Elliptic Laboratories ASA — Earnings Release 2026

May 21, 2026

Elliptic Labs Q1 2026: Growing from a strengthened foundation through a transition year

Elliptic Labs Q1 2026: Growing from a strengthened foundation through a transition year

(Oslo, Norway 21 May 2026) Elliptic Labs (OSE: ELABS) today reported Q1 2026

revenue of NOK 17 million, while laptop shipment volumes increased 41%

year-over-year. During the quarter, the company completed a private placement

and implemented approximately 15% annualized operating cost reductions as part

of its strategic review.

Operational momentum remained strong across laptops and smartphones, with a

record-high number of launched models during the quarter. Elliptic Labs also

continued to progress strategic initiatives within Edge AI and adjacent device

categories through ongoing ecosystem validation and partner engagement.

"We entered 2026 with a clear strategic direction, and the first quarter

demonstrates our ability to execute on that plan. We strengthened the company

financially, improved operational efficiency, and continued building momentum

across both our established business and new strategic initiatives," says Ola

Tviberg Sandstad, CEO of Elliptic Labs.

Q1 Highlights:

* Revenue of NOK 17 million

* 41% year-over-year growth in laptop shipment volumes

* 17 laptop models and 22 smartphone models launched during the quarter

* NOK 60 million private placement completed

* Approximately 15% reduction in annualized operating cost base implemented

Revenue development during the quarter was impacted by contract phasing,

milestone recognition dynamics, and lower incremental volume revenue as a

larger share of shipment volumes remained within minimum commitment

thresholds.

Laptop shipment activity remained strong during the quarter, reflecting

continued customer rollouts and increasing adoption of Elliptic Labs'

technology. Smartphone shipments were in line with the same period last year.

Combined launch activity across laptops and smartphones reached an all-time

high during the quarter.

As part of the company's strategic review, Elliptic Labs implemented measures

to improve operational efficiency and align the organization with long-term

scalability. The company expects the full cash effect from the cost reductions

to materialize during the second half of 2026.

Advancing Strategic Initiatives within Edge AI and Adjacent Verticals

During the quarter, Elliptic Labs continued to advance strategic initiatives

within Edge AI and adjacent device categories.

Validation activities progressed through demonstrations on partner hardware

and ongoing dialogue with prospective customers and chipset vendors. The

company continues to see increasing industry focus on software-based AI

deployment and sensing capabilities across embedded and connected devices.

Elliptic Labs also saw encouraging early traction within adjacent verticals,

including smart glasses, smart TVs, and smartwatches. These opportunities

build on the company's existing technology platform and ecosystem

integrations, enabling new AI-driven user experiences without requiring

additional hardware.

Outlook

Elliptic Labs continues to view 2026 as a transition year with strong focus on

execution across both the established business and new strategic initiatives.

The company reiterates its target of reducing the annualized operating cost

base by approximately 15%, with full cash effect expected from the second half

of 2026.

Within laptops and smartphones, the company expects continued momentum

supported by new launches and increasing shipment volumes. While revenue

development in the first half of 2026 remains impacted by contract phasing and

conversion timing, Elliptic Labs expects gradual improvement through the

second half of the year.

At the same time, the company continues to progress its Edge AI initiatives

and adjacent vertical opportunities through ongoing ecosystem engagement and

validation activities, with initial commercial execution targeted during the

second half of 2026 and revenue contributions expected from 2027 onward.

CEO Ola Tviberg Sandstad and CFO Mathias Norderud will present the Q1 2026

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

presentation:

https://qcnl.tv/p/0uqw3rpsMCQQE4yv5nw_4A

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. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-05-21 07:00 CEST.