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

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 Sensor™ 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.

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.