Exhibit 99.1
Eco Wave Power Global AB (publ)
Condensed consolidated financial statements
As of June 30, 2025
Unaudited
Index
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Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
| June 30, 2025 | December 31, 2024 | |||||||
| In USD thousands | ||||||||
| Assets | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | ||||||||
| Short term bank deposits | ||||||||
| Restricted short-term bank deposits | ||||||||
| Trade receivables | ||||||||
| Other receivables and prepaid expenses | ||||||||
| TOTAL CURRENT ASSETS | ||||||||
| NON-CURRENT ASSETS: | ||||||||
| Property and equipment, net | ||||||||
| Right-of-use assets, net | ||||||||
| Investments in a joint venture accounted for using the equity method | ||||||||
| TOTAL NON-CURRENT ASSETS | ||||||||
| TOTAL ASSETS | ||||||||
| Liabilities and equity | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Loans from related party | ||||||||
| Current maturities of long-term loan | ||||||||
| Accounts payable and accruals: | ||||||||
| Trade | ||||||||
| Other | ||||||||
| Short term lease liabilities | ||||||||
| TOTAL CURRENT LIABILITIES | ||||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Long-term loan | ||||||||
| Lease liabilities, net of current maturities | ||||||||
| TOTAL NON-CURRENT LIABILITIES | ||||||||
| TOTAL LIABILITIES | ||||||||
| EQUITY: | ||||||||
| Common shares | ||||||||
| Share premium | ||||||||
| Treasury shares | ( | ) | ( | ) | ||||
| Foreign currency translation reserve | ( | ) | ( | ) | ||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Capital and reserves attributable to parent company shareholders | ||||||||
| Non-Controlling interest | ( | ) | ( | ) | ||||
| TOTAL EQUITY | ||||||||
| TOTAL LIABILITIES AND EQUITY | ||||||||
The above condensed consolidated statements of financial position should be read in conjunction with the accompanying notes.
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Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| In USD Thousands | ||||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Research and development expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Sales and marketing expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| General and administrative expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income | ||||||||||||||||
| Share of net loss of a joint venture accounted for using the equity method | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| TOTAL OPERATING EXPENSES | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| OPERATING LOSS | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Financial expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Financial income | ||||||||||||||||
| FINANCIAL (LOSS) INCOME - NET | ( | ) | ( | ) | ||||||||||||
| NET LOSS | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| ATTRIBUTABLE TO: | ||||||||||||||||
| The Parent Company shareholders | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Non-controlling interests | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
| In USD | ||||||||||||||||
| LOSS PER COMMON SHARE – BASIC AND DILUTED | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS PER COMMON SHARE | ||||||||||||||||
The above condensed consolidated statements of loss should be read in conjunction with the accompanying notes.
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Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| In USD thousands | ||||||||||||||||
| LOSS FOR THE PERIOD | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS | ||||||||||||||||
| EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS | ( | ) | ( | ) | ||||||||||||
| ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS | ||||||||||||||||
| EXCHANGE DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY | ( | ) | ||||||||||||||
| OTHER COMPREHENSIVE GAIN (LOSS) FOR THE PERIOD | ( | ) | ( | ) | ||||||||||||
| TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| TOTAL COMPREHENSIVE LOSS FOR THE PERIOD IS ATTRIBUTABLE TO: | ||||||||||||||||
| The Parent Company shareholders | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Non-controlling interests | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
The above condensed consolidated statements of comprehensive loss should be read in conjunction with the accompanying notes.
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Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
| Number of common shares | Common shares capital | Share premium | Treasury | Foreign currency translation reserve | Accumulated deficit | Total for Company’s shareholders | Non- controlling interest | Total | ||||||||||||||||||||||||||||
| in USD thousands | ||||||||||||||||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2024 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
| CHANGES IN THE SIX MONTHS ENDED JUNE 30, 2024: | ||||||||||||||||||||||||||||||||||||
| Loss for the period | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Total comprehensive loss for the period | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
| BALANCE AT JUNE 30, 2024 | | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2025 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| CHANGES IN THE SIX MONTHS ENDED JUNE 30, 2025: | ||||||||||||||||||||||||||||||||||||
| Treasury shares | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Loss for the period | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Other comprehensive income | ( | ) | ||||||||||||||||||||||||||||||||||
| Total comprehensive loss for the period | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| BALANCE AT JUNE 30, 2025 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
The above condensed consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
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Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Six months ended | ||||||||
| June 30 | ||||||||
| 2025 | 2024 | |||||||
| In USD thousands | ||||||||
| CASH FLOWS - OPERATING ACTIVITIES: | ||||||||
| Net loss | ( | ) | ( | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Interest expenses | ||||||||
| Interest income | ( | ) | ( | ) | ||||
| Foreign exchange loss (gain) on cash and cash equivalents | ( | ) | ||||||
| Share of loss of a joint venture | ||||||||
| Loss on sale of fixed asset | ||||||||
| Changes in operating assets and liabilities | ||||||||
| Decrease in trade receivables | ||||||||
| Increase in other receivables and prepaid expenses | ( | ) | ( | ) | ||||
| Increase in accounts payable and accruals | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| CASH FLOWS – INVESTING ACTIVITIES: | ||||||||
| Proceeds from short term deposits | ||||||||
| Interest received on bank deposits | ||||||||
| Investment in a joint venture | ( | ) | ( | ) | ||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Proceeds from sale of property | ||||||||
| Net cash provided by investing activities | ||||||||
| CASH FLOWS - FINANCING ACTIVITIES: | ||||||||
| Principal elements of lease payments | ( | ) | ( | ) | ||||
| Interest elements of lease payments | ( | ) | ( | ) | ||||
| Share repurchases | ( | ) | ||||||
| Net cash used in financing activities | ( | ) | ( | ) | ||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ) | ||||||
| CASH AND CASH EQUIVALENTS - BEGINNING | ||||||||
| OF PERIOD | ||||||||
| EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | ( | ) | ||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | ||||||||
| Non-cash Investing and financing activities | ||||||||
| Acquisition of right-of-use asset through lease liability | ||||||||
The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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Eco Wave Power Global AB (publ)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION:
Eco Wave Power Global AB (publ) (“the Parent Company” or together with its subsidiaries “the Company” or “the Group”) is a Swedish public limited company formed on March 27, 2019 and registered at the Swedish Companies Registration Office on April 17, 2019. The Company’s American Depositary Shares (“ADSs”) are traded on the Nasdaq Capital Market (the “Nasdaq”) in the United States. The Company’s corporate identity number is 559202-9499 and its address is Strandvägen 7A, 114 56 Stockholm, Sweden. Unless expressly indicated otherwise, all amounts are shown in thousands of U.S. dollars (“USD”).
The Group’s headquarters are located in Israel. In October 2023, Israel was attacked by a terrorist organization and entered a state of war. As of the date of these interim consolidated financial statements, the war in Israel is ongoing and continues to evolve. The intensity and duration of the war is difficult to predict, as such are the war’s economic implications on the Company’s operational and financial performance. On June 13, 2025, Israel launched a preemptive attack on Iran, to which Iran responded with ballistic missile and drone attacks. On June 23, 2025, Israel and Iran agreed to a ceasefire, although there is no assurance that the ceasefire will continue. The Company considered the impact of the war including the current conflict with Iran and determined that there were no material adverse impacts on the interim consolidated financial statements, including related significant estimates made by management, for the period ended June 30, 2025.
NOTE 2 - BASIS FOR PREPARATION
The Company’s condensed consolidated interim financial statements as of June 30, 2025 and for the three and six months then ended (the “interim financial statements”) have been prepared in accordance with International Accounting Standard No. 34, “Interim Financial Reporting” (“IAS 34”). These interim financial statements, which are unaudited, do not include all disclosures necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). The condensed consolidated interim financial statements should be read in conjunction with the Company’s annual financial statements as of December 31,2024 and for the year then ended and their accompanying notes, which have been prepared in accordance with IFRS Accounting Standards. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period.
Estimates and judgments
The preparation of the Condensed Interim Financial Information in conformity with IFRS® Accounting Standards requires management to exercise judgment and use significant accounting estimates and assumptions. These affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ materially from these estimates. In preparing these Condensed Interim Financial Information, the significant accounting judgments and the uncertainties associated with key sources of estimates are consistent with those in the consolidated annual financial statements for the year ended December 31, 2024.
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NOTE 3 - MATERIAL ACCOUNTING POLICIES
General
The principal accounting policies and calculation methods, which have been implemented in the preparation of the financial information for the interim period, are consistent with those that were implemented in the preparation of the Group’s annual financial statements for the year ended December 31, 2024.
New International Financial Reporting Standard:
IFRS 18, Presentation and disclosure in Financial Statements
In April 2024, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 18, Presentation and disclosure in Financial Statements, which replaces International Accounting Standard (“IAS “)1, Presentation of Financial Statements. The new standard is a result of the IASB’s Primary Financial Statements project, which is aimed at improving comparability and transparency of communication in financial statements. While a number of sections have been brought forward from IAS 1, with limited wording changes, IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including the specified totals and subtotals. It also requires disclosure of management defined performance measures and includes new requirements for aggregation and disaggregation of financial information. In addition, certain amendments have been made to IAS 7, Statements of Cash flows. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed.
IFRS 18 will apply retrospectively. Comparative periods in both interim and annual financial statements will need to be restated.
The Company is currently assessing the new requirements of IFRS 18.
NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS
As of June 30, 2025 and December 31, 2024, the financial instruments of the Group consist of non-derivative assets and liabilities (primarily working capital items, deposits and loans). With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in the consolidated statement of financial position is generally close or identical to their carrying amount.
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