Eco Wave Power Global AB (publ) (WAVE) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Eco Wave Power fourth quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Aharon Yehuda, CFO of Eco Power. You may begin.

各位好。歡迎參加 Eco Wave Power 2025 年第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給本次會議主持人、Eco Power 財務長 Aharon Yehuda。您可以開始。

Good morning, everyone. Thank you for taking the time and joining this conference call. I will begin with a brief overview of our financial performance for 2025. As reflected in our annual report, our financial results primarily reflect a year of continued operational expansion and investment in infrastructure.

各位早安。感謝各位撥冗參加本次電話會議。我將先簡要概述我們 2025 年的財務表現。如我們年報所示，我們的財務結果主要反映了營運持續擴張以及對基礎設施的投資。

During the year, we advanced key strategic projects, most notably the establishment of our US pilots at the Port of Los Angeles, while also progressing additional projects in Europe and in Asia. These activities required increased investment, which is reflected in our operating expenses and net loss, which was approximately USD3.7 million.

在這一年中，我們推進了多項關鍵策略專案，其中最重要的是在洛杉磯港建立我們的美國示範案，同時也推動歐洲與亞洲的其他專案。這些活動需要增加投資，並反映在我們的營業費用與淨損上；淨損約為 370 萬美元。

Importantly, these expenses are directly tied to building the foundation for future commercialization, including engineering, deployment, and project development activities. At the same time, our revenue remains limited and continues to be driven by project timing and milestone recognition, which is typical to a company at our current stage.

重要的是，這些費用與為未來商業化奠定基礎直接相關，包括工程設計、部署以及專案開發等活動。同時，我們的營收仍然有限，並持續受到專案時程與里程碑認列的影響；這對於處於我們目前階段的公司而言屬於常態。

From a liquidity perspective, the company ended the year with approximately USD6.3 million in cash, providing us a solid financial base to support ongoing operations and keep what [is high].

就流動性而言，公司於年底持有約 630 萬美元現金，為我們提供穩健的財務基礎，以支持持續營運並維持我們的[is high]。

Turning to the fourth quarter. Maintaining financial discipline is equally critical at this scale. In Q4, we reduced operating expenses by 24% compared to the previous quarter, with R&D expenses down by 26% and sales and marketing expenses reduced by 32%. This improvement reflects a more efficient cost structure as we transition from pure development into the execution phase of real-world projects.

接著談第四季。在目前的規模下，維持財務紀律同樣至關重要。在第四季，我們的營業費用較前一季降低 24%，其中研發費用下降 26%，銷售與行銷費用降低 32%。這項改善反映出，隨著我們從純研發階段轉向實際專案執行階段，我們的成本結構更有效率。

We believe this is an important milestone. The scaling an energy infrastructure company requires not only technological progress, but also operational and financial efficiency.

我們認為這是一個重要的里程碑。能源基礎設施公司的擴張不僅需要技術進展，也需要營運與財務效率。

In parallel, we are seeing strong validation of the broader market approach. On March 16, 2026, Eco Wave Power was featured in NVIDIA GDC keynotes. But our digital twin technology was presented as part of the application of AI real-world energy.

同時，我們也看到市場策略獲得強力驗證。2026 年 3 月 16 日，Eco Wave Power 於 NVIDIA GDC 主題演講中被提及。我們的數位孿生技術被展示為 AI 在真實世界能源應用的一部分。

Artificial intelligence continues to expand globally, it is driving significant growth in electricity demands, particularly from data centers and high-performance computing infrastructure. Many of these facilities are located in coastal regions where access to scalable and reliable renewable energy is becoming increasingly important.

人工智慧持續在全球擴張，正推動用電需求顯著成長，尤其來自資料中心與高效能運算基礎設施。其中許多設施位於沿海地區，因此取得可擴展且可靠的再生能源變得愈發重要。

We believe our technology is well positioned to contribute to this evolving landscape by enabling clean electricity generation from existing coastal infrastructure near areas of growing energy demand.

我們相信，我們的技術具備良好定位，可透過既有沿海基礎設施，在能源需求成長的區域附近實現潔淨發電，為這一演變中的格局做出貢獻。

Looking ahead, achieving full commercial deployment will require the installation of additional systems at scale. Our projects in Portugal and Taiwan represent the first steps in this direction, and together with our border pipeline form the basis for our transition from pilot projects to larger commercial waste energy elites.

展望未來，要達成全面商業化部署，將需要以規模化方式安裝更多系統。我們在葡萄牙與台灣的專案代表了朝此方向邁出的第一步，並與我們的整體專案管線共同構成從示範專案轉向更大型商業化波浪能部署的基礎。

Overall, we believe the combination of continued project advancement, moving cost discipline and the increasing relevance of renewable energy in the AI era provide a solid foundation for the next phase of goals.

整體而言，我們相信，持續推進專案、加強成本紀律，以及在 AI 時代再生能源重要性日益提升的結合，為下一階段目標奠定了穩固基礎。

I now turn the call over to Inna Braverman, CEO of Eco Wave Power. Inna, you may begin.

接下來我把電話交給 Eco Wave Power 執行長 Inna Braverman。Inna，請開始。

Thank you, Aharon, and good morning, everyone. I'm actually taking this call from NVIDIA's GPC conference where I had the privilege of attending the keynote of NVIDIA's CEO earlier this week. I was truly honored and excited to see Eco Wave Power technology featured during Jensen Huang's keynote and to experience it firsthand, to experience the magnitude of the artificial intelligence industry.

謝謝你，Aharon，各位早安。我目前正在 NVIDIA 的 GPC 大會現場參與本次電話會議，本週稍早我有幸出席 NVIDIA 執行長的主題演講。能在 Jensen Huang 的主題演講中看到 Eco Wave Power 的技術被展示，我感到非常榮幸且興奮；也親身感受到人工智慧產業的規模。

What is very clear here is that AI is not just a technological shift, it is an infrastructure shift, and one of its most critical constraints is energy. The scale of electricity required to support data centers, high performance computing, and AI-driven applications is immense and growing rapidly, creating a significant need for new, reliable, and renewable energy sources.

在這裡非常清楚的是，AI 不僅是技術轉變，更是基礎設施的轉變，而其中最關鍵的限制之一就是能源。支撐資料中心、高效能運算與 AI 驅動應用所需的電力規模極為龐大且快速成長，因而對新的、可靠且可再生的能源來源產生重大需求。

Against this backdrop, 2025 was a year of meaningful progress for Eco Wave Power as we continued advancing the commercialization of our technology and expanding our global project portfolio.

在此背景下，2025 年對 Eco Wave Power 而言是取得實質進展的一年；我們持續推動技術商業化，並擴大全球專案組合。

One of the key milestones was the successful launch of the -- and the completion of the first onshore wave energy pilot project in the United States at the Port of Los Angeles in collaboration with Shell Marine Renewable Energy.

其中一項關鍵里程碑，是在與 Shell Marine Renewable Energy 合作下，於洛杉磯港成功啟動並完成美國第一個岸上波浪能示範專案。

In March 2026, we submitted the final project report confirming that the system achieved its technical and operational objectives.

2026 年 3 月，我們提交了最終專案報告，確認系統達成其技術與營運目標。

Importantly, the project demonstrated that wave energy systems can be safely integrated into existing port infrastructure using conventional onshore construction methods. This provides a clear and validated pathway towards future commercial scale deployment.

重要的是，該專案證明波浪能系統可使用傳統岸上施工方法，安全地整合至既有港口基礎設施中。這為未來商業規模部署提供了清晰且經驗證的路徑。

At the same time, our project at Jaffa port in Israel continued to deliver strong operational performance. The system maintained zero downtime during 2025, generated stable electricity under varying wave conditions, and achieved the highest wave conditions and peak production levels recorded at the site to date. These results provide valuable engineering data and supports the optimization and scaling of our technology.

同時，我們在以色列雅法港的專案持續展現強勁的營運表現。該系統在 2025 年維持零停機時間，在不同浪況下穩定發電，並達成截至目前該場址所記錄的最高浪況與尖峰產量水準。這些成果提供了寶貴的工程數據，並支持我們對技術進行最佳化與擴大規模。

We also made continued progress across our international pipeline. In Portugal, we advanced the development of our first megawatt scale project, including engineering work, wave analysis, and submission of the execution plan. While the port authority is currently conducting structural assessment following a recent storm event, they have reiterated their continued interest in the project and we view this as a part of the natural process of advancing large scale infrastructure.

我們在國際專案管線方面也持續取得進展。在葡萄牙，我們推進了首個兆瓦級專案的開發，包括工程作業、波浪分析以及執行計畫的提交。雖然港務當局目前在近期風暴事件後進行結構評估，但他們重申對該專案的持續興趣；我們也將此視為推進大型基礎設施的自然流程之一。

At the same time, we are maintaining diversified global pipeline, allowing us to continue progressing other opportunities while developments in Portugal are being finalized. In Taiwan, our partners secured a land lease agreement for deployment at [Swao port], and we continued expanding into additional markets including collaboration with BPCL, Bharat Petroleum in India, and the feasibility studies supporting potential 8-megawatt projects in South Africa.

同時，我們維持多元化的全球專案管線，使我們在葡萄牙的開發工作定案期間，仍能持續推進其他機會。在台灣，我們的合作夥伴已取得於 [Swao port] 部署的土地租賃協議；我們也持續拓展至其他市場，包括與印度 BPCL（Bharat Petroleum）的合作，以及支持南非潛在 8 兆瓦專案的可行性研究。

From a financial perspective, as discussed earlier, 2025 reflected a year of investment in growth and infrastructure with a strong focus on advancing real world projects. At the same time, we demonstrated improving cost discipline in the fourth quarter, which is an important step as we transition towards execution and commercialization.

從財務角度來看，如先前所述，2025 年反映了我們在成長與基礎設施上的投資年度，並高度聚焦於推進真實世界專案。同時，我們在第四季展現出成本紀律的改善，這是我們邁向執行與商業化轉型的重要一步。

Looking ahead, we're particularly encouraged by the growing intersection between AI and energy demand. Many of the world's largest data centers are located near coastal population centers where electricity demand is concentrated.

展望未來，我們尤其受到 AI 與能源需求日益交會的趨勢所鼓舞。全球許多最大的資料中心位於沿海人口聚集區附近，而這些地區的用電需求高度集中。

We believe that wave energy deployed on existing coastal infrastructure can play a meaningful role in providing clean, reliable energy close to these demand centers. Reducing reliance on long distance transmission and supporting the next generation of digital infrastructures.

我們相信，部署於既有沿海基礎設施上的波浪能，能在這些需求中心附近提供潔淨且可靠的能源，發揮實質作用。並可降低對長距離輸電的依賴，支持下一代數位基礎設施。

In parallel, we're also advancing our digital capabilities, including the exploration of our wave GBT platform, also digital twin, which is intended to leverage AI and advanced analytics to optimize performance, enable predictive maintenance and improve energy forecasting.

同時，我們也在推進數位能力，包括探索我們的 wave GBT 平台（亦即數位孿生），旨在運用 AI 與先進分析來最佳化效能、實現預測性維護並改善能源預測。

Overall, we believe that the combination of validated technology. Growing global project pipeline, improving cost discipline, and increasing global demand for clean energy driven by AI positions Eco Wave Power well for the next phase of growth. I would like to thank our shareholders, partners and supporters for their continued confidence as we move forward. Thank you.

整體而言，我們相信，經驗證的技術、持續成長的全球專案管線、改善的成本紀律，以及 AI 驅動下全球對潔淨能源需求的提升，使 Eco Wave Power 在下一階段成長中具備良好定位。在我們持續向前之際，我要感謝股東、合作夥伴與支持者的持續信任。謝謝。

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

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。