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Eco Wave Power Global (WAVE)
NASDAQ:WAVE
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Eco Wave Power Global
(NASDAQ:WAVE)
Rating:48Neutral
Price Target:
$6.00
▼(-2.44%Downside)
Positive Factors
Clean Energy Projects
WAVE will successfully finish clean energy projects currently under development by using proprietary equipment and technology to generate electricity from ocean and sea waves.
Partnerships
WAVE started a partnership in February with Bharat Petroleum Corporation in India for a site-assessment study and a pilot project at an oil terminal in Mumbai.
Negative Factors
Financial Performance
WAVE reported 1Q25 results including no revenue and EBITDA loss of ($0.8M) both roughly in-line with our estimates.
Eco Wave Power Global (WAVE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.34M
Dividend YieldN/A
Average Volume (3M)18.89K
Price to Earnings (P/E)―
Beta (1Y)-1.04
Revenue Growth-46.17%
EPS Growth-18.67%
CountryUS
Employees12
SectorUtilities
Sector Strength71
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.09
Shares Outstanding5,841,731
10 Day Avg. Volume25,664
30 Day Avg. Volume18,886
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)0.55
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap-0.04
Enterprise Value/Revenue-1.50
Enterprise Value/Gross Profit-11.00
Enterprise Value/Ebitda0.17
Forecast
1Y Price Target
$15.00Price Target Upside143.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Eco Wave Power Global Business Overview & Revenue Model
Company DescriptionEco Wave Power Global AB (publ), a wave energy company, engages in the development of a wave energy conversion (WEC) technology that converts ocean and sea waves into clean electricity. It also operates a grid-connected wave energy array in Gibraltar under a power purchase agreement with the Government of Gibraltar and Gibraltar's National Electric Company. The company also holds various agreements comprising power purchase agreements, concession agreements, and other agreements worldwide with pipeline of projects with approximately 327.7 megawatts. It has operations in Sweden, Israel, Portugal, China, Gibraltar, Australia, and Mexico. 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 MoneyEco Wave Power Global makes money primarily through the sale and licensing of its wave energy conversion technology. The company generates revenue by installing its systems in various locations and entering into power purchase agreements (PPAs) with utility companies and other entities interested in utilizing renewable energy. Additionally, Eco Wave Power Global may engage in joint ventures or partnerships with governments and private enterprises to expand its reach and implement its technology in new markets. The company's ability to secure funding and grants for clean energy projects also plays a crucial role in its financial strategy.
Eco Wave Power Global Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 1.15%|
Next Earnings Date:Aug 14, 2025
Earnings Call Sentiment Positive
Eco Wave Power's Q1 2025 earnings call highlights a period of strategic project advancements and partnerships, despite some increases in operating expenses and a decrease in cash reserves. The overall sentiment leans positive, with significant progress in project development and successful testing outcomes.Q1-2025 Updates
Positive Updates
Reduction in Net Loss
Eco Wave Power recorded a net loss of U.S.$505,000 in Q1 2025, an improvement from U.S.$527,000 in the same period last year, reflecting cost discipline efforts.
Advancements in Los Angeles and Portugal Projects
Significant progress in the Los Angeles project with a manufacturing agreement for floaters and engineering design finalization for the 20-megawatt concession in Portugal.
Successful Testing in Israel
The EWP-EDF 1 installation at Jaffa Port logged zero downtime and demonstrated consistent performance, validating design and guiding future R&D.
Strategic Partnerships in India and Taiwan
Progress in partnerships with Bharat Petroleum in India and I-Ke International Ocean Energy in Taiwan, moving towards contract execution.
Formation of Advisory Board
Established an advisory board and welcomed Hilary Ackermann, enhancing governance and strategic direction.
Negative Updates
Increase in Operating Expenses
Operating expenses increased to U.S.$765,000 from U.S.$659,000 in Q1 2024, mainly due to project-related growth.
Decrease in Cash and Short-term Deposits
Cash and short-term deposits decreased to U.S.$8.8 million from U.S.$9.3 million at year-end 2024, attributed to project spending.
Company Guidance
During the Eco Wave Power First Quarter 2025 Earnings Call, the company reported a net loss of $505,000, reflecting a 4.2% improvement compared to the same period last year. Operating expenses increased to $765,000, primarily due to engineering and execution work in Los Angeles and Portugal, although enhanced net financing income helped offset these costs. The company ended the quarter with $8.8 million in cash and short-term deposits, down from $9.3 million at the end of 2024, attributed to development spending across various regions, including India and Taiwan. Key advancements included a floaters manufacturing agreement in Los Angeles with All-Ways Metal expected to conclude by the end of Q2, and finalized engineering designs for a 20-megawatt project in Portugal. In Israel, the EWP-EDF 1 installation demonstrated robust performance, achieving an average power output of 13 kilowatts with peak production at 40 kilowatts, supporting projections of increased output with system scaling. The company also formed an advisory board, welcoming Hilary Ackermann as its first member to bolster strategic direction and governance.Eco Wave Power Global Financial Statement Overview
Summary
Eco Wave Power Global faces considerable financial challenges, with consistent losses and negative cash flows. While the equity base is strong and leverage is low, declining revenue and persistent cash flow issues weigh heavily on the financial performance.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.30
Negative
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.60
Neutral
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.40
Negative
| 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 | -2.03M | -1.92M | -1.62M | -2.61M | -2.92M | -1.79M |
| Net Income | -2.06M | -2.08M | -1.71M | -2.14M | -2.40M | ― |
Balance Sheet | ||||||
| Total Assets | 10.22M | 10.68M | 10.01M | 11.92M | 16.65M | 12.68M |
| Cash, Cash Equivalents and Short-Term Investments | 8.58M | 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 | 2.54M | 2.38M | 2.21M | 2.04M | 1.91M | 1.90M |
| Stockholders Equity | 7.86M | 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 | ― |
| Operating Cash Flow | 0.00 | -1.82M | -2.60M | -2.46M | -2.53M | ― |
| Investing Cash Flow | 0.00 | 2.93M | 1.22M | -5.30M | -130.00K | ― |
| Financing Cash Flow | 0.00 | 2.58M | -81.00K | -320.00K | 7.86M | ― |
Eco Wave Power Global Technical Analysis
Neutral
6.15
Price Trends
6.03
Positive
6.70
Negative
7.77
Negative
Market Momentum
-0.01
Negative
58.56
Neutral
93.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WAVE, the sentiment is Neutral. The current price of 6.15 is above the 20-day moving average (MA) of 5.76, above the 50-day MA of 6.03, and below the 200-day MA of 7.77, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 58.56 is Neutral, neither overbought nor oversold. The STOCH value of 93.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for WAVE.
Eco Wave Power Global Risk Analysis
Eco Wave Power Global disclosed 69 risk factors in its most recent earnings report. Eco Wave Power Global reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Potential tariffs could adversely affect the Company's business and financial results. Q4, 2024
Eco Wave Power Global Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | C$4.83B | -11.88 | -12.21% | 4.52% | 11.13% | -68.91% | |
51 Neutral | $101.97M | ― | -82.96% | ― | -86.10% | -49.68% | |
48 Neutral | $36.34M | ― | -27.32% | ― | -46.17% | -18.67% | |
40 Underperform | $5.59M | ― | -771.66% | ― | -14.80% | 55.41% | |
38 Underperform | $4.83M | ― | -1134.77% | ― | ― | ― | |
32 Underperform | $7.11M | ― | -335.00% | ― | ― | ― | |
31 Underperform | $5.66M | ― | -1.94% | ― | ― | -91.89% |
* Utilities Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.