Q3 2025 marks significant progress with the launch of Eco Wave Power's first U.S. project, strategic advancements across Europe, Asia, and Africa, recognition by TIME as one of the Best Inventions of 2025, and a solid financial foundation to support ongoing global growth and commercialization of wave energy technologyStockholm, Sweden--(Newsfile Corp. - November 12, 2025) - Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a global leader in onshore wave energy technology, ...

Core Insights - Eco Wave Power's wave energy pilot project at AltaSea in the Port of Los Angeles has been recognized in TIME's 2025 Best Inventions list, highlighting its innovative approach to renewable energy [1][4][5] - The project is the first onshore wave energy installation in the United States, developed in collaboration with Shell Marine Renewable Energy, and demonstrates the potential of wave energy for sustainable electricity generation [4][7] Company Overview - Eco Wave Power Global AB (publ) is a pioneering company in onshore wave energy, transforming ocean waves into clean and cost-efficient electricity through patented technology [6][8] - The company has successfully developed Israel's first grid-connected wave energy station, recognized as a "Pioneering Technology" by the Israeli Ministry of Energy [5][7] Project Details - The Los Angeles pilot project utilizes Eco Wave Power's patented floaters attached to existing marine infrastructure, showcasing an environmentally friendly and scalable solution for wave energy [4][5] - The company has a growing project pipeline of 404.7 MW, with upcoming projects planned in Portugal, Taiwan, and India, indicating significant global expansion [5][8] Recognition and Impact - The recognition by TIME serves as a validation of the significance of wave energy and its potential to contribute to climate change mitigation [3][5] - The pilot project is positioned as a proof-of-concept for future grid-connected deployments, emphasizing the readiness of wave energy for broader application [5][10]

Core Insights - Eco Wave Power Global has launched the first onshore wave energy pilot station in the U.S. at AltaSea in the Port of Los Angeles, highlighting the potential of wave energy as a significant renewable energy source for coastal communities [1][5][9] Company Overview - Eco Wave Power is a pioneering company that transforms ocean wave energy into clean, reliable, and cost-efficient electricity through patented technology [8] - The company has developed and operates Israel's first grid-connected wave energy power station and is expanding its project pipeline globally, with upcoming projects in Portugal, Taiwan, and India, totaling 404.7 MW under development [9][10] Industry Potential - The pilot project at AltaSea demonstrates the feasibility and scalability of wave energy technology, which can harness ocean waves along existing marine infrastructure to generate clean electricity [5][6] - California's coastlines alone have the potential to generate gigawatts of wave energy, presenting significant opportunities for investors and municipalities to diversify renewable energy portfolios and reduce carbon emissions [6][7] Federal Support and Investment - Congresswoman Nanette Barragán emphasized the importance of federal support for wave energy, including her proposed $1 billion Marine Energy Technologies Acceleration Act aimed at advancing marine energy technologies across the U.S. [4][5] - The growing interest from investors and federal backing positions the U.S. to potentially lead in marine renewable energy [5][7]

Core Insights - Motorola Solutions, Inc. (MSI) has launched its WAVE PTX communication platform in the Dominican Republic, enhancing access to secure and instant broadband push-to-talk (PTT) services for on-the-go workforces [1][9] - The subscription-based WAVE PTX solution connects teams across various networks, ensuring uninterrupted operations during critical moments [2] - The platform allows real-time voice and data communications, enabling employees to share multimedia content and enhancing situational awareness through integrated mapping tools [3] Product Features - WAVE PTX is supported by dedicated TLK 100 and TLK 110 devices, which offer interoperability with two-way radio systems and ruggedized features for safety [4] - The TLK 110 model includes advanced safety features such as 'Lone Worker' and 'Fall Alert' to protect workers in emergencies [4][5] Financial Outlook - For 2025, Motorola anticipates non-GAAP earnings in the range of $14.88-$14.98 per share, reflecting a growth from previous estimates, with revenue growth projected at 7.7% or $11.65 billion [7] - The company expects third-quarter 2025 non-GAAP earnings between $3.82 and $3.87 per share, with approximately 7% revenue growth [7] Market Performance - Motorola currently holds a Zacks Rank 3 (Hold), with its stock gaining 12.4% over the past six months, compared to a 22.5% growth in the Wireless Equipment industry [8]

Core Insights - Eco Wave Power Global AB is advancing its wave energy technology by partnering with BladeRanger Ltd to enhance maintenance through automated drone solutions [1][4][5] - The collaboration aims to reduce operational costs, minimize downtime, and increase energy output, making wave energy more competitive with other renewable sources [3][5] Company Developments - The partnership was demonstrated at Eco Wave Power's project in Jaffa Port, Israel, where BladeRanger's drones performed cleaning and inspection of the company's floaters [2][3] - Eco Wave Power recently launched its Los Angeles Pilot project on September 9, 2025, marking a significant milestone in its operations [1][4] Financial Implications - Historically, operational costs at Eco Wave Power's sites have reached up to 4% of project CAPEX annually, and the introduction of drone technology is expected to significantly lower these costs [3] - The collaboration with BladeRanger could lead to a long-term strategic partnership, potentially expanding drone technology deployment across Eco Wave Power's global project pipeline [5][10] Industry Context - BladeRanger specializes in autonomous drone solutions for cleaning and maintenance in renewable energy sectors, and is now expanding its services to wave energy [7][8] - Eco Wave Power is recognized for its innovative approach to wave energy, having developed Israel's first grid-connected wave energy power station and is actively expanding its project pipeline globally [9][10]

Core Viewpoint - Eco Wave Power has successfully launched its first U.S. wave energy project at the Port of Los Angeles, marking a significant milestone for renewable energy in the United States and showcasing the potential for large-scale wave energy deployment along coastlines [1][2][5] Company Overview - Eco Wave Power is a global leader in onshore wave energy technology, utilizing patented technology to transform ocean waves into clean electricity [19][20] - The company has a growing project pipeline of 404.7 MW, with upcoming projects planned in the Port of Los Angeles, Portugal, Taiwan, and India [20] Project Details - The project at the Port of Los Angeles features floaters that capture ocean wave motion to generate renewable electricity, serving as a foundation for future commercial-scale operations [5][6] - This installation is the first onshore wave energy project in the U.S., demonstrating the technology's reliability and potential for clean power generation [2][5] Government Support and Policy - The launch aligns with California's climate policies and Senate Bill 605, which aims to create a comprehensive wave energy roadmap [6][7] - Federal support is increasing, highlighted by the introduction of the Marine Energy Technologies Acceleration Act, a $1 billion initiative to scale marine energy across the nation [6][7] Future Expansion - Eco Wave Power is preparing additional projects in Taiwan, India, and Portugal, emphasizing the global potential of wave energy [7][12] - The company aims to replicate its success in various regions, including Africa, where it is conducting feasibility studies for wave energy projects [14][15][16] Industry Impact - The launch has garnered national media attention, underscoring the significance of wave energy in contributing to California's clean energy goals [17] - Wave energy is positioned as a reliable and sustainable power source for energy-intensive industries, supporting the growing demand for cloud computing and AI services [13]

Core Insights - Eco Wave Power Global AB has partnered with I-KE International Ocean Energy Co. to install a wave energy pilot station in Taiwan, marking a significant milestone in the country's renewable energy sector [1][4][5] - The project aligns with Taiwan's national energy transition policy and aims to establish Suao Port as a demonstration hub for innovative green energy [4][5] Company Overview - Eco Wave Power is a leading developer of onshore wave energy technology, recognized for its patented technology that converts ocean waves into clean electricity [12] - The company has a growing project pipeline of 404.7 MW, with upcoming projects planned in various locations including Taiwan [12][13] Project Details - The pilot project will utilize a 100 kW onshore wave energy conversion unit, with plans to expand capacity to 20 MW in the medium term and potentially up to 400 MW along Taiwan's coastline [4][16] - The designated testing area at Suao Port covers 6.75 hectares, divided into three zones, with I-KE awarded exclusive rights to Zone C [3][4] Strategic Importance - This tender award is the first of its kind in Taiwan, setting a precedent for future renewable energy projects and demonstrating the country's commitment to marine renewables [4][5] - The project is expected to validate the commercial viability of wave energy and enhance Taiwan's position in the renewable energy market [5][6]

Financial Data and Key Metrics Changes - Operating expenses for H1 2025 totaled $1.6 million, an increase of $239,000 from H1 2024, reflecting continued investment in R&D and project execution [2][3] - R&D expenses increased by 25% to $399,000, driven primarily by the Portuguese project and engineering department [3] - General and administrative expenses rose by 22% to $1.1 million, mainly due to payroll for new U.S. hires and travel costs [4] - Net loss for 2025 was $1.9 million, influenced by growth investments and foreign exchange impacts [4] - Cash and short-term bank deposits at the end of the period were $7.94 million, providing a strong foundation for ongoing projects [5] Business Line Data and Key Metrics Changes - Sales and marketing expenses decreased slightly by $123,000, indicating more efficient investor communication [3] - The company is advancing its Portugal megawatt scale project, expected to operate with new continuous wave availability, demonstrating wave energy's potential [7][10] Market Data and Key Metrics Changes - In the U.S., the installation of floaters and the onshore energy conversion unit for the first U.S. wave energy project at Altoona Port of LA was completed [8] - In India, a memorandum of understanding was signed with a Fortune 500 company to explore wave energy deployment at Mumbai Oil Terminal [11] - In Taiwan, the company is advancing local production and permitting milestones for wave energy projects [11] - A feasibility study agreement was signed for a potential project in South Africa, highlighting the market's long-term potential [12] Company Strategy and Development Direction - The company's commercialization strategy includes building pilot projects in key markets to collect data and establish regulatory frameworks [6] - Efforts are being made to reduce the cost of floaters to lower the levelized cost of energy, making wave energy more competitive [7] - The company aims to position wave energy as a mainstream renewable solution, supporting high-demand computing environments [8] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of strategic partnerships and regulatory approvals in advancing projects [14] - The leadership change with the addition of Hilary Ackerman to the Board is expected to strengthen corporate governance and support global commercialization [13] - The company is well-positioned to bring wave energy to mainstream markets, delivering innovative and sustainable solutions [14] Other Important Information - The company is participating in a €2.45 million European project to accelerate commercial scale wave energy adoption across the Atlantic Region [12] Q&A Session Summary - No specific questions or answers were provided in the content, indicating that the meeting concluded without a Q&A segment [15]

[Condensed Consolidated Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the company's financial position, performance, cash flows, and equity changes for the interim period [Condensed Consolidated Statements of Financial Position](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20FINANCIAL%20POSITION) The company's total assets decreased from $10,682 thousand at December 31, 2024, to $9,371 thousand at June 30, 2025, primarily driven by a reduction in cash and cash equivalents, while total liabilities saw a slight increase and total equity experienced a notable decline Financial Position Summary (USD thousands) | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :-------------------------------- | :------------------------------ | :-------------------------------- | | **Assets** | | | | Cash and cash equivalents | 6,458 | 7,845 | | Total Current Assets | 8,069 | 9,445 | | Total Non-Current Assets | 1,302 | 1,237 | | **TOTAL ASSETS** | **9,371** | **10,682** | | **Liabilities** | | | | Total Current Liabilities | 2,389 | 2,239 | | Total Non-Current Liabilities | 73 | 143 | | **TOTAL LIABILITIES** | **2,462** | **2,382** | | **Equity** | | | | Total Equity | **6,909** | **8,300** | [Condensed Consolidated Statements of Loss](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20LOSS) The company reported a significant increase in net loss for both the three and six months ended June 30, 2025, compared to the prior year, primarily due to higher operating expenses and a substantial shift from net financial income to net financial loss Statements of Loss Summary (USD thousands) | Metric (USD thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating Expenses | (823) | (690) | (1,588) | (1,349) | | Operating Loss | (823) | (690) | (1,588) | (1,349) | | Financial (Loss) Income - Net | (564) | 199 | (304) | 331 | | **NET LOSS** | **(1,387)** | **(491)** | **(1,892)** | **(1,018)** | | LOSS PER COMMON SHARE – BASIC AND DILUTED | (0.03) | (0.01) | (0.04) | (0.02) | - Net loss for the six months ended June 30, 2025, increased by **85.85%** to **$(1,892) thousand** from $(1,018) thousand in the same period of 2024[6](index=6&type=chunk) - Financial (loss) income - net shifted from a gain of **$331 thousand** in the six months ended June 30, 2024, to a loss of **$(304) thousand** in the same period of 2025[6](index=6&type=chunk) [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) The total comprehensive loss for the six months ended June 30, 2025, was $(1,364) thousand, a slight increase from $(1,320) thousand in the prior year, despite a positive other comprehensive gain in 2025 compared to a loss in 2024 Statements of Comprehensive Loss Summary (USD thousands) | Metric (USD thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | LOSS FOR THE PERIOD | (1,387) | (491) | (1,892) | (1,018) | | Other Comprehensive Gain (Loss) for the Period | 636 | (70) | 528 | (302) | | **TOTAL COMPREHENSIVE LOSS FOR THE PERIOD** | **(751)** | **(561)** | **(1,364)** | **(1,320)** | - Other comprehensive gain for the six months ended June 30, 2025, was **$528 thousand**, a significant improvement from a loss of **$(302) thousand** in the same period of 2024[8](index=8&type=chunk) [Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) Total equity decreased from $8,300 thousand at January 1, 2025, to $6,909 thousand at June 30, 2025, primarily driven by the net loss for the period and treasury share repurchases, partially offset by other comprehensive income Statements of Changes in Equity Summary (USD thousands) | Equity Component (USD thousands) | Balance at January 1, 2025 | Changes in Six Months Ended June 30, 2025 | Balance at June 30, 2025 | | :------------------------------- | :------------------------- | :---------------------------------------- | :----------------------- | | Common shares | 102 | - | 102 | | Share premium | 25,845 | - | 25,845 | | Treasury shares | (50) | (27) | (77) | | Foreign currency translation reserve | (2,368) | 533 | (1,835) | | Accumulated deficit | (15,071) | (1,877) | (16,948) | | Capital and reserves attributable to parent company shareholders | 8,458 | (1,371) | 7,087 | | Non-Controlling interest | (158) | (20) | (178) | | **TOTAL EQUITY** | **8,300** | **(1,391)** | **6,909** | - Accumulated deficit increased by **$1,877 thousand** during the six months ended June 30, 2025, reaching **$(16,948) thousand**[10](index=10&type=chunk) - Treasury shares increased by **$27 thousand** due to repurchases during the period[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) The company experienced a significant decrease in cash and cash equivalents, primarily due to an increased net cash outflow from operating activities and a substantial reduction in cash provided by investing activities compared to the prior year Statements of Cash Flows Summary (USD thousands) | Cash Flow Activity (USD thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | (1,474) | (841) | | Net cash provided by investing activities | 93 | 4,191 | | Net cash used in financing activities | (111) | (49) | | **INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS** | **(1,492)** | **3,301** | | CASH AND CASH EQUIVALENTS - END OF PERIOD | 6,458 | 7,421 | - Net cash used in operating activities increased by **75.27%** from **$(841) thousand** in 2024 to **$(1,474) thousand** in 2025[12](index=12&type=chunk) - Net cash provided by investing activities decreased significantly from **$4,191 thousand** in 2024 to **$93 thousand** in 2025, largely due to the absence of proceeds from short-term deposits in 2025[12](index=12&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides additional information and explanations regarding the accounting policies, estimates, and specific items presented in the condensed consolidated financial statements [Note 1 - General Information](index=8&type=section&id=NOTE%201%20-%20GENERAL%20INFORMATION) Eco Wave Power Global AB (publ) is a Swedish public limited company with its American Depositary Shares (ADSs) traded on the Nasdaq Capital Market, with headquarters in Israel, which has been in an ongoing state of war, though management determined no material adverse impacts on the interim financial statements for the period ended June 30, 2025 - Eco Wave Power Global AB (publ) is a Swedish public limited company, with ADSs traded on the Nasdaq Capital Market[14](index=14&type=chunk) - The Group's headquarters are in Israel, which is experiencing an ongoing state of war, including a recent conflict with Iran[15](index=15&type=chunk) - Management determined no material adverse impacts on the interim consolidated financial statements for the period ended June 30, 2025, due to the war[15](index=15&type=chunk) [Note 2 - Basis for Preparation](index=8&type=section&id=NOTE%202%20-%20BASIS%20FOR%20PREPARATION) The condensed consolidated interim financial statements are unaudited and prepared in accordance with IAS 34, and should be read in conjunction with the company's annual financial statements as of December 31, 2024, as they do not include all disclosures necessary for a fair presentation in conformity with full IFRS Accounting Standards - Interim financial statements are unaudited and prepared in accordance with IAS 34[16](index=16&type=chunk) - These statements do not include all disclosures required by full IFRS Accounting Standards[16](index=16&type=chunk) - They should be read in conjunction with the annual financial statements for December 31, 2024[16](index=16&type=chunk) [Estimates and judgments](index=8&type=section&id=Estimates%20and%20judgments) The preparation of interim financial information requires management to make significant accounting estimates and judgments consistent with annual reporting - Preparation of interim financial information requires management to exercise judgment and use significant accounting estimates and assumptions[17](index=17&type=chunk) - Significant accounting judgments and uncertainties associated with key estimates are consistent with those in the consolidated annual financial statements for the year ended December 31, 2024[17](index=17&type=chunk) [Note 3 - Material Accounting Policies](index=9&type=section&id=NOTE%203%20-%20MATERIAL%20ACCOUNTING%20POLICIES) The principal accounting policies and calculation methods applied in the preparation of the interim financial information are consistent with those used in the Group's annual financial statements for the year ended December 31, 2024 - Principal accounting policies and calculation methods for the interim period are consistent with those used in the annual financial statements for December 31, 2024[18](index=18&type=chunk) [New International Financial Reporting Standard: IFRS 18](index=9&type=section&id=New%20International%20Financial%20Reporting%20Standard%3A%20IFRS%2018) The IASB has issued IFRS 18, which introduces new requirements for financial statement presentation and disclosure, effective from January 1, 2027 - The IASB issued IFRS 18, 'Presentation and disclosure in Financial Statements,' replacing IAS 1, effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted[19](index=19&type=chunk) - IFRS 18 introduces new requirements for presentation within the statement of profit or loss, disclosure of management-defined performance measures, and aggregation/disaggregation of financial information[19](index=19&type=chunk) - The Company is currently assessing the new requirements of IFRS 18, which will apply retrospectively[20](index=20&type=chunk)[21](index=21&type=chunk) [Note 4 - Fair Value of Financial Instruments](index=9&type=section&id=NOTE%204%20-%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS) As of June 30, 2025, and December 31, 2024, the fair value of the Group's non-derivative financial instruments, which primarily consist of working capital items, deposits, and loans, is generally close or identical to their carrying amount - The Group's financial instruments primarily consist of non-derivative assets and liabilities (working capital items, deposits, and loans)[22](index=22&type=chunk) - The fair value of these financial instruments is generally close or identical to their carrying amount as of June 30, 2025, and December 31, 2024[22](index=22&type=chunk)

Core Insights - Eco Wave Power has made significant operational and strategic advancements in the first half of 2025, including project developments in the U.S., Europe, Asia, and Africa, positioning itself as a leader in wave energy commercialization [2][3][20] Financial Overview - Operating expenses increased by 18% year-over-year to $1.59 million, driven by a 25% rise in R&D spending and a 22% increase in general and administrative costs [18][30] - The company ended the period with $7.94 million in cash and short-term deposits, providing a solid foundation for future growth [19][29] - Net loss widened to $1.89 million, influenced by foreign exchange movements and growth-related expenses [18][35] Project Developments - In the U.S., the installation of the first wave energy project at the Port of Los Angeles was completed, with an official launch scheduled for September 9, 2025 [6][7][12] - The first megawatt-scale wave energy project in Portugal is progressing, with plans for grid connection in 2026 [8][15] - In Asia, partnerships have been established in India and Taiwan, with a focus on deploying wave energy technology [9][10][25] - The company has initiated a feasibility study for a wave energy project in South Africa, targeting the country's energy diversification needs [16][26] Strategic Partnerships and Grants - Eco Wave Power secured a €107,089 grant as part of the €2.45 million Atlantic Wave Energy Sustainable Deployment Initiative, aimed at accelerating wave energy adoption across the Atlantic region [17][27] - Collaborations with industry leaders and government-backed partners have been established to enhance project execution and market penetration [3][5] Leadership and Governance - Hilary E. Ackermann joined the Board of Directors, bringing extensive experience in energy, finance, and governance, which will support the company's growth strategy [23][28]