Elliptic Labs (ELABS) Q4 2024 earnings summary

Executive summary

• Achieved record revenue and first-time EBITDA profitability in FY 2024, with revenue up 93% to NOK 131.9 million and EBITDA of NOK 25.1 million (18.8% margin).

• Q4 2024 was the strongest quarter, with revenue up 416% year-over-year to NOK 47.6 million and EBITDA margin of 34.5%.

• Launched 66 smartphones and 15 laptops in 2024, with rapid device launches and momentum continuing into 2025.

• Secured new and expansion contracts with major OEMs, including a Top-5 global smartphone maker and Lenovo, and introduced multiple sensors per device.

• Over 500 million devices now utilize the AI Virtual Smart Sensor Platform.

Financial highlights

• FY 2024 revenue reached NOK 131.9 million, up from NOK 68.3 million in 2023; operating expenses increased by only 4.8%.

• Q4 2024 revenue was NOK 47.6 million, with operating cash flow positive at NOK 13.6 million and cash balance at NOK 76.4 million at year-end.

• EBITDA for FY 2024 was NOK 25.1 million (18.8% margin); Q4 EBITDA was NOK 16.5 million (34.5% margin).

• Net profit for Q4 2024 was NOK 11.0 million; full-year net profit was NOK 9.0 million.

• Equity ratio at year-end was 90%; total assets NOK 361 million.

Outlook and guidance

• Strong start to 2025 with eight new laptop models shipped by February, already surpassing half of 2024's total launches.

• Targeting mid-term revenue of NOK 500 million and EBITDA margin above 50%.

• Focus on expanding contract base, customer relationships, and AI Virtual Smart Sensor adoption across devices.

• Laptops identified as a key growth vertical, with continued innovation and product expansion.

• Confident in funding current business plan and maintaining positive cash flow and working capital trends.