Eco Wave Power (WAVE) Q2 2025 earnings summary

Executive summary

• Achieved major operational milestones and rapid execution in H1 2025, including U.S. installation completion, Portugal MW-scale project advancement, and new market entries in India, Taiwan, and South Africa.

• Expanded global presence and advanced commercialization of wave energy, forming new partnerships and securing regulatory approvals in multiple regions.

• Secured key regulatory permits, signed strategic agreements, and won a €107,089 EU grant for Atlantic region deployment.

• Strengthened leadership with the appointment of Hillary Ackermann to the Board of Directors and continued ADS repurchase program.

Financial highlights

• Operating expenses for H1 2025 totaled $1.6 million, up 18% year-over-year, driven by increased R&D (+25%) and G&A (+22%) costs.

• R&D expenses rose to $399,000, mainly due to Portugal projects and engineering team expansion.

• Sales and marketing expenses decreased by $123,000, indicating improved efficiency.

• Net loss for H1 2025 was $1.9 million, impacted by growth investments and foreign exchange.

• Ended the period with $7.94 million in cash and short-term deposits, supporting ongoing project execution.

Outlook and guidance

• Expects R&D, sales and marketing, and G&A expenses to materially increase as project pipeline expands in new geographies.

• Portugal MW-scale plant planned for grid connection in 2026, serving as a commercialization gateway.

• U.S. Los Angeles project to officially launch in September 2025.

• Focus remains on delivering long-term value through disciplined scaling and strategic investment in technology and market expansion.

• Well positioned to bring wave energy to mainstream renewable markets with a strong financial foundation and growing pipeline.