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Printed circuit board (PCB) stators in coreless axial flux permanent magnet (AFPM) machines have been proposed, designed, and studied for use in multiple industries due to their design flexibility and reduction of manufacturing costs, volume, and weight compared to conventional stators. This paper investigates mechanisms and methods of approximating open circuit losses in PCB stators within example wave and spiral winding topologies for a dual rotor, single stator configuration using 3D FEA, analytical hybrid techniques and experiments. The effect of rotor magnet shape, end winding, and active conductor geometry on eddy currents is studied, and some mitigation techniques are proposed. Through stator equivalent circuit analysis, circulating current losses caused by mechanical abnormalities and magnetic circuit asymmetry are assessed. Possible strategies and schemes to minimize circulating current losses are also described. The trade-off between stator loss components and some practical design considerations are outlined in detail. The open circuit power losses of a prototype coreless AFPM motor were experimentally tested using multiple example PCB stators and emulated rotor asymmetries, with the findings being comparable to the FEA and hybrid analytical methods results.