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Eco Wave Power Global AB (publ)

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Mar 12, 2026

WAVE$4.40+1.1%Stored close · as of Nov 6, 2026
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**UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No.:001-40554

ECO WAVE POWER GLOBAL AB (PUBL)

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

**Kingdom of Sweden **

(Jurisdiction of incorporation or organization)

52 Derech Menachem Begin Street

Tel Aviv 6713701, Israel

(Address of principal executive offices)

**Inna Braverman

Chief Executive Officer

52 Derech Menachem Begin St.

Tel Aviv-Yafo, Israel 6713701

Tel:+972-3-509-4017

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary SharesWAVEThe Nasdaq Stock Market LLC
Common Shares, no par value *The Nasdaq Stock Market LLC*
*Not for trading, but only in connection with the registration of the American Depositary Shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

46,717,308 common shares as of December 31, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934.

Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ☒Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes ☐ No☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company.

Yes ☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiv
SUMMARY RISK FACTORSv
PART I
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
ITEM 4.INFORMATION ON THE COMPANY30
A.History and Development of the Company30
B.Business Overview31
C.Organizational Structure48
D.Property, Plants and Equipment49
ITEM 4.AUNRESOLVED STAFF COMMENTS50
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS50
A.Operating Results50
B.Liquidity and Capital Resources54
C.Research and Development, Patents and Licenses, etc.58
D.Trend Information58
E.Critical Accounting Estimates58
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES59
A.Directors and Senior Management59
B.Compensation61
C.Board Practices62
D.Employees63
E.Share Ownership63
F.Disclosure of Registrant’s Action to Recover Erroneously Awarded Compensation65
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS65
A.Major Shareholders65
B.Related Party Transactions66
C.Interests of Experts and Counsel67
ITEM 8.FINANCIAL INFORMATION67
A.Consolidated Statements and Other Financial Information67
B.Significant Changes67
ITEM 9.THE OFFER AND LISTING67
A.Offer and Listing Details67
B.Plan of Distribution68
C.Markets68
D.Selling Shareholders68
E.Dilution68
F.Expenses of the Issue68

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ITEM 10.ADDITIONAL INFORMATION68
A.Share Capital68
B.Memorandum and Articles of Association68
C.Material Contracts68
D.Exchange Controls68
E.Taxation68
F.Dividends and Paying Agents72
G.Statement by Experts72
H.Documents on Display72
I.Subsidiary Information73
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK73
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES74
A.Debt Securities74
B.Warrants and rights74
C.Other Securities74
D.American Depositary Shares74
PART II
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES76
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS76
ITEM 15.CONTROLS AND PROCEDURES76
ITEM 16.[Reserved]77
ITEM 16.AAUDIT COMMITTEE FINANCIAL EXPERT77
ITEM 16.BCODE OF ETHICS77
ITEM 16.CPRINCIPAL ACCOUNTANT FEES AND SERVICES77
ITEM 16.DEXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES78
ITEM 16.EPURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS78
ITEM 16.FCHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT78
ITEM 16.GCORPORATE GOVERNANCE79
ITEM 16.HMINE SAFETY DISCLOSURE79
ITEM 16.IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS79
ITEM 16.JINSIDER TRADING POLICIES80
ITEM 16.KCYBERSECURITY80
PART III
ITEM 17.FINANCIAL STATEMENTS81
ITEM 18.FINANCIAL STATEMENTS81
ITEM 19.EXHIBITS81

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.