Regulatory press release

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 Platform™ 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.