Elliptic Laboratories ASA — Earnings Release 2022

Nov 17, 2022

Elliptic Labs: Q3 2022 Continued strong growth trajectory supported by revenue from laptop vertical

Elliptic Labs: Q3 2022 Continued strong growth trajectory supported by revenue from laptop vertical

Oslo, Norway - Elliptic Labs, a global AI software company and leader in AI

Virtual Smart Sensors for the smartphone,

laptop, Internet of Things (IoT), and automotive industries, reports revenues

from contracts with customers of mNOK 27.1 (13.4) for the third quarter 2022,

a 102% increase compared to the same period last year. For the first nine

months 2022 the company reports revenues from contracts with customers of mNOK

42.2 (19.9), an increase of 112% compared to the same period last year. EBITDA

for the third quarter 2022 was positive at mNOK 6.2 (-0.4) and for the first

nine months 2022 mNOK -18.2 (-12.6).

Highlights from Q3 2022:

- A significant portion of Q3 22 revenue was from laptops, of which majority

is a milestone delivery

- Signed additional license agreement with laptop OEM, fifth expansion

agreement for AI Virtual Presence Sensor covering more laptop models

- Signed Proof-of-Concept agreement for newly launched product, AI Virtual

Position Sensor, with top-3 Laptop OEM

- Signed License agreement with new smartphone customer

Launched AI Virtual Proximity Sensor on six new smartphones

Subsequent to Q3 2022:

- Launched on 2 additional smartphone models

In the third quarter, we received significant milestone revenue from our

laptop customer while expanding with more contracts in both the smartphone and

laptop markets. Says Laila Danielsen, CEO of Elliptic Labs. As we approach

the end of 2022, we continue to make sturdy progress toward becoming the

preferred 100% software-based virtual sensor platform for smartphones,

laptops, IoT and other relevant devices. We see strong customer engagements in

the laptop market, and we anticipate that our planned product rollout across

more laptop models and manufacturers will be the main medium-term growth

driver towards our 2023 targets.

Contacts

Investor Relations:

Lars Holmøy

Lars.Holmoy@ellipticlabs.com

PR Contact:

Patrick Tsui

pr@ellipticlabs.com

About Elliptic Labs

Elliptic Labs is a global enterprise targeting the smartphone, laptop, IoT,

and automotive markets. Founded in 2006 as a research spin-off from Norway s

Oslo University, the company s patented software uses AI, ultrasound, and

sensor-fusion to create AI Virtual Smart Sensors that deliver intuitive 3D

gesture-, proximity-, presence-, breathing-, and heartbeat -detection

experiences. Its scalable AI Virtual Smart Sensor PlatformTM creates

software-only sensors that are sustainable, human-friendly, and already

deployed in hundreds of millions of devices around the world. Elliptic Labs is

the only software company that has delivered detection capabilities using AI

software, ultrasound, and sensor-fusion deployed at scale. The company is

listed on the Oslo Børs.

Elliptic Labs is headquartered in Norway with presence in the USA, China,

South -Korea, Taiwan, and Japan. Its technology and IP are developed in Norway

and are solely owned by the company.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 19 no. 3. The information was submitted for publication

at 2022-11-17 07:00 CET.

Attachments

Elliptic Labs Report 2022 Q3

Elliptic Laboratories Webcast Q3 2022

Elliptic Labs Presentation 2022 Q3