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 since Q3 last year, with total revenue and other operating income up from mNOK 7.1 Q3 2020 to mNOK 16.2 Q3 2021, a 127.6% increase YoY. YTD 2021 also sees an increase from the same period in 2020 from mNOK 17.5 to mNOK 28.4, a 62.4% increase. As previously disclosed, we foresee seasonality, and we expect revenue for 2H 2021 to be higher than 2H 2020. EBITDA has improved from Q3 2020 mNOK -6.2 to mNOK -0.4 Q3 2021, following the positive development in revenue. Similarly, the EBITDA improved from YTD 2020 mNOK -23.2 to mNOK -12.6 YTD 2021. Cash flow from operations is in line with expectations at mNOK -9.5 for the quarter.
The development is in line with management expectations and guidance, and we see increased demand for our software in multiple verticals.
Highlights from Q3 2021:
- Signed three new license agreements with current smartphone customers Xia-omi, Honor, and Black Shark
- Signed an enterprise license agreement with one of the top-three global PC manufacturers
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