Operational liquidity is currently constrained by a lack of cash generation, as the company has reported zero operating cash flow for ten consecutive quarters.
| Cash from Operations | 0 | -2.77M | -1.82M | -2.6M | -2.46M | -2.53M | -2.36M | -1.4M | -910.84K | -1.13M |
| Operating CF Growth % | 0% | -52.27% | 30.14% | -5.65% | 2.69% | -7.19% | -68.82% | -53.5% | 19.26% | - |
| Operating CF / Revenue % | 0% | -7242.29% | -1081.55% | -850% | -9469.23% | -8161.29% | - | - | -6717.63% | -5195.97% |
| Net Income | -2.96M | -3.72M | -2.11M | -1.87M | -2.9M | -2.35M | -2.21M | -1.94M | -910.84K | -1.13M |
| Depreciation & Amortization | 0 | 255.36K | 134K | 170K | 209K | 248K | 138.61K | 22.25K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.95M | 573.06K | -4K | -339.97K | 179K | -275K | 60.59K | 108 | 56.34K | -1.2K |
| Working Capital Changes | 0 | 121.65K | 161K | -565.03K | 51K | -156K | -349.14K | 514.99K | -56.34K | 1.2K |
| Capital Expenditures | 0 | -527.82K | 2.93M | 1.22M | -5.3M | -130K | -198.22K | -238.3K | 0 | 0 |
| CapEx / Revenue % | 0% | 1381.61% | 1741.67% | 399.67% | 20388.46% | 419.35% | - | - | 0% | 0% |
| CapEx / D&A | - | 2.07x | 21.84x | 7.19x | 25.36x | 0.52x | 1.43x | 10.71x | - | - |
| CapEx Coverage (OCF/CapEx) | - | -5.24x | -0.62x | -2.13x | -0.46x | -19.46x | -11.91x | -5.87x | - | - |
| Cash from Investing | 0 | 630.37K | 2.93M | 1.22M | -5.3M | -130K | -145.07K | -238.3K | 0 | 0 |
| Acquisitions | 0 | 72.39K | -32K | -50K | -298K | -117K | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -75.4K | -1.41M | -4M | -5M | 0 | 0 | -80.22K | 0 | 0 |
| Sale of Investments | 0 | 1.16M | 4M | 5.01M | 55.28M | 0 | 53.15K | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 395.93K | 269.87K | -55.28M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | -187K | 2.58M | -81K | -320K | 7.86M | -108.01K | 13.04M | 842.65K | 1.27M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 0 | -98K | -75K | -317K | -96K | -96K | 1K | 27.48K | -1000K |
| Stock Issued | 0 | 0 | 2.73M | 0 | 0 | 7.96M | 0 | 12.88M | 0 | 0 |
| Share Repurchases | 0 | -27.14K | -49.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -159.85K | -3K | -6K | -3K | -7K | -12.01K | 166.67K | 0 | 1.41M |
| Net Change in Cash | -821.08K | -1.79M | 3.56M | -1.01M | -9.33M | 3.89M | -2.58M | 11.41M | -68.2K | 146.3K |
| Exchange Rate Effect | 0 | 531.52K | -122K | 445K | -1.24M | -1.31M | 37.79K | -5.56K | 0 | 0 |
| Cash at Beginning | 7.54M | 8.06M | 4.28M | 5.29M | 14.62M | 10.73M | 13.29M | 247.28K | 0 | 1 |
| Cash at End | 6.66M | 6.27M | 7.84M | 4.28M | 5.29M | 14.62M | 10.72M | 11.66M | -68.2K | 146.3K |
| Free Cash Flow | 0 | -3.29M | 1.11M | -1.38M | -7.76M | -2.66M | -2.56M | -1.64M | -910.84K | -1.13M |
| FCF Growth % | - | -397.08% | 180.48% | 82.25% | -191.84% | -3.97% | -56.35% | -79.66% | 19.26% | - |
| FCF Margin % | 0% | -8623.9% | 660.12% | -450.33% | -29857.69% | -8580.65% | - | - | -6717.63% | -5195.97% |
| FCF / Net Income % | 0% | 88.64% | -53.39% | 80.58% | 267.6% | 113.34% | 602.94% | 82.1% | 106.8% | 117.12% |
Pre-commercial execution and liquidity
According to the provided quarterly financial data, WAVE has reported zero operating cash flow for ten consecutive quarters, confirming that the company currently lacks the predictable, regulated revenue streams necessary to cover its fixed operational obligations or sustain long-term utility-scale infrastructure development without external capital support.
The absence of operating cash flow suggests that the company remains in a pre-commercial phase where it has yet to secure grid-connected power purchase agreements. Investors should monitor whether the company can transition from pilot-based grants to recurring utility-style cash generation, as the current lack of OCF indicates a total reliance on existing cash reserves.
As reported in the company's financial statements, capital expenditure has remained at zero for the last ten quarters, which may indicate a pause in physical asset deployment or a reliance on third-party funding models that do not appear on the company's own capital expenditure line items.
While a lack of CAPEX might appear to preserve cash, it also suggests that the company is not currently expanding its rate base or physical footprint. This stagnation warrants further investigation into whether the firm is struggling to move its 404.7 MW pipeline into the construction phase due to regulatory or technical hurdles.
Based on the reported figures, the company has maintained a consistent net loss profile without offsetting debt or equity issuance in recent quarters, suggesting that the current $6 million cash cushion is the primary mechanism funding the ongoing R&D and administrative burn rate.
The lack of recent debt or equity issuance implies that the company is currently operating within its existing liquidity constraints. Investors should monitor the burn rate closely, as the absence of external financing activity may suggest a limited window for achieving commercial milestones before additional capital becomes necessary.
Financial statements provided for the last ten quarters show no cash flow activity, which masks the potential for significant unfunded liabilities related to future decommissioning or environmental compliance costs associated with the eventual installation of wave energy converters in protected coastal zones.
The lack of cash flow data may obscure the true cost of regulatory compliance and site remediation that will likely arise as projects move toward commercialization. Analysts should consider that the current financial silence on these items may not reflect the actual long-term capital requirements for site restoration.
Quick answers to the most common questions about buying WAVE stock.
Eco Wave Power Global AB (publ) (WAVE) generated $-2.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eco Wave Power Global AB (publ) (WAVE) reported negative free cash flow of $3.3M in 2025, indicating capital requirements exceeded cash from operations.
Eco Wave Power Global AB (publ) (WAVE) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Eco Wave Power Global AB (publ) (WAVE) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.