Elliptic Laboratories ASA

Earnings Release • Nov 20, 2025

Elliptic Labs Q3 2025: 50% revenue growth sharp EBITDA improvement

Elliptic Labs Q3 2025: 50% revenue growth sharp EBITDA improvement

(Oslo, Norway 20 November 2025) Elliptic Labs reports revenue from contracts

with customers of NOK 42.3 million in the third quarter 2025, an increase of

50% from the third quarter last year. Total revenue and other operating income

increased by 49% to NOK 42.6 million. For the first nine months of 2025

revenues from contracts with customers amounted to NOK 93.5 million, up from

NOK 84.3 million in the first nine months of 2024.

The third quarter revenue includes milestone revenue corresponding to around

65% of the minimum revenue commitment of NOK 55 million for two major laptop

contracts signed in the third quarter, with around 25% expected to be

recognized as revenue in Q4 and the remaining 10% in later periods.

As a result of the higher revenue and continued cost control the EBITDA

improved to NOK 12.7 million in the third quarter from NOK 0.5 million in the

same quarter last year.

Elliptic Labs continues to scale its portfolio by adding new models and use

cases. So far in 2025, the company has launched its AI Virtual Smart Sensor

Platform on 58 new smartphone models and 25 new laptop models so far in 2025.

Q3 highlights and post-quarter events:

* Signed two new laptop contracts with existing customer for a combined

minimum commitment of approximately NOK 55m, covering commercial, consumer

and PC accessories segments

* Launched on 18 new smartphone models in the third quarter and an additional

4 smartphones after the end of the quarter

Outlook:

Elliptic Labs achieved revenue growth of 11% for the first nine months of the

year, and the company's communicated double-digit revenue growth target will

depend on shipment volumes in the fourth quarter and revenue recognition of

anticipated new contracts. Elliptic Labs expects year-on-year revenue growth

in the fourth quarter of 2025, reflecting a combination of milestone revenue

from contracts signed in previous quarters, pay-as-you-go revenue driven by

shipments, and anticipated new agreements with smartphone and/or laptop

customers.

Elliptic Labs is in a leadership transition phase, with Ola Sandstad and

Mathias Norderud having assuming interim roles as CEO and CFO. The new

management has initiated a strategic review of Elliptic Labs' product and

customer roadmaps, commercial opportunities, and long-term positioning. The

review encompasses both existing markets and potential new verticals. As a

part of this process, the company is reassessing its medium-term financial

targets.

Elliptic Labs remains focused on fully monetizing existing contracts,

expanding with current and new customers, and increasing the number of AI

Virtual Smart Sensors deployed per device. The company has a strong commercial

fundament and is well positioned to continue launching multiple models across

both laptops and smartphones in close collaboration with its strategic OEM

partners. As part of the ongoing strategic review, Elliptic Labs is also

evaluating new market opportunities, including emerging device categories such

as smart glasses.

As the only company to have deployed AI Virtual Smart Sensors at scale,

Elliptic Labs remains well-positioned to capitalize on the ongoing shift

toward AI-native devices.

CEO Ola Sandstad and CFO Mathias Norderud will present the Q3 2025 results

today at 08:00 CEST. Please use the following link to access the presentation:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20251120_3

Contacts:

CEO Ola Sandstad, ola.sandstad@ellipticlabs.com

CFO Mathias Norderud, mathias.norderud@ellipticlabs.com

PR: 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.

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

5-12 and MAR Article 17. The information was submitted for publication at

2025-11-20 07:00 CET.