To provide deep dives about aerodynamic loss mechanisms in Wells turbines for wave energy conversion, a loss audit analysis was performed by numerical experiments in a monoplane Wells turbine with guide vanes. The interactions between the tip-leakage and leading-edge vortices during the stall process were captured by an improved vortex identification method, which revealed the relationship between vortex interactions and stall mechanisms by identifying coherent structures and tracking the vortex core trajectory. Finally, the influence of vortex interactions on exergy transfer was quantified. The results indicate that the lost kinetic energy and mixing losses dominate the loss generation in the Wells turbine stage under stall conditions. Under the beneficial effect of tip leakage flow, leading-edge separation first begins at the equilibrium region between the tip-leakage and leading-edge vortices. As the leading-edge vortices expand toward the blade tip, the intensified leading-edge vortex interacts with the casing suction-side corner vortex and accelerates the dissipation of the tip-leakage vortices. Consequently, the contributions of viscous irreversibilities outweigh those of shaft work, being the dominant factor in the decrease in flow exergy, leading to a decrease in exergy utilization by 38.46% from the pre-stall condition to the stall condition.