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Elliptic Labs (ELABS) investor relations material
Elliptic Labs Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
Executive summary
Signed two major multi-year contracts with an existing laptop customer, covering commercial, consumer, and PC accessories, with a minimum commitment of NOK 55 million, the largest to date, to be recognized mainly in Q3 and Q4 2025.
Expanded presence in the AI PC market and rapid deployment in smartphones, with 43 smartphone and 25 laptop models launched in 2025, and over 500 million devices now deploying the AI platform.
Achieved strong commercial progress with three of the top five OEMs as customers and partnerships with major chip manufacturers including Qualcomm, MediaTek, Intel, AMD, and discussions with NVIDIA.
Transitioned a major customer from third-party to internal software stack, enhancing integration and customer stickiness.
Strategic focus on scaling the AI Virtual Smart Sensor Platform and maximizing product portfolio value.
Financial highlights
Q2 2025 revenue from customers was NOK 24.6 million, down 27% year-over-year, with 1H 2025 revenue at NOK 51.2 million, a 9% decrease from 1H 2024, mainly due to deferred laptop revenues.
EBITDA for Q2 2025 was NOK 1.1 million (vs. NOK 11.4 million in Q2 2024); EBIT was negative NOK 4.9 million; net loss for Q2 2025 was NOK 8.2 million.
Cash and cash equivalents at quarter end were NOK 57.0 million, down from NOK 76.8 million at Q1 2025 and NOK 96.9 million at Q2 2024.
Negative operating cash flow of NOK 9.3 million in Q2 2025, mainly due to timing of laptop revenues and increased receivables.
Trailing twelve-month revenue increased 44%, while operating expenses rose 9.5%.
Outlook and guidance
Confident in achieving double-digit revenue growth for full year 2025, with majority of new contract revenue recognized in Q3 and some in Q4.
Revenue is expected to rebound in 2H 2025 as deferred laptop revenues are recognized.
Multiple products per device and dual-sensor configurations are expected to drive future revenue growth.
Market forecasts predict AI-capable PCs will reach 37% of global shipments in 2025, supporting growth potential.
Mid-term target set at over NOK 500 million in revenue and EBITDA margin above 50%.
Lenovo direct integration: What's the strategic gain?
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Next Elliptic Labs earnings date
Q3 202527 Nov, 2025
Next Elliptic Labs earnings date
Q3 202527 Nov, 2025
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Frequently asked questions
Norwegian Ultrasound Sensors
Elliptic Labs is a company that specializes in providing virtual smart sensors for a range of electronic devices. Their technology is widely utilized in smartphones, laptops, IoT devices, automotive applications, smart speakers, and televisions. The company uses AI, ultrasound, and sensor fusion to deliver solutions such as 3D gesture recognition, proximity sensing, presence detection, and monitoring of breathing and heartbeats. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
A Research Spin-off
Elliptic Labs was founded in 2006 by Laila Danielsen, a Norwegian entrepreneur who still acts as the company's CEO. The company emerged from the University of Oslo's research initiatives, focusing on utilizing ultrasound technology for gesture recognition and touchless interaction. The company's early research and development efforts were directed toward integrating ultrasound technology into mobile devices, enabling users to control their gadgets through hand gestures without physical contact.
AI Virtual Smart Sensor Platform
Elliptic Labs' breakthrough came with its AI Virtual Smart Sensor Platform, which has been adopted by major smartphone manufacturers. By eliminating the need for physical sensors, this technology enhances device functionality while reducing hardware costs. Over the years, Elliptic Labs has expanded its applications to include smart home devices, laptops, and automotive systems. The company's technology is in use in over 500 million devices worldwide. Some of Elliptic Labs' publicly traded peers include Synaptics Incorporated, Cirrus Logic, and Infineon Technologies AG.
How it Works and Application Areas
Elliptic Labs' ultrasound-based approach offers several advantages over traditional sensors, including greater flexibility, reduced hardware costs, and the ability to create more intuitive and hygienic user interfaces. The company's technology uses ultrasound to enable touchless interaction with electronic devices. It begins with emitting ultrasonic waves from tiny transducers embedded in the device. When these waves encounter an object, like a user's hand, they reflect back to the device, where transducers capture the returning signals.
These signals undergo advanced processing to analyze the time delay and changes in frequency and amplitude, creating a 3D map of the object's movement. This data is then interpreted by an AI engine trained to recognize specific gestures and movements, such as swipes, waves, or hovers.The AI interprets these gestures and translates them into corresponding commands, allowing users to control their devices without physical contact. For example, users can turn on a screen, adjust the volume, or navigate menus with simple hand movements.
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