- Eco Wave Power (WAVE, Financial) reduced net loss by 4.2% in Q1 2025 compared to Q1 2024.
- Secured final permits and began construction of the Port of Los Angeles project.
- Expanded into Asian markets with partnerships in India and Taiwan.
Eco Wave Power (NASDAQ: WAVE) has reported a promising start to 2025, reducing its net loss by 4.2% compared to the first quarter of 2024 and maintaining a robust cash position of $8.8 million. The company has strategically expanded its wave energy projects across four continents, showcasing a blend of financial discipline and innovative growth.
Among the significant developments, Eco Wave Power successfully secured the final regulatory permits for its pioneering wave energy project at the Port of Los Angeles. This marks the company's first U.S. wave energy installation, with the construction of floaters already underway in partnership with All-Ways Metal, a local woman-owned business. The project is expected to be operational by the end of Q2 2025.
In Portugal, the company has progressed with its first megawatt-scale project by submitting the final execution plans. This project is anticipated to become operational in 2026, marking a vital transition from demonstration to commercial utility within Europe.
Eco Wave Power also made significant strides in Asia, forming strategic partnerships with Bharat Petroleum Corporation Limited in India for a pilot project in Mumbai and with Taiwan's I-Ke International for a 100KW installation. This expansion into Asia opens up significant potential given the substantial untapped wave energy resources in these regions.
The EWP-EDF One project in Israel continues to perform strongly, reporting zero downtime in the first quarter of 2025 and achieving an average power output of 13% of installed capacity, with peaks reaching 40Kw. This project is serving as a crucial R&D platform to further enhance the company's technology for commercial scalability.
Operating expenses for Q1 2025 totaled $765,000, reflecting an increase of $106,000 from the previous year due to investments in R&D and global project expansion. However, the company continues to manage its finances effectively, ensuring sustained growth and development.
