Oslo, Norway - 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 revenues from contracts with customers of mNOK 27.1 (13.4) for the third quarter 2022, a 102% increase compared to the same period last year. For the first nine months 2022 the company reports revenues from contracts with customers of mNOK 42.2 (19.9), an increase of 112% compared to the same period last year. EBITDA for the third quarter 2022 was positive at mNOK 6.2 (-0.4) and for the first nine months 2022 mNOK -18.2 (-12.6).  
 
Highlights from Q3 2022: 
- A significant portion of Q3’22 revenue was from laptops, of which majority is a milestone delivery 
- Signed additional license agreement with laptop OEM, fifth expansion agreement for AI Virtual Presence Sensor covering more laptop models 
- Signed Proof-of-Concept agreement for newly launched product, AI Virtual Position Sensor, with top-3 Laptop OEM 
- Signed License agreement with new smartphone customer  
Launched AI Virtual Proximity Sensor on six new smartphones 

Subsequent to Q3 2022:  
- Launched on 2 additional smartphone models 

“In the third quarter, we received significant milestone revenue from our laptop customer while expanding with more contracts in both the smartphone and laptop markets.” Says Laila Danielsen, CEO of Elliptic Labs. “As we approach the end of 2022, we continue to make sturdy progress toward becoming the preferred 100% software-based virtual sensor platform for smartphones, laptops, IoT and other relevant devices. We see strong customer engagements in the laptop market, and we anticipate that our planned product rollout across more laptop models and manufacturers will be the main medium-term growth driver towards our 2023 targets.”

Contacts
Investor Relations: 
Lars Holmøy
Lars.Holmoy@ellipticlabs.com

PR Contact:
Patrick Tsui
pr@ellipticlabs.com

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 create AI Virtual Smart Sensors that 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 is listed on the Oslo Børs.

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.

This information has been submitted pursuant to the Securities Trading Act § 5-12 and MAR Article 19 no. 3. The information was submitted for publication at 2022-11-17 07:00 CET.

Attachments
Elliptic Labs Report 2022 Q3
Elliptic Laboratories Webcast Q3 2022
Elliptic Labs Presentation 2022 Q3

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