Elliptic Laboratories ASA — Earnings Release 2024

Feb 27, 2025

Elliptic Labs Q4 2024: Continued growth, commercial progress and profitability for the year

Elliptic Labs Q4 2024: Continued growth, commercial progress and profitability for the year

Elliptic Labs reports Revenues from contracts with customers of NOK 131.9

million for 2024, an increase from NOK 68.3 million 2023, representing an

increase of 93%. Total revenue and other operating income was NOK 47.9

million (9.6) for the fourth quarter 2024. This corresponds to a Total

revenue and other operating income increase of 401% year-over- year.

Elliptic Labs is rapidly scaling its portfolio, adding new models, AI Virtual

Smart Sensors and use cases in accordance with its stated strategy. The

company launched its AI Virtual Smart Sensor Platform on 66 new smartphone

models and 15 new laptop models in 2024, making the total deployment 166

smartphone models and 33 laptop models since the company's inception.

Elliptic Labs has successfully launched Lenovo Smart Share for seamless

device-to-device interoperability and added an expansion contract in November

with an existing PC customer for more models and accessories. Additionally,

the company announced, for the first time, two AI Virtual Smart Sensors on one

laptop model. This commercial progress highlights Elliptic Labs' ability to

deepen customer relationships, expand the deployment of its AI Virtual Smart

Sensor platform, and enable scalability.

Highlights from Q4 2024:

- Revenues from contracts with customers reached NOK 47.6 million, a 416%

increase from Q4 2023.

- Achieved EBITDA profitability for the year the first time, demonstrating the

strength of the high-margin, software-based business model.

- Strengthened cash position by NOK 9.3 million, reaching NOK 76.4 million,

reflecting profitable growth and improved working capital management.

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

the first time also including accessories

Events after the End of the Quarter:

- Announcement of a New expansion contract with a Top-5 global smartphone

maker for at least 20 confirmed smartphone models.

- Announcement of Expansion contract with an existing smartphone customer for

at least 10 confirmed smartphone models.

- PC market; So far in 2025, we have disclosed launches for the Lenovo X9 14

Aura Edition and X9 15 Aura Edition. In addition, there have been 6

undisclosed launches. The X9 14 Aura Edition and one undisclosed model have 2

sensors, while the remaining 6 models have 1 sensor each. A total of 8 models

has been launched so far in 2025.

- Smartphone market; so far in 2025, Elliptic Labs announced it had shipped

its AI Virtual Proximity SensorTM INNER BEAUTY® on four smartphones. On the

10th of January, Xiaomi Redmi Turbo 4. On the 31st of January, HONOR X8c. On

the 20th of February, vivo V50 Series, the V50e, and vivo V50.

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.

Trademark

INNER BEAUTY is a registered trademark of Elliptic Labs.

AI Virtual Smart Sensor, AI Virtual Smart Sensor Platform, AI Virtual

Proximity Sensor, AI Virtual Presence Sensor, AI Virtual Connection Sensor, AI

Virtual Gesture Sensor, AI Virtual Heartbeat Sensor, and AI Virtual Breathing

Sensor are trademarks of Elliptic Labs.

All other trademarks or service markets are the responsibility of their

respective organizations.