Elliptic Labs reports 50% revenue growth, strong EBITDA improvement in Q3

Elliptic Labs reported Q3 2025 revenue from contracts with customers of NOK 42.3 million, a 50% year-on-year increase. This contributed to a total revenue and other operating income of NOK 42.6 million, up 49%. This strong performance led to a sharp improvement in EBITDA to NOK 12.7 million, compared to NOK 0.5 million in Q3 2024, reflecting higher revenue and continued cost control. Milestone revenue from two major laptop contracts, totaling NOK 55 million, accounted for approximately 65% of Q3 revenue, with the remaining 35% expected in Q4 and later periods.

Year-to-date 2025, revenues from contracts with customers reached NOK 93.5 million, an 11% increase from NOK 84.3 million in the same period last year. The company continues to expand its portfolio, launching its AI Virtual Smart Sensor Platform on 58 new smartphone models and 25 new laptop models in 2025. Post-quarter, an additional four smartphone models were launched.

Elliptic Labs is currently undergoing a leadership transition with Ola Sandstad as interim chief executive and Mathias Norderud as interim chief financial officer, who have initiated a strategic review to reassess financial targets and explore new market opportunities, including smart glasses. The company remains focused on monetizing existing contracts and expanding AI Virtual Smart Sensor deployments.