Eco Wave Power's 2024 Earnings: 22% Topline Growth, Narrowing Operating Losses

Eco Wave Power Global AB (publ) (Nasdaq: WAVE), a leading onshore wave energy technology company, reported its financial results for the nine months ended September 30, 2024, and provided a corporate update on November 21, 2024. The company's earnings report highlighted a 22% increase in topline growth and a significant narrowing of operating losses compared to the previous year.

Key factors contributing to Eco Wave Power's 2024 earnings include:

1. Expansion into new markets: Eco Wave Power successfully entered new markets, such as Taiwan and Portugal, which contributed to its revenue growth. In Taiwan, the company signed a first wave energy project sale agreement with I-Ke International Ocean Energy Co. for a 100KW pilot wave energy project. In Portugal, the company officially kicked off its first megawatt-scale wave energy project in Porto. These new projects brought in additional revenue streams, contributing to the company's topline growth.
2. Increased project activity: Eco Wave Power made significant progress in its existing projects, which also drove revenue growth. In Israel, the EWP-EDF One Project at the Port of Jaffa concluded its first operations and maintenance year with operating expenses (OPEX) amounting to only 3.66% of the CAPEX. In Los Angeles, the company received the final Nationwide federal Permit (NWP) from the U.S. Army Corps of Engineers for its groundbreaking wave energy project at AltaSea's premises in the Port of Los Angeles. These advancements in project development and execution led to increased revenue.
3. Strategic partnerships and investments: Eco Wave Power formed strategic partnerships and secured investments, which helped drive growth. The company signed a co-investment agreement with Shell MRE for its Port of Los Angeles project and received an investment from a major energy company for the same project. These partnerships and investments provided additional funding and resources to support the company's expansion and project development efforts.



Eco Wave Power's strategic partnerships, such as the one with I-Ke International Ocean Energy Co., played a significant role in its financial performance in 2024 and are expected to influence future growth. These partnerships not only brought in revenue for Eco Wave Power but also positioned the company for broader deployment in the Asia Pacific region and expanded its presence in various markets.

In conclusion, Eco Wave Power's 2024 earnings report demonstrated the company's ability to drive growth and narrow operating losses through strategic expansion, increased project activity, and strategic partnerships. As the company continues to execute its dual-fold strategy of increasing its business presence and promoting wave energy as a vital source of renewable energy, investors can expect to see further progress in its financial performance.