[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]

Core Viewpoint - Eco Wave Power Global AB has successfully completed the installation of its pilot project at the Port of Los Angeles, marking a significant milestone in its U.S. operations and paving the way for future commercialization of wave energy technology in the United States [1][3][4]. Group 1: Project Details - The pilot project includes the installation of wave energy floaters, hydraulic pipes, and an onshore energy conversion unit [4][5]. - The project is designed as a non-grid-connected demonstration station with key objectives such as demonstrating patented technology in real marine conditions and facilitating environmental monitoring [5][6]. - An official unveiling ceremony is scheduled for September 9, 2025, at AltaSea [1][3]. Group 2: Strategic Importance - The Los Angeles project serves as a vital learning and demonstration platform for environmental surveys and regulatory engagement, showcasing the technology's implementation on existing marine infrastructure [3][4]. - This pilot project is a crucial step in Eco Wave Power's U.S. commercialization strategy and contributes to a global project pipeline of 404.7 MW [7][10]. - The company continues to rely on real-world production from its grid-connected site in Israel while expanding its footprint with upcoming projects in Taiwan, India, and Portugal [4][10]. Group 3: Partnerships and Community Engagement - Eco Wave Power collaborated with California-based companies, including C&S Welding Inc., to bring the pilot project to fruition [6][10]. - AltaSea at the Port of Los Angeles serves as a hub for blue economy innovation, emphasizing sustainable business and community engagement [8].

Core Insights - Eco Wave Power Global AB has successfully completed the installation of floaters for its first U.S. wave energy project at the Port of Los Angeles, with an official unveiling scheduled for September 9, 2025 [1][4][5] Company Overview - Eco Wave Power is a pioneering onshore wave energy company that transforms ocean waves into clean electricity using patented technology [6] - The company has developed Israel's first grid-connected wave energy power station, recognized as a "Pioneering Technology" by the Israeli Ministry of Energy [6] Project Details - The Los Angeles project serves as a demonstration pilot to validate Eco Wave Power's technology in real-world marine conditions, aiming to facilitate U.S. market entry [3][4] - The project is supported by Shell's Marine Renewable Program and utilizes floaters mounted on existing marine structures to convert wave motion into electricity [5] Strategic Goals - Key goals of the pilot project include conducting environmental impact studies in collaboration with relevant stakeholders [3] - The technology is designed to be modular, low-maintenance, and to have minimal environmental impact, making it suitable for scalable deployments along coastlines [5] Future Expansion - Eco Wave Power is actively expanding its global footprint with upcoming projects planned in the Port of Los Angeles, Portugal, Taiwan, and India, contributing to a project pipeline of 404.7 MW [7] - The company has received support from international organizations, including the European Union Regional Development Fund and the United Nations Global Climate Action Award [7]

Core Viewpoint - Eco Wave Power Global AB has signed an agreement with Africa Great Future Development Ltd to conduct a feasibility study for a potential wave energy power station at the Port of Ngqura, South Africa, marking its entry into the African market and aligning with its strategy to expand in regions with high renewable energy demand [1][2]. Company Developments - The feasibility study aims to explore South Africa's wave energy potential, addressing the country's critical energy challenges, where over 80% of electricity is generated from coal-fired plants [3][4]. - The Port of Ngqura is strategically located and technically suitable for wave energy implementation due to its robust breakwater infrastructure and direct ocean exposure [4]. - Eco Wave Power is expanding its international project pipeline, with existing operations in Israel and upcoming projects in the U.S., Portugal, Taiwan, and India, contributing to a total project pipeline of 404.7 MW [5][6][8]. Industry Context - South Africa faces persistent power shortages and environmental concerns, highlighting the urgent need for clean and reliable energy alternatives [3]. - The collaboration with AGFDL is seen as an important opportunity to support Africa's clean energy transition, with wave energy having the potential to deliver sustainable power to underserved communities [5].

Core Insights - Eco Wave Power Global AB has signed an agreement with C&S Welding Inc. for the installation of wave energy floaters and energy conversion units at the Port of Los Angeles, marking a significant step in the deployment of onshore wave energy technology in the U.S. [1][2][5] Company Overview - Eco Wave Power is a leader in onshore wave energy technology, utilizing patented technology to convert ocean waves into clean electricity. The company is expanding its global footprint with projects planned in various locations, including the Port of Los Angeles, Portugal, Taiwan, and India, contributing to a project pipeline of 404.7 MW [9][10]. Project Details - The project at the Port of Los Angeles will demonstrate Eco Wave Power's technology, where floaters are attached to existing marine structures and connected to a land-based conversion unit. This system is designed for scalability, low maintenance, and minimal environmental impact, making it suitable for port and coastal infrastructure [7]. Partner Information - C&S Welding Inc., a family-owned business based in Wilmington, CA, specializes in welding, fabrication, and marine infrastructure. The company has a strong safety record and industry certifications, making it a reliable partner for this clean energy project [4][8]. Project Timeline - All floaters for the project have been fabricated by All-Ways Metal, a woman-owned business, and are expected to be fully assembled in the upcoming week, keeping the installation timeline on track [6].

Core Viewpoint - Eco Wave Power Global AB has elected Hilary E. Ackermann to its Board of Directors, enhancing its leadership team as it prepares for the commercialization of wave energy solutions in the U.S. market [1][2][3] Group 1: Appointment of Hilary E. Ackermann - Hilary E. Ackermann, a recognized leader in energy sustainability and risk management, has transitioned from the Advisory Board to the formal Board of Directors [2] - Her appointment is strategically significant as it coincides with the upcoming official opening of Eco Wave Power's first U.S. wave energy project at the Port of Los Angeles [3] - Ackermann's extensive experience includes senior roles at Goldman Sachs and Swiss Bank Corporation, and she currently serves on the Board of Directors of Vistra Energy [4] Group 2: Company Strategy and Growth - The company aims to strengthen its global leadership team to accelerate commercialization, particularly in the United States [2] - Eco Wave Power is actively expanding its project pipeline, which includes upcoming projects in the Port of Los Angeles, Portugal, Taiwan, and India, contributing to a total capacity of 404.7 MW [8] - The company has received recognition and support from international organizations, including the European Union Regional Development Fund and the United Nations Global Climate Action Award [8]

Core Points - Eco Wave Power Global AB has successfully completed the production of all floaters for its first U.S. wave energy project at the Port of Los Angeles [1][2] - This project marks the first-ever onshore wave energy pilot station in the United States, with floaters manufactured by All-Ways Metal, a woman-owned company [2][4] - The floaters are now moving into the final assembly and logistics phase, with deployment expected to begin later this month [3][5] Company Overview - Eco Wave Power is a pioneering onshore wave energy company that transforms ocean waves into clean electricity using patented technology [8] - The company has a strong commitment to addressing climate change and has developed Israel's first grid-connected wave energy power station [8] - Eco Wave Power is expanding its global footprint with upcoming projects in the Port of Los Angeles, Portugal, Taiwan, and India, contributing to a project pipeline of 404.7 MW [9] Project Details - The floaters will be installed on a pre-existing jetty structure at the Port of Los Angeles, converting wave motion into clean electricity [4] - The project is supported by Shell's Marine Renewable Program and emphasizes local sourcing and U.S. job creation [6] - The official opening of the project is anticipated to take place later this summer [5]

Core Viewpoint - Eco Wave Power Global AB has received shareholder approval to continue its American Depositary Shares (ADS) repurchase program, allowing the company to buy back up to 10 percent of its total shares, enhancing financial flexibility and shareholder value [1][3]. Group 1: Repurchase Program Details - The shareholder resolution renews the company's ability to repurchase ADSs for the upcoming year, in line with the legal framework established with the Swedish Financial Supervisory Authority [2]. - The repurchase authorization allows the company to engage a designated bank to manage buyback activities under the renewed mandate [2][8]. - The authorization is valid until the 2026 Annual General Meeting and may be executed on multiple occasions [8]. Group 2: Company Overview - Eco Wave Power is a pioneering onshore wave energy company that converts ocean waves into clean electricity using patented technology [4]. - The company is expanding its global presence with projects planned in locations such as the Port of Los Angeles, Portugal, Taiwan, and India, contributing to a project pipeline of 404.7 MW [5]. - Eco Wave Power has received recognition from international organizations, including the European Union Regional Development Fund and the United Nations Global Climate Action Award [5].

Core Insights - Eco Wave Power Global AB is set to launch the first-ever onshore wave energy pilot project in the U.S. on September 9, 2025, at AltaSea, Port of Los Angeles, marking a significant milestone in renewable energy innovation [1][2][5] Company Overview - Eco Wave Power is a pioneering onshore wave energy company that transforms ocean waves into clean electricity using patented technology [9] - The company has developed Israel's first grid-connected wave energy power station and is recognized for its innovative approach to renewable energy [9] Project Details - The project will utilize floaters attached to existing marine infrastructure to convert wave motion into electricity, providing a cost-effective and scalable solution for coastal cities [6] - The first three floaters are currently in the final preparation phase at All-Ways Metal, a woman-owned fabrication company in California [6][7] Strategic Partnerships - The project is supported by Shell's Marine Renewable Program, emphasizing Eco Wave Power's commitment to U.S. job creation and climate leadership [7] - AltaSea serves as a hub for blue economy innovation and is dedicated to accelerating ocean-based solutions to climate change [8] Future Expansion - Eco Wave Power is expanding its global footprint with upcoming projects planned in the Port of Los Angeles, Portugal, Taiwan, and India, contributing to a project pipeline of 404.7 MW [10]