Eco Wave Power Global AB (publ) (WAVE) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to the Eco Wave Power first quarter 2026 earnings call. (Operator Instructions)

各位大家好。歡迎參加 Eco Wave Power 2026 年第一季財報電話會議。(接線員指示)

It is now my pleasure to turn the floor over to your host, Aharon Yehuda, the CFO of Eco Wave Power. The floor is yours.

現在我很榮幸把會議交給今天的主持人，Eco Wave Power 財務長 Aharon Yehuda。請開始。

Thank you. Good morning, everyone, and thank you for joining Eco Wave Power's first quarter 2026 earnings call.

謝謝。各位早安，感謝各位參加 Eco Wave Power 2026 年第一季財報電話會議。

Turning to our financial results. During the first quarter of 2026, we continued advancing our global project portfolio, while maintaining disciplined cost management across the organization. Operating expenses for the quarter were approximately USD682,000, representing an 11% decrease compared to the first quarter of 2025. The reduction was primarily driven by lower research and development, sales and marketing and general and administrative expenses.

接下來談我們的財務結果。在 2026 年第一季，我們在持續推進全球專案組合的同時，也在全公司維持嚴謹的成本管理。本季營業費用約為 68.2 萬美元，較 2025 年第一季下降 11%。下降主要來自研發、銷售與行銷，以及一般與行政費用的降低。

Research and development expenses decreased to approximately USD140,000 compared to USD181,000 during the same period last year. Sales and marketing expenses were approximately USD71,000 compared to USD77,000 in the prior year period, while general and administrative expenses decreased to approximately USD499,000 from USD539,000 last year.

研發費用降至約 14.0 萬美元，去年同期為 18.1 萬美元。銷售與行銷費用約為 7.1 萬美元，去年同期為 7.7 萬美元；一般與行政費用則由去年的 53.9 萬美元降至約 49.9 萬美元。

Operating loss improved year-over-year, decreasing to approximately USD682,000 compared to USD765,000 during the same period in 2025. Other income remained relatively stable at approximately USD52,000 compared to USD54,000 during the same period last year and was primarily driven from technology demonstration activity as well as management fees for -- from a joint venture.

營業虧損較去年同期改善，降至約 68.2 萬美元，去年同期為 76.5 萬美元。其他收入維持相對穩定，約為 5.2 萬美元，去年同期為 5.4 萬美元，主要來自技術示範活動，以及來自合資企業的管理費。

Net loss for the quarter was approximately USD695,000 compared to approximately USD505,000 during the same period last year. The change was primarily attributable to foreign exchange fluctuation, including the appreciation of the Swedish krona and this new Israeli shekel against the US dollar, which impacted financial income during the quarter.

本季淨虧損約為 69.5 萬美元，去年同期約為 50.5 萬美元。變動主要歸因於外匯波動，包括瑞典克朗與新以色列謝克爾兌美元升值，影響了本季的財務收入。

Importantly, as of March 31, 2026, the company held approximately $5.3 million in total liquidity, including cash, cash equivalents and short-term bank deposits. We believe this provides a solid financial foundation to continue advancing our operational projects, strategic initiatives and business development activities.

重要的是，截至 2026 年 3 月 31 日，公司總流動性約為 530 萬美元，包括現金、約當現金及短期銀行存款。我們相信這為持續推進營運專案、策略性計畫與業務開發活動提供了穩健的財務基礎。

Operationally, the company continued progressing projects across Israel, the United States, in Portugal, in Taiwan, in India and in South Africa during the quarter, while also expanding discussions around potential future applications of wave energy within emerging AI-related energy infrastructure market. As we move forward, we remain focused on disciplined capital allocation, project execution and strategic partnerships designed to support long-term commercial growth.

在營運方面，本季公司持續推進以色列、美國、葡萄牙、台灣、印度及南非等地的專案，同時也擴大就波浪能在新興 AI 相關能源基礎設施市場中的潛在未來應用進行討論。展望未來，我們仍將專注於嚴謹的資本配置、專案執行，以及旨在支持長期商業成長的策略合作夥伴關係。

I will now turn the call over to our Founder and Chief Executive Officer, Inna Braverman.

接下來我將把電話會議交給我們的創辦人兼執行長 Inna Braverman。

Thank you, Aharon, and thank you, everyone, for joining us today. The first quarter of 2026 was an important quarter for Eco Wave Power, both operationally and strategically. During the quarter, we continued advancing our global project portfolio while also positioning Eco Wave Power within one of the most important emerging themes in the global infrastructure market, the rapidly growing intersection between artificial intelligence and energy demand.

謝謝你，Aharon，也謝謝各位今天加入我們。2026 年第一季對 Eco Wave Power 而言，無論在營運或策略上都是重要的一季。本季我們持續推進全球專案組合，同時也讓 Eco Wave Power 站上全球基礎設施市場最重要的新興主題之一：人工智慧與能源需求快速成長的交會點。

As AI adoption accelerates globally, energy availability is increasingly becoming one of the key constraints to scale in next-generation computing infrastructure. Data centers, accelerated computing systems and digital infrastructure require significant amount of reliable electricity, particularly in coastal regions, where many population centers and industrial hubs are located.

隨著 AI 在全球加速採用，能源供給正日益成為下一代運算基礎設施擴張的關鍵限制因素之一。資料中心、加速運算系統與數位基礎設施需要大量且可靠的電力，尤其是在沿海地區，因為許多人口中心與工業樞紐位於沿海。

We believe this creates a compelling long-term opportunity for Eco Wave Power. Our technology is uniquely positioned within this emerging landscape because we generate renewable energy directly from existing coastal infrastructure such as breakwaters and piers, enabling deployment close to demand centers without requiring offshore seabed connection or complex marine construction.

我們相信這為 Eco Wave Power 帶來具吸引力的長期機會。我們的技術在此新興格局中具獨特定位，因為我們可直接利用既有的沿海基礎設施（如防波堤與碼頭）發電，使部署能靠近需求中心，且無需離岸海床連接或複雜的海事施工。

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 future-facing digital twin model focused on the renewable energy infrastructure. Following the conference, Eco Wave Power was also featured across NVIDIA's social media channels. We view this visibility as an indication that the role of energy infrastructure in enabling AI growth is becoming increasingly important globally.

本季，Eco Wave Power 在 NVIDIA 創辦人兼執行長黃仁勳於 NVIDIA GTC 大會的主題演講中亮相，作為聚焦再生能源基礎設施的前瞻性數位孿生模型的一部分。會後，Eco Wave Power 也在 NVIDIA 的社群媒體渠道上獲得曝光。我們認為，這樣的能見度顯示能源基礎設施在促進 AI 成長方面的角色正於全球日益重要。

We are also seeing broader market validation around the intersection of wave energy and AI infrastructure. Recently, Panthalassa, a company focused on offshore energy solutions for AI infrastructure, announced a $140 million financing round led by Peter Thiel.

我們也看到市場對波浪能與 AI 基礎設施交會點的更廣泛驗證。近期，專注於為 AI 基礎設施提供離岸能源解決方案的 Panthalassa 宣布完成由 Peter Thiel 領投的 1.4 億美元融資。

We believe developments like this further demonstrate the increasing importance of scalable energy infrastructure in supporting the future growth of artificial intelligence. Importantly, we remain focused on disciplined execution and real-world deployment. In Israel, our EWP-EDF One project in Jaffa continued operating successfully as Israel's first grid-connected wave energy power station.

我們相信此類發展進一步證明，可擴展的能源基礎設施在支持人工智慧未來成長方面的重要性日益提升。重要的是，我們仍專注於嚴謹的執行與實際部署。在以色列，我們位於雅法的 EWP-EDF One 專案持續成功運轉，作為以色列首座併網的波浪能發電站。

During Q1, the system demonstrated stable performance and strong production during significant wave events. In the United States, we completed and submitted the final report for our pilot project at the Port of Los Angeles to Shell Marine Renewable Energy. The pilot successfully demonstrated the technical, regulatory and economic feasibility of our nearshore deployment model. As next steps, we are planning to submit the results of the Port of LA and -- submit the results of the report to the Port of LA.

在第一季期間，系統在重大浪況事件中展現穩定表現與強勁發電量。在美國，我們已完成並向 Shell Marine Renewable Energy 提交洛杉磯港試點專案的最終報告。該試點成功驗證了我們近岸部署模式在技術、法規與經濟層面的可行性。下一步，我們計畫提交洛杉磯港的成果，並且——將報告結果提交給洛杉磯港。

and enter discussions regarding a potential larger scale implementation on the outer breakwater of the port. We were also pleased to see our technology highlighted in the report issued by the US Department of Energy, National Renewable Energy Laboratory, or NREL, which emphasized the advantages of infrastructure-integrated wave energy systems.

並就於港口外側防波堤進行更大規模的潛在導入展開討論。我們也很高興看到，美國能源部國家再生能源實驗室（NREL）發布的報告中提及並強調了我們的技術，該報告強調了與基礎設施整合之波浪能系統的優勢。

In Portugal, we continued advancing our first megawatt project under the 20-megawatt concession agreement in Porto, including engineering validation and grid connection progress. In Taiwan, we continued advancing our first Asia Pacific project in collaboration with I-Ke International Ocean Energy, including localized manufacturing plan and deployment preparation.

在葡萄牙，我們持續推進波多 20 兆瓦特許協議下的首個 1 兆瓦專案，包括工程驗證與併網進度。在台灣，我們持續推進與 I-Ke International Ocean Energy 合作的首個亞太專案，包括在地化製造計畫與部署準備。

In India, we continued progressing our collaboration with Bharat Petroleum, beginning with site assessment work for a potential pilot installation. Based on the latest information received from BPCL, we currently expect to receive the formal site assessment order during Q3 of this year. And in South Africa, we completed the feasibility study at the Port of Ngqura, indicating approximately 8.3 megawatts of potential installed capacity.

在印度，我們持續推進與 Bharat Petroleum 的合作，首先展開潛在試點裝置的場址評估工作。根據 BPCL 最新提供的資訊，我們目前預期將於今年第三季收到正式的場址評估訂單。在南非，我們完成了恩古拉港（Port of Ngqura）的可行性研究，顯示潛在裝置容量約為 8.3 兆瓦。

At the same time, we have initiated discussions with infrastructure developers and data center participants regarding potential future applications of wave energy within AI-related infrastructure environment. Looking ahead, our priorities remain clear: continue advancing our operational projects, maintain disciplined financial management, deepen strategic partnerships and position Eco Wave Power within the next generation of global energy infrastructure.

同時，我們已與基礎設施開發商及資料中心相關參與者啟動討論，探討波浪能在 AI 相關基礎設施環境中的潛在未來應用。展望未來，我們的優先事項仍然明確：持續推進營運專案、維持嚴謹的財務管理、深化策略合作夥伴關係，並讓 Eco Wave Power 於下一代全球能源基礎設施中取得定位。

The demand of energy driven by artificial intelligence is happening now, and the market is actively searching for scalable solutions that can be deployed within commercially relevant time line. While many emerging concepts being discussed, including advanced nuclear technologies, space-based energy systems or orbital solar collection platforms are technologically fascinating, most are expecting to require many years and in some cases, decades before meaningful commercial deployment.

由人工智慧驅動的能源需求正在發生，市場正積極尋找可在具商業意義的時間軸內部署的可擴展解決方案。雖然目前討論中的許多新興概念——包括先進核能技術、太空基能源系統或軌道太陽能收集平台——在技術上令人著迷，但多數預期仍需多年，某些情況甚至需數十年，才能實現具意義的商業部署。

By contrast, Eco Wave Power's technology is designed around existing coastal infrastructure and commercially deployable engineering, allowing potential implementation time lines measured in months rather than decades. We can build wave energy for AI right now and not in decades. We believe this positions Wave Energy as one of the practical renewable energy solutions capable of helping address the rapidly growing electricity demand of AI infrastructure in coastal markets today.

相較之下，Eco Wave Power 的技術以既有沿海基礎設施與可商業部署的工程為核心設計，使潛在導入時間軸以「數月」而非「數十年」來衡量。我們現在就能為 AI 建置波浪能，而不是在數十年後。我們相信，這使波浪能成為一項務實的再生能源解決方案之一，能在今日沿海市場協助因應 AI 基礎設施快速成長的用電需求。

Thank you again for joining us today.

再次感謝各位今天加入我們。

Thank you, everyone. This does conclude today's conference call. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝各位。今天的電話會議到此結束。您現在可以掛線，祝您有美好的一天。感謝您的參與。