Eco Wave Power Global AB (NASDAQ: WAVE) filed its annual report on Form 20-F with the Securities and Exchange Commission for the fiscal year ended December 31, 2025. The wave energy technology company reported operating expenses of $3.15 million for the year, a 28% increase from 2024, while reducing fourth-quarter operating expenses by 24% compared to the third quarter.

The company completed its first U.S. wave energy pilot project at the Port of Los Angeles in collaboration with Shell Marine Renewable Energy, submitting the final report to Shell in March 2026. The project demonstrated wave energy systems can be integrated with existing port infrastructure using conventional onshore construction practices.

At its Israeli project at Jaffa Port, Eco Wave Power reported zero downtime since the beginning of 2025 and achieved peak production of 56.7 kW during February 2026 wave conditions of approximately 3 meters in height. The system generated over 2,000 kWh in December 2025 and more than 2,300 kWh in January 2026.

For its Portugal project, the company submitted its execution plan to port authority APDL in January 2026. However, APDL informed Eco Wave Power in March that the Barra do Douro breakwater experienced localized damage from a storm and requires structural assessment and potential repairs before proceeding.

The company's partner I-Ke secured a five-year land lease agreement at Suao Port in Taiwan for a 100 kW wave energy project. Eco Wave Power also signed a memorandum of understanding with Bharat Petroleum Corporation Limited for potential wave energy development in India.

Revenue declined to $38,000 in 2025 from $168,000 in 2024, generated from a feasibility study in South Africa. Net loss increased to $3.7 million from $2.1 million in 2024. The company ended 2025 with $6.3 million in cash and short-term deposits.