Elliptic Labs reported a 48% year-over-year drop in revenue for Q2 2026, with sales declining to NOK 12.9 million from NOK 25.0 million in the same period last year. The decline was driven by a 17% year-over-year decrease in smartphone shipments, despite a 33% increase in laptop shipments, which now account for 98% of total revenue compared to 26% in Q2 2025.
The company’s EBITDA turned negative at NOK -5.1 million, a reversal from the positive NOK 1.1 million recorded in Q2 2025. Employee benefits expenses fell 39% to NOK 11.1 million, while non-recurring legal and patent expenses totaled NOK 1.0 million. Cash position declined to NOK 59.0 million at the end of Q2 from NOK 74.0 million at the end of Q1, with operating cash outflows of NOK 8.5 million during the quarter.
Operational metrics showed 73 total model launches year-to-date through July 2026, a 14% increase from the prior year. Laptop model launches surged 32% to 33, including 15 in Q2 alone, while smartphone launches rose 3% to 40. Cumulative model launches since 2016 now total 358, with 267 smartphones and 91 laptops.
Elliptic Labs highlighted a 15% reduction in its annualized operating cost base compared to the last twelve months ending Q3 2025. The company’s gross profit margin over the trailing twelve months stood at 4.39%. Management noted that the full cash impact of cost reductions is expected in the second half of 2026, with the first commercial proof-of-concept launch for Edge AI targeted for the same period.
The firm’s stock, listed under ticker ELABS, traded at $2.39 on August 27, 2026, down nearly 13% from the prior close of $2.74 and near its 52-week low of $2.35. The company’s balance sheet showed NOK 211 million in equity, no financial debt, and a current ratio of 6.68, with short-term liabilities reduced to NOK 17 million.
Elliptic Labs reiterated its vision to maximize the value of edge devices through advanced intelligence deployment at scale, positioning its embedded AI platform as the operating layer for edge intelligence.
