Eco Wave Power Global AB (WAVE:NASDAQ) announced Q4/24 financial results "that were a bit better than our expectations," reported Alliance Global Partners Jeff Grampp in a March 5 research note.
"The company ended 2024 with a healthy liquidity position," wrote Grampp.
89% Uplift Possible
Alliance maintained its US$14 per share target price on the clean energy firm, trading at the time of the report at about US$7.40 per share.
The target implies a potential return of 89%.
Eco Wave Power remains a Buy.
Financial Highlights
Grampp presented the key takeaways from the wave energy tech company's Q4/24 financial results. Revenue came in at US$168,000 (US$168K), more than triple that of Alliance's US$50K estimate.
Similarly, operating expenses during the quarter were better than Alliance expected, at US$500K versus US$700K.
"The higher revenue and lower opex drove a narrower Q4/24 operating loss of US$400K compared to our estimate of US$700K," wrote Grampp.
At the quarter's end, cash and short-term deposits totaled US$9.1 million (US$9.1M), consistent with Alliance's estimate. This is sufficient to fund operations through 2026, Grampp purported. His cash burn estimates are US$2.6M for 2025 and US$5.6M for 2026, the latter due to capex for the Portugal project.
During full-year 2024, noted Grampp, Eco Wave Power lowered operating expenses by 7% year over year (YOY), for an overall 32% reduction since 2022. Also, the company decreased its cash used in operating activities by 30% YOY.
Project Developments
Grampp provided the latest news on some of the company's wave energy projects. Its pilot project at Israel's Port of Jaffa became operational around the clock in late December. The project's capex has remained below Eco Wave Power's target, 4% of capex annually.
At its project at the Port of Los Angeles in California, the company is ready to move into the parts procurement and installation phase. It is just waiting on receipt of the final permit.
For its first megawatt (MW)-scale project, in Portugal, the wave energy company engaged a local engineering firm to finalize the civil engineering design and load calculations for the floaters. This work is expected to be done soon. Eco Wave Power aims to complete the first 1 MW at the project next year, and remains on track to do so.
"WAVE now has five projects in various stages across three continents, demonstrating an increased level of activity that we expect to push the company towards fully commercializing its wave energy technology," Grampp wrote.
Stock Data
Eco Wave Global has 5.83 million shares outstanding. Its market cap is US$40.95M. Its 52-week range is US$1.01−17.63 per share.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eco Wave Power Global AB.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Alliance Global Partners, Eco Wave Power Global AB, March 5, 2025
"Firm" used in the this section of the report entitled "Disclosures" refers to A.G.P. / Alliance Global Partners or Euro Pacific Capital, a division of A.G.P. / Alliance Global Partners. The Firm expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months. The Firm or its officers, employees or affiliates, other than the research analyst authoring this report and his/her supervisor, may execute transactions in securities mentioned in this report that may not be consistent with the report’s conclusions. Sources referenced in this report: The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accurance or completeness. Regulation Analyst Certification ("Reg AC") — The views expressed in this report (which include the actual rating assigned to the company as well as the analytical substance and tone of the report) accurately reflect the personal views of the analyst(s) covering the subject securities. An analyst's sector is the universe of companies for which the analyst provides research coverage. Accordingly, the rating assigned to a particular stock represents solely the analyst's view of how that stock will perform over the next 12 months relative to the analyst's sector average. Furthermore, in accordance with FINRA Rules 2711, 2241, and their amendments related to disclosure of conflicts of interest, the analyst preparing this report certifies: • The analyst or member of the analyst's household does not have a financial interest in the company that is the subject of this report, including a position in the debt or equity of the company, without limitation, whether it consists of any option, right, warrant, future, long or short position. • The analyst or member of the analyst's household does not serve as officer, director or advisory board member of the company that is the subject of this report. • The analyst has not received any compensation from the subject company or from investment banking revenues, directly or indirectly, for preparing this report. • The report discloses all material conflicts of interest related to the analyst, the member firm, and the subject company that are known at the time of publishing this report.
Ratings Buy: Expected to materially outperform sector average over 12 months and indicates total return of at least 10% over the next 12 months. Neutral: Returns expected to be in line with sector average over 12 months and indicates total return between negative 10% and 10% over the next 12 months. Sell: Returns expected to be materially below sector average over 12 months and indicates total price decline of at least 10% over the next 12 months. Not Rated: We have not established a rating on the stock. Under Review: The rating will be updated soon pending information disclosed from a near-term news event. Volatility Index 1 (Low): Little to no sharp movement in stock price in a 12 month period 2 (Low to medium): Modest changes in stock price in a 12 month period 3 (Medium): Average fluctuation in stock price in a 12 month period 4 (Medium to High): Higher than average changes in stock price in a 12 month period 5 (High): Extremely sharp movements in stock price in a 12 month period All financial information is taken from company disclosures and presentations (including Form 10Q, 10K and 8K filings and other public announcements), unless otherwise noted. Any prices or quotations contained herein are indicative only and are not a commitment by A.G.P. / Alliance Global Partners to trade at any price. If A.G.P. / Alliance Global Partners acts in a principal capacity with respect to the instruments mentioned herein it will be disclosed in the previous section of this report entitled “Disclosures.” In the event that A.G.P. / Alliance Global Partners does act in a principal capacity, the commentary is therefore not independent from the proprietary interests of A.G.P. / Alliance Global Partners, which interests may conflict with your interests. Opinions expressed herein may differ from the opinions expressed by other divisions and/or business units of A.G.P. / Alliance Global Partners. The Firm does not undertake any obligation to update this material. This material is current as of the indicated date and as of the time it was sent to you. This material was prepared from information believed to be reliable, but A.G.P. / Alliance Global Partners makes no representations or warranties as to its accuracy or completeness. This communication and the information contained herein is neither an offer to buy or sell nor a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced without the express written permission of A.G.P. / Alliance Global Partners, member FINRA/SIPC. Copyright 2025.
