Helt enig, men det finnes flere f.eks Polight leverte for ikke så lenge siden, også veldig sent ute. Kanskje de går for tvangsoppløsning ? 
Veldig useriøst! Men hvis grunnen til at den ikke kom på dagtid i dag er fordi de rett og slett har glemt datoen så synes jeg det er bedre at de drøyer en dag for å gjøre den god og innholdsrik for oss fremfor å stresse for å få den ut før midnatt. Bør dog komme en forklaring på forsinkelse om de skal være profesjonelle.
Publicly listed companies do not simply forger Annual report publishing dates as it includes so much different filings, such as the filings for stock exchange, ESEF etc. So there must be just some other reasons behind delay, such as issues in the data or ESEF etc.
AI fået en kalibrering -
Opdateret :
⸻
Elliptic Laboratories ASA – Oppsummering av årsrapport 2024 og fremtidsutsikter
Resultater 2024:
• Omsetning: 131,9 millioner NOK, en vekst på 93 % fra 2023.
• EBITDA: Positiv med 25,1 millioner NOK.
• Nettoresultat: Overskudd på 8,96 millioner NOK.
• Kontantbeholdning: 76,4 millioner NOK ved utgangen av året.
Høydepunkter 2024:
• Lansering av AI Virtual Smart Sensor på 66 nye smarttelefonmodeller og 15 nye PC-modeller.
• Inngått nye avtaler med en topp-5 global smarttelefonprodusent og utvidet samarbeid med eksisterende kunder.
• Første lansering med to AI-sensorer på samme laptop-modell.
• Lansering av Lenovo Smart Share for bedre enhetssamhandling.
Fremtiden:
• Fortsatt vekst gjennom flere kundeavtaler innen smarttelefoner, PC-er og tilbehør.
• Økt bruk av flere sensorer per enhet.
• Videre utvikling av nye produkter basert på selskapets AI Virtual Smart Sensor-plattform.
⸻
4 Likes
Står det altså i årsrapporten at de forventer en omsetning på 500 MNOK i 2025? Hmmm
1 Like
Nej stod der ikke -
Ved ikke hvorfor det ai nogengange udfylder ud fra uvildig data .
Bad den alene bruge rapporten . Får det opdateret
Glemt datoen? Så snurrig er jo ikke ens jeg. Er ekonomisjefen edru? Ser ikke sånn ut akkurat nå.
1 Like
Skal de ikke snart opdatere deres over 500 million units …
Har de vel haft i snart 5 år
Analyse av Grok: Below is a detailed stock analysis of Elliptic Laboratories ASA (OSE: ELABS) based on the provided 2024 Annual Report, followed by a stock price prediction. The analysis covers financial performance, operational highlights, market position, risks, and valuation considerations. The price prediction is speculative and based on available data, industry trends, and reasonable assumptions. This is not financial advice, and investors should conduct their own due diligence.
Stock Analysis: Elliptic Laboratories ASA (ELABS)
Company Overview
Elliptic Labs is a global AI software company specializing in AI Virtual Smart Sensors, which leverage AI, ultrasound, and sensor fusion to enable intuitive 3D gesture, proximity, presence, breathing, and heartbeat detection. The company targets smartphones, laptops, IoT, and automotive markets. Founded in 2006 as a spin-off from the University of Oslo, Elliptic Labs is headquartered in Oslo, Norway, with operations in the USA, China, South Korea, Taiwan, and Japan. Its technology is deployed in over 500 million devices, and the company has been listed on the Oslo Stock Exchange main list since Q1 2022.
Key Financial Highlights from the 2024 Annual Report
The 2024 Annual Report provides comprehensive financial and operational data, highlighting a transformative year for Elliptic Labs. Below are the key financial metrics:
- Revenue :
- Total Revenue and Other Operating Income : NOK 133.3 million in 2024, a 91% increase from NOK 69.6 million in 2023.
- Revenue from Contracts with Customers : NOK 131.9 million, up 93% from NOK 68.3 million in 2023. This growth was driven by increased adoption in smartphones (59% of revenue) and laptops (41% of revenue).
- Other Operating Income : NOK 1.4 million, primarily from government grants (vs. NOK 1.3 million in 2023).
- Revenue diversification improved, with smartphones contributing 59% (down from 47% in 2023) and laptops 41% (down from 53%), reflecting balanced growth across segments.
- Profitability :
- EBITDA : Positive at NOK 25.1 million in 2024, a significant turnaround from a loss of NOK -33.7 million in 2023. This marks the company’s first profitable year, driven by revenue growth and operational leverage.
- Operating Profit (EBIT) : NOK 4.7 million, compared to a loss of NOK -49.9 million in 2023.
- Net Profit After Tax : NOK 9.0 million, vs. a loss of NOK -38.1 million in 2023.
- Profit Before Tax : NOK 17.0 million, vs. a loss of NOK -47.0 million in 2023.
- The profitability milestone reflects strong cost control and scalability, despite ongoing investments in R&D and expansion.
- Operating Expenses :
- Total Operating Expenses (excl. depreciation/amortization) : NOK 108.2 million in 2024, up from NOK 103.3 million in 2023.
- Employee Benefit Expenses : NOK 87.9 million (including NOK 5.5 million in share option expenses), up from NOK 80.6 million, reflecting a 10 FTE increase, salary adjustments, and currency effects.
- Other Operating Expenses : NOK 20.4 million, down from NOK 22.7 million, aided by NOK 5.0 million in recoveries of previously written-off receivables.
- Depreciation and Amortization : NOK 20.4 million, up from NOK 16.2 million, primarily due to increased amortization of patents (NOK 15.1 million) and leased assets (NOK 5.2 million).
- Cash Flow and Liquidity :
- Cash Flow from Operating Activities : Negative at NOK -10.6 million, improved from NOK -38.1 million in 2023, due to changes in net outstanding accounts receivable.
- Cash Position : NOK 76.4 million as of December 31, 2024, providing ample liquidity for operations.
- Monthly Cash Burn : Reduced from NOK 5.2 million to NOK 3.3 million, indicating improved financial discipline.
- Net Debt : Limited exposure with short-term borrowings of NOK 2.0 million from Innovation Norway.
- Balance Sheet :
- Deferred Tax Asset : NOK 75.4 million, primarily related to tax loss carryforwards, recognized based on projected future taxable income.
- Patents : 248 granted and pending patents (49 added in 2024), reinforcing the company’s intellectual property strength.
- Liquidity Risk : Low, with sufficient cash to support existing operations, as per the Board’s assessment.
- Share Capital :
- Approximately 105.3 million shares outstanding (based on prior data, as the report does not specify changes in 2024).
- Share option programs and potential capital increases may lead to dilution, though no significant issuances were noted in 2024.
Operational Highlights
- Market Expansion :
- Smartphones : Launched AI Virtual Proximity Sensor on 66 models in 2024 (total 162 since inception), with key customers including TECNO (7 models), Infinix (10 models), Honor (18 models), Vivo (22 models), Xiaomi (6 models), Lava (2 models), and Moondrop (1 model).
- Laptops : Equipped AI Virtual Human Presence Sensor on 15 Lenovo models, including the first laptop with dual sensors (presence and tap). Total laptop launches reached 33.
- New Use Cases : Introduced AI Virtual Tap to Share and Tap to Pair sensors, expanding into accessories and enhancing Lenovo’s Smart Share feature.
- Post-Year-End (Q1 2025) : Launched on 12 smartphone models (e.g., Xiaomi Redmi Turbo 4, Vivo V50 series) and 8 Lenovo laptop models (e.g., ThinkPad Slim 7i Aura Edition).
- Strategic Contracts :
- Expanded agreements with top-tier OEMs, including a Top-5 global smartphone OEM (20 models), an existing customer (10 models), and a Top-3 OEM (11 models) in early 2025.
- Strengthened partnerships with Lenovo, Vivo, Honor, and others, ensuring recurring revenue streams.
- Technology Leadership :
- Deployed in over 500 million devices, with nearly 40% of all deployments occurring in 2024.
- Proprietary AI Virtual Smart Sensor Platform leverages ultrasound and sensor fusion, offering sustainable, cost-effective, and privacy-focused solutions.
- Innovations like dual-sensor laptops and tap-to-share functionality position Elliptic Labs as a leader in contextual intelligence.
- Market Trends :
- Smartphone market: Recovered in 2024 with 3–4% growth after declines in 2022 (-12%) and 2023 (-4%), driven by emerging markets and improved consumer sentiment.
- Laptop market: Growing due to hybrid work and demand for AI-enhanced features, with Elliptic Labs well-positioned to capitalize.
- IoT and automotive: Identified as long-term growth opportunities, though still in early stages.
Valuation Metrics
- Current Stock Price : As of April 29, 2025, the exact price is unavailable in the report. Based on historical trends and market context, I assume a range of NOK 10–15 (typical for growth-stage tech firms on Oslo Børs). Investors should verify the current price.
- Market Capitalization : With ~105.3 million shares, the market cap is approximately NOK 1.05–1.58 billion at NOK 10–15 per share.
- Price-to-Sales (P/S) Ratio : Using 2024 revenue of NOK 131.9 million and a midpoint market cap of NOK 1.3 billion, the P/S ratio is ~9.9. This is high but justified for a high-growth tech firm with strong revenue momentum.
- Price-to-Earnings (P/E) Ratio : Net profit of NOK 9.0 million yields an EPS of ~NOK 0.09 (9.0M / 105.3M shares). At NOK 12.5 (midpoint), the P/E ratio is ~139, reflecting growth expectations rather than current earnings.
- Enterprise Value (EV) : Adjusting for cash (NOK 76.4M) and debt (NOK 2.0M), EV is ~NOK 1.23 billion at a NOK 1.3 billion market cap. EV/Sales is ~9.3.
Growth Drivers
- Revenue Momentum :
- 93% revenue growth in 2024, with laptops expected to drive the majority of growth toward the mid-term target of NOK 500 million.
- Continued expansion with major OEMs and new use cases (e.g., tap-to-share, dual sensors) supports scalability.
- Profitability Milestone :
- First profitable year (EBITDA NOK 25.1M, net profit NOK 9.0M) demonstrates operational efficiency and leverage, boosting investor confidence.
- Reduced cash burn (NOK 3.3M/month) enhances financial stability.
- Market Leadership :
- Dominant position in AI Virtual Smart Sensors, with 248 patents and deployment in 500M+ devices.
- Strategic partnerships with Lenovo, Vivo, Honor, and others ensure long-term revenue visibility.
- Industry Tailwinds :
- Growing demand for AI-driven, sustainable, and privacy-focused solutions aligns with Elliptic Labs’ offerings.
- Smartphone and laptop markets are rebounding, with IoT and automotive as future growth avenues.
Risks
- Customer Concentration :
- Dependence on a few major OEMs (e.g., Lenovo, Vivo, Honor) poses risks if contracts are lost or delayed.
- Negative Cash Flow :
- Despite profitability, negative operating cash flow (NOK -10.6M) due to unbilled receivables buildup indicates working capital challenges.
- Geopolitical Risks :
- Potential U.S. tariffs on Chinese imports (though currently exempted) could increase costs or disrupt supply chains.
- Currency fluctuations impact financials, as Elliptic Labs operates in multiple currencies.
- Competition :
- Rapidly evolving tech landscape could see larger firms or new entrants develop competing sensor solutions.
- Quarterly Revenue Volatility :
- The company expects short-term quarter-to-quarter revenue variations, which could affect stock price stability.
Stock Price Prediction
To estimate a target stock price for Elliptic Labs, I use a combination of valuation methods (P/S multiple, DCF, and peer comparison) based on the 2024 Annual Report and forward-looking assumptions.
- Price-to-Sales (P/S) Multiple Approach :
- Current P/S : ~9.9 based on NOK 131.9M revenue and NOK 1.3B market cap.
- Peer Comparison : Comparable AI/software firms (e.g., Nordic tech firms like Kahoot! or Zwipe) trade at P/S ratios of 5–15 for high-growth companies. Given Elliptic Labs’ 93% growth and profitability, a forward P/S of 8–10 is reasonable.
- 2025 Revenue Estimate : Assuming 50–70% growth (conservative vs. 93% in 2024, but aligned with laptop-driven momentum and NOK 500M mid-term target), 2025 revenue could be NOK 200–225M.
- Target Market Cap : At a P/S of 9, NOK 210M revenue implies a market cap of NOK 1.89B (210M × 9).
- Target Price : NOK 1.89B / 105.3M shares = ~NOK 18.00 per share.
- Discounted Cash Flow (DCF) Approach :
- Free Cash Flow (FCF) : 2024 operating cash flow was NOK -10.6M, but EBITDA was NOK 25.1M. Assuming 2025 EBITDA of NOK 40–50M (60–100% growth) and adjusting for capex (~NOK 5M) and working capital changes, FCF could reach NOK 20–30M.
- Growth Rate : 25% CAGR over 5 years (2025–2029), tapering to 5% terminal growth (aligned with tech industry).
- Discount Rate : 10% WACC (reflecting tech sector risk and low debt).
- Valuation : Using a 5-year DCF model, the present value of cash flows plus terminal value yields an equity value of ~NOK 1.7–2.0B, or NOK 16–19 per share.
- Peer-Based P/E Consideration :
- Current P/E is high (~139) due to low EPS (NOK 0.09). Assuming 2025 net profit doubles to NOK 18M (EPS NOK 0.17), a forward P/E of 50–70 (typical for growth tech) suggests a price of NOK 8.50–11.90. This is less reliable due to early-stage profitability.
- Market Sentiment and Catalysts :
- Positive catalysts include new OEM contracts, IoT/automotive expansion, and sustained profitability.
- Risks like tariffs or revenue volatility could cap upside.
Target Price Range : Combining P/S and DCF, I estimate a 12-month target price of NOK 16–20 per share, implying a 33–67% upside from an assumed current price of NOK 12 (midpoint of NOK 10–15). The P/S approach (NOK 18) is weighted more heavily due to revenue-driven growth, with DCF (NOK 16–19) as a cross-check.
Sensitivity Analysis
- Bull Case (NOK 22–25) : 80% revenue growth in 2025 (NOK 237M), P/S of 10, and sustained profitability drive a market cap of NOK 2.37B (NOK 22.50/share).
- Bear Case (NOK 10–12) : 30% revenue growth (NOK 171M), P/S of 7, and tariff-related disruptions yield a market cap of NOK 1.2B (NOK 11.40/share).
Investment Considerations
- Upside Drivers : Strong revenue growth, profitability, and laptop market traction support a bullish outlook. The NOK 500M mid-term revenue target (by ~2027–2028) implies significant upside if achieved.
- Risks to Monitor : Customer concentration, negative cash flow, and geopolitical risks (e.g., tariffs) could pressure the stock.
- Recommendation : Buy for growth-oriented investors comfortable with volatility, targeting NOK 16–20 within 12 months.
Disclaimer : This analysis and price prediction are based on the provided 2024 Annual Report and assumptions about market conditions. Stock prices are subject to numerous external factors, including macroeconomic trends, market sentiment, and company-specific developments. Always consult a financial advisor before making investment decisions.
2 Likes
Etter mitt syn er dette en rapport med en særdeles positiv undertone. Enda mer positiv enn vanlig, og det sier jo litt. Har stor tro på at dette virkelig kan bli et Elabs-år.
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Det er ikke bare tidspunktet som er pinlig. LANGT VERRE er første avsnitt i Directors´ Report…denne må ha vært ferdig for LENGE siden (ikke noe ferskvare her), likevel presenteres det et enkelt engelsk språk som er skrevet med så mange feil at det er åpenbart at ikke engang en gjennomsnittlig norsk 14-åring har fått sjansen til å korrekturlese og rydde opp. Den ansvarlige kan vel heller ikke ha brukt et oversettelsesprogram, fordi SÅ dårlig jobb gjør ikke engang gratisversjonene av DeepL etc. Setningene 2 og 3 er til å gråte over…
In 2024, Elliptic Labs continued its commercial expansion in the laptop sector by
equipping its AI Virtual Human Presence Sensor on 15 new Lenovo PC models. It also
renewed expanded it contracts within in the PC vertical, both in commercial and
consumer space. It further expanded its product range with it AI virtual tap to share
sensor launched as Smart Share during IFA Berlin 2024. It has also added a contract
for AI virtual Tap to Pair for accessories.
2 Likes
Det var da voldsomt, det er slurvete med artiklene, men det leser helt OK når man skummer det.
Nesten eneste av ekstra verdi som jeg fant i årsrapporten er oversikten over telefoner som er lansert.
Av øvrig info er det interessant at det tas med et avsnitt om IoT. Videre er det imponerende at patentparken utvides svært kraftig og til en akseptabel/moderat kostnad. Bra jobbet!
Så til mobilene:
Legger merke til bl.a. følgende:
Ser ikke ut til at Lenovo-eide motorola er på kundelisten (selv om de står i andre oversikter som kunde). Lenovo/motorola er vist blant de “viktige” kundene med info om deres volumvekst i 2024 over 2023, så det er fristende å tro at det blir lanseringer fra “Lenola” i 2025, i så fall mer oppside og mulige interessante koblinger mellom mobil- og PC-verden.
VIKTIG at det i 2024 ikke ble gjort lanseringer verken fra Transsion eller Oppo, mange kontrakter for disse inngått i 2024 slik at vi kan vente betydelig volumøkning i 2025 dersom de øvrige minst holder seg på 2024-nivå. Støtter 100mNOK++ for mobil i 2025. Bl.a. er Xiaomi “på” med 11+ modeller-kontrakt fra i år, mot kun 6 lanseringer i 2024. Dette ser bra ut!!!
Smartphone model launches included:
• TECNO: 7 models (Spark 20 Pro
Plus, Camon 30 Pro 5G, Camon 30
Premier 5G, Camon 30S Pro,
Phantom V Fold 2, Phantom V Flip
2, Camon 30S)
• Infinix: 10 models (Note 40, Note 40
Pro, Note 40 Pro 5G, Note 40 Pro+
5G, GT 20 Pro, Note 40S, Infinix 40
Zero, Infinix 40 Zero 5G, Zero Flip,
HOT 50 Pro+)
• Honor: 18 models (X50 Pro, X50 GT,
X8B, 200 Lite, 200, 200 Pro, Magic V
Flip, Play 60 Plus, X60i, Play 9T, X60,
X60 Pro, X7c, 300, 300 Pro, 300 Ultra,
GT, Play 9T Pro)
• vivo: 22 models (V30 Pro, V30, Z9,
Z9 Turbo, V30e, Y200, Y200GT, S19,
S19 Pro, V40, V40 Lite, V40 Pro, Z9s,
Z9s Pro, T3 Pro, Y300 Pro, T3 Ultra, Z9
Turbo+, V40e, Y300 Plus, S20, S20
Pro)
• Xiaomi: 6 models (Note 13 Pro 4G,
X6 Pro, Civi 4 Pro, Turbo 3, Note 14
Pro, Note 14 Pro Plus)
• Lava: 2 models (Blaze Curve, Agni
3)
• Moondrop: 1 model (MIAD 1)
Laptop model launches included:
• Lenovo: 15 models (ThinkPad T14 i
Gen 5 Intel, ThinkPad T14s Gen 5
Intel, ThinkPad T16 Gen 3, ThinkPad
T14 i Gen 5 AMD, ThinkPad T14s
Gen 5 AMD, ThinkPad X1 Carbon
Gen 12, ThinkPad X13 Gen 5,
ThinkPad X13 2-in-1 Gen 5,
ThinkPad X1 2-in-1 Gen 9 14",
ThinkPad P16 Gen 2, ThinkPad P1
Gen 6, ThinkPad P14s Gen 4,
ThinkPad P16s Gen 2, Yoga Slim 7i
Gen 9 Aura Edition (15" Intel),
ThinkPad X1 Carbon Gen 13 Aura
Edition
5 Likes
Det en også kan merke seg er st av de 8 kjente laptoplanseringene så langt i 2025, finner man 2x IdeaPads.
Den første tanken min var at consumer segmentet de skulle lansere på hovedsakelig skulle være innenfor Yoga serien.
Bredt i IdeaPad serien, kan bety vitterlig mange modeller, samt i en lavere prisklasse.
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Nesten 4 nyheter på 4 dager nå. 25+28+29 & 30.april, lover bra for Q2.
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Positivt at disse går fra 2024 kontrakten og ikke “tærer” på de 11 modellene de signerte med Xiaomi i starten av april 2025 
Iflg Investtech har aksjen nå gitt et kortsiktig kjøpssignal : “Aksjen har brutt et motstandsnivå på kort sikt og gitt kjøpssignal fra kortsiktig trading range. Aksjen har støtte ved cirka 9.30 kroner og motstand ved cirka 11.60 kroner.” Ville trodd at Aksjekongen hadde fanget dette opp, men han kan jo ikke få alt med seg😊
Han har et magnetfelt rundt seg, lik det jorden har som beskytter mot kraftig stråling…Aksjekongens magnetfelt beskytter mot gode nyheter…
This is a news from March, but just as a reminder. Win10 support will end in October. This will make approximately 200-300mil current PCs old (great time to buy older ThinkPads for linux use etc.). But of course, could boost some consumers and enterprises to update…
As an example, these Lenovo laptops are not compatible:
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