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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Loss

$529,000

Q3 Operating Expenses

$666,000

Q3 Operating Income

-$666,000


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"


Reuters Recommended Reads

  • Nov 3 - Enlight Renewable Q3 revenue rises 40% on new projects

  • Nov 3 - Germany lags EU neighbours with gas storage refill as winter starts

  • Nov 3 - Pinnacle West Q3 revenue rises, EPS beats expectations


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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