Elliptic Labs Q1 2024: Entering 2024 with strong momentum

23 May 2024 07:00 CEST

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

Contacts
Investor Relations:
Lars Holmøy
Lars.Holmoy@ellipticlabs.com

PR Contact:
Patrick Tsui
pr@ellipticlabs.com

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 PlatformTM 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.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-05-23 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

619450_Elliptic Labs Report 2024 Q1.pdf
619450_Elliptic Labs Presentation 2024 Q1.pdf