Elliptic Labs Q1 2025: Key Takeaways

Laptop and smartphone launches ramping fast – and cash flow follows

After a strong share price rally earlier this spring, Elliptic Labs’ Q1 report was all about confirmation – namely, that top-line growth remains intact and product momentum is accelerating. Revenues of NOK 27 million came in slightly below some estimates due to the timing of milestone payments, but the operational tempo paints a more encouraging picture.

DNB Carnegie described the report as a “confirmation that top-line growth appears set to continue into 2025,” reiterating its Buy rating and NOK 19 price target. Sparebank 1 Markets, while Neutral with an NOK 11 target, highlighted that core revenues are tracking well and milestone drawdowns are simply shifting intra-year. Cash flow came in stronger than expected, reducing working capital pressures and reinforcing the view that Elliptic is “home-free” on financing.

Pareto Securities went a step further: pointing to the sharp rise in deployed sensors and laptop launches, they argue that YTD activity already implies ~36% revenue growth for 2025. They expect to raise their FY revenue estimate by 5–10pp, calling the report “solid” and reaffirming their Buy rating with a target price of NOK 18.

Elliptic remains one of our software picks on Oslo Børs. Below, we break down the numbers, analyst takeaways, and outlook for the rest of the year.

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📌 Index

• Revenue and Financial Performance

• Product Launch Momentum

• Strategic Partnerships and Ecosystem

• Milestone Timing and Growth Outlook

• Analyst Reactions

• Q&A Highlights

• Final Notes

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💰 Revenue and Financial Performance

• Revenues from contracts with customers: NOK 26.6m (+20% YoY)

• Total revenue and other income: NOK 27.0m

• EBITDA: NOK -1.6m (vs NOK -3.3m in Q1’24)

• Operating cash flow: NOK 12.1m

• Cash position: NOK 76.8m (flat QoQ)

"We remain focused on balancing investment in growth with cost management." — CFO Lars Holmøy

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🚀 Product Launch Momentum

• 23 laptops launched YTD, with 7 dual-sensor models, totalling 30 sensors (vs 16 in all of 2024)

• 23 smartphones launched, with 45 additional models committed

"By May, we have already almost doubled the number of AI Virtual Smart Sensors deployed in laptops for the full year in 2024." — CEO Laila Danielsen

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👥 Strategic Partnerships and Ecosystem

• Elliptic has deepened co-engineering efforts with Intel to embed contextual intelligence into next-gen AIPC chips

• Expanded collaboration with Lenovo through SmartShare technology

"We are now collaborating more closely than ever with key ecosystem players to jointly develop future-ready innovation." — CEO Laila Danielsen

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📊 Milestone Timing and Growth Outlook