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Eco Wave Power Global AB (publ) (NASDAQ:WAVE) reported a wider net loss for the first quarter of 2026, even as the wave energy developer reduced operating expenses and said it continued to advance projects across multiple international markets.
Chief Financial Officer Aharon Yehuda said operating expenses for the quarter were approximately $682,000, down 11% from the first quarter of 2025. The decrease was driven by lower research and development, sales and marketing, and general and administrative expenses.
Yehuda said the company’s operating loss improved to approximately $682,000, compared with about $765,000 in the comparable period. Other income was approximately $52,000, relatively stable with $54,000 a year earlier, and was primarily tied to technology demonstration activity and management fees from a joint venture.
Net loss for the quarter was approximately $695,000, compared with approximately $505,000 in the same period last year. Yehuda attributed the change primarily to foreign exchange fluctuations, including appreciation of the Swedish krona and the Israeli shekel against the U.S. dollar, which affected financial income during the quarter.
As of March 31, 2026, Eco Wave Power had approximately $5.3 million in total liquidity, including cash equivalents and short-term bank deposits. Yehuda said the company believes the liquidity position provides “a solid financial foundation” to support operational projects, strategic initiatives and business development activity.
Company Highlights AI-Related Energy Demand
Founder and Chief Executive Officer Inna Braverman said the first quarter was important both operationally and strategically, pointing to the company’s efforts to position its technology within what she described as the growing intersection between artificial intelligence and energy demand.
Braverman said rising AI adoption is increasing the need for reliable electricity for data centers, accelerated computing systems and digital infrastructure, particularly in coastal regions where many population centers and industrial hubs are located. She said Eco Wave Power’s technology is designed to generate renewable energy from existing coastal infrastructure, including breakwaters and piers, which could allow deployment near demand centers without offshore seabed connections 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 digital twin model focused on renewable energy infrastructure, Braverman said. She added that the company was also featured across NVIDIA’s social media channels following the conference.
Braverman also cited a financing round by Panthalassa, a company focused on offshore energy solutions for AI infrastructure, which she said announced a $140 million financing round led by Peter Thiel. She described that development as part of broader market attention on energy infrastructure needs tied to artificial intelligence.
Project Updates Span Israel, U.S. and Europe
Eco Wave Power continued progressing projects in Israel, the United States, Portugal, Taiwan, India and South Africa during the quarter, according to company executives.
In Israel, Braverman said the EWP-EDF One project in Jaffa continued operating as Israel’s first grid-connected wave energy power station. She said the system demonstrated stable performance and strong production during significant wave events in the first quarter.
In the United States, the company completed and submitted its final report for a pilot project at the Port of Los Angeles to Shell Marine Renewable Energy. Braverman said the pilot demonstrated the technical, regulatory and economic feasibility of Eco Wave Power’s nearshore deployment model. The company plans to submit the report results to the Port of Los Angeles and begin discussions about a potential larger-scale implementation on the port’s outer breakwater.
Braverman also noted that Eco Wave Power’s technology was highlighted in a report by the U.S. Department of Energy’s National Renewable Energy Laboratory, which she said emphasized advantages of infrastructure-integrated wave energy systems.
In Portugal, the company continued advancing its 1 megawatt project under a 20 megawatt concession agreement in Porto, including engineering validation and grid connection progress.
Asia, India and South Africa Remain in Focus
In Taiwan, Eco Wave Power continued work on its first Asia-Pacific project in collaboration with I-Ke International Ocean Energy, including localized manufacturing planning and deployment preparation.
In India, the company continued progressing its collaboration with Bharat Petroleum, beginning with site assessment work for a potential pilot installation. Braverman said that based on the latest information received from BPCL, Eco Wave Power currently expects to receive a formal site assessment order during the third quarter of this year.
In South Africa, the company completed a feasibility study at the Port of Ngqura, which indicated approximately 8.3 megawatts of potential installed capacity. Braverman said Eco Wave Power has also initiated discussions with infrastructure developers and data center participants about potential future uses of wave energy in AI-related infrastructure environments.
Management Emphasizes Execution and Capital Discipline
Yehuda said Eco Wave Power remains focused on disciplined capital allocation, project execution and strategic partnerships intended to support long-term commercial goals.
Braverman said the company’s priorities are to continue advancing operational projects, maintain disciplined financial management, deepen strategic partnerships and position Eco Wave Power within next-generation global energy infrastructure.
She contrasted Eco Wave Power’s approach with other emerging energy concepts that may require many years or decades before commercial deployment, saying the company’s technology is built around existing coastal infrastructure and commercially deployable engineering. “We can build wave energy for AI right now and not in decades,” Braverman said.
About Eco Wave Power Global AB (publ) (NASDAQ:WAVE)
Eco Wave Power Global AB (publ) develops and commercializes technology that harnesses the energy of ocean and sea waves to generate electricity. The company’s modular, floating wave energy converters attach to existing maritime structures such as breakwaters and piers, converting vertical wave motion into electrical power through hydraulic systems and generators. This approach is designed to minimize environmental impact while delivering a predictable renewable energy source.
Founded in 2011 by CEO Inna Braverman, Eco Wave Power has secured patent protection for its core wave energy technology and completed its first grid-connected installation in Gibraltar in 2016.
