Slides
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Results presentation 27.08.26 Q2 2026 Ola Tviberg Sandstad CEO Mathias Norderud CFO 1
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Our vision is to maximize the value of edge devices by enabling advanced intelligence to be deployed seamlessly at scale. Q2 2026 2
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Who are we – what do we deliver – where are we heading? Q2 2026 Established business Scalable new growth opportunities 3
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Q2 2026 4
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Management focused on execution of strategic growth opportunities Strategy execution through scalable growth opportunities and value creation Experienced new member further strengthening management team Q2 2026 5 Illustration from previous company presentation, Q4-25
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Q2 2026 6 Sharper commercial focus and increased market engagement • Restructured teams with clear priorities • Promoting our updated offering to identified customer segments and attending a series of industry events • Early and frequent validation of value proposition towards partners and customers • Re-activated idle relationships
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Operational Highlights Cost reductions according to plan Growth in laptop shipment, smartphone contract renewed Positive validation from chipset and IP vendors on Edge AI Q2 2026 7 Progress in adjacent verticals
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Financial Highlights 13 mn ~15%14%33% Revenue (NOK) Growth in laptop shipments (YoY) Operating cost base reductions implemented Growth in smartphone & laptop model launches …driven by combination of milestone and incremental revenue Operational momentum through growth in laptop shipments. … on an annualized run rate vs LTM Q3 25 baseline Combined YoY growth Q2 2026 8
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Volumes shipped to the market are the driver of underlying growth (Indexed – Q3’23 = 100) Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 100 168 134 139 -17%Customer smartphone sensor shipments Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 100 225 278 299 +33% Customer laptop sensor shipments • Continued operational growth momentum • 33% YoY growth in Q2 • Memory and cost constraints continue to weigh • Impact partly hedged through volume- and non-volume contract mix • Existing customer contract renewed 1) Smartphone: Combination of volume-based and non-volume-based contracts (fixed price). Non- volume-based shipments are not reported on a quarterly basis, estimates are distributed quarterly using historical global shipment seasonality patterns as reported by IDC and Canalys. Solid laptop shipment growth, smartphone volume affected by memory and cost constrains Q2 2026 9
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Continued model expansions are a leading indicator for future revenue growth Model launches Q2 model launches with Elliptic Labs technology: 15 laptop and 15 smartphone models launched YTD 25 YTD 26 YoY Laptops 25 33 +8 (32%) Smartphones 39 40 +1 (3%) Total 64 73 +9 (14%) Model launch figures are year-to-date as of end of July 2026. 10Q2 2026
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CFO Mathias Norderud Financial review Q2 2026 11
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Smartphone driving revenue in Q2. Laptop below minimum volume commitment threshold, weighing on total revenue H1 25 H1 26Q2 26Q2 2025 25 51 13 30 12 (40%) 6 (26%) 18 (74%) 20 (40%) 31 (60%) 13 (98%) 0 (2%) 18 (60%) Smartphones and laptops Q2 and H1 Revenue, NOK million Historical growth profile Revenue from contracts with customers, accumulated NOK million YTD Q1 YTD Q2 YTD Q3 YTD Q4 101 6 4 22 27 17 15 37 56 51 30 42 59 84 59 52 68 132 2022 2023 2024 2025 2026 Laptop Smartphone Q2 2026 12 0.2
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Contract terms shape revenue and cash timing 13 Q2 2026 Contract models and trade-offs Revenue profile Cash profile Cumulative - illustrative Cumulative - illustrative Minimum Commitment + IVR Upfront milestone revenue with potential Incremental Volume Revenue (IVR) above threshold volumes Delivery Shipments Contract end Fixed fee Frontloaded milestone revenue stream with agreed payment schedule Upfront cash + IVR Smaller upfront cash commitment/milestone revenue with potential Incremental Volume Revenue (IVR) above threshold volumes Delivery = SW license delivered Shipments = customer shipments start Contract end = end of life device(s) covered by contracts IVR = Incremental Volume Revenue Illustrative profiles. Actual revenue recognition and cash timing depend on contract terms, performance obligations, reporting and payment schedules. Delivery Shipments Contract end Delivery Shipments Contract end Delivery Shipments Contract end Delivery Shipments Contract endDelivery Shipments Contract end + Downside protection with volume upside - Front-loaded revenue profile; cash collection linked to shipments + Predictable revenue/cash profile independent of actual shipment volumes - No volume-linked upside + Early cash contribution with volume upside - Potentially higher risk with smaller commitment from customer
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Condensed Profit & Loss Statement NOK million P&L: Revenue affected by milestone timing, leaner cost base in place Revenues from contracts with customers Other operating income Total revenue Employee benefits expenses Other operating expenses EBITDA Depreciation and amortisation EBIT Net financials Pre-tax-profit Income tax expense Profit/loss Q2'26 12.9 0.0 12.9 11.1 6.9 -5.1 6.5 -11.6 0.6 -10.9 -0.0 -11.0 Q2'25 24.6 0.4 25.0 18.3 5.6 1.1 6.0 -4.9 -5.2 -10.1 1.8 -8.2 %YoY -48 % -48 % -39 % 24 % 2025 101.306 1.430 102.736 90.438 34.775 22.477 24.763 47.240 -12.791 60.031 -79.930 139.961 Key comments • Q2'26 revenue impacted by renewal of Smartphone contract and lower incremental volume revenue • Cost reduction program implemented during Q1 2026 • Leaner operating cost base • OPEX affected by mNOK 1.0 in non-recurring legal and patent expenses • Gradual improvement in operating leverage expected as incremental volume revenue increases over time Q2 2026 14
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Q2 2026 cash flow NOK million Cashflow outflow narrowing QoQ as cost measures take effect FXFinancingOperations InvestmentsCash 31.03.26 Cash 30.06.26 74.0 59.0 74.0 -8.5 -4.9 -2.0 0.4 59.0 • Operating cash flow reflects current profitability levels and restructuring-related payments in Q2 • Full cash effect from cost reduction measures expected from H2 2026 Key comments • Continued selective investments in core technology and new verticals • Strong management focus on operational efficiency and cash flow Q2 2026 15
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Balance sheet NOK million Balance sheet Assets Equity & liabilities Q1'26 Q2'26 Q1'26 Q2'26 254 235 254 235 211 92 18 70 74 90 17 69 59 25 9 221 17 7 Cash and cash equivalents Intangible assets Other non-current assets Other current assets Equity Long-term liabilities Short-term liabilities • Liquidity position supports ongoing operations and strategic priorities Key comments • Strong equity ratio and no financial debt • Continued focus on working capital and cash management Q2 2026 16
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Scalable new growth opportunities Q2 2026 17
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Progress in adjacent verticals • Commercial discussion in progress with vendors of next generation wearables • Use-cases centered around proximity sensing coupled with agentic AI and ease of use • Feature built on our flexible and efficient Edge AI platform for embedded devices 18Q2 2026 • Customer demonstrations proving the technology’s ability to detect how many people are located near the screen • Commercial track developing according to plan • Active engagement with smart glasses vendors, demo activity progressed during the quarter • Camera-based sensing is drawing increased privacy scrutiny. Elliptic labs’ audio-based approach offers a more privacy-friendly alternative • Reinforces our view that the smart glasses category remains commercially interesting
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Edge AI …a structural growth opportunity 10x 2025 2034E 36 386 $bn Market drivers: Edge AI is… • Real-time on-device AI demand • Billions of IoT devices • 5G proliferation • Ambition of first commercial PoC launch in H2-26 remains • Positive validation from chipset and IP vendors • Pre-sales phase with potential customers • Early indications: existing hardware partners potentially a channel to new customers and segments …and Q2 has been used to continue validating the path to commercialisation Q2 2026 19 Global Edge AI market USD bn • AI that runs on the device itself, not in the cloud • Companies aspire to build and deploy AI applications on embedded devices • The embedded AI Platform from Elliptic Labs enables this in a flexible and efficient way, reducing complexity, cost and time-to-market while providing extended functionality • Elliptic Labs already does this today: existing hardware become smart sensors via software - proven across hundreds of millions of devices Sensor fusion Anomaly detection Predictive maintenance Acoustic events Health signals Motor & energy control
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Outlook Q2 2026 20
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Outlook: Focused execution through a transition year Cost discipline • Annualized operating cost base reduced by approximately 15%* with full cash effect expected from the second half of 2026 Smartphone and Laptop • Continued operational momentum expected in new launches and volumes shipped • Gradual revenue improvement through the second half of 2026 • Combination of milestone and incremental volume revenue Edge AI and new verticals • Operational progress on track. Ambition to reach commercial execution in second half of 2026 • Revenue impact expected to materialise from 2027 * Compared to baseline last twelve months end of Q3 2025Q2 2026 21 Q1-26 outlook reiterated:
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Q&A Q2 2026 22
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Appendix 23
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24 • Enterprise license agreement (ELA): Referred to as contract. A multi- year software agreement with an OEM that includes up-front milestone revenue based on minimum volume commitments and governs the commercial terms for deploying Elliptic Labs’ AI Virtual Smart Sensors across selected device models. • Milestone revenue: Up-front revenue recognized when an enterprise license agreement is signed. The amount reflects a minimum volume commitment for future models expected to ship to the market. • Pay-as-you-go revenue/incremental volume revenue: Revenue recognized on a quarterly basis for units shipped above the minimum volume committed in the enterprise license agreement. • Model: A specific device variant launched to the market by an OEM customer. • Product: An individual AI Virtual Smart Sensor deployed on a device model. OEMs pay for each product included on a model that is shipped to the market. • Launch: The introduction of AI Virtual Smart Sensors on new device models when those models are released to the market by OEMs. • Shipment: Units of device models shipped to the market by OEMs that include one or more AI Virtual Smart Sensors. • Volumes: Units shipped during a given period. • Volume exceeding minimum commitment: Units shipped above the minimum volume guaranteed in an enterprise license agreement. These units generate incremental volume. • Device interoperability: The ability of devices to seamlessly connect, communicate, and interact with each other using Elliptic Labs’ AI Virtual Smart Sensors, enabling cross-device features such as data transfer, pairing, and coordinated user experiences. • Contextual intelligence: The ability of Elliptic Labs’ AI Virtual Smart Sensors to understand a device’s surroundings and user context— such as presence, position, movement, or interaction—and adapt device behavior accordingly to deliver smarter, more intuitive user experiences. Glossary
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Top 20 shareholders as of 18th of August 2026 Shareholder information Shares and options owned by BoD, mgmt, and employees as 18th of August 2026 (fully diluted) 1 2 3 4 5 6 7 8 9 10 10 12 13 14 15 16 17 18 19 20 MP PENSJON PK ALDEN AS VERDIPAPIRFONDET DNB SMB PASSESTA AS HORNE VERDIPAPIRFONDET FONDSFINANS NORGE SIX SIS AG BROADBAY HOLDING AS TTC INVEST AS NOMA CAPITAL AS Giro Invest As GHIBLI AS J.P. Morgan SE J.P. Morgan SE Danske Bank A/S AMFIBIEN AS CLEARSTREAM BANKING S.A. FABRES SCALER NUNATAK AS NORDNET LIVSFORSIKRING AS Top 20 shareholders Other Total Number of shares 12 021 306 8 877 014 6 662 947 6 001 748 4 665 455 4 661 311 3 120 000 3 000 000 2 550 000 2 530 376 2 500 000 2 400 000 2 057 698 1 783 099 1 708 330 1 707 743 1 696 644 1 600 000 1 585 447 1 583 015 72 712 133 53 624 632 126 336 765 % of total shares 9.5 7.0 5.3 4.8 3.7 3.7 2.5 2.4 2.0 2.0 2.0 1.9 1.6 1.4 1.4 1.4 1.3 1.3 1.3 1.3 57.6% 42.4% 100.0% Shares owned by Board of Directors Shares owned by Management Allocated Options to Employees and management in shares Allocated Options to Board of Directors Other shareholders Total Number of shares 474 138 144 174 4 242 011 1 170 000 125 718 453 131 748 776 Percent of fully diluted shares 0.4% 0.1% 3.2% 0.9% 95.4% 100% 25
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Launches since Q2’26 Smartphone and Laptop launch overview Device type Q2 2026 Smartphone Smartphone Smartphone Smartphone Smartphone Smartphone Smartphone PC PC PC PC PC PC PC Smartphone Smartphone Smartphone Smartphone Smartphone Smartphone Smartphone PC PC PC PC PC PC PC PC Smartphone Events after Q2'26 PC Smartphone Smartphone Smartphone Month April April April April April April April April April April April April April April May May May May May May May May May May May May May May May June July July July July OEM vivo vivo vivo Transsion Honor Honor Honor Lenovo Lenovo Lenovo Lenovo Lenovo Lenovo Lenovo vivo vivo vivo vivo Honor Honor Honor Lenovo Lenovo Lenovo Lenovo Lenovo Lenovo Lenovo Lenovo Honor Lenovo Xiaomi Transsion vivo Model Y600 Pro T5 Pro iQOO Z11 Inifinix GT 50 Pro Honor 600 Pro Honor 600 X80i IdeaPad Slim 3i 14 Gen 11 (IPH11) IdeaPad Slim 3i 15 Gen 11 (IPH11) IdeaPad Slim 3i 16 Gen 11 (IPH11) IdeaPad Slim 3i 14 Gen 11 (IWC11) IdeaPad Slim 3i 15 Gen 11 (IWC11) IdeaPad Slim 3i 16 Gen 11 (IWC11) IdeaPad Slim 3i 17 Gen 11 (IWC11) S60 Vitality Edition Y600 Turbo iQOO 15T iQOO Z11 5G Honor 600e Honor 600 Vitality Edition Honor 600 Super Edition Xiaoxin Air 14 Yoga 32 Ultra Aura Edition ThinkPad X1 Carbon Gen 14 FIFA World Cup 26 Edition Yoga Air 14 Ultra Aura Edition Yoga S7 14 Ultra FIFA World Cup 26 Edition Ideapad S5 14 FIFA World Cup 26 Edition ThinkPad X9-15 Gen 1 FIFA World Cup 26 Edition Yoga Air 14 Ultra Aura FIFA World Cup 26 Edition X80Pro Max Slim 7i Aura Edition (14" Intel) 14ILL11 REDMI Note 17 Pro TECNO POVA 8 Pro 5g X300e AI Virtual Smart Sensors launched AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Human Presence Sensor AI Virtual Seamless Sensor AI Virtual Seamless Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Human Presence Sensor AI Virtual Seamless Sensor AI Virtual Human Presence Sensor AI Virtual Proximity Sensor AI Virtual Human Presence Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Proximity Sensor AI Virtual Seamless Sensor AI Virtual Seamless Sensor AI Virtual Seamless Sensor AI Virtual Seamless Sensor 26
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Trade receivables and DSO1 Receivables reduced, DSO impacted by lower LTM revenue Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 79 97 111 92 94 70 81 83 79 327 299 298 246 254 283 314 304 357 Trade receivables (NOKm) Days Sales Outstanding (DSO) 1) DSO = (Running 4 quarter average accounts receivables / LTM revenue) * 365 Key comments Trade receivables • Trade receivables declined both quarter-on-quarter and year-on-year • Higher DSO primarily reflects lower LTM revenue, rather than changes in customer payment patterns Collection and customer quality • Continued focus on collections and cash conversion Q2 2026 27
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Excerpt from Q1 2026: Revenue growth not reflecting shipment momentum 2025 20272026e 101 32 70 32 Milestone revenue incl. fixed fee Incremental volume revenue Revenue ambitions NOK million – illustrative profile 2026 2027 Milestone and incremental volume revenue dynamics; converting portfolio to revenue and cash Comments • Shipment volumes: continued growth expected • Incremental volume revenue below 2025 levels due to milestone-heavy contract structures • Certain 2025 launches: volumes below initial expectations, delaying incremental volume revenue 2026 • Incremental volume revenue contribution expected above 2025 levels as shipment volumes increasingly exceed minimum commitment thresholds 2027 Additional incremental volume revenue range 28 *Illustration from previous company presentations * Q2 2026 Milestone revenue incl. fixed fee Incremental volume revenue
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# of models launched Accumulated model launches 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 31.07.2026 1 3 7 17 25 42 76 114 195 285 358 91 75 1 96 18 162 33 227 58 267 Acc. Laptops Acc. Smartphones Q2 2026 29
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30 Disclaimer - Important information The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Elliptic Laboratories AS (The Company). The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with The Company’s growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for The Company. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although The Company believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither The Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This presentation was prepared in connection with an investment highlights presentation for disclosure at the company’s website. Information contained herein will not be updated.