Elliptic Laboratories ASA — Earnings Release 2024

Nov 29, 2024

Elliptic Labs Q3 2024: Continued growth and commercial progress

Elliptic Labs Q3 2024: Continued growth and commercial progress

Elliptic Labs reports Revenues from contracts with customers of NOK 84.3

million for year to date 2024, an increase from NOK 59.1 million in the same

period in 2023, representing an increase of 43%. Total revenue and other

operating income was NOK 28.6 million (22.5) for the third quarter 2024. This

corresponds to a total revenue increase of 27% year-over- year.

Elliptic Labs is rapidly scaling its portfolio adding new models and use cases

in accordance with its stated strategy. The company has launched its AI

Virtual Smart Sensor Platform on 53 new smartphone models and 15 new laptop

models so far in 2024, making the total deployment 149 smartphone models and

33 laptop models since the company's inception.

Since the second quarter, Elliptic Labs has successfully launched Lenovo Smart

Share for seamless device-to-device interoperability, added in November an

expansion contract with an existing PC customer for more models and, for the

first time, accessories. Further, the company has in November for the first

time announced two AI Virtual Smart Sensors on one laptop model, and announced

a new expansion contract with smartphone customers Oppo and Transsion.

Collectively, this commercial progress provides additional proof points of

Elliptic Lab's ability to go deeper with existing customers, expand the

deployment of its AI Virtual Smart Sensor platform and enable scalability.

Highlights from Q3 2024:

- Launch of Lenovo Smart Share feature with our AI Virtual Tap Sensor on

Lenovo's ThinkPad X1 Carbon Gen 13 Aura and Yoga Slim 7i Gen 9 Aura Edition

- Signed new expansion license contract with top-4 smartphone customer

Transsion

- Announced expansion contract with smartphone customer Oppo

- Launched on 16 new smartphone models, including 7 models with VIVO, 3

models with Honor, 3 models with TECNO and 3 models with Infinix

Events after the end of the quarter:

- New expansion contract with existing PC customer for more laptops and, for

the first time also including accessories

- Launch of the AI Virtual Human Presence detection on Lenovo's ThinkPad X1

Carbon Gen 13 Aura edition commercial laptop. First laptop with 2 AI Virtual

Smart Sensors

- Launched on 5 new smartphone models, including VIVO V40e, RedMI Note 14 Pro

Plus, RedMI Note 14 Pro, Infinix Zero Flip, and Lava International AGNI 3

Please use the following link to access the presentation:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241129_1

Contacts

Investor Relations:

Lars Holmøy

Lars.Holmoy@ellipticlabs.com

PR Contact:

Patrick Tsui

pr@ellipticlabs.com

About Elliptic Labs

Elliptic Labs' AI Virtual Smart Sensor PlatformTM brings contextual

intelligence to devices, enhancing user experiences. Our technology uses

proprietary deep neural networks to create AI-powered Virtual Smart Sensors

that improve personalization, privacy, and productivity.

Currently deployed in over 500 million devices, our platform works across all

devices, operating systems, platforms, and applications. By utilizing

system-level telemetry data to cloud-based Large Language Models (LLMs), the

AI Virtual Smart Sensor Platform delivers the unrivaled capability to utilize

output data from every available data source. This approach allows devices to

better understand and respond to their environment, making technology more

intuitive and user-friendly. At Elliptic Labs, we're not just adapting to the

future of technology -- we're actively shaping it. Our goal is to continue

pushing the boundaries of contextual intelligence, creating more intuitive and

powerful experiences for users worldwide.

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

South-Korea, Taiwan, and Japan. The company is listed on the Oslo Stock

Exchange. Its technology and IP are developed in Norway and are solely owned

by the company.