(Oslo, Norway 21 May 2026) Elliptic Labs (OSE: ELABS) today reported Q1 2026 revenue of NOK 17 million, while laptop shipment volumes increased 41% year-over-year. During the quarter, the company completed a private placement and implemented approximately 15% annualized operating cost reductions as part of its strategic review.

Operational momentum remained strong across laptops and smartphones, with a record-high number of launched models during the quarter. Elliptic Labs also continued to progress strategic initiatives within Edge AI and adjacent device categories through ongoing ecosystem validation and partner engagement.

“We entered 2026 with a clear strategic direction, and the first quarter demonstrates our ability to execute on that plan. We strengthened the company financially, improved operational efficiency, and continued building momentum across both our established business and new strategic initiatives,” says Ola Tviberg Sandstad, CEO of Elliptic Labs.

Q1 Highlights:

• Revenue of NOK 17 million
• 41% year-over-year growth in laptop shipment volumes
• 17 laptop models and 22 smartphone models launched during the quarter
• NOK 60 million private placement completed
• Approximately 15% reduction in annualized operating cost base implemented

Revenue development during the quarter was impacted by contract phasing, milestone recognition dynamics, and lower incremental volume revenue as a larger share of shipment volumes remained within minimum commitment thresholds.

Laptop shipment activity remained strong during the quarter, reflecting continued customer rollouts and increasing adoption of Elliptic Labs’ technology. Smartphone shipments were in line with the same period last year. Combined launch activity across laptops and smartphones reached an all-time high during the quarter.

As part of the company’s strategic review, Elliptic Labs implemented measures to improve operational efficiency and align the organization with long-term scalability. The company expects the full cash effect from the cost reductions to materialize during the second half of 2026.

Advancing Strategic Initiatives within Edge AI and Adjacent Verticals
During the quarter, Elliptic Labs continued to advance strategic initiatives within Edge AI and adjacent device categories.

Validation activities progressed through demonstrations on partner hardware and ongoing dialogue with prospective customers and chipset vendors. The company continues to see increasing industry focus on software-based AI deployment and sensing capabilities across embedded and connected devices.

Elliptic Labs also saw encouraging early traction within adjacent verticals, including smart glasses, smart TVs, and smartwatches. These opportunities build on the company’s existing technology platform and ecosystem integrations, enabling new AI-driven user experiences without requiring additional hardware.

Outlook
Elliptic Labs continues to view 2026 as a transition year with strong focus on execution across both the established business and new strategic initiatives. The company reiterates its target of reducing the annualized operating cost base by approximately 15%, with full cash effect expected from the second half of 2026.

Within laptops and smartphones, the company expects continued momentum supported by new launches and increasing shipment volumes. While revenue development in the first half of 2026 remains impacted by contract phasing and conversion timing, Elliptic Labs expects gradual improvement through the second half of the year.

At the same time, the company continues to progress its Edge AI initiatives and adjacent vertical opportunities through ongoing ecosystem engagement and validation activities, with initial commercial execution targeted during the second half of 2026 and revenue contributions expected from 2027 onward.

CEO Ola Tviberg Sandstad and CFO Mathias Norderud will present the Q1 2026 results today at 08:00 CEST. Please use the following link to access the presentation:
https://qcnl.tv/p/0uqw3rpsMCQQE4yv5nw_4A

Contacts:
Interim CEO Ola Sandstad, ola.sandstad@ellipticlabs.com
Interim CFO Mathias Norderud, mathias.norderud@ellipticlabs.com