Elliptic Laboratories ASA — Earnings Release 2025

Feb 26, 2026

Elliptic Labs: Revenue from contracts with customers of NOK 42m in Q4 and NOK 101m for FY 2025

Elliptic Labs: Revenue from contracts with customers of NOK 42m in Q4 and NOK 101m for FY 2025

(Oslo, Norway 26 February 2026) Elliptic Labs reports revenue from contracts

with customers of NOK 42.0 million in the fourth quarter 2025 and NOK 101.3

million for the full year 2025, compared to NOK 47.6 million and NOK 131.9

million in the fourth quarter 2024 and full year 2024, respectively.

Elliptic Labs continues to scale its portfolio by deploying new models,

launching its AI Virtual Smart Sensor Platform on 65 new smartphone models and

25 new laptop models in 2025. This brought the accumulated number of models

launched to 227 smartphone models and 58 laptop models.

Following the audit process of the 2025 financial statements, the Company

revised the timing of revenue recognition of minimum commitments under two

contracts entered in the second half of 2025. As a result, the Company

restated its Q3 2025 figures as announced in a stock exchange release on 22

February 2026. Approximately NOK 16.1 of minimum commitment revenue is

recognized in Q4 2025, with the remaining minimum commitment revenue of NOK

31.8 million to be recognized in subsequent periods.

EBITDA was NOK 1.4 in the fourth quarter, and NOK -20.7 for the full year,

whereas the loss before tax was NOK -5.1 million and NOK -58.2 million for the

full year. Following a reassessment under IAS 12, the Company has derecognized

its deferred tax asset in full based on contracted revenue visibility at the

reporting date. While this is a non-cash accounting adjustment that does not

affect the Group's cash position, it contributed to generate a net loss after

tax of NOK -95.1 million for the fourth quarter and NOK -138.2 million for the

full year 2025.

Key events in Q4 2025:

- Leadership transition with Ola Sandstad appointed as interim CEO

- Signed Contract Expansion with Current Top-5 Global Smartphone Manufacturer

- Launched on 11 new smartphone models in the fourth quarter

Events after the End of the Quarter:

- New license agreement with an existing Top-5 Global Smartphone Manufacturer,

covering a minimum of five smartphones models scheduled to be launched in 2026

- Announced cost efficiency initiatives

- Signed new contract with current Laptop Customer to expand AI Virtual Human

Presence Sensor across Consumer Laptop segments

- Launched on 5 new smartphone models in January 2026

Elliptic Labs initiated a strategic review in Q3 2025 to prioritize scalable

growth opportunities and strengthen long-term value creation and has taken

active steps both to restore revenue growth and align the cost base.

The Company will monetise its current contract and customer portfolio and seek

growth by continuing to increase the number of units deploying Elliptic Labs

technology and by increasing the value per unit by adding more sensors.

Elliptic Labs will also seek to expand into new verticals leveraging its AI

Virtual Smart Sensor Platform, such as smart glasses and enablement of

targeted content and advertising models for smart-TVs.

Furthermore, the company sees large and rapidly growing market opportunities

within edge AI and is working to productize its platform to offer customers

friction-less development and deployment of edge AI on embedded devices.

In terms of costs, the company has already implemented cost measures aimed to

reduce personnel and other operating costs by around 15% and capitalized

development costs by around 12%, using the twelve months leading up to Q3 2025

as baseline. Importantly, the company has reallocated resourced to support the

new growth initiatives.

Elliptic Labs remains the only company having deployed AI Virtual Smart

Sensors at scale and will execute on the large market opportunities this

represents with a leaner and more efficient organisation going forward.

Interim CEO Ola Sandstad and Interim CFO Mathias Norderud will present the Q4

2025 and FY 2025 results today at 08:00 CEST. Please use the following link to

access the presentation:

https://qcnl.tv/p/7U5b0EZmwebxEieOd22Z8A

Contacts:

Interim CEO Ola Sandstad, ola.sandstad@ellipticlabs.com

Interim CFO Mathias Norderud, mathias.norderud@ellipticlabs.com

About Elliptic Labs

Elliptic Labs is a global Edge AI company delivering trusted, low-power

on-device sensing at scale. Our AI Virtual Smart Sensor PlatformTM enables

intelligent, always-on contextual awareness directly on devices --- without

the need for additional hardware or continuous cloud processing.

Deployed in over 500 million devices worldwide, our platform powers

software-defined sensing across a broad range of consumer and enterprise

products. By executing compact neural networks directly on-device, our

technology delivers adaptive, real-time sensing that preserves user privacy

while minimizing power consumption.

For more than a decade, Elliptic Labs has specialized in efficient neural

network execution using proprietary runtimes and custom-built sensing models

optimized for real-world environments. Built on balanced, self-collected

datasets and engineered to operate across diverse hardware architectures, our

AI Virtual Smart Sensors enable seamless integration across product

generations and device categories.

Our solutions enhance security, personalization, productivity, and user

experience --- forming a scalable foundation for the next generation of

AI-enabled devices.

Headquartered in Norway, with a presence in the USA, China, South Korea,

Taiwan, and Japan, Elliptic Labs is listed on the Oslo Stock Exchange. All

technology and intellectual property are developed in Norway and are solely

owned by the company, ensuring independence and long-term innovation.

Trademark

INNER BEAUTY is a registered trademark of Elliptic Labs.

AI Virtual Smart Sensor, AI Virtual Proximity Sensor, and AI Virtual Smart

Sensor Platform 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,

through the agency of the contact persons set out above, at 2026-02-26 07:00

CET.