Elliptic Labs (ELABS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue from customers grew 20% year-over-year to NOK 26.6 million, with EBITDA improving to -NOK 1.6 million from -NOK 3.3 million in Q1 2024 and positive operating cash flow of NOK 12.1 million.

• Cash and cash equivalents increased to NOK 76.8 million by quarter-end, reflecting a robust balance sheet.

• 23 laptop and 23 smartphone models launched year-to-date, surpassing 2024 totals, with 45 additional smartphone model commitments secured.

• AI platform now deployed on over 500 million devices, with strong expansion in both laptop and smartphone verticals and deepened partnerships with major OEMs and Intel.

• Strategic partnerships and streamlined contract processes are driving growth and market reach.

Financial highlights

• Revenue from customers grew 20% year-over-year to NOK 26.6 million in Q1 2025, with total revenue and other operating income at NOK 27.0 million.

• EBITDA improved to -NOK 1.6 million from -NOK 3.3 million in Q1 2024.

• Operating expenses totaled NOK 28.6 million, with employee benefits at NOK 22 million and other expenses at NOK 6.7 million.

• Net loss after tax was NOK -12.0 million, mainly due to negative financial items from unrealized FX losses.

• Positive operating cash flow of NOK 12.1 million, with cash and equivalents at NOK 76.8 million.

Outlook and guidance

• Strong growth trajectory expected as more products are delivered to a wider range of devices and new OEMs are onboarded.

• Mid-term target of NOK 500 million revenue and EBITDA margin above 50%, with laptops as a key growth vertical.

• Additional 45 smartphone model commitments secured for launch over the next 12 months.

• Focus on monetizing existing contracts, expanding partnerships, and increasing AI sensor deployments per device.

• Market forecasts predict AI-capable PCs to reach 37% of global shipments in 2025.