Eco Wave Power Global Aktie

Good day. Welcome to the Eco Wave Power Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Aharon Yehuda, CFO at Eco Wave. Aharon, you may begin.

Thank you, Paul. Good afternoon, everyone, and thank you for joining us today. I will begin with a review of Eco Wave Power's financial results for the 6 months ended June 30, 2026. During the first half of 2026, we remain focused on financial discipline and efficient capital allocation while continuing to support the advancement of our technology and global project pipeline.

Our operating expenses for the first 6 months of 2026 was approximately USD 1.45 million compared with approximately USD 1.59 million in the same period of 2025, representing a decrease of approximately 9% year-over-year. Looking at the individual expense categories, research and development expenses decreased by approximately 45% to USD 218,000 compared with USD 399,000 in the first half of 2025. This decrease was primarily attributable to lower labor and other research and development costs as well as increased grant funding received during the period.

Sales and marketing expenses were USD 134,000 compared with USD 123,000 in the same period last year. The increase was mainly related to payroll rather than investor communication activities as we continued expanding our international presence. General and administrative expenses remained relatively stable at approximately $1.07 million compared with approximately $1.09 million in first half of 2025. Other income increased by approximately 3% to USD 64,000 compared with USD 62,000 in the first half of 2025.

We also saw meaningful growth in external grant support. Grants received through programs, including the European Green Deal's ILIAD Consortium and Innovate UK, increased by approximately 56.8%, supporting our continued research, development and technology-advancement activity.

As a result of our focus on cost discipline, our operating loss improved to approximately USD 1.45 million compared with approximately USD 1.59 million during the same period last year. Our net financial loss decreased by approximately 27% to $221,000 compared with USD 304,000 in the first half of 2025. This improvement was primarily attributable to foreign exchange fluctuations, including the appreciation of the Swedish krona and the New Israeli Shekel against the U.S. dollar.

Overall, our net loss decreased by approximately 12% to $1.67 million compared with $1.89 million in the first half of 2025. Another important development during the period was the strengthening of our balance sheet. In June, Eco Wave Power successfully completed a USD 4 million registered direct offering with a single institutional investor. The offering consisted of 400,000 American Depositary Shares at a price of $10 per ADS, representing a 10.7% premium to the previous Nasdaq closing price. In connection with the offering, the investor also received warrants to purchase up to 300,000 ADSs at an exercise price of $12 per ADS, representing a 32.9% premium to the previous Nasdaq closing price.

Following the financing, our cash position increased by approximately 58% compared with March 31, 2026. As of June 30, 2026, Eco Wave Power held approximately $8.4 million in total liquidity, consisting of approximately $8.15 million in cash and cash equivalents and approximately USD 250,000 in restricted short-term bank deposits. We believe the combination of lower operating expenses, increased grant support and the successful capital raise has strengthened our financial position as we continue investing in our global project portfolio.

Importantly, we remain focused on maintaining financial discipline while directing our resources for the project and technology milestones that we believe can create the greatest long-term value for the company and our shareholders. We enter the second half of 2026 from a stronger financial position with additional resources to support the continued advancement of our projects and our broader growth strategy. That said, I would like now to turn the call over to our Founder and Chief Executive Officer, Inna Braverman, who will discuss our operational progress, international projects, AI strategy and priorities for the remainder of 2026. Inna, the stage is yours.

Thank you, Aharon, and thank you to everyone joining us today. The first half of 2026 was an important period for Eco Wave Power. We strengthened our financial position, continued advancing our key international projects and significantly expanded our activities at the intersection of wave energy, artificial intelligence and next-generation energy infrastructure. Most importantly, we continued making progress towards our long-term objective of taking wave energy from demonstration project to commercial scale deployment. I would like to begin with Israel. Our EWP-EDF One project at Jaffa Port continues to operate as Israel's first and only grid-connected wave energy power station.

The project generates clean electricity from ocean waves and export electricity directly into Israel's National Grid under a power purchase agreement with the Israel Electric Company. Since the beginning of 2025, the station has maintained 0 downtime, providing us with valuable real-world operational data and demonstrating the ability of our technology to operate continuously under actual marine conditions. For us, Jaffa is not only a demonstration project. It is also an important technology development platform.

We are using the site to continue advancing the integration of artificial intelligence, digital twins, predictive maintenance and energy production optimization into our wave energy system. We were also encouraged by growing government support for Marine Renewable Energy. Following the end of the first half, Israel Ministry of Energy & Infrastructure and the Israel Innovation Authority announced a new ILS 6 million Second Blue-Tech energy initiative, supporting technologies, including wave energy, offshore energy systems and AI-powered marine energy management. We believe this is another indication of the growing recognition of wave energy as a technology with potential to move beyond research and demonstration, toward commercialization and real infrastructure deployment.

Turning to the United States. During the first half of 2026, we successfully completed and submitted the final report of our pilot project at the Port of Los Angeles, developed in collaboration with AltaSea and Shell Marine Renewable Energy. The project has provided us with important technical, operational, regulatory and economic experience in the U.S. market. It has also demonstrated key advantages of Eco Wave Power's technology. Our system is designed to be installed on existing man-made coastal infrastructure, such as breakwaters, jetties, piers and ports without requiring offshore seabed installation.

We believe this approach can simplify deployment and potentially reduce both installation complexity and environmental impacts. We were also pleased to see Eco Wave Power and our Port of Los Angeles project specifically referenced in California Senate Bill 605 process. As the state continues evaluating potential pathways for the development and commercialization of wave and tidal energy, California represents an important potential market for Marine Renewable Energy, and we believe that the experience gained in the Port of Los Angeles, together with increasing regulatory attention, provides an important foundation for potential future commercial deployments in the United States.

As to our Portugal project, reinforcement works at the Barra do Douro breakwater are currently underway, including works affecting the infrastructure designated for our future installation. At the same time, we are advancing discussions with Portuguese subcontractors expected to participate in the execution phase of the project. I will be in Porto this month to meet with APDL, the Port authority, our subcontractors and other local stakeholders and to review progress at the project site firsthand. The Porto project is particularly important to Eco Wave Power because it represents our first move into a megawatt-scale installation. We believe the experience gained through this project can support our transition towards increasingly larger commercial deployment, both in Portugal and in other international markets.

We're also continuing to expand our activities in Asia. In Taiwan, our partner, I-Ke International Ocean Energy, has secured a 5-year land lease at Suao Port with an option for extension. The application for the transfer of land use rights has been submitted and the required work permits are currently expected to be obtained by October 2026. An important aspect of our Taiwan strategy is the planned use of local manufacturing. The project is expected to incorporate locally manufactured Eco Wave Power floaters, together with the deployment of our turnkey wave energy conversion system. We believe this model can support the development of local capabilities while also providing the foundation for potential expansion into additional ports and coastal markets across Taiwan and the broader Asia Pacific region.

In India, we continue advancing our collaboration with Bharat Petroleum Corporation. The collaboration is expected to begin with the site assessment study and potentially progress towards a pilot installation at Bharat Petroleum's Mumbai oil terminal. India has an extensive coastline, growing electricity demand, and significant investment in renewable energy infrastructure. We believe these factors create an important potential long-term opportunity for wave energy and for Eco Wave Power.

I would now like to turn to one of the most exciting areas of development for our company during the first half of 2026, artificial intelligence. During the first half of this year, Eco Wave Power's technology was featured twice in a keynote presentation by NVIDIA Founder and CEO, Jensen Huang, first at GTC in California and again at GTC in Taipei. Eco Wave Power U.S. also joined NVIDIA Inception program, giving us access to NVIDIA developer tools, technical resources, training and ecosystem support as we continue developing AI-driven applications for renewable energy infrastructure.

In June, NVIDIA also featured Eco Wave Power in its corporate blog, highlighting our work with AI infrastructure, NVIDIA Omniverse libraries and digital twins as well as the longer-term potential for Ocean Energy to support data center infrastructure. For Eco Wave Power, we see two complementary opportunities in artificial intelligence. The first is using AI to improve our own technology. We are deploying AI-driven tools that can improve system monitoring, predictive maintenance, performance optimization and digital-twin capabilities. Over time, we believe these tools can help make our wave energy systems more intelligent, efficient and scalable. The second opportunity relates to the rapidly growing electricity demand being created by artificial intelligence and data centers. As AI infrastructure expands globally, the need for reliable and sustainable electricity generation is increasing significantly. Many of the world's largest cities, ports, industrial centers and digital infrastructure assets are located along coastlines.

We, therefore, believe there is a long-term opportunity for wave energy to become part of the broader renewable energy mix, supporting this growing demand. We have begun exploring this opportunity with academic institutions, technology companies, infrastructure partners and data center developers. Importantly, our AI strategy does not change the core of what Eco Wave Power is. Wave energy remains our core technology. Our objective is to use artificial intelligence to make the technology smarter, more efficient and more scalable while also positioning wave energy within one of the most significant emerging sources of global electricity demand.

As we look towards the second half of 2026, our priorities remain clear. We intend to continue advancing our first megawatt-scale project in Portugal. We will build on the progress and experience achieved in the United States. We will work to advance Taiwan and India towards their next development milestones. We will continue generating valuable operational experience from our grid-connected project in Israel. We will continue expanding our AI, digital-twin and predictive maintenance capabilities, and we will maintain the financial discipline required to execute our strategy responsibly. We believe Eco Wave Power today is positioned at the convergence of several important global trends: the transition towards renewable energy, the growing need for energy security, the modernization of coastal infrastructure and the extraordinary increase in electricity demand being driven by artificial intelligence and digital infrastructure.

We entered the second half of 2026 with a stronger financial position, meaningful progress across our key markets and growing opportunity to position wave energy as part of the future global energy mix. I am very proud of what our team has accomplished during the first half of this year, and I would like to thank our employees, partners, shareholders and investors for their continued support. We remain focused on execution, commercialization and building long-term value for our shareholders. Thank you for joining us today.

Thank you. This concludes today's conference, and you may disconnect at this time. Thank you for your participation.

Good day, everyone. Welcome to the Eco Wave Power First Quarter 2026 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Aharon Yehuda, the CFO of Eco Wave Power. The floor is yours.

Thank you. Good morning, everyone, and thank you for joining Eco Wave Power's First Quarter 2026 Earnings Call.

Turning to our financial results. During the first quarter of 2026, we continued advancing our global project portfolio, while maintaining disciplined cost management across the organization. Operating expenses for the quarter were approximately USD 682,000, representing an 11% decrease compared to the first quarter of 2025. The reduction was primarily driven by lower research and development, sales and marketing and general and administrative expenses.

Research and development expenses decreased to approximately USD 140,000 compared to USD 181,000 during the same period last year.

Sales and marketing expenses were approximately USD 71,000 compared to USD 77,000 in the prior year period, while general and administrative expenses decreased to approximately USD 499,000 from USD 539,000 last year.

Operating loss improved year-over-year, decreasing to approximately USD 682,000 compared to USD 765,000 during the same period in 2025.

Other income remained relatively stable at approximately USD 52,000 compared to USD 54,000 during the same period last year and was primarily driven from technology demonstration activity as well as management fees for -- from a joint venture.

Net loss for the quarter was approximately USD 695,000 compared to approximately USD 505,000 during the same period last year. The change was primarily attributable to foreign exchange fluctuation, including the appreciation of the Swedish krona and this new Israeli shekel against the U.S. dollar, which impacted financial income during the quarter.

Importantly, as of March 31, 2026, the company held approximately $5.3 million in total liquidity, including cash, cash equivalents and short-term bank deposits. We believe this provides a solid financial foundation to continue advancing our operational projects, strategic initiatives and business development activities.

Operationally, the company continued progressing projects across Israel, the United States, in Portugal, in Taiwan, in India and in South Africa during the quarter, while also expanding discussions around potential future applications of wave energy within emerging AI-related energy infrastructure market. As we move forward, we remain focused on disciplined capital allocation, project execution and strategic partnerships designed to support long-term commercial growth.

I will now turn the call over to our Founder and Chief Executive Officer, Inna Braverman.

Thank you, Aharon, and thank you, everyone, for joining us today. The first quarter of 2026 was an important quarter for Eco Wave Power, both operationally and strategically. During the quarter, we continued advancing our global project portfolio while also positioning Eco Wave Power within one of the most important emerging themes in the global infrastructure market, the rapidly growing intersection between artificial intelligence and energy demand.

As AI adoption accelerates globally, energy availability is increasingly becoming one of the key constraints to scale in next-generation computing infrastructure. Data centers, accelerated computing systems and digital infrastructure require significant amount of reliable electricity, particularly in coastal regions, where many population centers and industrial hubs are located. We believe this creates a compelling long-term opportunity for Eco Wave Power. Our technology is uniquely positioned within this emerging landscape because we generate renewable energy directly from existing coastal infrastructure such as breakwaters and piers, enabling deployment close to demand centers without requiring offshore seabed connection or complex marine construction.

During the quarter, Eco Wave Power was featured during NVIDIA Founder and CEO, Jensen Huang's keynote presentation at the NVIDIA GTC conference as part of a future-facing digital twin model focused on the renewable energy infrastructure. Following the conference, Eco Wave Power was also featured across NVIDIA's social media channels. We view this visibility as an indication that the role of energy infrastructure in enabling AI growth is becoming increasingly important globally.

We are also seeing broader market validation around the intersection of wave energy and AI infrastructure. Recently, Panthalassa, a company focused on offshore energy solutions for AI infrastructure, announced a $140 million financing round led by Peter Thiel. We believe developments like this further demonstrate the increasing importance of scalable energy infrastructure in supporting the future growth of artificial intelligence.

Importantly, we remain focused on disciplined execution and real-world deployment. In Israel, our EWP-EDF One project in Jaffa continued operating successfully as Israel's first grid-connected wave energy power station. During Q1, the system demonstrated stable performance and strong production during significant wave events. In the United States, we completed and submitted the final report for our pilot project at the Port of Los Angeles to Shell Marine Renewable Energy. The pilot successfully demonstrated the technical, regulatory and economic feasibility of our nearshore deployment model. As next steps, we are planning to submit the results of the Port of L.A. and -- submit the results of the report to the Port of L.A. and enter discussions regarding a potential larger scale implementation on the outer breakwater of the port.

We were also pleased to see our technology highlighted in the report issued by the U.S. Department of Energy, National Renewable Energy Laboratory, or NREL, which emphasized the advantages of infrastructure-integrated wave energy systems. In Portugal, we continued advancing our first megawatt project under the 20-megawatt concession agreement in Porto, including engineering validation and grid connection progress.

In Taiwan, we continued advancing our first Asia Pacific project in collaboration with I-Ke International Ocean Energy, including localized manufacturing plan and deployment preparation.

In India, we continued progressing our collaboration with Bharat Petroleum, beginning with site assessment work for a potential pilot installation. Based on the latest information received from BPCL, we currently expect to receive the formal site assessment order during Q3 of this year.

And in South Africa, we completed the feasibility study at the Port of Ngqura, indicating approximately 8.3 megawatts of potential installed capacity. At the same time, we have initiated discussions with infrastructure developers and data center participants regarding potential future applications of wave energy within AI-related infrastructure environment.

Looking ahead, our priorities remain clear: continue advancing our operational projects, maintain disciplined financial management, deepen strategic partnerships and position Eco Wave Power within the next generation of global energy infrastructure.

The demand of energy driven by artificial intelligence is happening now, and the market is actively searching for scalable solutions that can be deployed within commercially relevant time line. While many emerging concepts being discussed, including advanced nuclear technologies, space-based energy systems or orbital solar collection platforms are technologically fascinating, most are expecting to require many years and in some cases, decades before meaningful commercial deployment. By contrast, Eco Wave Power's technology is designed around existing coastal infrastructure and commercially deployable engineering, allowing potential implementation time lines measured in months rather than decades. We can build wave energy for AI right now and not in decades. We believe this positions Wave Energy as one of the practical renewable energy solutions capable of helping address the rapidly growing electricity demand of AI infrastructure in coastal markets today.

Thank you again for joining us today.

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

Greetings, and welcome to the Eco Wave Power Third Quarter 2025 Earnings Call. [Operator Instructions]. And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Aharon Yehuda, CFO of Eco Wave Power. Sir, the floor is yours.

Thank you. Good morning, and thank you, everyone, for joining Eco Wave Power's Q3 2025 Earnings Call. I'm Aharon Yehuda, the CFO of the company. I'll begin with a brief overview of our financial results followed by our CEO, Inna Braverman, who will discuss operational progress and strategic development. For the 9 months ended September 30, 2025, operating expenses totaled $2.48 million, reflecting continued investment in our U.S., our Portugal and Asia projects, all of which are critical to our long-term commercial deportment.

R&D expenses rose to $591,000, supporting engineering efforts and new project development. Sales and Marketing expenses increased to $293,000 primarily driven by the successful launch of our U.S. pilot project at the Port of Los Angeles in September. General and Administrative expenses totaled $1.61 million, reflecting staffing, professional fees and other operational costs to support our expanding footprint. As a result, net loss for the 9 months increased to EUR 2.89 million, primarily due to higher operating expenses and foreign exchange impact.

On a quarter-over-quarter basis, we achieved meaningful improvements in efficiency and financial discipline. Our net loss declined 28% to $996,000 driven by targeted investments in bigger cost and tighter cost management. R&D expenses decreased by 12% and G&A by 5%, demonstrating efficiency gains across all functions. Other income nearly doubled and financial expenses declined by 81%, mainly due to lower foreign exchange losses, further strengthening our financial position. We ended the quarter with a solid cash position of $6.85 million, providing the resources needed to execute near-term milestones, advanced project construction and support our global expansion.

These results underscored our disciplined financial approach, balancing growth investments with efficiency as we advance multiple revenue generating opportunities worldwide. As the global electricity demand accelerates, driven by the growth of energy intensive sectors such as AI, data centers and manufacturing Eco Wave Power is well positioned to deliver scalable and reliable and cost-effective waste energy solutions. For investments this quarter in the U.S., in Portugal, in Taiwan and in India are laying the foundation for long-term commercial deployment and revenue growth in markets representing tens of billions of dollars in renewable energy potential.

Finally, recognition by time is one of the best inventions of 2025, alongside national media coverage of our U.S. project launch reinforces the strength of our technology, our brand and our position as the leader in Wave energy innovation. With a strong financial foundation and disciplined management and growing global visibility, Eco Wave Power is entering its next phase of commercialization from a position of strength.

I'll now turn the call over to our CEO, Inna Braverman, to share more about our projects, progress and strategic initiatives.

Thank you, Aharon, and good morning, everyone. The third quarter of 2025 has been one of the most exciting and defining period in Eco Wave Power's history. We've reached Major milestones does not only validate our technology, but also reinforce our position as a global leader in Wave Energy. The highlight of the quarter was, without a doubt, the launch of our first U.S. project at the Port of Los Angeles. This marks the turning point not only for Eco Wave Power, but for the entire Wave Energy industry.

Our installation at the Port of Los Angeles gained nationwide visibility, including coverage on Good Morning America and recognition by Time Magazine as one of the best inventions of 2025. That level of attention reflects just how ready the world is for Wave Energy and how far we've come in bringing it from concept to reality. The project also showcases the reliability and scalability of our potential floaters while highlighting our deep commitment to collaboration and community.

We were proud to work with AltaSea cell marine renewable energy program and several small family-owned and women-owned businesses, a partnership model that truly represents what clean innovation should look like, sustainable, inclusive and impactful. Beyond the United States, our international expansion continues at full speed. In Taiwan, our partnership with I-Ke International Ocean Energy led to the first-ever commercial port tender for Wave Energy testing, paving the way for long-term deployment opportunities in Asia.

In India, our collaboration with Bharat Petroleum gives us a foothold in one of the world's largest and most promising clean energy market. And in Europe, we're preparing for Portugal's first megawatt scale Wave Energy plant fully aligned with the country's renewable energy road map and the EU's ambitious decarbonization goals. Back home in Israel, our EWP-EDF One project in Jaffa Ports continues to strengthen our R&D capabilities enabling advanced testing collaboration and performance optimization that fit directly into all future deployments.

Meanwhile, in Africa, we're advancing feasibility studies and laying the groundwork for the continent emerging marine energy sector. From a financial standpoint, we're proud to be growing from a position of strength and discipline. We ended the quarter with $6.85 million in cash and short-term deposits, providing a solid foundation to continue executing our global expansion plans. While operating expenses rose modestly by about $65,000 compared to Q2. These were targeted investments supporting our ongoing projects and strategic marketing around the U.S. launch.

Importantly, our net loss decreased by 28% quarter-over-quarter, reflecting improved efficiency and disciplined cost management. Also, our financial expenses declined by 81%, largely due to reduced foreign exchange losses, a clear sign that our financial controls are working effectively as we expand internationally. Looking ahead, we see an incredibly promising horizon for Eco Wave Power. Global electricity demand is accelerating faster than ever, driven by the rise of artificial intelligence, data centers and advanced manufacturing. This surge in demand requires new, reliable renewable energy sources and Wave Energy is uniquely positioned to fill that guest. It's clean, consistent and can operate 24/7 complementing solar and wins to create a balanced resilient energy mix.

Eco Wave Power Technology is more than an environmental solution. It is a strategic answer to the world's urgent need for clean, abundant and cost-effective electricity. We're proud of how far we've come and even more excited about what's ahead. Thank you to our shareholders, partners and employees for your continued trust and support Together, we're not just building a company. We're building a new category of renewable energy. Thank you.

Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.