에코 웨이브 파워(WAVE) 2026년 2분기 실적 발표 컨퍼런스 콜: 순손실 축소, 유동성 840만 달러 달성

핵심 요약

• 에코 웨이브 파워(Eco Wave Power)의 2026년 6월 30일로 끝난 6개월간 영업비용은 연구개발(R&D) 비용 감소에 힘입어 전년 동기 대비 약 9% 감소한 145만 달러를 기록했습니다.
• 순손실은 189만 달러에서 약 12% 축소된 167만 달러를 기록했으며, 순금융손실은 주로 환율 변동의 영향으로 27% 감소한 22만 1,000달러를 기록했습니다.
• 회사는 미국예탁증서(ADS)당 10달러에 400만 달러 규모의 등록 직접 공모를 완료한 후 6월 말 기준 약 840만 달러의 총유동성을 확보하며 분기를 마감했습니다.
• 야파항에 위치한 EWP-EDF One 발전소는 전력구매계약(PPA)에 따라 이스라엘 국가 전력망에 전력을 공급하는 한편, 2025년 초부터 무정지 운영을 유지해 오고 있습니다.
• 에코 웨이브 파워는 포르투갈에서 첫 메가와트(MW)급 설비 설치 준비를 이어갔으며, 대만, 인도, 미국에서 프로젝트를 진척시켰습니다.
• 경영진은 파력 발전 시스템의 효율성과 확장성을 개선하기 위한 핵심 도구로 AI 기반 모니터링, 디지털 트윈, 예측 정비 및 성능 최적화를 꼽았습니다.

주요 재무 데이터

유럽 그린딜의 일리아드 컨소시엄(ILIAD Consortium) 및 이노베이트 UK(Innovate UK) 등을 포함한 프로그램의 보조금 지원은 약 56.8% 증가했습니다.

2026년 6월 30일 기준 총유동성은 약 840만 달러로, 약 815만 달러의 현금 및 현금성 자산과 25만 달러의 제한된 단기 은행 예금으로 구성되었습니다. 현금은 2026년 3월 31일 대비 약 58% 증가했습니다.

6월 자금 조달에서는 직전 나스닥 종가 대비 10.7% 프리미엄이 붙은 주당 10달러에 ADS 40만 주를 매각하여 400만 달러를 조달했습니다. 투자자는 또한 직전 종가 대비 32.9% 프리미엄인 행사가격 12달러에 최대 30만 주의 ADS를 매수할 수 있는 워런트를 받았습니다.

사업 및 운영 성과

이스라엘

야파항의 전력망 연계형 EWP-EDF One 프로젝트는 해양 파도로 전력을 계속 생산하여 이스라엘 국가 전력망으로 송전했습니다. 경영진은 해당 발전소가 2025년 초부터 무정지 운영을 유지하며 실제 해양 조건에서 운영 데이터를 생성하고 있다고 밝혔습니다.

이 부지는 AI 통합, 디지털 트윈, 예측 정비 및 에너지 생산 최적화 개발에도 활용되고 있습니다. 상반기 이후 이스라엘 에너지기반시설부와 이스라엘 혁신청은 파력 에너지 및 AI 기반 해양 에너지 관리를 포함하는 600만 신셰켈(ILS) 규모의 2차 블루텍(Blue-Tech) 에너지 이니셔티브를 발표했습니다.

미국

에코 웨이브 파워는 알타시(AltaSea) 및 셸 마린 리뉴어블 에너지(Shell Marine Renewable Energy)와 함께 추진한 로스앤젤레스항 시범 프로젝트의 최종 보고서를 작성하여 제출했습니다. 회사는 이번 프로젝트를 통해 미국 시장에서 기술적, 운영적, 규제적, 경제적 경험을 확보했다고 설명했습니다.

이 시스템은 해상 해저 설치 없이 방파제, 돌제, 잔교, 항구 등 기존 연안 기반 시설에 설치되도록 설계되었습니다. 에코 웨이브 파워와 로스앤젤레스 프로젝트는 파력 및 조류 에너지 개발에 관한 캘리포니아주 상원 법안 605(Senate Bill 605) 입법 과정에서도 언급되었습니다.

포르투갈

바하 두 도우루(Barra do Douro) 방파제에서는 에코 웨이브 파워의 향후 설치를 위해 지정된 기반 시설을 포함한 보강 공사가 진행 중입니다. 회사는 또한 프로젝트 실행에 참여할 것으로 예상되는 포르투갈 하도급업체들과 협의를 진행하고 있습니다.

경영진은 포르투 프로젝트를 메가와트급 설치로 진입하는 회사의 첫 행보로 설명하며, 이 프로젝트에서 얻은 경험이 더 큰 규모의 상업적 도입을 지원할 수 있다고 밝혔습니다.

대만 및 인도

대만에서는 파트너사인 아이케 인터내셔널 오션 에너지(I-Ke International Ocean Energy)가 수아오항에서 연장 옵션이 포함된 5년 기한의 토지 임대차 계약을 확보했습니다. 토지 사용권 이전 신청이 제출되었으며, 필요한 작업 허가는 현재 2026년 10월까지 발급될 것으로 예상됩니다. 이 프로젝트에는 회사의 턴키 방식 전환 시스템과 함께 현지에서 제조된 에코 웨이브 파워 부표(floater)가 사용될 예정입니다.

인도에서 에코 웨이브 파워는 바라트 페트롤리엄(Bharat Petroleum Corporation)과의 협력을 진척시키고 있습니다. 이번 작업은 부지 평가 연구부터 시작될 예정이며, 향후 바라트 페트롤리엄의 뭄바이 석유 터미널에 시범 설비를 설치하는 단계로 진전될 가능성이 있습니다.

인공지능(AI)

에코 웨이브 파워의 기술은 2026년 두 차례의 엔비디아(NVIDIA) 기조연설 발표에 등장했으며, 에코 웨이브 파워 미국 법인은 엔비디아 인셉션(NVIDIA Inception) 프로그램에 가입했습니다. 엔비디아는 자사 기업 블로그를 통해 에코 웨이브 파워의 엔비디아 옴니버스(NVIDIA Omniverse) 라이브러리, AI 인프라 및 디지털 트윈 활용 사례를 소개하기도 했습니다.

경영진은 두 가지 AI 관련 우선 과제를 제시했습니다. 이는 파력 발전 시스템의 모니터링, 유지보수, 최적화를 개선하는 것과, 증가하는 연안 데이터 센터 및 디지털 인프라의 전력 수요를 충족하는 데 있어 파력 에너지의 잠재적 역할을 모색하는 것입니다. 회사는 파력 에너지가 여전히 자사의 핵심 기술임을 강조했습니다.

리스크 및 주요 관전 포인트

• 포르투갈 설치 프로젝트는 방파제 보강 공사, 하도급업체 조율 및 프로젝트 현장에서의 실행 여부에 계속 의존하고 있습니다.
• 대만 프로젝트의 다음 단계는 토지 사용권 이전 및 2026년 10월까지로 예정된 필요한 작업 허가 취득 여부에 달려 있습니다.
• 인도 협력 사업은 현재 부지 평가 단계에 있으며, 시범 설비 설치는 확정된 것이 아니라 가능성 단계에 머물러 있습니다.
• 경영진의 상용화 전략은 실증 및 시범 사업 경험을 메가와트급 및 더 큰 규모의 상업적 도입으로 전환하는 것에 달려 있습니다.
• AI 관련 데이터 센터 수요는 경영진이 파악한 장기적 기회일 뿐, 공시된 매출 확약이나 프로젝트 전망치가 아닙니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day. Welcome to the Eco Wave Power Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Aharon Yehuda, CFO at Eco Wave. Aharon, you may begin.

Aharon Yehuda

Thank you, Paul. Good afternoon, everyone, and thank you for joining us today. I will begin with a review of Eco Wave Power's financial results for the 6 months ended June 30, 2026. During the first half of 2026, we remain focused on financial discipline and efficient capital allocation while continuing to support the advancement of our technology and global project pipeline.

Our operating expenses for the first 6 months of 2026 was approximately USD 1.45 million compared with approximately USD 1.59 million in the same period of 2025, representing a decrease of approximately 9% year-over-year. Looking at the individual expense categories, research and development expenses decreased by approximately 45% to USD 218,000 compared with USD 399,000 in the first half of 2025. This decrease was primarily attributable to lower labor and other research and development costs as well as increased grant funding received during the period.

Sales and marketing expenses were USD 134,000 compared with USD 123,000 in the same period last year. The increase was mainly related to payroll rather than investor communication activities as we continued expanding our international presence. General and administrative expenses remained relatively stable at approximately $1.07 million compared with approximately $1.09 million in first half of 2025. Other income increased by approximately 3% to USD 64,000 compared with USD 62,000 in the first half of 2025.

We also saw meaningful growth in external grant support. Grants received through programs, including the European Green Deal's ILIAD Consortium and Innovate UK, increased by approximately 56.8%, supporting our continued research, development and technology-advancement activity.

As a result of our focus on cost discipline, our operating loss improved to approximately USD 1.45 million compared with approximately USD 1.59 million during the same period last year. Our net financial loss decreased by approximately 27% to $221,000 compared with USD 304,000 in the first half of 2025. This improvement was primarily attributable to foreign exchange fluctuations, including the appreciation of the Swedish krona and the New Israeli Shekel against the U.S. dollar.

Overall, our net loss decreased by approximately 12% to $1.67 million compared with $1.89 million in the first half of 2025. Another important development during the period was the strengthening of our balance sheet. In June, Eco Wave Power successfully completed a USD 4 million registered direct offering with a single institutional investor. The offering consisted of 400,000 American Depositary Shares at a price of $10 per ADS, representing a 10.7% premium to the previous Nasdaq closing price. In connection with the offering, the investor also received warrants to purchase up to 300,000 ADSs at an exercise price of $12 per ADS, representing a 32.9% premium to the previous Nasdaq closing price.

Following the financing, our cash position increased by approximately 58% compared with March 31, 2026. As of June 30, 2026, Eco Wave Power held approximately $8.4 million in total liquidity, consisting of approximately $8.15 million in cash and cash equivalents and approximately USD 250,000 in restricted short-term bank deposits. We believe the combination of lower operating expenses, increased grant support and the successful capital raise has strengthened our financial position as we continue investing in our global project portfolio.

Importantly, we remain focused on maintaining financial discipline while directing our resources for the project and technology milestones that we believe can create the greatest long-term value for the company and our shareholders. We enter the second half of 2026 from a stronger financial position with additional resources to support the continued advancement of our projects and our broader growth strategy. That said, I would like now to turn the call over to our Founder and Chief Executive Officer, Inna Braverman, who will discuss our operational progress, international projects, AI strategy and priorities for the remainder of 2026. Inna, the stage is yours.

Inna Braverman

Thank you, Aharon, and thank you to everyone joining us today. The first half of 2026 was an important period for Eco Wave Power. We strengthened our financial position, continued advancing our key international projects and significantly expanded our activities at the intersection of wave energy, artificial intelligence and next-generation energy infrastructure. Most importantly, we continued making progress towards our long-term objective of taking wave energy from demonstration project to commercial scale deployment. I would like to begin with Israel. Our EWP-EDF One project at Jaffa Port continues to operate as Israel's first and only grid-connected wave energy power station.

The project generates clean electricity from ocean waves and export electricity directly into Israel's National Grid under a power purchase agreement with the Israel Electric Company. Since the beginning of 2025, the station has maintained 0 downtime, providing us with valuable real-world operational data and demonstrating the ability of our technology to operate continuously under actual marine conditions. For us, Jaffa is not only a demonstration project. It is also an important technology development platform.

We are using the site to continue advancing the integration of artificial intelligence, digital twins, predictive maintenance and energy production optimization into our wave energy system. We were also encouraged by growing government support for Marine Renewable Energy. Following the end of the first half, Israel Ministry of Energy & Infrastructure and the Israel Innovation Authority announced a new ILS 6 million Second Blue-Tech energy initiative, supporting technologies, including wave energy, offshore energy systems and AI-powered marine energy management. We believe this is another indication of the growing recognition of wave energy as a technology with potential to move beyond research and demonstration, toward commercialization and real infrastructure deployment.

Turning to the United States. During the first half of 2026, we successfully completed and submitted the final report of our pilot project at the Port of Los Angeles, developed in collaboration with AltaSea and Shell Marine Renewable Energy. The project has provided us with important technical, operational, regulatory and economic experience in the U.S. market. It has also demonstrated key advantages of Eco Wave Power's technology. Our system is designed to be installed on existing man-made coastal infrastructure, such as breakwaters, jetties, piers and ports without requiring offshore seabed installation.

We believe this approach can simplify deployment and potentially reduce both installation complexity and environmental impacts. We were also pleased to see Eco Wave Power and our Port of Los Angeles project specifically referenced in California Senate Bill 605 process. As the state continues evaluating potential pathways for the development and commercialization of wave and tidal energy, California represents an important potential market for Marine Renewable Energy, and we believe that the experience gained in the Port of Los Angeles, together with increasing regulatory attention, provides an important foundation for potential future commercial deployments in the United States.

As to our Portugal project, reinforcement works at the Barra do Douro breakwater are currently underway, including works affecting the infrastructure designated for our future installation. At the same time, we are advancing discussions with Portuguese subcontractors expected to participate in the execution phase of the project. I will be in Porto this month to meet with APDL, the Port authority, our subcontractors and other local stakeholders and to review progress at the project site firsthand. The Porto project is particularly important to Eco Wave Power because it represents our first move into a megawatt-scale installation. We believe the experience gained through this project can support our transition towards increasingly larger commercial deployment, both in Portugal and in other international markets.

We're also continuing to expand our activities in Asia. In Taiwan, our partner, I-Ke International Ocean Energy, has secured a 5-year land lease at Suao Port with an option for extension. The application for the transfer of land use rights has been submitted and the required work permits are currently expected to be obtained by October 2026. An important aspect of our Taiwan strategy is the planned use of local manufacturing. The project is expected to incorporate locally manufactured Eco Wave Power floaters, together with the deployment of our turnkey wave energy conversion system. We believe this model can support the development of local capabilities while also providing the foundation for potential expansion into additional ports and coastal markets across Taiwan and the broader Asia Pacific region.

In India, we continue advancing our collaboration with Bharat Petroleum Corporation. The collaboration is expected to begin with the site assessment study and potentially progress towards a pilot installation at Bharat Petroleum's Mumbai oil terminal. India has an extensive coastline, growing electricity demand, and significant investment in renewable energy infrastructure. We believe these factors create an important potential long-term opportunity for wave energy and for Eco Wave Power.

I would now like to turn to one of the most exciting areas of development for our company during the first half of 2026, artificial intelligence. During the first half of this year, Eco Wave Power's technology was featured twice in a keynote presentation by NVIDIA Founder and CEO, Jensen Huang, first at GTC in California and again at GTC in Taipei. Eco Wave Power U.S. also joined NVIDIA Inception program, giving us access to NVIDIA developer tools, technical resources, training and ecosystem support as we continue developing AI-driven applications for renewable energy infrastructure.

In June, NVIDIA also featured Eco Wave Power in its corporate blog, highlighting our work with AI infrastructure, NVIDIA Omniverse libraries and digital twins as well as the longer-term potential for Ocean Energy to support data center infrastructure. For Eco Wave Power, we see two complementary opportunities in artificial intelligence. The first is using AI to improve our own technology. We are deploying AI-driven tools that can improve system monitoring, predictive maintenance, performance optimization and digital-twin capabilities. Over time, we believe these tools can help make our wave energy systems more intelligent, efficient and scalable. The second opportunity relates to the rapidly growing electricity demand being created by artificial intelligence and data centers. As AI infrastructure expands globally, the need for reliable and sustainable electricity generation is increasing significantly. Many of the world's largest cities, ports, industrial centers and digital infrastructure assets are located along coastlines.

We, therefore, believe there is a long-term opportunity for wave energy to become part of the broader renewable energy mix, supporting this growing demand. We have begun exploring this opportunity with academic institutions, technology companies, infrastructure partners and data center developers. Importantly, our AI strategy does not change the core of what Eco Wave Power is. Wave energy remains our core technology. Our objective is to use artificial intelligence to make the technology smarter, more efficient and more scalable while also positioning wave energy within one of the most significant emerging sources of global electricity demand.

As we look towards the second half of 2026, our priorities remain clear. We intend to continue advancing our first megawatt-scale project in Portugal. We will build on the progress and experience achieved in the United States. We will work to advance Taiwan and India towards their next development milestones. We will continue generating valuable operational experience from our grid-connected project in Israel. We will continue expanding our AI, digital-twin and predictive maintenance capabilities, and we will maintain the financial discipline required to execute our strategy responsibly. We believe Eco Wave Power today is positioned at the convergence of several important global trends: the transition towards renewable energy, the growing need for energy security, the modernization of coastal infrastructure and the extraordinary increase in electricity demand being driven by artificial intelligence and digital infrastructure.

We entered the second half of 2026 with a stronger financial position, meaningful progress across our key markets and growing opportunity to position wave energy as part of the future global energy mix. I am very proud of what our team has accomplished during the first half of this year, and I would like to thank our employees, partners, shareholders and investors for their continued support. We remain focused on execution, commercialization and building long-term value for our shareholders. Thank you for joining us today.

Operator

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