Eco Wave Power Global AB (publ) (WAVE) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Eco Wave Power third quarter 2025 earnings call.

各位好，歡迎參加 Eco Wave Power 2025 年第三季財報電話會議。

(Operator Instructions) And please note, this conference is being recorded

（操作說明）請注意，本次會議正在錄製。

I will now turn the conference over to your host, Mr. Aharon Yehuda, CFO of Eco Wave Power. Sir, the floor is yours.

現在我將把會議交給主持人先生。Eco Wave Power 的財務長 Aharon Yehuda。先生，請您發言。

Thank you. Good morning, and thank you everyone for joining Eco Wave Power's Q3 2025 earning 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 developments.

謝謝。早安，感謝各位參加Eco Wave Power 2025年第三季財報電話會議。我是公司財務長阿哈龍·耶胡達。首先，我將簡要概述我們的財務業績，然後由我們的執行長 Isna Braverman 討論營運進展和策略發展。

For the nine months ended September 30, 2025, operating expenses totaled USD2.48 million, reflecting continued investment in our US, our Portugal, and Asia projects, all of which are critical to our long-term commercial format. R&D expenses rose to USD591,000, supporting engineering efforts and new project development. Sales and marketing expenses increased to USD293,000, primarily driven by the successful launch of our US pilot project at the Port of Los Angeles in September.

截至2025年9月30日的九個月內，營運支出總計248萬美元，反映了我們對美國、葡萄牙和亞洲項目的持續投資，這些項目對我們的長期商業模式至關重要。研發支出增至59.1萬美元，用於支持工程研發及新項目開發。銷售和行銷費用增加至 293,000 美元，主要原因是我們在 9 月於洛杉磯港成功啟動了美國試點計畫。

General and administrative expenses totaled USD1.61 million, reflecting staffing, professional fees, and other operational costs to support our expanding footprint. As a result, net loss for the nine months increased to [$2.89 million], primarily due to higher operating expenses and foreign exchange impact.

一般及行政費用總計161萬美元，主要包括人員配備、專業服務費及其他營運成本，以支援我們不斷擴大的業務規模。因此，前九個月的淨虧損增至289萬美元，主因是營運費用增加和匯率波動的影響。

On a quarter over quarter basis, we achieved meaningful improvements in efficiency and financial discipline. Our net loss declined 28% to USD996,000, driven by targeted investment and bigger cost and tighter cost management. R&D expenses decreased by 12% and G&A by 5%, demonstrating efficiency gain across all functions.

與上一季相比，我們在效率和財務紀律方面取得了顯著進步。由於有針對性的投資以及更嚴格的成本控制，我們的淨虧損下降了28%，至99.6萬美元。研發費用下降了12%，一般及行政費用下降了5%，顯示所有職能部門的效率均有所提升。

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.

其他收入幾乎翻了一番，財務支出下降了 81%，主要得益於外匯損失的減少，這進一步鞏固了我們的財務狀況。本季末，我們擁有 685 萬美元的穩健現金儲備，為實現近期里程碑、推進專案建設以及支持全球擴張提供了必要的資源。

These results underscored our disciplined financial approach, balancing gold 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, reliable, and cost-effective waste energy solutions.

這些成果凸顯了我們嚴謹的財務策略，在黃金投資和效率之間實現了平衡。隨著我們不斷發展，全球湧現眾多創收機會。隨著人工智慧、資料中心和製造業等能源密集產業的快速成長，全球電力需求加速攀升，Eco Wave Power憑藉其優勢，能夠提供可擴展、可靠且經濟高效的廢棄物能源解決方案。

The investments this quarter in the US, 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.

本季在美國、葡萄牙、台灣和印度的投資，為在這些擁有數百億美元再生能源潛力的市場進行長期商業部署和收入成長奠定了基礎。

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

最後，《時代》雜誌將我們的產品評為2025年最佳發明之一，加上美國國家媒體對我們專案啟動的報道，進一步鞏固了我們技術、品牌以及在波浪能創新領域領先地位的優勢。憑藉著雄厚的資金實力、嚴謹的管理以及日益增長的全球知名度，Eco Wave Power正以強勁的勢頭邁入商業化的下一階段。

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

現在我將電話交給我們的執行長伊娜·布雷弗曼，讓她分享更多關於我們專案、進度和策略舉措的資訊。

Thank you, Aharon, and good morning, everyone. The third quarter of 2025 has been one of the most exciting and defining periods in Eco Wave Power's history. We've reached major milestones that 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 US project at the Port of Los Angeles. This marks a turning point, not only for Eco Wave Power, but for the entire wave energy industry.

謝謝你，亞倫，大家早安。2025 年第三季是 Eco Wave Power 歷史上最令人興奮、最具決定性的時期之一。我們取得了重大里程碑式的成就，不僅驗證了我們的技術，也鞏固了我們作為波浪能領域全球領導者的地位。本季最引人注目的無疑是我們在洛杉磯港啟動的首個美國計畫。這不僅對Eco Wave Power而言是一個轉捩點，對整個波浪能產業來說也是如此。

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.

我們在洛杉磯港的裝置獲得了全國性的關注，包括《早安美國》的報道，以及被《時代》雜誌評為2025年最佳發明之一。這種程度的關注反映了世界對波浪能的接受程度，以及我們在將其從概念變為現實方面取得的巨大進步。

The project also showcases the reliability and scalability of our patented floaters while highlighting our deep commitment to collaboration and community. We were proud to work with AltaSea, Shell 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.

該專案也展示了我們專利浮子的可靠性和可擴展性，同時突顯了我們對合作和社區的堅定承諾。我們很榮幸能與 AltaSea、殼牌海洋再生能源計畫以及幾家小型家族企業和女性企業合作，這種合作模式真正代表了清潔創新應有的樣子——可持續、包容和有影響力。

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.

在美國以外，我們的國際擴張仍在全速進行。在台灣，我們與宜科國際海洋能源公司的合作促成了首個波浪能測試的商業港口招標，為在亞洲的長期部署機會鋪平了道路。

In India, our collaboration with Bharat Petroleum gives us a foothold in one of the world's largest and most promising clean energy markets. And in Europe we're preparing for Portugal's first megawatt scale wave energy plant fully aligned with the country's renewable energy roadmap and the EU's ambitious decarbonisation goals.

在印度，我們與印度石油公司（Bharat Petroleum）的合作使我們得以在世界最大、最有前途的清潔能源市場之一站穩腳跟。在歐洲，我們正在為葡萄牙首個兆瓦級波浪能發電廠做準備，該發電廠完全符合該國的可再生能源路線圖和歐盟雄心勃勃的脫碳目標。

Back home in Israel, our EWP-EDF One project in Jaffa Port continues to strengthen our R&D capabilities, enabling advanced testing, colibration, and performance optimization that feeds directly into all future deployments. Meanwhile, in Africa, we're advancing feasibility studies and laying the groundwork for the continent's emerging marine energy sector.

回到以色列，我們在雅法港的 EWP-EDF One 專案繼續加強我們的研發能力，實現先進的測試、校準和性能優化，直接應用於所有未來的部署。同時，在非洲，我們正在推動可行性研究，為非洲大陸新興的海洋能源產業奠定基礎。

From a financial standpoint, we're proud to be growing from a position of strength and discipline. We entered 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 US launch.

從財務角度來看，我們很自豪能夠憑藉雄厚的實力和嚴謹的紀律實現成長。本季開始，我們擁有 685 萬美元的現金和短期存款，為繼續執行我們的全球擴張計畫奠定了堅實的基礎。與第二季相比，營運費用略微增加了約 65,000 美元。這些是有針對性的投資，旨在支持我們正在進行的專案以及圍繞美國市場推出的策略行銷。

Importantly, our net loss decreased by 28% quarter over quarter, reflecting improved efficiency and discipline 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.

值得注意的是，我們的淨虧損環比下降了28%，這反映出我們提高了效率並加強了成本管理。此外，我們的財務費用下降了81%，這主要得益於外匯損失的減少，這清楚地表明，隨著我們國際業務的拓展，我們的財務控制措施正在有效發揮作用。

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 gap.

展望未來，我們看到生態波浪能擁有無比光明的前景。受人工智慧、資料中心和先進製造業興起的推動，全球電力需求正以前所未有的速度成長。這種需求的激增需要新的、可靠的、再生能源，而波浪能恰好能夠填補這一空白。

It's clean, consistent, and can operate 24/7, complementing solar and wind 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.

它清潔、穩定，並且可以全天候運行，與太陽能和風能互補，形成平衡且具有韌性的能源結構。 Eco Wave Power 技術不僅是環保解決方案。這是對世界迫切需要清潔、充足且經濟實惠的電力的策略性回應。我們為所取得的成就感到自豪，也對未來充滿期待。

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.

感謝各位股東、合作夥伴和員工一直以來的信任與支持。我們攜手打造的不僅是一家公司，而是再生能源領域的新紀元。謝謝。

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.

謝謝各位女士、先生。今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。