Elliptic Labs — Q3 2024: Continued growth and commercial progress

MFN Publicerad: 29 Nov 07:00

Elliptic Labs reports Revenues from contracts with customers of NOK 84.3 million for year to date 2024, an increase from NOK 59.1 million in the same period in 2023, representing an increase of 43%. Total revenue and other operating income was NOK 28.6 million (22.5) for the third quarter 2024. This corresponds to a total revenue increase of 27% year-over- year.
Elliptic Labs is rapidly scaling its portfolio adding new models and use cases in accordance with its stated strategy. The company has launched its AI Virtual Smart Sensor Platform on 53 new smartphone models and 15 new laptop models so far in 2024, making the total deployment 149 smartphone models and 33 laptop models since the company's inception.

Since the second quarter, Elliptic Labs has successfully launched Lenovo Smart Share for seamless device-to-device interoperability, added in November an expansion contract with an existing PC customer for more models and, for the first time, accessories. Further, the company has in November for the first time announced two AI Virtual Smart Sensors on one laptop model, and announced a new expansion contract with smartphone customers Oppo and Transsion. Collectively, this commercial progress provides additional proof points of Elliptic Lab's ability to go deeper with existing customers, expand the deployment of its AI Virtual Smart Sensor platform and enable scalability.

Highlights from Q3 2024:
- Launch of Lenovo Smart Share feature with our AI Virtual Tap Sensor on Lenovo's ThinkPad X1 Carbon Gen 13 Aura and Yoga Slim 7i Gen 9 Aura Edition
- Signed new expansion license contract with top-4 smartphone customer Transsion
- Announced expansion contract with smartphone customer Oppo
- Launched on 16 new smartphone models, including 7 models with VIVO, 3 models with Honor, 3 models with TECNO and 3 models with Infinix

Events after the end of the quarter:
- New expansion contract with existing PC customer for more laptops and, for the first time also including accessories
- Launch of the AI Virtual Human Presence detection on Lenovo's ThinkPad X1 Carbon Gen 13 Aura edition commercial laptop. First laptop with 2 AI Virtual Smart Sensors
- Launched on 5 new smartphone models, including VIVO V40e, RedMI Note 14 Pro Plus, RedMI Note 14 Pro, Infinix Zero Flip, and Lava International AGNI 3

Please use the following link to access the presentation:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241129_1

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.

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