Elliptic Labs (ELABS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 50% year-over-year to NOK 42.3 million, driven by milestone laptop contracts and increased shipment volumes, with 65% of minimum commitments recognized in the quarter and 25% to be booked in Q4.

• EBITDA improved to NOK 12.7 million from NOK 0.5 million last year, reflecting strong revenue growth and stable operating costs.

• Cash position at quarter-end was NOK 54.8 million, supported by positive operating cash flow of NOK 6.5 million.

• Strategic review initiated by new management to reassess midterm financial targets, product/customer roadmaps, and explore new verticals such as smart glasses.

• Leadership transitions occurred, with new interim CEO and CFO appointed.

Financial highlights

• Q3 2025 revenue: NOK 42.3–42.6 million, up 49–50% year-over-year.

• EBITDA: NOK 12.7 million, up from NOK 0.5 million last year.

• Net profit for Q3 2025 was NOK 3.9 million, compared to a loss of NOK 4.1 million in Q3 2024.

• Cash and cash equivalents at quarter-end: NOK 54.8 million.

• Cumulative nine-month revenue: NOK 93–93.5 million, up from NOK 84 million year-over-year.

Outlook and guidance

• Double-digit revenue growth for the full year depends on Q4 shipment volumes and contract outcomes.

• Q4 revenue to be driven by milestone laptop revenues, pay-as-you-go, and new agreements, with 25% of milestone laptop contract revenue to be recognized in Q4.

• Strategic review underway to reassess midterm revenue targets and commercial priorities.

• Focus on monetizing existing contracts, expanding with current customers, and increasing sensor deployments per device.