Trolltech Announces Q1 2007 Results

Revenue increase of 29% over Q1 2006

Oslo, Norway, 25 April - 2007 - Trolltech® (OSE: TROLL), the company that makes software faster to build and easier to use, today announced results for Q1 2007 which ended March 31, 2007.

Revenues: Trolltech generated revenues of NOK 48.1 million in the first quarter 2007, an increase of 29 percent over the first quarter 2006. As expected, revenues declined from the fourth quarter, in line with typical software industry seasonality. Trolltech believes in continued growth for both its two main product groups - Qt and Qtopia – and full-year 2007 revenue growth outlook remains unchanged.

Operating costs: Operating costs were NOK 59.3 million in the first quarter of 2007, which was an increase of NOK 19.4 million from the same quarter last year. The increase is mostly related to increased employee cost. At the end of the first quarter 2007, Trolltech had 227 employees and 4 full-time consultants. This is an increase of 74 people from the end of the first quarter last year.

EBITDA: EBITDA was NOK -11.2 million in the first quarter of 2007, a larger loss than the NOK 2.7 million in the first quarter last year but an improvement from a loss of NOK 13.5 million in the previous quarter.

The complete Trolltech First Quarter 2007 Report can be found at http://www.trolltech.com/company/ir/financereports and on the Oslo Stock Exchange at http://www.oslobors.no.

“Trolltech not only continues to expand its customer base but is also realizing larger revenues from its customers than in previous years,” commented Eirik Chambe-Eng, co-CEO, Trolltech. “This is evidenced by an increase in the size of an average customer account.  We are seeing that Trolltech software use is expanding in existing customers and that we are able to attract larger software companies,” he added.

Q1 2007 Highlights:

New product releases in both the Qt and Qtopia product families:

• Trolltech in February 2007 launched a beta-version of Qt Jambi™ for Java for testing and feedback. A second beta will be launched in the second quarter, with a final release of Qt Jambi 1.0 scheduled for June. This is earlier than previously indicated.
  
• Late in the first quarter 2007 Trolltech released the first beta of Qt 4.3, building on the launch of Qt 4.2 in the fourth quarter 2006. This presents a range of new features and numerous performance improvements and optimizations, and full release is scheduled for June.
• Having released Qtopia 4.2 with complete VoIP and WiFi-functionality in December, Trolltech in March released the first beta of Qtopia Core 4.3. A full release is expected in June.

Customer Success:

• The world leader in 2D and 3D design software – Autodesk – has expanded its use of Qt into other divisions.
• During the quarter, Trolltech announced that Skype has chosen Qtopia as the preferred platform for Skype Certified WiFi handsets. The frame agreement enables third-party device manufacturers to buy pre-integrated software stacks for use on Skype devices, and Trolltech revenues will be based on a fee per device model paid by the device manufacturer.
• Late in the quarter, Trolltech signed a contract to supply Qtopia Core for large enterprise business machines with an undisclosed major player in the IT equipment industry. Revenue from this agreement is expected to be approximately USD 450,000, consisting of runtime fees over the next four years and premium support services.

The Trolltech Community Ecosystem:

• After the end of the quarter, Trolltech announced a Qtopia Greenphone Developer Challenge to further promote innovative development of Linux-based mobile phone applications.
• Trolltech continues to receive industry accolade for its Qtopia software and the Greenphone/Greensuite products. In March, Qtopia won the “Jolt Productivity Award” in the Mobile Development category, with Qtopia Greenphone among the other finalists.

For further information please contact:

Asia-Sept2007

Yvonne Liao
Ruder Finn Asia
+ 86 10 64627321 - 648
liaoy@ruderfinnasia.com

Europe

Andrea Willige / Six Degrees Public Relations
+ 44 1628 480280
andrea.willige@sixdegreespr.com

U.S

Candace Locklear / Spark PR
+1.415.321.1876
candace@sparkpr.com