Eco Wave Power Global (WAVE) AI Stock Analysis

• Market Cap: $29.50M
• Dividend Yield: N/A
• Average Volume (3M): 31.32K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.68
• Revenue Growth: -40.99%
• EPS Growth: -46.52%
• Country: US
• Employees: 12
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): -0.17
• Shares Outstanding: 5,841,731
• 10 Day Avg. Volume: 35,762
• 30 Day Avg. Volume: 31,317
• PEG Ratio: -1.44
• Price to Book (P/B): 7.21
• Price to Sales (P/S): 363.19
• P/FCF Ratio: -32.98
• Enterprise Value/Market Cap: 0.82
• Enterprise Value/Revenue: 144.77
• Enterprise Value/Gross Profit: 193.03
• Enterprise Value/Ebitda: -10.53
• 1Y Price Target: $15.00
• Price Target Upside: 207.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $5.00 ▲(2.46% Upside)

The score is primarily weighed down by weak financial performance (ongoing net losses, negative operating/free cash flow, and declining revenue), partially offset by a comparatively solid balance sheet with low leverage and a strong equity base. Technicals remain generally bearish with the stock below key longer-term moving averages and a negative MACD, while valuation is difficult to support given negative earnings and no dividend yield data.

Positive Factors

Low leverage / strong equity base

A low debt-to-equity ratio and high equity ratio provide durable financial flexibility, reducing refinancing risk and enabling project financing or partner-funded deployments. This balance-sheet strength supports multi-year project development cycles and long lead-time capital projects.

High gross margin

A 75% gross margin indicates the core technology and delivery model can capture substantial value per unit of electricity produced. Structurally strong unit economics mean that once scale and revenues grow, the company has a clearer path to converting margins into sustainable operating profitability.

Progress toward commercial-scale projects

Moving from planning to an execution plan for a 1 MW Porto installation and securing grid milestones represents de-risking of a first megawatt-scale project. Successful delivery and grid integration would validate scalability and strengthen licensing, offtake and partnership prospects over the coming years.

Negative Factors

Persistent negative cash flow and losses

Multi-year negative operating and free cash flows indicate ongoing funding needs and an inability to self-finance growth. Over 2–6 months this structural cash deficit increases reliance on external capital, risking dilution, constrained project execution, or delayed commercialization milestones.

Declining revenue trend

A steep year-over-year revenue decline undermines scale economics and slows the path to positive operating leverage. Continued revenue contraction makes it harder to absorb fixed costs and convert strong gross margins into EBIT, extending the timeline to sustainable profitability.

Limited scale and shrinking asset base

A small workforce and reported declines in assets and equity point to limited operational scale and resource constraints. For a capital- and asset-intensive sector, this raises execution risk on multiple simultaneous projects and increases dependency on partners for deployment and O&M capabilities.

Eco Wave Power Global Business Overview & Revenue Model

Company Description

Eco Wave Power Global AB (publ), a wave energy company, develops a wave energy conversion (WEC) technology that converts ocean and sea waves into clean electricity. The company also holds various agreements, including power purchase agreements, concession agreements, and other agreements worldwide with pipeline of projects with approximately 404.7 megawatts, as well as letters of intent. It operates in the United States, Taiwan, Sweden, Israel, Portugal, Mexico, and internationally. The company was formerly known as EWPG Holding AB (publ) and changed its name to Eco Wave Power Global AB (publ) in June 2021. Eco Wave Power Global AB (publ) was founded in 2011 and is headquartered in Tel Aviv-Yafo, Israel.

How the Company Makes Money

Eco Wave Power generates revenue primarily through the deployment and operation of its wave energy projects. The company earns money by selling the electricity produced from its wave energy converters, typically under Power Purchase Agreements (PPAs) with utility companies or other energy buyers. Additionally, WAVE may receive government incentives and subsidies aimed at promoting renewable energy technologies. Significant partnerships with governmental bodies, energy firms, and research institutions also contribute to the company's revenue model by facilitating project funding and development opportunities.

Eco Wave Power Global Financial Statement Overview

Summary

Overall fundamentals are pressured by persistent losses and negative operating/free cash flow. The balance sheet is a relative strength with low leverage (debt-to-equity 0.16) and a high equity ratio (79.2%), but revenue declined from 2023 to 2024 and profitability remains negative despite a strong gross margin (75% in 2024).

Income Statement

Eco Wave Power Global's income statement shows weak profitability with negative net income consistently over the years. Gross profit margin is healthy at 75% in 2024, but the company struggles with EBIT and EBITDA margins, both negative. The revenue growth rate from 2023 to 2024 is negative, indicating a decline in sales.

Balance Sheet

The balance sheet reflects a relatively stable financial position with a moderate debt-to-equity ratio of 0.16 in 2024, indicating low leverage. The equity ratio is robust at 79.2%, suggesting a strong equity base. However, declining total assets and stockholders' equity over the years may be concerning.

Cash Flow

Cash flow analysis reveals challenges with negative operating and free cash flows over multiple years. The free cash flow growth rate is positive from 2023 to 2024, but the company still reports negative free cash flow. The operating cash flow to net income ratio is negative, highlighting inefficiencies in cash generation from core operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	168.00K	168.00K	306.00K	26.00K	31.00K	0.00
Gross Profit	126.00K	126.00K	247.00K	4.00K	4.00K	0.00
EBITDA	-2.31M	-1.92M	-1.65M	-2.64M	-2.05M	-423.26K
Net Income	-2.96M	-2.08M	-1.71M	-2.90M	-2.35M	-424.35K
Balance Sheet
Total Assets	9.37M	10.68M	10.01M	11.92M	16.65M	12.68M
Cash, Cash Equivalents and Short-Term Investments	7.74M	9.10M	8.38M	10.29M	14.62M	10.72M
Total Debt	1.39M	1.34M	1.20M	1.24M	1.36M	1.41M
Total Liabilities	2.46M	2.38M	2.21M	2.04M	1.91M	1.90M
Stockholders Equity	7.09M	8.46M	7.95M	9.87M	14.73M	10.78M
Cash Flow
Free Cash Flow	0.00	-1.85M	-2.61M	-2.46M	-2.54M	-2.56M
Operating Cash Flow	0.00	-1.82M	-2.60M	-2.46M	-2.53M	-2.36M
Investing Cash Flow	0.00	2.93M	1.22M	-5.30M	-130.00K	-145.07K
Financing Cash Flow	0.00	2.58M	-81.00K	-320.00K	7.86M	-108.01K

Eco Wave Power Global Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WAVE, the sentiment is Negative. The current price of 4.88 is below the 20-day moving average (MA) of 5.57, below the 50-day MA of 6.12, and below the 200-day MA of 7.01, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 23.78 is Positive, neither overbought nor oversold. The STOCH value of 17.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WAVE.

Eco Wave Power Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
WAVE	45 Neutral	$29.50M	-8.34	-54.43%	―	-40.99%	-46.52%
VGAS	43 Neutral	$85.54M	-5.32	-21.33%	―	―	23.66%
BNRG	42 Neutral	$1.55M	-0.05	-327.21%	―	―	―
HTOO	39 Underperform	$6.17M	-0.23	-125.98%	―	―	―
CREG	31 Underperform	$23.93M	-0.54	-2.66%	―	―	-50.02%

Eco Wave Power Global Corporate Events

Eco Wave Power Advances 1 MW Wave Energy Project in Porto With Execution Plan and Metocean Study

On January 15, 2026, Eco Wave Power Global announced further progress on its 1 MW wave energy project in Porto, Portugal, the first megawatt-scale installation under its 20 MW concession with port authority APDL. Working with Netherlands-based MetOcean Consult, the company completed a detailed wave and loads assessment for the Barra do Douro breakwater, confirming favorable conditions for its new floater technology, and on January 8, 2026 submitted a full execution plan to APDL, signaling a shift from planning toward construction. The Porto project, which has already secured key grid connection milestones with national distributor E-REDES and targets grid connection in 2026 subject to regulatory approvals, will be built within the existing “Gallery” breakwater structure and is intended to help integrate wave power into Portugal’s renewable mix, reinforcing Eco Wave Power’s positioning as a leading developer of scalable, onshore marine energy infrastructure.

The most recent analyst rating on (WAVE) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Eco Wave Power Global stock, see the WAVE Stock Forecast page.

Eco Wave Power Highlights Strong December Output at Jaffa Port Pilot, Underscoring Commercial Potential

On January 12, 2026, Eco Wave Power Global reported that its EWP-EDF One pilot project at Jaffa Port, Israel, delivered strong operational performance in December 2025, producing more than 2,000 kWh of electricity over roughly 12 days of moderate wave conditions while maintaining zero downtime since the start of 2025 in waves of one metre and above. The results, which confirm robust, reliable output from a small-scale array, bolster the case for scaling the firm’s proprietary onshore wave technology to larger, commercial projects and underscore Eco Wave Power’s broader strategy of moving wave energy toward commercialisation, supported by its growing international footprint that includes a recently inaugurated project at AltaSea in the Port of Los Angeles and ongoing developments in Taiwan, India and Portugal.

The most recent analyst rating on (WAVE) stock is a Sell with a $6.50 price target. To see the full list of analyst forecasts on Eco Wave Power Global stock, see the WAVE Stock Forecast page.

Eco Wave Power Global Achieves Historic U.S. Launch and Global Milestones in Q3 2025

On November 12, 2025, Eco Wave Power Global announced significant achievements in Q3 2025, including the launch of its first U.S. project at the Port of Los Angeles and strategic advancements in Europe, Asia, and Africa. The U.S. project, developed in collaboration with AltaSea and Shell Marine Renewable Energy, marks the first onshore wave energy installation in the U.S. and aligns with California’s climate policies. The company’s technology was recognized by TIME as one of the Best Inventions of 2025, highlighting its impact on renewable energy. Additionally, Eco Wave Power expanded its international footprint with projects in Taiwan, India, and Portugal, and continued R&D efforts in Israel, positioning itself as a key player in the global wave energy sector.

The most recent analyst rating on (WAVE) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Eco Wave Power Global stock, see the WAVE Stock Forecast page.