Sweden's Eco Wave Power Q3 net loss narrows 47%, operating expenses down 25%
WAVE•Eco Wave Power's third-quarter net loss narrowed 47% year over year to $529,000, while operating expenses fell 25% to $666,000. The company also received its first purchase order from Bharat Petroleum for an India wave energy pilot installation.
1. Quarterly results
Eco Wave Power reported a third-quarter net loss of $529,000, down 47% year over year, and operating expenses of $666,000, down 25%. The company said net financial income reversed a net financial expense in the prior-year quarter, and attributed improved results mainly to lower foreign-exchange losses and disciplined financial management.
2. Project updates
The company received its first purchase order from Bharat Petroleum for an India wave energy pilot installation; a site assessment is expected to finish within four months of the order. It targets starting construction on a 1 MW Portugal project in 2027, pending site readiness, and is in early-stage talks about a potential 60 MW commercial project at the Port of Los Angeles.
