Elliptic Labs Q4 2024: Continued growth, commercial progress and profitability for the year

27 Feb 2025 07:00 CET

Elliptic Labs reports Revenues from contracts with customers of NOK 131.9
million for 2024, an increase from NOK 68.3 million 2023, representing an
increase of 93%. Total revenue and other operating income was NOK 47.9
million (9.6) for the fourth quarter 2024. This corresponds to a Total
revenue and other operating income increase of 401% year-over- year.
Elliptic Labs is rapidly scaling its portfolio, adding new models, AI Virtual
Smart Sensors and use cases in accordance with its stated strategy. The
company launched its AI Virtual Smart Sensor Platform on 66 new smartphone
models and 15 new laptop models in 2024, making the total deployment 166
smartphone models and 33 laptop models since the company's inception.

Elliptic Labs has successfully launched Lenovo Smart Share for seamless
device-to-device interoperability and added an expansion contract in November
with an existing PC customer for more models and accessories. Additionally,
the company announced, for the first time, two AI Virtual Smart Sensors on one
laptop model. This commercial progress highlights Elliptic Labs' ability to
deepen customer relationships, expand the deployment of its AI Virtual Smart
Sensor platform, and enable scalability.

Highlights from Q4 2024:
- Revenues from contracts with customers reached NOK 47.6 million, a 416%
increase from Q4 2023.
- Achieved EBITDA profitability for the year the first time, demonstrating the
strength of the high-margin, software-based business model.
- Strengthened cash position by NOK 9.3 million, reaching NOK 76.4 million,
reflecting profitable growth and improved working capital management.
- New expansion contract with existing PC customer for more laptops and, for
the first time also including accessories

Events after the End of the Quarter:
- Announcement of a New expansion contract with a Top-5 global smartphone
maker for at least 20 confirmed smartphone models.
- Announcement of Expansion contract with an existing smartphone customer for
at least 10 confirmed smartphone models.
- PC market; So far in 2025, we have disclosed launches for the Lenovo X9 14
Aura Edition and X9 15 Aura Edition. In addition, there have been 6
undisclosed launches. The X9 14 Aura Edition and one undisclosed model have 2
sensors, while the remaining 6 models have 1 sensor each. A total of 8 models
has been launched so far in 2025.
- Smartphone market; so far in 2025, Elliptic Labs announced it had shipped
its AI Virtual Proximity SensorTM INNER BEAUTY® on four smartphones. On the
10th of January, Xiaomi Redmi Turbo 4. On the 31st of January, HONOR X8c. On
the 20th of February, vivo V50 Series, the V50e, and vivo V50.

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

PR Contact:
Patrick Tsui
pr@ellipticlabs.com

About Elliptic Labs
Elliptic Labs' AI Virtual Smart Sensor PlatformTM 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.

Trademark
INNER BEAUTY is a registered trademark of Elliptic Labs.

AI Virtual Smart Sensor, AI Virtual Smart Sensor Platform, AI Virtual
Proximity Sensor, AI Virtual Presence Sensor, AI Virtual Connection Sensor, AI
Virtual Gesture Sensor, AI Virtual Heartbeat Sensor, and AI Virtual Breathing
Sensor are trademarks of Elliptic Labs.

All other trademarks or service markets are the responsibility of their
respective organizations.

More information:
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639848_Elliptic Labs Presentation 2024 Q4.pdf
639848_Elliptic Labs Report 2024 Q4.pdf