Elliptic Labs: Q3 2022 – Continued strong growth trajectory supported by revenue from laptop vertical

Oslo, Norway – Elliptic Labsa global AI software company and leader in AI Virtual Smart Sensors for the smartphone,
laptop, Internet of Things (IoT), and automotive industries, reports revenues from contracts with customers of mNOK 27.1 (13.4) for the third quarter 2022, a 102% increase compared to the same period last year. For the first nine months of 2022 the company reports revenues from contracts with customers of mNOK 42.2 (19.9), an increase of 112% compared to the same period last year. EBITDA for the third quarter 2022 was positive at mNOK 6.2 (-0.4) and for the first nine months 2022 mNOK -18.2 (-12.6).

Highlights from Q3 2022:
– A significant portion of Q3’22 revenue was from laptops, of which the majority is a milestone delivery
– Signed additional license agreement with laptop OEM, fifth expansion agreement for AI Virtual Presence Sensor covering more laptop models
– Signed Proof-of-Concept agreement for newly launched product, AI Virtual Position Sensor, with top-3 Laptop OEM
– Signed license agreement with new smartphone customer
Launched AI Virtual Proximity Sensor on six new smartphones

Next to Q3 2022:
– Launched on 2 additional smartphone models

“In the third quarter, we received significant milestone revenue from our laptop customer while expanding with more contracts in both the smartphone and laptop markets.” Says Laila DanielsenCEO of Elliptic Labs. “As we approach the end of 2022, we continue to make sturdy progress towards becoming the preferred 100% software-based virtual sensor platform for smartphones, laptops, IoT and other relevant devices. We see strong customer engagements in the laptop market, and we anticipate that our planned product rollout across more laptop models and manufacturers will be the main medium-term growth driver towards our 2023 targets.”