Elliptic Laboratories ASA — Earnings Release 2023

Nov 24, 2023

Elliptic Labs Q3 2023: Continuing to Advance in Both the PC/Laptop and Smartphone Markets

Elliptic Labs Q3 2023: Continuing to Advance in Both the PC/Laptop and Smartphone Markets

Elliptic Labs reports Revenues from contracts with customers of mNOK 59.1 for

year to date 2023 an 40% increase, compared to mNOK 42.2 million in the same

period last year and a 14% ahead of full year revenue last year.

Revenues from contracts with customers in individual quarters remains impacted

by the timing of milestone revenue and model launches, and Elliptic Labs

reports revenue from contracts with customers of NOK 21.9 million in the third

quarter compared to NOK 27.1 million in the third quarter of last year.

Highlights from Q3 2023:

* Signed new expansion license agreement for AI Virtual Smart Sensor

PlatformTM with Lenovo for PC

* Signed POC with a PC OEM for AI Virtual Smart Sensor Platform technology to

deliver new, seamless user experiences

* Signed contract for AI Virtual Smart Sensor Platform with new smartphone

customer, and signed new contracts with several existing smartphone

customers

* Launched several new smartphone models featuring the AI Virtual Smart Sensor

Platform, including Honor X50, Oppo Find N3 Flip, Honor V Purse, Redmi Note

13, Redmi Note 13 Pro and Techno Phantom V Flip

Events after the end of the quarter:

* Signed contract with a PC OEM for a breakthrough new AI Virtual Smart Sensor

Platform functionality set to reshape device-to-device interoperability and

redefine seamless user experience across systems and devices

* Signed new expansion contract with an existing smartphone customer

* Launched two new smartphone models featuring the AI Virtual Smart Sensor

Platform --- vivo Y100 5G and Honor X50i Plus

* Launched the AI Virtual Seamless Sensor for Seamless Device-to-Device User

Experiences

Elliptic Labs will present its results today at 08:00 CET, followed by a Q&A

session. Please use the following link to access the presentation:

https://channel.royalcast.com/landingpage/hegnarmedia/20231124_1/

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.