Regulatory press release

Elliptic Labs — Q1 2024: Entering 2024 with strong momentum

Elliptic Labs reports Revenues from contracts with customers of NOK 22.2 million in Q1 2024, an increase from NOK 4.0 million in the first quarter of last year. The first quarter historically represents the weakest quarter of the year for the company, the strong result and current revenue momentum stems from the strategic, technical, and commercial position built over the last year.

Elliptic Labs has launched its AI Virtual Smart Sensor Platform on 24 new smartphone models and 13 new laptop models so far in 2024, and the platform has been deployed on 120 smartphone models and 31 laptop models in total. By defining new architecture and industry standards together with key global ecosystem players and leveraging the company's global market leadership in AI Virtual Smart Sensors, Elliptic Labs is well positioned to maintain healthy growth going forward. Revenues from customer contracts totaled NOK 86 million over the last 12 months to Q1 2024, up 70% year-on-year.

Looking ahead, Elliptic Labs is focused on monetizing its existing contracts, securing new ones, and launching high-value AI Virtual Smart Sensors to sustain its growth. However, negotiating some main contracts is taking more time than anticipated. While the company remains confident that it is a question of "when" and not "if" it will fulfill its revenue ambition, Elliptic Labs is therefore redefining its NOK 500 million revenue target to a mid-term ambition rather than a 2025 goal

Highlights from Q1 2024:

Launched AI Virtual Human Presence sensor on ThinkpadTM X1 Carbon Gen 12, X13 Gen 5, X13 2-in-1 Gen 5, and X1 2-in-1 Gen 9 14" laptops
Signed contract with Xiaomi for several new smartphones
Signed new expansion license contract with global top-5 smartphone customer Transsion
Signed software license contract with new Hong-Kong based smartphone customer
Signed new expansion license contract with existing global top-5 smartphone customer
Launched on 16 new smartphone models, including 4 models with Infinix, 3 models with Honor, 3 models with Xiaomi, 3 models with TECNO, 2 models with VIVO, and 1 model with Lava International

Events after the end of the quarter:

Shipping on 4 select models of Lenovo's newest ThinkPadTM P Series Workstation Laptops, the P1 Gen 7, P16v i Gen 2, P16s i Gen 3, and P14s i Gen 5
Launched several new smartphones including VIVO V30e, VIVO Z9 Turbo, VIVO IQOO Z9, VIVO Y200, Ant Design Mobile MIAD 01, Infinix GT 20 Pro, RedMI Turbo 3, and Honor 200 Lite

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 Platform™ 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.