss by 47%, improved our operating results by 25%, and achieved a positive net financial result. For the first nine months, we reduced our net loss by 24%, operating loss by 14%, and net financial expenses by 80%.

[Aharon Yehuda, CFO at Eco Wave Power]

Looking ahead, our financial priorities remain focused on maintaining an efficient operating structure, supporting our most important commercial and technology development opportunities, and managing our financial resources responsibly. Thank you for your attention.

[Aharon Yehuda, CFO at Eco Wave Power]

I will now hand the call over to our founder and CEO, Inna Braverman, who will discuss our commercial progress, AI developments, and strategic outlook. Inna, over to you.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Thank you, Aharon, and good morning to everyone joining us today. I am pleased to share the progress Eco Wave Power has made during the third quarter of 2026 and the important developments that followed.

[Inna Braverman, Founder and CEO at Eco Wave Power]

As Aharon just explained, we delivered a significant improvement in our financial performance. But what makes this period particularly exciting is that we are improving our financial efficiency while continuing to achieve tangible commercial and technological milestones.

[Inna Braverman, Founder and CEO at Eco Wave Power]

During the quarter and the subsequent period, we advanced our international projects, strengthened relationships with major industry players, and made important progress in our artificial intelligence initiatives. I believe these developments are bringing us closer to our long-term objective of making wave energy commercially scalable and increasingly intelligent renewable energy technology.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Let me start with India. On October 29, we announced a major milestone in our collaboration with Bharat Petroleum Corporation, one of India's largest energy companies and a Fortune 500 corporation. Following the memorandum of understanding we signed in February 2025, BPCL has now issued its first purchase order for comprehensive site assessment for planned wave energy projects at its marine oil terminals in Mumbai.

[Inna Braverman, Founder and CEO at Eco Wave Power]

This is important because we are moving from an initial strategic agreement into a defined project development phase. The assessment will evaluate local marine conditions, technical feasibility, and opportunities to integrate our wave energy technology into BPCL's existing coastal infrastructure.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We believe India represents a significant longer-term potential for wave energy, given its extensive coastline, growing electricity demand, and continued investment in renewable energy. Our goal is to successfully complete this initial phase and establish the technical foundation for potential pilot installation and future expansion.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Moving to the United States. Earlier this year, we successfully completed our first U.S. pilot at the Port of Los Angeles, developed in collaboration with AltaSea and Shell Marine Renewable Energy. The project provided important practical experience in engineering, permitting, installation, and working within an operating U.S. port.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We are now beginning to build on that experience. We recently held our first licensing-related kickoff discussion with AltaSea regarding a potential commercial-scale wave energy installation of up to 60 MW at the Port of Los Angeles.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We are preparing an initial presentation for submission to the port as part of the preliminary licensing process. Of course, this potential expansion is still at an early stage and remains subject to further feasibility work, licensing, permitting, and financing. Nevertheless, we believe that moving from a successful pilot toward discussions regarding a significantly larger project is an encouraging development.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We were also pleased that California's final Senate Bill 605 report specifically referenced Eco Wave Power and Port of Los Angeles pilot as part of the state's assessment of future marine renewable energy commercialization opportunities.

[Inna Braverman, Founder and CEO at Eco Wave Power]

In September, I also participated as an invited luminary speaker at the inaugural Futures: Ocean Forum in Newport, Rhode Island. This engagement builds on earlier U.S. coastline feasibility work conducted by Shell Marine Renewable Energy with Eco Wave Power, which identified potential additional coastal locations for wave energy development. One of them is in Rhode Island.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We believe that the United States represents an important longer-term potential growth market for Eco Wave Power. Turning to Portugal. Portugal remains one of our priorities because our planned 1 MW installation in Porto represents our first megawatt-scale project under concession agreement that provides for up to 20 MW.

[Inna Braverman, Founder and CEO at Eco Wave Power]

During the third quarter, I visited Portugal and met with key local subcontractors as we continued preparing for project execution. We are pleased that APDL, the Portuguese Port Authority, has commenced the necessary rehabilitation works at the Barra do Douro breakwater. We also received a formal support letter from APDL for our request to extend the project grid connection deadline.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Importantly, APDL informed us that the rehabilitation works are progressing better than expected. Our ambition remains to begin construction during 2027, subject to completion of the necessary work, safe site access, and required approvals.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We believe successful implementation in Portugal could provide valuable engineering and execution experience that would support future larger-scale commercial deployments. In Taiwan, we continue coordinating with our local partner regarding the planned wave energy installation at Suao Port.

[Inna Braverman, Founder and CEO at Eco Wave Power]

The project site has been secured, we are now awaiting the remaining approvals necessary to commence installation works. In Israel, our grid-connected station at Jaffa Port continues demonstrating the operational reliability of our technology. In August, we published updated production results showing increased electricity generation during stronger wave conditions.

[Inna Braverman, Founder and CEO at Eco Wave Power]

The station has also maintained zero downtime attributable to our system since the beginning of 2025. Beyond producing renewable electricity, Jaffa is providing us with real-world operating data that we can use to improve our system and support the development of future commercial installations.

[Inna Braverman, Founder and CEO at Eco Wave Power]

This brings me to one of the most exciting developments of this quarter, artificial intelligence and Digital Twin technology. In September 2026, we announced a collaboration with Germany-based AI engineering to develop an AI-powered Digital Twin of our proprietary wave energy technology.

[Inna Braverman, Founder and CEO at Eco Wave Power]

The purpose of this collaboration is to create a sophisticated digital representation of our system, allowing us to simulate how ocean waves interact with our floaters, understand structural behavior, forecast energy generation, and optimize technology design. Just two months later, on November 2, we announced the successful completion of the first phase of this collaboration.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Phase one established a physics-based model of how waves interact with our proprietary floaters, including simulations of wave loading, floater movement, structural forces, and potential energy generation. It also introduced initial machine learning capabilities for forecasting energy and structural loads.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We believe this is an important milestone because it demonstrates that our AI energy is moving from a vision to practical engineering implementation. As we progress towards larger installations in different countries, the ability to model, predict, and optimize our systems will become incredibly valuable.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Our future development roadmap includes expanding the Digital Twin to our full energy conversion system, integrating real-world operating data, and introducing more advanced AI-powered optimization.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Another important development was the formal support letter we received from NVIDIA Networking. In September, NVIDIA Networking, a subsidiary of NVIDIA Corporation, issued a letter supporting our proposed Digital Twin and Energy-Aware Computing research initiative submitted to the Israel Innovation Authority.

[Inna Braverman, Founder and CEO at Eco Wave Power]

NVIDIA Networking expressed strong interest in the initiative and described it as an opportunity to demonstrate how AI-accelerated computing and Digital Twin technologies can be applied to next-generation renewable energy infrastructure. We believe this recognition is particularly encouraging.

[Inna Braverman, Founder and CEO at Eco Wave Power]

It builds on a remarkable year in which Eco Wave Power technology was featured twice in a keynote presentation by NVIDIA's Founder and CEO, Jensen Huang, first in San Jose and then in Taipei. Our U.S. subsidiary also joined the NVIDIA Inception program.

[Inna Braverman, Founder and CEO at Eco Wave Power]

In June, NVIDIA published a dedicated corporate blog highlighting Eco Wave Power, our Digital Twin initiative, and the longer-term potential for ocean-powered data centers. For us, artificial intelligence creates two complementary opportunities.

[Inna Braverman, Founder and CEO at Eco Wave Power]

The first is making wave energy itself more intelligent by combining physics-based modeling, real-world operational data, and machine learning. Our ambition is to improve forecasting, optimize performance, and make our technology easier to deploy at commercial scale.

[Inna Braverman, Founder and CEO at Eco Wave Power]

The second opportunity is potentially even broader. We believe wave energy can become part of the electricity infrastructure supporting the rapidly expanding AI economy. AI data centers require significant amount of electricity, there is growing interest in identifying new energy sources that can support this demand.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Many coastal locations already have marine infrastructure that could potentially be used to generate wave energy without requiring large land areas or extensive offshore seabed installations.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We are therefore engaged in discussions with data center developers and infrastructure partners regarding the potential integration of wave-generated renewable electricity into future coastal and nearshore data center facilities. We are also exploring secure technologies for connecting wave energy installation directly with energy-consuming infrastructure, including trusted electricity measurement, verification, and settlement mechanisms.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We believe our Digital Twin could eventually contribute to this ecosystem by forecasting electricity generation and helping coordinate renewable energy production with data center demand and energy storage. Our vision is simple. AI can help make wave energy smarter, and wave energy can help provide the renewable electricity that AI increasingly needs.

[Inna Braverman, Founder and CEO at Eco Wave Power]

As we look ahead, our priorities are clear. First, we intend to continue advancing our projects, particularly our planned megawatt-scale project in Portugal, our collaboration with Bharat Petroleum in India, and our potential expansion opportunities in the United States, Taiwan, and others.

[Inna Braverman, Founder and CEO at Eco Wave Power]

Second, we intend to continue investing in the technologies that can improve the intelligence, efficiency, and scalability of our wave energy systems. Third, we intend to maintain the financial discipline that Aharon described earlier.

[Inna Braverman, Founder and CEO at Eco Wave Power]

We believe Eco Wave Power is increasingly positioned at the intersection of several important global trends: renewable energy, energy security, modernization of coastal infrastructure, and the growing electricity requirements of artificial intelligence. I believe that our progress during the third quarter and the subsequent period has strengthened our foundation for the next phase of growth.

[Inna Braverman, Founder and CEO at Eco Wave Power]

I'm proud of what our team has achieved and grateful to our employees, partners, and shareholders for their continued support. We believe that the combination of improved financial performance, tangible commercial milestones, and increasingly intelligent technology creates a compelling foundation for Eco Wave Power's long-term development. Thank you very much for joining us today.

[Operator]

Thank you. This does conclude today's conference call. You may disconnect at this time. Once again, thank you for your participation and have a wonderful day.

Participants

Analysts

• Aharon Yehuda, CFO at Eco Wave Power
• Inna Braverman, Founder and CEO at Eco Wave Power