Sweden's Eco Wave Power Q3 net loss narrows 47%, operating expenses down 25%

Overview

• Sweden wave energy tech firm's Q3 net loss fell 47% yr/yr, operating expenses declined 25%

• Company reported net financial income in Q3, reversing prior-year net financial expense

• Company received first purchase order from Bharat Petroleum for India wave energy pilot installation

Outlook

• Company targets construction start of 1 MW Portugal project in 2027, pending site readiness

• Company in early-stage talks for potential 60 MW commercial project at Port of Los Angeles

• India site assessment for BPCL project expected to complete within four months of order

Result Drivers

• FOREX IMPACT - Co said improved financial results were mainly due to lower losses from foreign exchange differences

• COST CONTROL - Co attributed reduced net loss and operating expenses to disciplined financial management

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)