Elliptic Labs Q2 2026: Focused execution through a transition year

(Oslo, Norway 27 August 2026) Q2 was a quarter of focused execution in a transition year for Elliptic Labs (OSE: ELABS). The financial performance was impacted by the milestone-based contract phasing previously flagged, with revenue development remaining challenging in the second quarter of 2026. Despite this, the quarter reflected momentum across the business: strong laptop shipment growth, a renewed Top-3 smartphone customer contract, and continued progress in adjacent verticals and Edge AI.

Revenue in the quarter was NOK 13 million (Q1: NOK 17 mn). Operating expenses, excluding depreciation and amortisation, decreased to NOK 18 million (Q1: NOK 24 million), as the ~15% annualized operating cost base reduction implemented in Q1 continued to take effect. The full cash effect from the cost efficiency measures is expected from the second half of 2026.

“Q2 was a quarter of focused execution through our transition year. We are executing our strategy across core and new growth areas with increased efficiency, and are on track with the direction we have set. Converting these opportunities into sustainable, profitable growth remains our clear priority,” says Ola Tviberg Sandstad, CEO of Elliptic Labs.

Business highlights Q2 and to date:

• Revenue of NOK 13 million
• 33% year-over-year growth in laptop shipments, reflecting continued operational momentum
• Smartphone contract renewed with an existing Top-3 global vendor, covering eight models
• 14% combined year-over-year growth in smartphone and laptop model launches
• Commercial discussion in progress with vendors of next generation wearables
• Positive validation from hardware and IP vendors within Edge AI
• ~15% annualized operating cost base reduction progressing according to plan 

Adjacent Verticals and Edge AI
Traction across Elliptic Labs’ strategic initiatives continued to strengthen.

Within wearables commercial discussion is in progress with vendors of next generation devices. The customer dialogue is an encouraging proof that a market exists for the company's technology in this new category.

Elliptic Labs continued to progress opportunities in smart glasses where its audio-based sensing approach offers a more privacy-friendly alternative to camera-based solutions.

The quarter brought positive validation of Edge AI from chipset and IP vendors, and the company's established partner footprint continues to create opportunities to explore applications in new customer segments.

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 shipment volumes. While revenue development in the first half of 2026 was impacted by low incremental volume revenue, Elliptic Labs expects gradual improvement through the second half of the year.

At the same time, operational progress within adjacent verticals and Edge AI is on track, supporting the ambition to reach commercial execution in the second half of 2026. Revenue impact is expected to materialise from 2027.

CEO Ola Tviberg Sandstad and CFO Mathias Norderud will present the Q2 2026 results today at 08:00 CEST. Please use the following link to access the presentation:
https://qcnl.tv/p/SNsqHvnAILzADsKqrGWcGQ

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