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 total revenue and other operating income of NOK 34.7 million for the fourth quarter 2021 and NOK 63.0 million for the full year. EBITDA was a positive NOK 9.8 million for the fourth quarter and a negative NOK 2.8 million for the full year.
Highlights from Q4 2021:
- Launched five new smartphone models from three different customers in Q4'21 License agreement signed for seven models with a new smartphone customer
- Announced partnership with Intel for the PC-market
- Signed proof-of-concept agreement with leading PC OEM
Subsequent to the Q4, 2021 Lenovo launched Elliptic Labs' AI Virtual Presence Sensor on ThinkPad T-14 in Q1, 2022 and, smartphone customers with five more launches in Q1'22.
2021 was another eventful year for Elliptic Labs, with activity picking up speed both in the smartphone market but also in new verticals such as the PC laptop market and Internet of Things.
Total revenue amounted to NOK 34.7 million in the fourth quarter 2021. Full year revenue increased by 41% year-on-year to NOK 63 million, or by 81% excluding other operational income such as research grants. EBITDA amounted to NOK 9.8m for the fourth quarter 2021 and a loss of NOK 2.8m for the full year.
Revenue mainly reflects license revenue from the licensing agreements Elliptic Labs has entered with globally leading smartphone OEMs over the past five years. The company's solutions were introduced on five new smartphone models with three different customers in the fourth quarter 2021. An additional five models were introduced during the first quarter 2022, bringing the total to 47 different models with six different manufacturers. This shows the unique attraction of the company's technology and the risk diversification in the business models.
Elliptic Labs sees increasing demand for its software solutions also in other verticals and in new geographical areas, which broaden the market opportunity and diversifies risk further. In the fourth quarter the company announced a partnership with Intel in the PC market, and with Intel, AMD and Qualcomm onboard the company covers close to 100% of the PC processor market. Elliptic Labs also signed a proof-of-concept agreement with a leading PC OEM for an all-in-one PC system for presence detection during the fourth quarter.
In the first quarter 2022 the company and the global market leader Lenovo jointly announced that Elliptic Labs' presence detection, "Virtual Presence Sensor", functionality will be launched on Lenovo's bestseller model ThinkPad T-14. Elliptic Labs expects to introduce more functionalities in more laptop models from more laptop manufacturers in the time to come. The company is also beginning to its solutions entering the IoT market, with a new presence detection product from global market leader Bosch.
Demand for Elliptic Labs AI Virtual Smart Sensor Platform™ hence continues to broaden into more verticals. The company is continuing the expansion in the smartphone market, is opening its next key growth vertical in laptops, and is introducing its technologies to the IoT market. These markets offer significantly higher price points and total market value opportunity for Elliptic Labs' Virtual Smart Sensors, and the company sees a clear path towards its ambitious revenue target. The company expects significantly increased revenue and positive EBITDA in 2022 and maintains its target to achieve a revenue level of NOK 500 million in 2023.
To access the webcast presentation at 08:00 please use the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220310_3
For further information, please contact:
CEO Laila Danielsen
[email protected]
Tel: +1 415 269 7676
CFO Lars Holmøy
[email protected]
Tel: +47 4028 4028
About Elliptic Labs
Elliptic Labs is a global enterprise targeting the smartphone, laptop, IoT, and automotive markets. Founded in 2006 as a research spin-off from Norway's Oslo University, the company's patented software uses AI, ultrasound and sensor-fusion to deliver intuitive 3D gesture, proximity, presence, breathing and heartbeat detection experiences. Its scalable AI Virtual Smart Sensor Platform™ creates software-only sensors that are sustainable, human-friendly and already deployed in hundreds of millions of devices around the world. Elliptic Labs is the only software company that has delivered detection capabilities using AI software, ultrasound, and sensor-fusion deployed at scale. The company joined the Oslo Børs main listing in March 2022.
Elliptic Labs is headquartered in Norway with presence in the USA, China, South-Korea, Taiwan, and Japan. Its technology and IP are developed in Norway and are solely owned by the company.
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