Elliptic Laboratories ASA — Earnings Release 2024

Jul 12, 2024

Correction: Elliptic Labs Q2 2024: Executing on milestones to deliver on growth target

Correction: Elliptic Labs Q2 2024: Executing on milestones to deliver on growth target

Due to an oversight, an unfinished version of two slides was inadvertently

included in the Q2 presentation. Please find the updated presentation attached

herewith, which now includes all pertinent information in the updated slide

deck.

Elliptic Labs reports Revenues from contracts with customers of NOK 56.1

million in H1 2024, an increase from NOK 37.2 million in the first half of

2023. The company is adding to its growth momentum, and over the first half of

2024 revenue is up by 51% compared to H1 23.

Total revenue and other operating income was NOK 34.2 million (33.5) for the

second quarter 2024. This corresponds to a total revenue increase of 2%

year-over- year.

Elliptic Labs is executing on its strategy to go deeper with customers, and

has launched its AI Virtual Smart Sensor Platform on 34 new smartphone models

and 13 new laptop models so far in 2024, making the total deployment 130

smartphone models and 31 laptop models since the company's inception. In the

second quarter, Elliptic Labs also recognized milestone revenue from two new

laptop contracts, expanding the foothold in the laptop segment. Elliptic Labs

is continuously strengthening its strategic, technical, and commercial

position, and is well positioned to maintain the growth momentum going

forward.

Highlights from Q2 2024:

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

Transsion

- Signed PC license contract with existing PC customer in the consumer segment

- Launched AI Virtual Human Presence sensor on ThinkpadTM P1 Gen 7, P16v i Gen

2, P16s i Gen 3, and P14s i Gen 5 laptops

- Launched on 16 new smartphone models, including 9 models with VIVO, 4 models

with Honor, 1 model with Infinix, 1 model with RedMi, and one model with Ant

Design Mobile

Events after the end of the quarter:

- Announced expansion contract with commercial segment of PC customer

- Announced expansion contract with smartphone customer Oppo

- Launched new smartphones Honor Play 60 plus and Infinix Note 40s

Please use the following link to access the presentation:

https://channel.royalcast.com/landingpage/hegnarmedia/20240712_6/

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.