Elliptic Laboratories ASA

Elliptic Laboratories maintains a strong liquidity position with NOK 99.9 million in cash and equivalents, representing 29% of total assets, and a current ratio of 6.79, well above the industry median. The company's price-to-book ratio of 1.31 suggests market valuation is modestly above tangible asset value, while the debt-to-equity ratio of 0.08 indicates minimal leverage.

Profitability metrics show significant underperformance relative to industry norms. The company reported a net loss of NOK 2.6 million and operating loss of NOK 8.3 million, resulting in negative ROE (-0.86%) and ROA (-0.76%). These results contrast sharply with the median ROE of 12-15% in the software industry.

Geographically, Elliptic's revenue is concentrated in a single product line (ultrasonic sensing software), with no disclosed geographic segmentation. This concentration exposes the company to demand volatility in its core technology market.

Growth prospects remain uncertain. The company's FY2024 revenue of NOK 22.2 million represents a 12% decline from FY2023, with no clear path to profitability. Analysts project a mean EPS of NOK 0.48 for FY2025, a 136% improvement from the FY2024 actual of NOK -1.32, but this remains speculative given the company's consistent losses.

Risk factors include operational losses, negative cash flow from operations (NOK -8.3 million), and a free cash flow deficit (NOK -4.9 million). No immediate dilution risks are identified, with basic and diluted shares outstanding aligned at 115.8 million.

Recent filings show no material events impacting operations or capital structure. The company's 2023 annual report highlights ongoing R&D investments in sensor fusion technologies, but no new product launches or customer acquisitions were disclosed in the latest quarterly reports.

Revenue grew 16.7% CAGR over four years, demonstrating strong top-line expansion despite recent volatility.

The company achieved profitability in FY2025 with positive net income of 8.96 million NOK.

Cash conversion is best-in-class at 3.18, significantly outperforming the software cohort median of 0.92.

Leverage remains low with a debt-to-equity ratio of 0.11, providing financial flexibility.

A single analyst recommendation is a buy, indicating positive sentiment from market coverage.

The company faces high credit risk, signaling potential difficulties in meeting financial obligations.

Revenue kr 42.0M, −11,7% YoY; Operating income −152,8% YoY.

• ▍Revenue kr 42.0M, −11,7% YoY
• ▍Operating income −152,8% YoY
• ▍Net income −968,1% YoY
• ▍Free cash flow −1 083,4% YoY
• ▍Net margin -226.6%

Revenue kr 42.3M, +49,7% YoY; Operating income +239,6% YoY.

• ▍Revenue kr 42.3M, +49,7% YoY
• ▍Operating income +239,6% YoY
• ▍Net income +193,5% YoY
• ▍Free cash flow +140,8% YoY
• ▍Net margin 9.1%

Revenue kr 24.6M, −27,4% YoY; Operating income −176,5% YoY.

• ▍Revenue kr 24.6M, −27,4% YoY
• ▍Operating income −176,5% YoY
• ▍Net income −273,4% YoY
• ▍Free cash flow −672,9% YoY
• ▍Net margin -33.5%

Revenue kr 26.6M, +19,7% YoY; Operating income +16,3% YoY.

• ▍Revenue kr 26.6M, +19,7% YoY
• ▍Operating income +16,3% YoY
• ▍Net income −358,8% YoY
• ▍Free cash flow −187,1% YoY
• ▍Net margin -45.1%

Revenue kr 47.6M; Operating income kr 11.1M.

• ▍Revenue kr 47.6M
• ▍Operating income kr 11.1M
• ▍Net margin 23.0%

Revenue kr 28.2M; Operating income -kr 4.6M.

• ▍Revenue kr 28.2M
• ▍Operating income -kr 4.6M
• ▍Net margin -14.6%

Revenue kr 33.9M; Operating income kr 6.4M.

• ▍Revenue kr 33.9M
• ▍Operating income kr 6.4M
• ▍Net margin 14.0%

Revenue kr 22.2M; Operating income -kr 8.3M.

• ▍Revenue kr 22.2M
• ▍Operating income -kr 8.3M
• ▍Net margin -11.8%

Revenue kr 101.3M, −23,2% YoY; Operating income −1 064,8% YoY.

• ▍Revenue kr 101.3M, −23,2% YoY
• ▍Operating income −1 064,8% YoY
• ▍Net income −1 641,8% YoY
• ▍Free cash flow −12 426,3% YoY
• ▍Net margin -136.4%

Revenue kr 131.9M, +93,1% YoY; Operating income +109,4% YoY.

• ▍Revenue kr 131.9M, +93,1% YoY
• ▍Operating income +109,4% YoY
• ▍Net income +123,5% YoY
• ▍Free cash flow +97,6% YoY
• ▍Net margin 6.8%

Revenue kr 68.3M, +31,2% YoY; Operating income −18,4% YoY.

• ▍Revenue kr 68.3M, +31,2% YoY
• ▍Operating income −18,4% YoY
• ▍Net income −15,5% YoY
• ▍Free cash flow −5,5% YoY
• ▍Net margin -55.8%

Revenue kr 52.1M, −4,6% YoY; Operating income −278,2% YoY.

• ▍Revenue kr 52.1M, −4,6% YoY
• ▍Operating income −278,2% YoY
• ▍Net income −194,3% YoY
• ▍Free cash flow −119,4% YoY
• ▍Net margin -63.4%