Ocean waves offer an uninterrupted, rich resource of globally available renewable energy. However, because of their high cost and low power production, commercial wave energy converters are not operational at present. In this paper, we numerically evaluated the performance of a novel feedback-controlled lift-based cycloidal wave energy converter (CycWEC) at various sea states of the Humboldt Bay wave climate. The device comprised of two hydrofoils attached eccentrically to a shaft at a radius, submerged at a distance under the ocean surface. The pitch of the blades was feedback-controlled based on estimation of the incoming wave. The simulations were performed for regular waves and irregular waves approximated with a JONSWAP spectrum. Climate data from Humboldt Bay, CA was used to estimate the yearly power generation. The results underline the importance of a well-tuned control algorithm to maximize the annual energy production. The estimated annual energy production of the CycWEC was 3000MWh from regular wave simulations and 1800MWh from irregular wave simulations, showing that it can be a commercially viable means of electricity production from ocean waves.