We present a novel mathematical model to investigate the extraction of wave power by flexible elastic floaters. The model is based on the method of dry modes, coupled with a matched eigenfunction expansion. Our model results compare satisfactorily with preliminary data obtained from a demonstrator device, developed at the University of Groningen. We show that the role of elasticity is to increase the number of resonant frequencies with respect to a rigid body, which has a positive effect on wave power output. The mathematical model is then extended to irregular incident waves, described by a JONSWAP spectrum. Our results show that the peak capture factors decrease in irregular waves, as compared to the monochromatic case. However, the system becomes more efficient at non‐resonant frequencies. This work highlights the need to scale‐up experimental investigations on flexible wave energy converters, which are still a small minority, compared to those on rigid converters.