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Elliptic Labs, a global AI software company and leader in AI Virtual Smart Sensors for the smartphone, laptop, Internet of Things (IoT), and automotive industries, reports progress from Q1 last year and operating revenues of NOK 4.5m in Q1 2021 compared to NOK 4.0m in Q1 2020. Recent announcements and progress will contribute to a stronger second half than first half 2021. EBITDA for Q1 2021 ended at NOK -8.5m compared to NOK -11.1m in Q1 2020. The development is in line with management expectations and due to solid sales revenues in Q4 2020, cash flow from operations ended slightly positive with NOK 0,2m in Q1 2021 up from NOK -6.0m in Q1 2020. Cash position at the end of the quarter ended at NOK 95.4m down from NOK 99.7m at the end of Q4 2020.

Highlights from the first quarter:

  • Added one new large smartphone manufacturer to the customer base
  • Announced launches on four high-volume smartphones with Xiaomi